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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2023
Fair Value Measurements [Abstract]  
Assets and Liabilities Measured at Fair Value on Recurring Basis
The following tables present the balances of certain assets measured at fair value on a recurring basis as of the dates indicated:

         
Fair Value Measurements at September 30, 2023 Using
  
(dollars in thousands)
  
Balance
    
Level 1
    
Level 2
    
Level 3
  
Assets:                        
Available-for-sale securities
                        
U.S. Treasury securities
  
$
3,777
    
$
-
    
$
3,777
    
$
-
  
Obligations of  U.S. Government agencies
    
44,555
      
-
      
44,555
      
-
  
Obligations of state and political subdivisions
    
46,655
      
-
      
46,655
      
-
  
Mortgage-backed securities
    
79,778
      
-
      
79,778
      
-
  
Money market investments
    
1,906
      
-
      
1,906
      
-
  
Corporate bonds and other securities
    
23,946
      
-
      
23,946
      
-
  
Total available-for-sale securities
    
200,617
      
-
      
200,617
      
-
  
Derivatives
                               
Interest rate lock
    12       -       12       -  
Interest rate swap on loans
    2,114       -       2,114       -  
Total assets
  $ 202,743     $ -     $ 202,743     $ -  
                                 
Liabilities:
                               
Derivatives
                               
Interest rate swap on loans
    2,114       -       2,114       -  
Total liabilities
  $ 2,114     $ -     $ 2,114     $ -  

         
Fair Value Measurements at December 31, 2022 Using
  
(dollars in thousands)
  
Balance
    
Level 1
    
Level 2
    
Level 3
  
Available-for-sale securities
                        
U.S. Treasury securities
  
$
7,671
    
$
-
    
$
7,671
    
$
-
  
Obligations of  U.S. Government agencies
    
42,399
      
-
      
42,399
      
-
  
Obligations of state and political subdivisions
    
59,384
      
-
      
59,384
      
-
  
Mortgage-backed securities
    
88,913
      
-
      
88,913
      
-
  
Money market investments
    
1,816
      
-
      
1,816
      
-
  
Corporate bonds and other securities
    
25,335
      
-
      
25,335
      
-
  
Total available-for-sale securities
  
$
225,518
    
$
-
    
$
225,518
    
$
-
  
Derivatives
                               
Interest rate lock
    23       -       23       -  
Interest rate swap on loans
    1,447       -       1,447       -  
Total assets
  $ 226,988     $ -     $ 226,988     $ -  
                                 
Liabilities:
                               
Derivatives
                               
Interest rate swap on loans
    1,447       -       1,447       -  
Total liabilities
  $ 1,447     $ -     $ 1,447     $ -  
Assets Measured at Fair Value on Nonrecurring Basis
The following table presents the assets carried on the Consolidated Balance Sheets for which a nonrecurring change in fair value has been recorded. Assets are shown by class of loan and by level in the fair value hierarchy, as of the dates indicated. Certain impaired loans are valued by the present value of the loan’s expected future cash flows, discounted at the loan’s effective interest rate rather than at a market rate. These loans are not carried on the Consolidated Balance Sheets at fair value and, as such, are not included in the tables below.

         
Carrying Value at September 30, 2023
  
(dollars in thousands)
  
Fair Value
    
Level 1
    
Level 2
    
Level 3
  
Loans
                            
Loans held for sale
  
$
292
    
$
-
    
$
292
    
$
-
  

         
Carrying Value at December 31, 2022
  
(dollars in thousands)
  
Fair Value
    
Level 1
    
Level 2
    
Level 3
  
Impaired loans
                        
Mortgage loans on real estate:
                       
Construction
   $ 110
     $ -
     $ -
     $ 110
  
Total
  $ 110
     $ -
     $ -
     $ 110
  
                                 
Loans
                               
Loans held for sale
  
$
421
    
$
-
    
$
421
    
$
-
  
Fair Value Inputs, Assets, Quantitative Information
The following table displays quantitative information about Level 3 Fair Value Measurements as of December 31, 2022.


  
 
Quantitative Information About Level 3 Fair Value Measurements
  
 
(dollars in thousands)
  
Fair Value at
December 31,
2022
  
Valuation Techniques
Unobservable Input
  
Range (Weighted Average)
  
Impaired loans
      
 
 
      
Construction
  
$
110
  
Market comparables
Selling costs
    
3.00% -8.00% (7.25
%)
Estimated Fair Values and Related Carrying or Notional Amounts of Financial Instruments
The estimated fair values, and related carrying or notional amounts, of the Company’s financial instruments as of the dates indicated are as follows:

         
Fair Value Measurements at September 30, 2023 Using
  
(dollars in thousands)
  
Carrying Value
    
Level 1
    
Level 2
    
Level 3
  
Assets
                        
Cash and cash equivalents
  
$
77,641
    
$
77,641
    
$
-
    
$
-
  
Securities available-for-sale
    
200,617
      
-
      
200,617
      
-
  
Restricted securities
    
5,176
      
-
      
5,176
      
-
  
Loans held for sale
    
292
      
-
      
292
      
-
  
Loans, net
    
1,070,834
      
-
      
-
      
1,027,963
  
Derivatives
                               
Interest rate lock
     12       -       12       -  
Interest rate swap on loans
    2,114       -       2,114       -  
Bank owned life insurance
    
34,826
      
-
      
34,826
      
-
  
Accrued interest receivable
    
4,758
      
-
      
4,758
      
-
  
                                 
Liabilities
                                
Deposits
  
$
1,237,608
    
$
-
    
$
1,234,957
    
$
-
  
Overnight repurchase agreements
    
1,323
      
-
      
1,323
      
-
  
Federal Home Loan Bank advances
    69,450       -       69,450       -  
Long term borrowings
    29,636       -       24,812       -  
Derivatives
                               
Interest rate swap on loans
    2,114       -       2,114       -  
Accrued interest payable
    
1,688
    
-
      
1,688
      
-
  

         
Fair Value Measurements at December 31, 2022 Using
  
(dollars in thousands)
  
Carrying Value
    
Level 1
    
Level 2
    
Level 3
  
Assets
                        
Cash and cash equivalents
  
$
19,250
    
$
19,250
    
$
-
    
$
-
  
Securities available-for-sale
    
225,518
      
-
      
225,518
      
-
  
Restricted securities
    
3,434
      
-
      
3,434
      
-
  
Loans held for sale
    
421
      
-
      
421
      
-
  
Loans, net
   
1,016,559
      
-
      
-
      
996,807
  
Derivatives
                               
Interest rate lock
    23       -       23       -  
Interest rate swap on loans
    1,447       -       1,447       -  
Bank owned life insurance
    
34,049
      
-
      
34,049
      
-
  
Accrued interest receivable
    
4,253
      
-
      
4,253
      
-
  
                                 
Liabilities
                                
Deposits
  
$
1,156,019
    
$
-
    
$
1,156,019
    
$
-
  
Federal funds purchased
    11,378       -       11,378       -  
Overnight repurchase agreements
    
4,987
      
-
      
4,987
      
-
  
Federal Reserve Bank borrowings
    
46,100
      
-
      
46,100
      
-
  
Long term borrowings
    29,538       -       25,539       -  
Derivatives
                               
Interest rate swap on loans
    1,447       -       1,447       -  
Accrued interest payable
    
834
      
-
      
834
      
-