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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2022
Fair Value Measurements [Abstract]  
Assets Measured at Fair Value on a Recurring Basis

The following tables present the assets and liabilities reported on the Consolidated Balance Sheet at their fair value on a recurring basis as of September 30, 2022 and December 31, 2021 by level within the fair value hierarchy (in thousands). Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

September 30, 2022
  
Level I
    
Level II
    
Level III
    
Total
  
Fair value measurements on a recurring basis:
                        
Assets
                        
Equity securities
  
$
2,257
    
$
-
    
$
-
    
$
2,257
  
Available for sale securities:
                                
U.S. Agency securities
    
-
      
73,982
      
-
      
73,982
  
U.S. Treasury securities
    
147,844
      
-
      
-
      
147,844
  
Obligations of state and political subdivisions
    
-
      
110,450
      
-
      
110,450
  
Corporate obligations
    
-
      
9,438
      
-
      
9,438
  
Mortgage-backed securities in government sponsored entities
    
-
      
103,508
      
-
      
103,508
  
Other Assets
                                
Derivative instruments
    
-
      
17,674
      
-
      
17,674
  
Liabilities
                                
Derivative instruments
    
-
      
(10,450
)
    
-
      
(10,450
)

December 31, 2021
  
Level I
    
Level II
    
Level III
    
Total
  
Fair value measurements on a recurring basis:
                        
Assets
                        
Equity securities
  
$
2,270
    
$
-
    
$
-
    
$
2,270
  
Available for sale securities:
                                
U.S. Agency securities
    
-
      
73,945
      
-
      
73,945
  
U.S. Treasuries securities
    
115,347
      
-
      
-
      
115,347
  
Obligations of state and political subdivisions
    
-
      
112,021
      
-
      
112,021
  
Corporate obligations
    
-
      
10,333
      
-
      
10,333
  
Mortgage-backed securities in government sponsored entities
    
-
      
100,756
      
-
      
100,756
  
Other Assets
                                
Derivative instruments
    
-
      
4,011
      
-
      
4,011
  
Liabilities
                                
Derivative instruments
    
-
      
(2,101
)
    
-
      
(2,101
)
Assets Measured at Fair Value on Non-recurring Basis

Assets measured at fair value on a nonrecurring basis as of September 30, 2022 and December 31, 2021 are included in the table below (in thousands):

September 30, 2022
  
Level I
    
Level II
    
Level III
    
Total
  
Impaired Loans
  
$
-
    
$
-
    
$
497
    
$
497
  
Other real estate owned
    
-
      
-
      
556
      
556
  
                                 
December 31, 2021
  
Level I
    
Level II
    
Level III
    
Total
  
Impaired Loans
  
$
-
    
$
-
    
$
459
    
$
459
  
Other real estate owned
    
-
      
-
      
552
      
552
  
Significant Unobservable Inputs Used in Fair Value Measurement Process

The following table provides a listing of the significant unobservable inputs used in the fair value measurement process for items valued utilizing Level III techniques (dollars in thousands).

     Quantitative Information about Level III Fair Value Measurements      
September 30, 2022
  
Fair Value
  
Valuation Technique(s)
Unobservable input
  
Range
    
Weighted average
  
Impaired Loans
  
$
497
  
Appraised Collateral Values
Discount for time since appraisal
    
0-100
%
    
25.14
%
         
     
Selling costs
    
8%-10
%
    
8.57
%
         
     
Holding period
  
0 - 12 months
    
11.51 months
  
         
 
 
                
Other real estate owned
    
556
  
Appraised Collateral Values
Discount for time since appraisal
    
20-52
%
    
37.41
%

December 31, 2021
  
Fair Value
  
Valuation Technique(s)
Unobservable input
  
Range
    
Weighted average
  
Impaired Loans
    
459
  
Appraised Collateral Values
Discount for time since appraisal
    
0-100
%
    
23.38
%
         
     
Selling costs
    
8%-10
%
    
8.27
%
         
     
Holding period
  
6 - 12 months
    
11.52 months
  
         
 
 
                
Other real estate owned
    
552
  
Appraised Collateral Values
Discount for time since appraisal
    
20-44
%
    
41.76
%
Carrying Amount and Fair Value of Financial Instruments

The carrying amount and fair value of the Company’s financial instruments that are not required to be measured or reported at fair value on a recurring basis are as follows (in thousands):

September 30, 2022
  
Carrying
Amount
    
Fair Value
    
Level I
    
Level II
    
Level III
  
Financial assets:
                              
Interest bearing time deposits with other banks
  
$
6,055
    
$
6,055
    
$
-
    
$
-
    
$
6,055
  
Loans held for sale
    
1,280
      
1,280
      
-
      
-
      
1,280
  
Net loans
    
1,719,662
      
1,703,601
      
-
      
-
      
1,703,601
  
                                         
Financial liabilities:
                                        
Deposits
    
1,868,711
      
1,855,914
      
1,589,284
      
-
      
266,630
  
Borrowed funds
    
258,922
      
252,884
      
-
      
-
      
252,884
  
                                         
December 31, 2021
    
Carrying
Amount
       Fair Value
      Level I
      Level II
      Level III
 
Financial assets:
                                        
Interest bearing time deposits with other banks
  
$
11,026
    
$
11,026
    
$
-
    
$
-
    
$
11,026
  
Loans held for sale
    
4,554
      
4,554
      
-
      
-
      
4,554
  
Net loans
    
1,424,229
      
1,426,698
      
-
      
-
      
1,426,698
  
                                         
Financial liabilities:
                                        
Deposits
    
1,836,151
      
1,836,179
      
1,506,535
      
-
      
329,644
  
Borrowed funds
    
73,977
      
72,346
      
-
      
-
      
72,346