| Fair Value, Assets Measured on Recurring Basis |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurement Reporting Date using | Description | | Total | | Level 1 | | Level 2 | | Level 3 | December 31, 2023 | | | | | | | | | | | | | ASSETS | | | | | | | | | | | | | U.S. Treasury securities | | $ | 53,600 | | $ | — | | $ | 53,600 | | $ | — | U.S. Government agencies | | | 15,996 | | | — | | | 15,996 | | | — | States and political subdivisions | | | 129,479 | | | — | | | 129,479 | | | — | Mortgage-backed securities-government | | | | | | | | | | | | | sponsored entities | | | 207,184 | | | — | | | 207,184 | | | — | Interest rate derivatives | | | 1,225 | | | — | | | 1,225 | | | — | | | | | | | | | | | | | | LIABILITIES | | | | | | | | | | | | | Interest rate derivatives | | | 1,225 | | | — | | | 1,225 | | | — | | | | | | | | | | | | | | December 31, 2022 | | | | | | | | | | | | | ASSETS | | | | | | | | | | | | | U.S. Treasury securities | | $ | 41,854 | | $ | — | | $ | 41,854 | | $ | — | U.S. Government agencies | | | 18,323 | | | — | | | 18,323 | | | — | States and political subdivisions | | | 127,852 | | | — | | | 127,852 | | | — | Mortgage-backed securities-government | | | | | | | | | | | | | sponsored entities | | | 230,898 | | | — | | | 230,898 | | | — | Interest rate derivatives | | | 1,464 | | | — | | | 1,464 | | | — | | | | | | | | | | | | | | LIABILITIES | | | | | | | | | | | | | Interest rate derivatives | | | 1464 | | | — | | | 1464 | | | — |
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| Additional Qualitative Information about Level 3 Assets |
| | | | | | | | | | | | | | | | | | | Quantitative Information about Level 3 Fair Value Measurements | (dollars in thousands) | Fair Value Estimate | | Valuation Techniques | | Unobservable Input | | Range (Weighted Average) | December 31, 2023 | | | | | | | | | Individually analyzed loans held for investment | $ | 7,487 | | Appraisal of collateral(1) | | Appraisal adjustments(2) | | 0%-10.0% (2.68%) | | | | | | | | | | | | | | | | | | | Foreclosed real estate owned | $ | 97 | | Appraisal of collateral(1) | | Liquidation Expenses(2) | | 16.67%-37.20% (28.07%) |
| | | | | | | | | | | | | | | | | | | Quantitative Information about Level 3 Fair Value Measurements | (dollars in thousands) | Fair Value Estimate | | Valuation Techniques | | Unobservable Input | | Range (Weighted Average) | December 31, 2022 | | | | | | | | | Impaired loans | $ | 413 | | Appraisal of collateral(1) | | Appraisal adjustments(2) | | 0%-10.0% (8.92%) | | | | | | | | | | | | | | | | | | | Foreclosed real estate owned | $ | 346 | | Appraisal of collateral(1) | | Liquidation Expenses(2) | | 7.00%
(7.00%) |
(1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable, less any associated allowance. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal.
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| Fair Value, by Balance Sheet Grouping |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2023 | | | | | | | | | | | | | | | | | Carrying | | Fair | | | | | | | | | | | Amount | | Value | | Level 1 | | Level 2 | | Level 3 | Financial assets: | | | | | | | | | | | | | | | Cash and cash equivalents (1) | $ | 66,120 | | $ | 66,120 | | $ | 66,120 | | $ | — | | $ | — | Loans receivable, net | | 1,584,650 | | | 1,521,667 | | | — | | | — | | | 1,521,667 | Mortgage servicing rights | | 188 | | | 506 | | | — | | | — | | | 506 | Regulatory stock (1) | | 7,318 | | | 7,318 | | | 7,318 | | | — | | | — | Bank owned life insurance (1) | | 46,439 | | | 46,439 | | | 46,439 | | | — | | | — | Accrued interest receivable (1) | | 8,123 | | | 8,123 | | | 8,123 | | | — | | | — | | | | | | | | | | | | | | | | Financial liabilities: | | | | | | | | | | | | | | | Deposits | | 1,795,159 | | | 1,800,104 | | | 1,086,050 | | | — | | | 714,054 | Short-term borrowings (1) | | 74,076 | | | 74,076 | | | 74,076 | | | — | | | — | Other borrowings | | 124,236 | | | 124,058 | | | — | | | — | | | 124,058 | Accrued interest payable (1) | | 10,510 | | | 10,510 | | | 10,510 | | | — | | | — | | | | | | | | | | | | | | | | Off-balance sheet financial instruments: | | | | | | | | | | | | | | | Commitments to extend credit and outstanding letters of credit | | — | | | — | | | — | | | — | | | — |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2022 | | | | | | | | | | | | | | | | | Carrying | | Fair | | | | | | | | | | | Amount | | Value | | Level 1 | | Level 2 | | Level 3 | Financial assets: | | | | | | | | | | | | | | | Cash and cash equivalents (1) | $ | 31,866 | | $ | 31,866 | | $ | 31,866 | | $ | — | | $ | — | Loans receivable, net | | 1,456,946 | | | 1,418,300 | | | — | | | — | | | 1,418,300 | Mortgage servicing rights | | 213 | | | 498 | | | — | | | — | | | 498 | Regulatory stock (1) | | 5,418 | | | 5,418 | | | 5,418 | | | — | | | — | Bank owned life insurance (1) | | 43,364 | | | 43,364 | | | 43,364 | | | — | | | — | Accrued interest receivable (1) | | 6,917 | | | 6,917 | | | 6,917 | | | — | | | — | | | | | | | | | | | | | | | | Financial liabilities: | | | | | | | | | | | | | | | Deposits | | 1,727,727 | | | 1,727,184 | | | 1,223,958 | | | — | | | 503,226 | Short-term borrowings (1) | | 93,215 | | | 93,215 | | | 93,215 | | | — | | | — | Other borrowings | | 40,000 | | | 40,074 | | | — | | | — | | | 40,074 | Accrued interest payable (1) | | 2,653 | | | 2,653 | | | 2,653 | | | — | | | — | | | | | | | | | | | | | | | | Off-balance sheet financial instruments: | | | | | | | | | | | | | | | Commitments to extend credit and outstanding letters of credit | | — | | | — | | | — | | | — | | | — |
(1) This financial instrument is carried at cost, which approximates the fair value of the instrument.
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