Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value of Financial Instruments [Abstract]

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

			Fair Value Measurements at March 31, 2024 Using
			Quoted
			Prices in	Significant
	Assets		Active Markets	Other		Significant
	Measured at		for Identical	Observable		Unobservable
	Fair Value		Assets	Inputs		Inputs
(in thousands)	03/31/24		(Level 1)	(Level 2)		(Level 3)
Recurring:
Investment securities available-for-sale:
U.S. government agencies	$	6,019		$	6,019
Residential mortgage-backed agencies	$	19,854		$	19,854
Commercial mortgage-backed agencies	$	27,916		$	27,916
Collateralized mortgage obligations	$	15,889		$	15,889
Obligations of states and political subdivisions	$	10,253		$	10,253
Corporate bonds	$	763		$	763
Collateralized debt obligations	$	14,886				$	14,886
Financial derivatives	$	829		$	829
Non-recurring:
Individually evaluated loans, net	$	—				$	—
Equity Investment	$	3,116				$	3,116
Other real estate owned	$	210				$	210

			Fair Value Measurements at December 31, 2023 Using
			Quoted
			Prices in	Significant
	Assets/(liabilities)		Active Markets	Other		Significant
	Measured at		for Identical	Observable		Unobservable
	Fair Value		Assets	Inputs		Inputs
(in thousands)	12/31/23		(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 derivatives	$	756		$	756
Non-recurring:
Individually evaluated loans, net	$	—				$	—
Equity investment	$	3,087				$	3,087
Other real estate owned	$	4,443				$	4,443

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques

(in thousands)	Fair Value at March 31, 2024		Valuation Technique	Significant Unobservable Inputs	Significant Unobservable Input Value
Recurring:
Investment Securities – available for sale -CDO	$	14,886	Discounted Cash Flow	Discount Margin	Range of low 500 to mid 500
Non-recurring:
Equity Investment	$	3,116	Market Method	Revenue Multiples	2.8x
Other Real Estate Owned	$	210	Market Comparable Properties	Marketability Discount	5.00%

(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 Margin	Range of low to mid 500 and low to mid 600
Non-recurring:
Equity Investment	$	3,087	Market Method	Revenue Multiples	2.8x
Other Real Estate	$	4,443	Market Comparable Properties	Marketability Discount	5.0% to 15.0% (weighted avg 5.9%)

(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)
	Investment Securities
(in thousands)	Available for Sale
Beginning balance January 1, 2024	$	14,709
Total losses realized/unrealized:
Included in other comprehensive loss		177
Ending balance March 31, 2024	$	14,886

	Fair Value Measurements
	Using Significant Unobservable Inputs
	(Level 3)
	Investment Securities
(in thousands)	Available for Sale
Beginning balance January 1, 2023	$	15,871
Total losses realized/unrealized:
Included in other comprehensive loss		(1,757)
Ending balance March 31, 2023	$	14,114

Fair Value by Balance Sheet Grouping

	March 31, 2024				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	$	85,578	$	85,578	$	85,578
Interest bearing deposits in banks		1,354		1,354		1,354
Investment securities - AFS		95,580		95,580			$	80,694	$	14,886
Investment securities - HTM		183,136		152,225				150,370		1,855
Restricted bank stock		3,390		N/A
Loans, net		1,394,031		1,314,303						1,314,303
Financial derivatives		829		829				829
Accrued interest receivable		7,762		7,762				744		7,018
Financial Liabilities:
Deposits - non-maturity		1,382,272		1,382,272				1,382,272
Deposits - time deposits		181,181		174,802				174,802
Short-term borrowed funds		79,494		79,494				79,494
Long-term borrowed funds		70,929		70,932				70,932
Accrued interest payable		919		919				919

	December 31, 2023				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	$	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