Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

The following table presents assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023.

	Fair Value Measurements as of March 31, 2024 Using
	Totals At March 31, 2024		Quoted Prices in Active Markets For Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(Dollars in Thousands)
Investment securities, available-for-sale
Mortgage-backed securities:
Residential	$	42,553	$	—	$	42,553	$	—
Commercial		14,279		—		14,279		—
Obligations of U.S. government-sponsored agencies		11,009		—		11,009		—
Obligations of states and political subdivisions		1,545		—		1,545		—
Corporate notes		14,843		—		14,843		—
U.S. Treasury securities		41,151		41,151		—		—
Interest rate derivative contracts:
Other assets - interest rate swaps		273		—		273		—
Other assets - interest rate floors		75		—		75		—

	Fair Value Measurements as of December 31, 2023 Using
	Totals At December 31, 2023		Quoted Prices in Active Markets For Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(Dollars in Thousands)
Investment securities, available-for-sale
Mortgage-backed securities:
Residential	$	44,728	$	—	$	44,728	$	—
Commercial		9,040		—		9,040		—
Obligations of U.S. government-sponsored agencies		11,280		—		11,280
Obligations of states and political subdivisions		1,558		—		1,558		—
Corporate notes		14,957				14,957		—
U.S. Treasury securities		54,002		54,002		—		—
Interest rate derivative contracts:
Other liabilities - interest rate swaps		119		—		119		—

Fair Value Assets Measured on Nonrecurring Basis

The following table presents the balances of impaired loans, OREO and other assets held-for-sale measured at fair value on a non-recurring basis as of March 31, 2024 and December 31, 2023:

	Fair Value Measurements as of March 31, 2024 Using
	Totals At March 31, 2024		Quoted Prices in Active Markets For Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(Dollars in Thousands)
Impaired loans	$	—	$	—	$	—	$	—
OREO and other assets held-for-sale		572		—		—		572

	Fair Value Measurements as of December 31, 2023 Using
	Totals At December 31, 2023		Quoted Prices in Active Markets For Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(Dollars in Thousands)
Impaired loans	$	51	$	—	$	—	$	51
OREO and other assets held-for-sale		602		—		—		602

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques

Following the table is a description of the valuation technique and the sensitivity of the technique to changes in the significant unobservable input.

	Level 3 Significant Unobservable Input Assumptions
	Fair Value March 31, 2024		Valuation Technique	Unobservable Input	Quantitative Range of Unobservable Inputs (Weighted Average)
	(Dollars in Thousands)
Non-recurring fair value measurements:
Impaired loans	$	—	Multiple data points, including discount to appraised value of collateral based on recent market activity	Appraisal comparability adjustment (discount)	9%-10%	9.5%
OREO and other assets held-for-sale	$	572	Discount to appraised value of property based on recent market activity for sales of similar properties	Appraisal comparability adjustment (discount)	9%-10%	9.5%

	Level 3 Significant Unobservable Input Assumptions
	Fair Value December 31, 2023		Valuation Technique	Unobservable Input	Quantitative Range of Unobservable Inputs (Weighted Average)
	(Dollars in Thousands)
Non-recurring fair value measurements:
Impaired loans	$	51	Multiple data points, including discount to appraised value of collateral based on recent market activity	Appraisal comparability adjustment (discount)	9%-10%	9.5%
OREO and other assets held-for-sale	$	602	Discount to appraised value of property based on recent market activity for sales of similar properties	Appraisal comparability adjustment (discount)	9%-10%	9.5%

Fair Value, by Balance Sheet Grouping

The estimated fair value and related carrying or notional amounts, as well as the level within the fair value hierarchy, of the Company’s financial instruments as of March 31, 2024 and December 31, 2023 were as follows:

	March 31, 2024
	Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
	(Dollars in Thousands)
Assets:
Cash and cash equivalents	$	60,242	$	60,242	$	60,242	$	—	$	—
Investment securities available-for-sale		125,380		125,380		41,151		84,229		—
Investment securities held-to-maturity		983		921		—		921		—
Federal funds sold		5,532		5,532		—		5,532		—
Federal Home Loan Bank stock		1,494		1,494		—		—		1,494
Loans, net of allowance for credit losses		812,505		771,776		—		—		771,776
Other assets - interest rate swaps		273		273		—		273		—
Other assets - interest rate floors		75		75		—		75		—
Liabilities:
Deposits		943,268		873,743		—		873,743		—
Short-term borrowings		15,000		15,000		—		15,000		—
Long-term borrowings		10,817		9,560		—		9,560		—

	December 31, 2023
	Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
	(Dollars in Thousands)
Assets:
Cash and cash equivalents	$	50,279	$	50,279	$	50,279	$	—	$	—
Investment securities available-for-sale		135,565		135,565		54,002		81,563		—
Investment securities held-to-maturity		1,104		1,041		—		1,041		—
Federal funds sold		9,475		9,475		—		9,475		—
Federal Home Loan Bank stock		1,201		1,201		—		—		1,201
Loans, net of allowance for loan and lease losses		811,284		773,800		—		—		773,800
Liabilities:
Deposits		950,191		882,746		—		882,746		—
Short-term borrowings		10,000		10,000		—		10,000		—
Long-term borrowings		10,799		9,814				9,814
Other liabilities - interest rate swaps		119		119				119