Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value of Financial Instruments [Abstract]

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

			Fair Value Measurements at
			December 31, 2022 Using
			(In Thousands)
	Assets & Liabilities Measured at		Quoted Prices in Active Markets for Identical Assets	Significant Other Observable Inputs		Significant Unobservable Inputs
Description	12/31/22		(Level 1)	(Level 2)		(Level 3)
Recurring:
Investment securities available-for-sale:
U.S. government agencies	$	9,462		$	9,462
Residential mortgage-backed agencies	$	37,401		$	37,401
Commercial mortgage-backed agencies	$	30,732		$	30,732
Collateralized mortgage obligations	$	21,044		$	21,044
Obligations of states and political subdivisions	$	10,492		$	10,492
Corporate bonds	$	887		$	887
Collateralized debt obligations	$	15,871				$	15,871
Financial derivative	$	1,068		$	1,068
Non-recurring:
Impaired loans	$	211				$	211
Equity investments	$	1,796				$	1,796
Other real estate owned	$	—				$	—
			Fair Value Measurements at
			December 31, 2021 Using
			(In Thousands)
	Assets & Liabilities Measured at		Quoted Prices in Active Markets for Identical Assets	Significant Other Observable Inputs		Significant Unobservable Inputs
Description	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 derivative	$	(453)		$	(453)
Non-recurring:
Impaired loans	$	408				$	408
Equity investment	$	590				$	590
Other real estate owned	$	349				$	349

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques

(in thousands)	Fair Value at December 31, 2022		Valuation Technique	Significant Unobservable Inputs	Significant Unobservable Input Value
Recurring:
Investment Securities – available for sale - CDO	$	15,871	Discounted Cash Flow	Discount Rate	Range of low to mid 300 and low to high 400
Non-recurring:
Impaired Loans	$	211	Market Comparable Properties	Marketability Discount	10.0% to 15.0%
Equity Investments	$	1,796	Market Method	Revenue Multiples	2.8x
Other Real Estate Owned	$	—	Market Comparable Properties	Marketability Discount

(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	Libor+ 3.25%
Non-recurring:
Impaired Loans	$	408	Market Comparable Properties	Marketability Discount	10.0% to 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

Reconciliation of Fair Valued Assets Measured on a Recurring Basis

	Fair Value Measurements Using Significant
	Unobservable Inputs
	(Level 3)
	(In Thousands)
	Investment Securities Available for Sale
Beginning balance January 1, 2022	$	17,192
Total gains/(losses) realized/unrealized:
Included in other comprehensive income		(1,321)
Ending balance December 31, 2022	$	15,871
	Fair Value Measurements Using Significant
	Unobservable Inputs
	(Level 3)
	(In Thousands)
	Investment Securities Available for Sale
Beginning balance January 1, 2021	$	13,260
Total gains/(losses) realized/unrealized:
Included in other comprehensive loss		3,932
Ending balance December 31, 2021	$	17,192

Fair Value by Balance Sheet Grouping

	December 31, 2022				Fair Value Measurements
	Carrying		Fair		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	Amount		Value		(Level 1)		(Level 2)		(Level 3)
Financial Assets:
Cash and due from banks	$	72,720	$	72,720	$	72,720
Interest bearing deposits in banks		1,595		1,595		1,595
Investment securities - AFS		125,889		125,889			$	110,018	$	15,871
Investment securities - HTM		235,659		203,080				182,380		20,700
Restricted bank stock		1,027		N/A
Loans, net		1,264,684		1,177,702						1,177,702
Financial derivative		1,068		1,068				1,068
Accrued interest receivable		6,051		6,051				6,051
Financial Liabilities:
Deposits – non-maturity		1,450,210		1,450,210				1,450,210
Deposits – time deposits		120,523		120,083				120,083
Short-term borrowed funds		64,565		64,565				64,565
Long-term borrowed funds		30,929		30,909				30,909
Accrued interest payable		151		151				151
Off balance sheet financial instruments		—		—		—

	December 31, 2021				Fair Value Measurements
	Carrying		Fair		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable 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		N/A
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 derivative		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
Off balance sheet financial instruments		—		—				—