XML 39 R29.htm IDEA: XBRL DOCUMENT v3.24.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2024
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, 2024 Using
  
(dollars in thousands)
  
Balance
    
Level 1
    
Level 2
    
Level 3
  
Assets:                        
Available-for-sale securities
                        
U.S. Treasury securities
  
$
3,933
    
$
-
    
$
3,933
    
$
-
  
Obligations of  U.S. Government agencies
    
33,834
      
-
      
33,834
      
-
  
Obligations of state and political subdivisions
    
51,650
      
-
      
51,650
      
-
  
Mortgage-backed securities
    
78,394
      
-
      
78,394
      
-
  
Corporate bonds and other securities
    
26,029
      
-
      
26,029
      
-
  
Total available-for-sale securities
    
193,840
      
-
      
193,840
      
-
  
Derivatives
                               
Interest rate swap on loans
    988       -       988       -  
Total assets
  $ 194,828     $ -     $ 194,828     $ -  
                                 
Liabilities:
                               
Derivatives
                               
Interest rate swap on loans
  $
988     $
 -     $
988     $
 -  
Total liabilities
  $ 988     $ -     $ 988     $ -  

         
Fair Value Measurements at December 31, 2023 Using
  
(dollars in thousands)
  
Balance
    
Level 1
    
Level 2
    
Level 3
  
Available-for-sale securities
                        
U.S. Treasury securities
  
$
3,857
    
$
-
    
$
3,857
    
$
-
  
Obligations of  U.S. Government agencies
    
42,735
      
-
      
42,735
      
-
  
Obligations of state and political subdivisions
    
50,597
      
-
      
50,597
      
-
  
Mortgage-backed securities
    
81,307
      
-
      
81,307
      
-
  
Corporate bonds and other securities
    
23,735
      
-
      
23,735
      
-
  
Total available-for-sale securities
  
$
202,231
    
$
-
    
$
202,231
    
$
-
  
Loans held for sale
 		    470      
      470      
 
Derivatives
                               
Interest rate locks
    10       -       10       -  
Interest rate swap on loans
    1,249       -       1,249       -  
Total assets
  $ 203,960     $ -     $ 203,960     $ -  
                                 
Liabilities:
                               
Derivatives
                               
Interest rate swap on loans
  $
1,249     $
-     $
 1,249     $
 -  
Total liabilities
  $ 1,249     $ -     $ 1,249     $ -  
Repossessed Assets Measured at Fair Value on a Nonrecurring Basis

The following tables summarize the Company’s repossessed assets measured at fair value on a nonrecurring basis as of the dates indicated:


         
Carrying Value at September 30, 2024
  
(dollars in thousands)
  
Fair Value
    
Level 1
    
Level 2
    
Level 3
  
Repossessed assets
  
$
1,701
    
$
-
    
$
1,701
    
$
-
  
                                 
           
Carrying Value at December 31, 2023
  
(dollars in thousands)
  
Fair Value
    
Level 1
    
Level 2
    
Level 3
  
Repossessed assets
   $ 215    
$
-
    
$
215
    
$
-
  
Estimated Fair Values and Related Carrying or Notional Amounts of Financial Instruments
The following tables reflect the carrying amounts and estimated fair values of the Company’s financial instruments whether or not recognized on the Consolidated Balance Sheets at fair value.
         
Fair Value Measurements at September 30, 2024 Using
  
(dollars in thousands)
  
Carrying Value
    
Level 1
    
Level 2
    
Level 3
  
Assets
                        
Cash and cash equivalents
  
$
176,855
    
$
176,855
    
$
-
    
$
-
  
Securities available-for-sale
    
193,840
      
-
      
193,840
      
-
  
Restricted securities
    
3,845
      
-
      
3,845
      
-
  
Loans, net
    
1,014,012
      
-
      
-
      
962,341
  
Derivatives
                               
Interest rate swap on loans
    988       -       988       -  
Bank owned life insurance
    
35,909
      
-
      
35,909
      
-
  
Accrued interest receivable
    
4,858
      
-
      
4,858
      
-
  
                                 
Liabilities
                                
Deposits
  
$
1,282,786
    
$
-
    
$
1,281,847
    
$
-
  
Overnight repurchase agreements
    
1,777
      
-
      
1,777
      
-
  
Federal Home Loan Bank advances
    40,000       -       40,000       -  
Subordinated notes
     29,766       -       26,503       -  
Derivatives
                               
Interest rate swap on loans
    988       -       988       -  
Accrued interest payable
    
1,988
    
-
      
1,988
      
-
  

         
Fair Value Measurements at December 31, 2023 Using
  
(dollars in thousands)
  
Carrying Value
    
Level 1
    
Level 2
    
Level 3
  
Assets
                        
Cash and cash equivalents
  
$
80,806
    
$
80,806
    
$
-
    
$
-
  
Securities available-for-sale
    
202,231
      
-
      
202,231
      
-
  
Restricted securities
    
5,176
      
-
      
5,176
      
-
  
Loans held for sale
    
470
      
-
      
470
      
-
  
Loans, net
   
1,068,046
      
-
      
-
      
1,025,622
  
Derivatives
                               
Interest rate lock
    10       -       10       -  
Interest rate swap on loans
    1,249       -       1,249       -  
Bank owned life insurance
    
35,088
      
-
      
35,088
      
-
  
Accrued interest receivable
    
4,921
      
-
      
4,921
      
-
  
                                 
Liabilities
                                
Deposits
  
$
1,230,397
    
$
-
    
$
1,228,477
    
$
-
  
Overnight repurchase agreements
    
2,383
      
-
      
2,383
      
-
  
Federal Home Loan Bank advances
    
69,450
      
-
      
69,450
      
-
  
Subordinated notes
     29,668       -       25,561       -  
Derivatives
                               
Interest rate swap on loans
    1,249       -       1,249       -  
Accrued interest payable
    
1,972
      
-
      
1,972
      
-