Fair Value of Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value of Assets and Liabilities [Abstract]

Fair Value, Assets and Liabilities Measured on Recurring Basis

	Fair Value Measurement Using
	Reporting Date
Description	Total		Level 1		Level 2		Level 3
June 30, 2024	(In thousands)
ASSETS
Available for Sale:
U.S. Treasury securities	$	38,915	$	-	$	38,915	$	-
U.S. Government agencies		24,944		-		24,944		-
States and political subdivisions		126,648		-		126,648		-
Mortgage-backed securities-government
sponsored entities		207,071		-		207,071		-
Interest rate derivatives		1,312		-		1,312		-
LIABILITIES
Interest rate derivatives		1,312		-		1,312		-
Description	Total		Level 1		Level 2		Level 3
December 31, 2023	(In thousands)
ASSETS
Available for Sale:
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		-

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis

			Fair Value Measurement Using Reporting Date
(In thousands)
Description	Total		Level 1		Level 2		Level 3
June 30, 2024
Individually analyzed loans held for investment	$	7,478	$	-	$	-	$	7,478
Foreclosed Real Estate Owned		-		-		-		-
December 31, 2023
Individually analyzed loans held for investment	$	7,487	$	-	$	-	$	7,487
Foreclosed Real Estate Owned		97		-		-		97

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)
June 30, 2024
Individually analyzed loans held for investment	$	7,478	Appraisal of collateral(1)	Appraisal adjustments(2)	0.0%-10.0% (4.96%)
Foreclosed real estate owned	$	-	Appraisal of collateral(1)	Liquidation Expenses(2)	0.0%-0.0% (0.0%)

	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%)

(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 marulnagement 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.

Fair Value, by Balance Sheet Grouping

	Fair Value Measurements at June 30, 2024
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents (1)	$	69,395	$	69,395	$	69,395	$	-	$	-
Loans receivable, net		1,623,549		1,562,930		-		-		1,562,930
Mortgage servicing rights		174		529		-		-		529
Regulatory stock (1)		6,443		6,443		6,443		-		-
Bank owned life insurance (1)		46,121		46,121		46,121		-		-
Accrued interest receivable (1)		8,329		8,329		8,329		-		-
Financial liabilities:
Deposits		1,811,172		1,805,489		1,068,327		-		737,162
Short-term borrowings (1)		62,335		62,335		62,335		-		-
Other borrowings		148,087		147,906		-		-		147,906
Accrued interest payable (1)		13,329		13,329		13,329		-		-
Off-balance sheet financial instruments:
Commitments to extend credit and ‎outstanding letters of credit		-		-		-		-		-

	Fair Value Measurements at December 31, 2023
	Carrying Amount		Fair 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		-		-		-		-		-

(1)This financial instrument is carried at cost, which approximates the fair value of the instrument.