Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023:

			Fair Value Measurements at
			March 31, 2024
			Using
	Balance as of		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	March 31, 2024		(Level 1)		(Level 2)		(Level 3)
	(in thousands)
Assets:
Securities available for sale
Obligations of U.S. government corporations and agencies	$	8,221	$	—	$	8,221	$	—
Mortgage-backed securities		113,731		—		113,731		—
Obligations of states and political subdivisions		5,831		—		5,831		—
Subordinated debt		4,084		—		4,084		—
Derivative:
Interest rate swaps		1,513		—		1,513		—
Total assets at fair value	$	133,380	$	—	$	133,380	$	—
Liabilities:
Interest rate swaps	$	1,513	$	—	$	1,513	$	—
Total liabilities at fair value	$	1,513	$	—	$	1,513	$	—
			Fair Value Measurements at
			December 31, 2023
			Using
	Balance as of		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	December 31, 2023		(Level 1)		(Level 2)		(Level 3)
	(in thousands)
Assets:
Securities available for sale
Obligations of U.S. government corporations and agencies	$	8,591	$	—	$	8,591	$	—
Mortgage-backed securities		118,822		—		118,822		—
Obligations of states and political subdivisions		5,931		—		5,931		—
Subordinated debt		4,099		—		4,099		—
Derivative:
Interest rate swap		1,465		—		1,465		—
Total assets at fair value	$	138,908	$	—	$	138,908	$	—
Liabilities:
Interest rate swap		1,465		—		1,465		—
Total liabilities at fair value	$	1,465	$	—	$	1,465	$	—

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 March 31, 2024 and December 31, 2023.

	Quantitative information about Level 3 Fair Value Measurements
	March 31, 2024
	Valuation Technique(s)	Unobservable Input	Range	Weighted Average (1)
Assets:
Repossessed assets	Discounted appraised value	Selling cost	4% - 10%	8 %
	Quantitative information about Level 3 Fair Value Measurements
	December 31, 2023
	Valuation Technique(s)	Unobservable Input	Range	Weighted Average (1)
Assets:
Repossessed assets	Discounted appraised value	Selling cost	10 %	10 %

(1) Weighted based on the relative fair value 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 nonfinancial assets that were measured at fair value on a nonrecurring basis at March 31, 2024 and December 31, 2023.

			Carrying value at
			March 31, 2024
	Balance as of		Identical Assets		Observable Inputs		Unobservable Inputs
	March 31, 2024		(Level 1)		(Level 2)		(Level 3)
	(in thousands)
Nonfinancial Assets:
Repossessed assets		415		—		—		415
			Carrying value at
			December 31, 2023
	Balance as of		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	December 31, 2023		(Level 1)		(Level 2)		(Level 3)
	(in thousands)
Nonfinancial Assets:
Repossessed assets	$	304	$	—	$	—	$	304

Company's Financial Instruments

The carrying value and fair value of the Company’s financial instruments at March 31, 2024 and December 31, 2023 were as follows:

	Fair Value Measurements at
	March 31, 2024
	Using
	Carrying Value as of		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Fair Value as of
	March 31, 2024		(Level 1)		(Level 2)		(Level 3)		March 31, 2024
	(in thousands)
Financial assets:
Cash and short-term investments	$	127,633	$	127,633	$	—	$	—	$	127,633
Securities		131,867		—		131,867		—		131,867
Restricted investments		9,239		—		9,239		—		9,239
Loans held for sale		1,593				1,593		—		1,593
Loans, net		1,424,604		—		—		1,340,172		1,340,172
Bank owned life insurance		29,843		—		29,843		—		29,843
Accrued interest receivable		5,137		—		5,137		—		5,137
Interest rate swaps		1,513		—		1,513		—		1,513
Financial liabilities:
Deposits	$	1,473,942	$	—	$	1,473,772	$	—	$	1,473,772
Federal funds purchased		347		—		347		—		347
Federal Home Loan Bank advances, short-term		10,000		—		9,977		—		9,977
Federal Home Loan Bank advances, long-term		145,000		—		145,145		—		145,145
Subordinated debt, net of unamortized issuance costs		29,461		—		25,122		—		25,122
Accrued interest payable		1,912		—		1,912		—		1,912
Interest rate swaps		1,513		—		1,513		—		1,513

	Fair Value Measurements at
	December 31, 2023
	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, 2023		(Level 1)		(Level 2)		(Level 3)		December 31, 2023
	(in thousands)
Financial assets:
Cash and short-term investments	$	138,353	$	138,353	$	—	$	—	$	138,353
Securities		137,443		—		137,443		—		137,443
Restricted Investments		9,568		—		9,568		—		9,568
Loans held for sale		1,661				1,661		—		1,661
Loans, net		1,448,193		—		—		1,377,017		1,377,017
Bank owned life insurance		29,575		—		29,575		—		29,575
Accrued interest receivable		5,008		—		5,008		—		5,008
Interest rate swap		1,465		—		1,465		—		1,465
Financial liabilities:
Deposits	$	1,506,322	$	—	$	1,506,147	$	—	$	1,506,147
Federal Home Loan Bank advances, short-term		20,000		—		19,954		—		19,954
Federal Home Loan Bank advances, long-term		145,000		—		145,141		—		145,141
Subordinated debt, net of unamortized issuance costs		29,444		—		25,581		—		25,581
Accrued interest payable		2,364		—		2,364		—		2,364
Interest rate swap		1,465		—		1,465		—		1,465