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Fair Value Measurements and Disclosures (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The tables below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and 2022 (in thousands). There were 7 transfers between levels during both 2023 and 2022 (in thousands).

 

 

 

Fair Value Measurements At Reporting Date Using:

 

 

 

 

 

 

Quoted Prices

 

 

 

 

 

 

 

 

 

 

 

 

In Active

 

 

Significant

 

 

 

 

 

 

 

 

 

Markets For

 

 

Other

 

 

Significant

 

 

 

 

 

 

Identical

 

 

Observable

 

 

Unobservable

 

 

 

 

 

 

Assets

 

 

Inputs

 

 

Inputs

 

December 31, 2023:

 

Fair Value

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

Securities available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage -backed

 

$

357,300

 

 

$

-

 

 

$

357,300

 

 

$

-

 

U.S. treasuries

 

 

120,052

 

 

 

-

 

 

 

120,052

 

 

 

-

 

U.S. government agencies

 

 

63,566

 

 

 

-

 

 

 

63,566

 

 

 

-

 

State, county, and municipal

 

 

64,661

 

 

 

-

 

 

 

64,661

 

 

 

-

 

Corporate obligations

 

 

15,512

 

 

 

-

 

 

 

15,512

 

 

 

-

 

Totals

 

$

621,091

 

 

$

-

 

 

$

621,091

 

 

$

-

 

 

 

 

Fair Value Measurements At Reporting Date Using:

 

 

 

 

 

 

Quoted Prices

 

 

 

 

 

 

 

 

 

 

 

 

In Active

 

 

Significant

 

 

 

 

 

 

 

 

 

Markets For

 

 

Other

 

 

Significant

 

 

 

 

 

 

Identical

 

 

Observable

 

 

Unobservable

 

 

 

 

 

 

Assets

 

 

Inputs

 

 

Inputs

 

December 31, 2022:

 

Fair Value

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

Securities available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage -backed

 

$

390,037

 

 

$

-

 

 

$

390,037

 

 

$

-

 

U.S. treasuries

 

 

117,629

 

 

 

-

 

 

 

117,629

 

 

 

-

 

U.S. government agencies

 

 

66,362

 

 

 

-

 

 

 

66,362

 

 

 

-

 

State, county, and municipal

 

 

75,863

 

 

 

-

 

 

 

75,863

 

 

 

-

 

Corporate obligations

 

 

15,996

 

 

 

-

 

 

 

10,375

 

 

 

5,621

 

Totals

 

$

665,887

 

 

$

-

 

 

$

660,266

 

 

$

5,621

 

 
Summary of Transfers between Levels

The Company's policy is to recognize transfers in and transfers out of levels 1, 2 and 3 as of the end of a reporting period. In 2022, there were 7 subordinated notes that were transferred from level 2 into level 3 due to there not being sufficient observable market data to classify them in level 1 or 2. During 2023, these subordinated notes were transferred back into level 2 due to there being significant observable market data. The table below presents the transfer activity during both 2023 and 2022 (in thousands).

 

 

Significant Unobservable Inputs (Level 3)

 

 

 

2023

 

 

2022

 

Balance at beginning of year

 

$

5,621

 

 

$

-

 

Additions

 

 

-

 

 

 

-

 

Transfers into Level 3

 

 

-

 

 

 

5,621

 

Transfers out of Level 3

 

 

(5,621

)

 

 

-

 

Balance at end of year

 

$

-

 

 

$

5,621

 
Schedule of Fair Value, Assets Measured on Non-Recurring Basis Assets measured at fair value on a nonrecurring basis are included in the table below as of December 31, 2023 and 2022 (in thousands).

 

 

 

Fair Value Measurements At Reporting Date Using:

 

 

 

 

 

 

Quoted Prices

 

 

 

 

 

 

 

 

 

 

 

 

In Active

 

 

Significant

 

 

 

 

 

 

 

 

 

Markets For

 

 

Other

 

 

Significant

 

 

 

 

 

 

Identical

 

 

Observable

 

 

Unobservable

 

 

 

 

 

 

Assets

 

 

Inputs

 

 

Inputs

 

December 31, 2023:

 

Fair Value

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

Individually evaluated loans

 

$

5,360

 

 

$

-

 

 

$

-

 

 

$

5,360

 

Foreclosed assets

 

 

92

 

 

 

-

 

 

 

-

 

 

 

92

 

Totals

 

$

5,452

 

 

$

-

 

 

$

-

 

 

$

5,452

 

 

 

 

Fair Value Measurements At Reporting Date Using:

 

 

 

 

 

 

Quoted Prices

 

