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Note 16 - Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2022
Notes Tables  
Fair Value, Assets Measured on Recurring Basis [Table Text Block]
  

Fair Value Measurements at December 31, 2022

 
      

Quoted Prices

  

Significant

  

Significant

 
      

in Active Markets

  

Observable

  

Unobservable

 
      

for Identical Assets

  

Inputs

  

Inputs

 

(in thousands)

 

Fair Value

  

(Level 1)

  

(Level 2)

  

(Level 3)

 

Financial assets:

                

Available-for-sale debt securities:

                

U.S. Treasury securities

 $32,134  $-  $32,134  $- 

Obligations of state and political subdivisions

  220,782   -   220,782   - 

U.S. government/government-sponsored agencies:

                

Collateralized mortgage obligations - residential

  80,407   -   80,407   - 

Collateralized mortgage obligations - commercial

  3,329   -   3,329   - 

Mortgage-backed securities

  20,663   -   20,663   - 

Private collateralized mortgage obligations

  72,507   -   72,507   - 

Corporate debt securities

  30,672   -   22,736   7,936 

Asset-backed securities

  14,941   -   14,941   - 

Negotiable certificates of deposit

  656   -   656   - 

Total available-for-sale debt securities

  476,091   -   468,155   7,936 

Equity securities, at fair value

  7,717   7,717   -   - 

Derivative assets

  2,104   -   2,104   - 

Total financial assets

 $485,912  $7,717  $470,259  $7,936 
                 

Financial liabilities:

                

Derivative liabilities

 $931  $-  $931  $- 

Total financial liabilities

 $931  $-  $931  $- 
  

Fair Value Measurements at December 31, 2021

 
      

Quoted Prices

  

Significant

  

Significant

 
      

in Active Markets

  

Observable

  

Unobservable

 
      

for Identical Assets

  

Inputs

  

Inputs

 

(in thousands)

 

Fair Value

  

(Level 1)

  

(Level 2)

  

(Level 3)

 

Financial assets:

                

Available-for-sale debt securities:

                

U.S. Treasury securities

 $36,355  $-  $36,355  $- 

Obligations of state and political subdivisions

  244,372   -   244,372   - 

U.S. government/government-sponsored agencies:

                

Collateralized mortgage obligations - residential

  100,710   -   100,710   - 

Collateralized mortgage obligations - commercial

  3,727   -   3,727   - 

Mortgage-backed securities

  25,506   -   25,506   - 

Private collateralized mortgage obligations

  67,165   -   67,165   - 

Corporate debt securities

  32,063   -   19,718   12,345 

Asset-backed securities

  11,932   -   11,932   - 

Negotiable certificates of deposit

  736   -   736   - 

Total available-for-sale debt securities

  522,566   -   510,221   12,345 

Equity Securities, at fair value

  4,922   4,922   -   - 

Derivative assets

  363   -   363   - 

Total financial assets

 $527,851  $4,922  $510,584  $12,345 
                 

Financial liabilities:

                

Derivative liabilities

 $99  $-  $99  $- 

Total financial liabilities

 $99  $-  $99  $- 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

Fair Value Measurements

 

Using Significant Unobservable Inputs (Level 3)

 
  

Corporate Debt Securities

 
  

For the Year Ended December 31,

 

(in thousands)

 

2022

  

2021

 

Balance at January 1,

 $12,345  $16,424 

Additions

  -   4,500 

Redemptions

  (2,066)  (1,000)

Transfer to Level 2

  (756)  (7,550)

Total gains or losses (realized/unrealized):

        

Included in earnings

  -   - 

Included in other comprehensive income

  (1,587)  (29)

Balance at December 31,

 $7,936  $12,345 
Fair Value Measurements, Nonrecurring [Table Text Block]
  

December 31, 2022

 
  

Fair Value Measurement

 

Quantitative Information

 
  

Recorded

  

Valuation

  

Fair

 

Valuation

 

Unobservable

 

Value/

 

(in thousands)

 

Investment

  

Allowance

  

Value

 

Technique

 

Inputs

 

Range

 

Impaired loans - collateral dependent

 $1,902  $8  $1,894 

Appraisal of collateral

 

Selling costs

  10.0%  

Impaired loans - other

  5,698   26   5,672 

Discounted cash flows

 

Discount rate

 3.00%-

10.25%

 
  

December 31, 2021

 
  

Fair Value Measurement

 

Quantitative Information

 
  

Recorded

  

Valuation

  

Fair

 

Valuation

 

Unobservable

 

Value/

 

(in thousands)

 

Investment

  

Allowance

  

Value

 

Technique

 

Inputs

 

Range

 

Impaired loans - collateral dependent

 $3,208  $-  $3,208 

Appraisal of collateral

 

Selling costs

  10.0%  

Impaired loans - other

  6,765   26   6,739 

Discounted cash flows

 

Discount rate

 3.00%-8.75% 

Other real estate owned

  920   -   920 

Appraisal of collateral

 

Selling costs

  1.0%  
Fair Value, by Balance Sheet Grouping [Table Text Block]
  

Fair Value

 

December 31, 2022

  

December 31, 2021

 

(in thousands)

 

Measurement

 

Carrying Value

  

Fair Value

  

Carrying Value

  

Fair Value

 

Financial assets:

                  

Cash and short term investments

 

Level 1

 $41,916  $41,916  $99,020  $99,020 

Available-for-sale debt securities

 

See previous table

  476,091   476,091   522,566   522,566 

Equity securities

 

Level 1

  7,717   7,717   4,922   4,922 

Restricted stock

 

Level 2

  8,545   8,545   1,911   1,911 

Loans held for sale

 

Level 2

  60   60   -   - 

Loans, net

 

Level 3

  1,110,124   1,079,266   967,023   967,087 

Accrued interest receivable

 

Level 2

  5,957   5,957   4,643   4,643 

Servicing rights

 

Level 3

  254   621   268   526 

Derivative assets

 

Level 2

  1,946   2,104   371   363 
                   

Financial liabilities:

                  

Deposits

 

Level 2

  1,420,647   1,416,272   1,455,028   1,454,812 

Borrowed funds

 

Level 2

  182,360   182,108   30,310   30,310 

Accrued interest payable

 

Level 2

  171   171   49   49 

Derivative liabilities

 

Level 2

  921   931   96   99