Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value of Financial Instruments [Abstract]

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques

(in thousands)	Fair Value at March 31, 2022		Valuation Technique	Significant Unobservable Inputs	Significant Unobservable Input Value
Recurring:
Investment Securities – available for sale -CDO	$	17,319	Discounted Cash Flow	Discount Rate	4.50%
Non-recurring:
Impaired Loans, net	$	131	Market Comparable Properties	Marketability Discount	10.0% - 15.0% (1) (weighted avg 0%)
Equity Investment	$	590	Market Method	Revenue Multiples	2.8x

(in thousands)	Fair Value at December 31, 2021		Valuation Technique	Significant Unobservable Inputs	Significant Unobservable Input Value
Recurring:
Investment Securities – available for sale -CDO	$	17,192	Discounted Cash Flow	Discount Rate	4.50%
Non-recurring:
Impaired Loans, net	$	408	Market Comparable Properties	Marketability Discount	10.0% - 15.0% (1) (weighted avg 13.2%)
Equity Investment	$	590	Market Method	Revenue Multiples	2.8x
Other Real Estate Owned	$	349	Market Comparable Properties	Marketability Discount	15.0%

(1) Range would include discounts taken since appraisal and estimated values

Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis

			Fair Value Measurements at March 31, 2022 Using
			Quoted
			Prices in	Significant
	Assets/(liabilities)		Active Markets	Other		Significant
	Measured at		for Identical	Observable		Unobservable
	Fair Value		Assets	Inputs		Inputs
(in thousands)	03/31/22		(Level 1)	(Level 2)		(Level 3)
Recurring:
Investment securities available-for-sale:
U.S. government agencies	$	10,298		$	10,298
Residential mortgage-backed agencies	$	44,298		$	44,298
Commercial mortgage-backed agencies	$	36,233		$	36,233
Collateralized mortgage obligations	$	25,997		$	25,997
Obligations of states and political subdivisions	$	8,464		$	8,464
Corporate bonds	$	1,000		$	1,000
Collateralized debt obligations	$	17,319				$	17,319
Financial derivatives	$	386		$	386
Non-recurring:
Impaired loans, net	$	131				$	131
Equity Investment	$	590				$	590
Other real estate owned	$	—				$	—

			Fair Value Measurements at December 31, 2021 Using
			Quoted
			Prices in	Significant
	Assets/(liabilities)		Active Markets	Other		Significant
	Measured at		for Identical	Observable		Unobservable
	Fair Value		Assets	Inputs		Inputs
(in thousands)	12/31/21		(Level 1)	(Level 2)		(Level 3)
Recurring:
Investment securities available-for-sale:
U.S. government agencies	$	67,169		$	67,169
Residential mortgage-backed agencies	$	48,661		$	48,661
Commercial mortgage-backed agencies	$	50,868		$	50,868
Collateralized mortgage obligations	$	90,077		$	90,077
Obligations of states and political subdivisions	$	12,804		$	12,804
Collateralized debt obligations	$	17,192				$	17,192
Financial derivatives	$	(453)		$	(453)
Non-recurring:
Impaired loans, net	$	408				$	408
Equity investment	$	590				$	590
Other real estate owned	$	349				$	349

Reconciliation of Fair Valued Assets Measured on a Recurring Basis

	Fair Value Measurements
	Using Significant Unobservable Inputs
	(Level 3)
	Investment Securities
(in thousands)	Available for Sale
Beginning balance January 1, 2022	$	17,192
Total losses realized/unrealized:
Included in other comprehensive loss		127
Ending balance March 31, 2022	$	17,319

	Fair Value Measurements
	Using Significant Unobservable Inputs
	(Level 3)
	Investment Securities
(in thousands)	Available for Sale
Beginning balance January 1, 2021	$	13,260
Total losses realized/unrealized:
Included in other comprehensive loss		389
Ending balance March 31, 2021	$	13,649

Fair Value by Balance Sheet Grouping

	March 31, 2022				Fair Value Measurements
					Quoted
					Prices in		Significant
					Active Markets		Other		Significant
					for Identical		Observable		Unobservable
	Carrying		Fair		Assets		Inputs		Inputs
(in thousands)	Amount		Value		(Level 1)		(Level 2)		(Level 3)
Financial Assets:
Cash and due from banks	$	71,211	$	71,211	$	71,211
Interest bearing deposits in banks		4,905		4,905		4,905
Investment securities - AFS		143,609		143,609			$	126,290	$	17,319
Investment securities - HTM		241,656		235,026				210,338		24,688
Restricted bank stock		1,026		N/A
Loans, net		1,166,002		1,132,057						1,132,057
Financial derivatives		386		386				386
Accrued interest receivable		5,075		5,075				989		4,086
Financial Liabilities:
Deposits - non-maturity		1,359,262		1,359,262				1,359,262
Deposits - time deposits		148,293		148,716				148,716
Short-term borrowed funds		58,902		58,902				58,902
Long-term borrowed funds		30,929		31,070				31,070
Accrued interest payable		103		103				103

	December 31, 2021				Fair Value Measurements
					Quoted
					Prices in		Significant
					Active Markets		Other		Significant
					for Identical		Observable		Unobservable
	Carrying		Fair		Assets		Inputs		Inputs
(in thousands)	Amount		Value		(Level 1)		(Level 2)		(Level 3)
Financial Assets:
Cash and due from banks	$	109,823	$	109,823	$	109,823
Interest bearing deposits in banks		5,897		5,897		5,897
Investment securities - AFS		286,771		286,771			$	269,579	$	17,192
Investment securities - HTM		56,259		65,369				36,448		28,921
Restricted bank stock		1,029		1,029				1,029
Loans, net		1,137,440		1,122,671						1,122,671
Accrued interest receivable		4,821		4,821				4,821
Financial Liabilities:
Deposits - non-maturity		1,306,145		1,306,145				1,306,145
Deposits - time deposits		163,229		163,961				163,961
Financial derivatives		453		453				453
Short-term borrowed funds		57,699		57,699				57,699
Long-term borrowed funds		30,929		31,085				31,085
Accrued interest payable		137		137				137