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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 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.

March 31, 2023
  
Level I
    
Level II
    
Level III
    
Total
  
Fair value measurements on a recurring basis:
                        
Assets
                        
Equity securities
  
$
1,923
    
$
-
    
$
-
    
$
1,923
  
Available for sale securities:
                                
U.S. Agency securities
    
-
      
70,849
      
-
      
70,849
  
U.S. Treasury securities
    
151,710
      
-
      
-
      
151,710
  
Obligations of state and political subdivisions
    
-
      
111,538
      
-
      
111,538
  
Corporate obligations
    
-
      
9,352
      
-
      
9,352
  
Mortgage-backed securities in government sponsored entities
    
-
      
99,966
      
-
      
99,966
  
Other Assets
                                
Derivative instruments
    
-
      
14,197
      
-
      
14,197
  
Liabilities
                                
Derivative instruments
    
-
      
(8,234
)
    
-
      
(8,234
)

December 31, 2022
  
Level I
    
Level II
    
Level III
    
Total
  
Fair value measurements on a recurring basis:
                        
Assets
                        
Equity securities
  
$
2,208
    
$
-
    
$
-
    
$
2,208
  
Available for sale securities:
                                
U.S. Agency securities
    
-
      
70,677
      
-
      
70,677
  
U.S. Treasuries securities
    
148,570
      
-
      
-
      
148,570
  
Obligations of state and political subdivisions
    
-
      
110,300
      
-
      
110,300
  
Corporate obligations
    
-
      
9,383
      
-
      
9,383
  
Mortgage-backed securities in government sponsored entities
    
-
      
100,576
      
-
      
100,576
  
Other Assets
                                
Derivative instruments
    
-
      
16,599
      
-
      
16,599
  
Liabilities
                                
Derivative instruments
    
-
      
(9,726
)
    
-
      
(9,726
)
Assets Measured at Fair Value on Non-recurring Basis

Assets measured at fair value on a nonrecurring basis as of March 31, 2023 and December 31, 2022 are included in the table below (in thousands):

March 31, 2023
  
Level I
    
Level II
    
Level III
    
Total
  
Individually analyzed loans held for investment
  
$
-
    
$
-
    
$
3,705
    
$
3,705
  
Other real estate owned
    
-
      
-
      
52
      
52
  
                                 
December 31, 2022
  
Level I
    
Level II
    
Level III
    
Total
  
Individually analyzed loans held for investment
  
$
-
    
$
-
    
$
496
    
$
496
  
Other real estate owned
    
-
      
-
      
297
      
297
  
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).

March 31, 2023
  
Fair Value
  
Valuation Technique(s)
Unobservable input
  
Range
    
Weighted average
  
Individually analyzed loans held for investment
  
$
3,705
  
Appraised Collateral Values
Discount for time since appraisal
    
0-100
%
    
22.83
%
         
              
Selling costs
    
8%-10
%
    
7.69
%
         
              
Holding period
  
0 - 12 months
    
11.97 months
  
         
 
 
                
Other real estate owned
    
52
  
Appraised Collateral Values
Discount for time since appraisal
    
20
%
    
20.00
%

December 31, 2022
  
Fair Value
  
Valuation Technique(s)
Unobservable input
  
Range
    
Weighted average
  
Individually analyzed loans held for investment
    
496
  
Appraised Collateral Values
Discount for time since appraisal
    
0-100
%
    
25.16
%
         
     
Selling costs
    
8%-10
%
    
8.41
%
         
     
Holding period
  
6 - 12 months
    
11.51 months
  
         
 
 
                
Other real estate owned
    
297
  
Appraised Collateral Values
Discount for time since appraisal
    
20-84
%
    
39.84
%
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):

March 31, 2023
  
Carrying
Amount
    
Fair Value
    
Level I
    
Level II
    
Level III
  
Financial assets:
                              
Interest bearing time deposits with other banks
  
$
6,055
    
$
5,848
    
$
-
    
$
-
    
$
5,848
  
Loans held for sale
    
671
      
675
      
-
      
-
      
675
  
Net loans
    
1,708,225
      
1,644,211
      
-
      
-
      
1,644,211
  
                                         
Financial liabilities:
                                        
Deposits
    
1,799,687
      
1,789,120
      
1,518,045
      
-
      
271,075
  
Borrowed funds
    
288,059
      
276,451
      
-
      
-
      
276,451
  
                                         
December 31, 2022
    

     
     
     
     
 
Financial assets:
                                        
Interest bearing time deposits with other banks
  
$
6,055
    
$
6,055
    
$
-
    
$
-
    
$
6,055
  
Loans held for sale
    
725
      
725
      
-
      
-
      
725
  
Net loans
    
1,706,447
      
1,662,514
      
-
      
-
      
1,662,514
  
                                         
Financial liabilities:
                                        
Deposits
    
1,844,208
      
1,832,037
      
1,566,517
      
-
      
265,520
  
Borrowed funds
    
257,278
      
246,288
      
-
      
-
      
246,288