 

 

 

 

 

 

 

 

 

 

 

In Active

 

 

Significant

 

 

 

 

 

 

 

 

 

Markets For

 

 

Other

 

 

Significant

 

 

 

 

 

 

Identical

 

 

Observable

 

 

Unobservable

 

 

 

 

 

 

Assets

 

 

Inputs

 

 

Inputs

 

December 31, 2022:

 

Fair Value

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

Impaired loans

 

$

8,255

 

 

$

-

 

 

$

-

 

 

$

8,255

 

Foreclosed assets

 

 

609

 

 

 

-

 

 

 

-

 

 

 

609

 

Totals

 

$

8,864

 

 

$

-

 

 

$

-

 

 

$

8,864

 
Summary of Estimated Fair Values Related to Carrying Values of Financial Instruments

The estimated fair values and related carrying values of the Company’s financial instruments at December 31, 2023 and 2022 were as follows (amounts in thousands):

 

 

 

 

 

 

Estimated Fair Value

 

 

 

Carrying

 

 

 

 

 

 

 

 

 

 

December 31, 2023:

 

Amount

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

72,547

 

 

$

72,547

 

 

$

-

 

 

$

-

 

Certificates of deposit in banks

 

 

4,218

 

 

 

-

 

 

 

4,218

 

 

 

-

 

Securities held-to-maturity

 

 

126,793

 

 

 

-

 

 

 

103,174

 

 

 

-

 

Securities available-for-sale

 

 

621,091

 

 

 

-

 

 

 

621,091

 

 

 

-

 

Loans held for sale

 

 

4,595

 

 

 

-

 

 

 

4,595

 

 

 

-

 

Loans receivable

 

 

2,211,015

 

 

 

-

 

 

 

2,180,082

 

 

 

5,360

 

Accrued interest receivable

 

 

14,091

 

 

 

-

 

 

 

14,091

 

 

 

-

 

Bank owned life insurance

 

 

47,001

 

 

 

-

 

 

 

47,001

 

 

 

-

 

Restricted equity securities

 

 

13,433

 

 

 

-

 

 

 

-

 

 

 

13,433

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

2,730,655

 

 

 

-

 

 

 

2,574,801

 

 

 

-

 

Securities sold under agreements to repurchase

 

 

16,731

 

 

 

-

 

 

 

16,731

 

 

 

-

 

Federal Home Loan Bank advances

 

 

230,000

 

 

 

-

 

 

 

229,430

 

 

 

 

Subordinated debentures, net of loan costs

 

 

39,492

 

 

 

 

 

 

30,944

 

 

 

 

Accrued interest payable

 

 

2,178

 

 

 

-

 

 

 

2,178

 

 

 

 

 

 

 

 

 

 

Estimated Fair Value

 

 

 

Carrying

 

 

 

 

 

 

 

 

 

 

December 31, 2022:

 

Amount

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

74,826

 

 

$

74,826

 

 

$

-

 

 

$

-

 

Certificates of deposit in banks

 

 

4,165

 

 

 

-

 

 

 

4,165

 

 

 

-

 

Securities held-to-maturity

 

 

131,581

 

 

 

-

 

 

 

105,277

 

 

 

-

 

Securities available-for-sale

 

 

665,887

 

 

 

-

 

 

 

660,266

 

 

 

5,621

 

Loans held for sale

 

 

3,413

 

 

 

-

 

 

 

3,413

 

 

 

-

 

Loans receivable

 

 

1,778,817

 

 

 

-

 

 

 

1,708,410

 

 

 

8,255

 

Accrued interest receivable

 

 

10,083

 

 

 

-

 

 

 

10,083

 

 

 

-

 

Bank owned life insurance

 

 

46,395

 

 

 

-

 

 

 

46,395

 

 

 

-

 

Restricted equity securities

 

 

5,685

 

 

 

-

 

 

 

-

 

 

 

5,685

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

2,514,199

 

 

 

-

 

 

 

2,307,026

 

 

 

-

 

Securities sold under agreements to repurchase

 

 

8,181

 

 

 

-

 

 

 

8,181

 

 

 

-

 

Federal Home Loan Bank advances

 

 

95,000

 

 

 

-

 

 

 

95,091

 

 

 

-

 

Federal Reserve Bank discount window borrowings

 

 

25,000

 

 

 

-

 

 

 

25,000

 

 

 

-

 

Subordinated debentures, net of loan costs

 

 

39,419

 

 

 

-

 

 

 

31,039

 

 

 

-

 

Accrued interest payable

 

 

1,296

 

 

 

-

 

 

 

1,296

 

 

 

-