Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023 Using
			(in Thousands)
	Assets & Liabilities Measured at		Quoted Prices in Active Markets for Identical Assets	Significant Other Observable Inputs		Significant Unobservable Inputs
Description	12/31/23		(Level 1)	(Level 2)		(Level 3)
Recurring:
Investment securities available-for-sale:
U.S. government agencies	$	6,034		$	6,034
Residential mortgage-backed agencies	$	20,563		$	20,563
Commercial mortgage-backed agencies	$	28,417		$	28,417
Collateralized mortgage obligations	$	16,356		$	16,356
Obligations of states and political subdivisions	$	10,312		$	10,312
Corporate bonds	$	778		$	778
Collateralized debt obligations	$	14,709				$	14,709
Financial derivative	$	756		$	756
Non-recurring:
Individually evaluated loans	$	—				$	—
Equity investments	$	3,087				$	3,087
Other real estate owned	$	4,443				$	4,443
			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. treasuries	$	9,462		$	9,462
U.S. government agencies	$	37,401		$	37,401
Residential mortgage-backed agencies	$	30,732		$	30,732
Commercial mortgage-backed agencies	$	21,044		$	21,044
Collateralized mortgage obligations	$	10,492		$	10,492
Obligations of states and political subdivisions	$	887		$	887
Collateralized debt obligations	$	15,871				$	15,871
Financial derivative	$	1,068		$	1,068
Non-recurring:
Individually evaluated loans	$	211				$	211
Equity investment	$	1,796				$	1,796
Other real estate owned	$	—				$	—

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques

(in thousands)	Fair Value at December 31, 2023		Valuation Technique	Significant Unobservable Inputs	Significant Unobservable Input Value
Recurring:
Investment Securities – available for sale - CDO	$	14,709	Discounted Cash Flow	Discount Rate	Range of low to mid 500 and low to mid 600
Non-recurring:
Equity Investments	$	3,087	Market Method	Revenue Multiples	2.8x
Other Real Estate Owned	$	4,443	Market Comparable Properties	Marketability Discount	5.0% to 15.0% (weighted avg 5.9%)

(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:
Individually Evaluated Loans	$	211	Market Comparable Properties	Marketability Discount	10.0% to 15.0%
Equity Investment	$	1,796	Market Method	Revenue Multiples	2.8x
Other Real Estate Owned	$	—	Market Comparable Properties	Marketability Discount

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

Reconciliation of Fair Valued Assets Measured on a Recurring Basis

The following tables show a reconciliation of the beginning and ending balances for fair valued assets measured using Level 3 significant unobservable inputs for the years ended December 31, 2023 and 2022:

		Fair Value Measurement Using Unobservable Inputs (Level 3)
(in thousands)		Investment Securities Available for Sale
Beginning balance January 1, 2023	$	15,871
Total gains/(losses) realized/unrealized:
Included in other comprehensive income		(1,162)
Ending balance December 31, 2023	$	14,709
		Fair Value Measurement Using 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 by Balance Sheet Grouping

	December 31, 2023				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	$	48,343	$	48,343	$	48,343
Interest bearing deposits in banks		1,410		1,410		1,410
Investment securities - AFS		97,169		97,169			$	82,460	$	14,709
Investment securities - HTM		214,297		184,415				182,510		1,905
Restricted bank stock		5,250		N/A
Loans, net		1,388,847		1,319,456						1,319,456
Financial derivative		778		778				778
Accrued interest receivable		7,487		7,487				828		6,659
Financial Liabilities:
Deposits – non-maturity		1,355,444		1,355,444				1,355,444
Deposits – time deposits		195,533		193,337				193,337
Short-term borrowed funds		45,418		45,418				45,418
Long-term borrowed funds		110,929		110,809				110,809
Accrued interest payable		612		612				612

	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				933		5,118
Financial Liabilities:
Deposits – non-maturity		1,450,210		1,450,210				1,450,210
Deposits – time deposits		120,523		120,083				120,083
Financial derivative		—		—				—
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