Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis

The following table presents balances of financial assets and liabilities measured at fair value on a recurring basis at December 31, 2022 and December 31, 2021:

			Fair Value Measurements at
			December 31, 2022
			Using
	Balance as of		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	December 31, 2022		(Level 1)		(Level 2)		(Level 3)
	(in thousands)
Assets:
Securities available for sale
Obligations of U.S. government corporations and agencies	$	9,135	$	—	$	9,135	$	—
Mortgage-backed securities		129,153		—		129,153		—
Obligations of states and political subdivisions		6,607		—		6,607		—
Subordinated debt		4,261		—		4,261		—
Derivative:
Interest rate swaps on loans		1,017		—		1,017		—
Total assets at fair value	$	150,173	$	—	$	150,173	$	—
Liabilities:
Interest rate swaps on loans	$	1,017			$	1,017	$	—
Total liabilities at fair value	$	1,017	$	—	$	1,017	$	—

			Fair Value Measurements at
			December 31, 2021
			Using
	Balance as of		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	December 31, 2021		(Level 1)		(Level 2)		(Level 3)
	(in thousands)
Assets:
Securities available for sale
Obligations of U.S. government corporations and agencies	$	14,921	$	—	$	14,921	$	—
U.S. treasury notes		2,003		—		2,003		—
Mortgage-backed securities		151,012		—		151,012		—
Obligations of states and political subdivisions		21,877		—		21,877		—
Subordinated debt		2,508		—		2,508		—
Derivative:
Interest rate swaps on loans		58		—		58		—
Total assets at fair value	$	192,379	$	—	$	192,379	$	—
Liabilities:
Interest rate swaps on loans	$	58	$	—	$	58	$	—
Total liabilities at fair value	$	58	$	—	$	58	$	—

Quantitative Information About Level 3 Fair Value Measurements For Certain Financial Assets

The following table displays quantitative information about Level 3 Fair Value Measurements for certain financial assets measured at fair value on a nonrecurring basis for December 31, 2022 and December 31, 2021:

	Quantitative information about Level 3 Fair Value Measurements
	December 31, 2022
	Valuation Technique(s)	Unobservable Input	Range	Weighted Average (1)
Assets:
Impaired loans	Present value of cash flows	Discount rate	4% - 5%	4 %
Other real estate owned	Discounted contract price	Discount for selling costs	6 %	6 %

	December 31, 2021
	Valuation Technique(s)	Unobservable Input	Range	Weighted Average
Assets:
Impaired loans	Discounted appraised value	Selling cost	12%	12 %
Impaired loans	Present value of cash flows	Discount rate	4% - 6%	5 %

(1)Weighted based on the relative fair values of the specific items measured at fair value.

Financial And Nonfinancial Assets Measured At Fair Value On A Nonrecurring Basis

The following table summarizes the Company’s financial and nonfinancial assets that were measured at fair value on a nonrecurring basis at December 31, 2022 and December 31, 2021:

			Carrying value at
			December 31, 2022
	Balance as of		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	December 31, 2022		(Level 1)		(Level 2)		(Level 3)
	(in thousands)
Financial Assets:
Impaired loans	$	489	$	—	$	—	$	489
Nonfinancial Assets:
Other real estate owned		108		—		108		—

			Carrying value at
			December 31, 2021
	Balance as of		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	December 31, 2021		(Level 1)		(Level 2)		(Level 3)
	(in thousands)
Financial Assets:
Impaired loans	$	746	$	—	$	—	$	746

Company's Financial Instruments

The carrying amount and fair value of the Company’s financial instruments at December 31, 2022 and 2021 were as follows:

	Fair Value Measurements at
	December 31, 2022
	Using
	Carrying Value as of		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Fair Value as of
	December 31, 2022		(Level 1)		(Level 2)		(Level 3)		December 31, 2022
	(in thousands)
Financial Assets:
Cash and short-term investments	$	66,894	$	66,894	$	—	$	—	$	66,894
Securities		149,156		—		149,156		—		149,156
Restricted Investments		9,233		—		9,233		—		9,233
Loans held for sale		153		—		153		—		153
Loans, net		1,312,565		—		—		1,260,149		1,260,149
Bank owned life insurance		23,862		—		23,862		—		23,862
Accrued interest receivable		3,902		—		3,902		—		3,902
Interest rate swap		1,017		—		1,017		—		1,017
Financial Liabilities:
Deposits	$	1,264,075	$	—	$	1,262,859	$	—	$	1,262,859
Federal funds purchased		32,980		—		32,980		—		32,980
Federal Home Loan Bank advances		175,000		—		174,705		—		174,705
Subordinated debt		29,377		—		26,101		—		26,101
Accrued interest payable		926		—		926		—		926
Interest rate swap		1,017		—		1,017		—		1,017

	Fair Value Measurements at
	December 31, 2021
	Using
	Carrying Value as of		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Fair Value as of
	December 31, 2021		(Level 1)		(Level 2)		(Level 3)		December 31, 2021
	(in thousands)
Financial Assets:
Cash and short-term investments	$	64,068	$	64,068	$	—	$	—	$	64,068
Securities		192,321		—		192,321		—		192,321
Restricted Investments		1,049		—		1,049		—		1,049
Loans held for sale		876				876				876
Loans, net		976,933		—		—		969,612		969,612
Bank owned life insurance		23,236		—		23,236		—		23,236
Accrued interest receivable		2,634		—		2,634		—		2,634
Interest rate swap		58		—		58		—		58
Financial Liabilities:
Deposits	$	1,177,235	$	—	$	1,177,582	$	—	$	1,177,582
Accrued interest payable		67		—		67		—		67
Interest rate swap		58		—		58		—		58