XML 56 R41.htm IDEA: XBRL DOCUMENT v3.24.1
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
FAIR VALUE MEASUREMENTS  
Fair value on a recurring basis

December 31, 2023

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

Loans held for sale, F&M Mortgage

 

$1,119

 

 

$-

 

 

$1,119

 

 

$-

 

U. S. Treasury securities

 

 

32,881

 

 

 

-

 

 

 

32,881

 

 

 

-

 

U.S. Government sponsored enterprises

 

 

124,703

 

 

 

-

 

 

 

124,703

 

 

 

-

 

Securities issued by States and political subdivisions of the US

 

 

38,761

 

 

 

-

 

 

 

38,761

 

 

 

-

 

Mortgage-backed obligations of federal agencies

 

 

145,073

 

 

 

-

 

 

 

145,073

 

 

 

-

 

Corporate debt securities

 

 

27,256

 

 

 

-

 

 

 

27,256

 

 

 

-

 

IRLC

 

 

81

 

 

 

-

 

 

 

81

 

 

 

-

 

Assets at Fair Value

 

$369,874

 

 

$-

 

 

$369,874

 

 

$-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forward sales commitments

 

$22

 

 

$-

 

 

$22

 

 

$-

 

Liabilities at Fair Value

 

$22

 

 

$-

 

 

$22

 

 

$-

 

December 31, 2022

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

Loans held for sale, F&M Mortgage

 

$1,373

 

 

$-

 

 

$1,373

 

 

$-

 

U. S. Treasury securities

 

 

36,643

 

 

 

-

 

 

 

36,643

 

 

 

-

 

U.S. Government sponsored enterprises

 

 

129,748

 

 

 

-

 

 

 

129,748

 

 

 

-

 

Securities issued by States and political subdivisions of the US

 

 

42,198

 

 

 

-

 

 

 

42,198

 

 

 

-

 

Mortgage-backed obligations of federal agencies

 

 

156,875

 

 

 

-

 

 

 

156,875

 

 

 

-

 

Corporate debt securities

 

 

26,631

 

 

 

-

 

 

 

26,631

 

 

 

-

 

Forward sales commitments

 

 

186

 

 

 

-

 

 

 

186

 

 

 

-

 

Assets at Fair Value

 

$393,654

 

 

$-

 

 

$393,654

 

 

$-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IRLC

 

$92

 

 

$-

 

 

$92

 

 

$-

 

Liabilities at Fair Value

 

$92

 

 

$-

 

 

$92

 

 

$-

 
Fair value measurements

 

Fair Value at December 31, 2023

 

Valuation Technique

 

Significant Unobservable Inputs

 

Range

 

Collateral Dependent Loans

$

 3,060 thousand

 

Discounted appraised value

 

Discount for selling costs and marketability

 

31% - 71% (Average 44%)

 

OREO

$

 55 thousand

 

Discounted appraised value

 

Discount for selling costs and marketability

 

 

29%

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value at December 31, 2022

 

Valuation Technique

 

Significant Unobservable Inputs

 

Range

 

Impaired Loans

$

2,590 thousand

 

Discounted appraised value

 

Discount for selling costs and marketability

 

10%-33% (Average 19%)

 
Financial assets measured at fair value on nonrecurring basis

 

 

 

 

Fair Value Measurements Using:

 

Collateral dependent loans with an ACL

 

Balance at

December 31,

2023

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

1-4 family residential construction

 

$77

 

 

$-

 

 

$-

 

 

$77

 

Owner-occupied commercial real estate

 

 

2,737

 

 

 

-

 

 

 

-

 

 

 

2,737

 

Commercial and industrial

 

 

246

 

 

 

-

 

 

 

-

 

 

 

246

 

Total collateral dependent loans with an ACL

 

$3,060

 

 

$-

 

 

$-

 

 

$3,060

 

OREO

 

$55

 

 

$-

 

 

$-

 

 

$55

 

 

 

 

 

 

Fair Value Measurements Using:

 

Impaired Loans

 

Balance at

December 31,

2022

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Construction/Land Development

 

$293

 

 

$-

 

 

$-

 

 

$293

 

Real Estate

 

 

1,286

 

 

 

-

 

 

 

-

 

 

 

1,286

 

Commercial Real Estate

 

 

969

 

 

 

-

 

 

 

-

 

 

 

969

 

Dealer Finance

 

 

42

 

 

 

-

 

 

 

-

 

 

 

42

 

Impaired loans

 

$2,590

 

 

$-

 

 

$-

 

 

$2,590

 
Carrying value and estimated fair value for financial instruments

 

 

2023 Fair Value Measurements using

 

 

 

 

 

 

Quoted Prices

in Active

Markets for

 Identical Assets

 

 

Significant

Other

Observable

Inputs

 

 

Significant Unobservable

Inputs

 

 

Total Fair

Value

 

 

 

Carrying Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Balance

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$23,717

 

 

$23,717

 

 

$-

 

 

$-

 

 

$23,717

 

Securities

 

 

368,674

 

 

 

-

 

 

 

368,674

 

 

 

-

 

 

 

368,674

 

Loans held for sale

 

 

1,119

 

 

 

-

 

 

 

1,119

 

 

 

-

 

 

 

1,119

 

Loans held for investment, net

 

 

822,092

 

 

 

-

 

 

 

-

 

 

 

793,440

 

 

 

793,440

 

Interest receivable

 

 

5,034

 

 

 

-

 

 

 

5,034

 

 

 

-

 

 

 

5,034

 

Bank owned life insurance

 

 

22,878

 

 

 

-

 

 

 

22,878

 

 

 

-

 

 

 

22,878

 

IRLC

 

 

81

 

 

 

-

 

 

 

81

 

 

 

-

 

 

 

81

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

$1,133,236

 

 

$-

 

 

$1,131,747

 

 

$-

 

 

$1,131,747

 

Short-term debt

 

 

60,000

 

 

 

-

 

 

 

-

 

 

 

60,000

 

 

 

60,000

 

Long-term debt

 

 

6,932

 

 

 

-

 

 

 

-

 

 

 

6,761

 

 

 

6,761

 

Interest payable

 

 

1,592

 

 

 

-

 

 

 

1,592

 

 

 

-

 

 

 

1,592

 

Forward sales commitments

 

 

22

 

 

 

-

 

 

 

22

 

 

 

-

 

 

 

22

 

 

 

2022 Fair Value Measurements using

 

 

 

 

 

 

Quoted Prices

in Active

Markets for

Identical Assets

 

 

Significant

Other

Observable

Inputs

 

 

Significant Unobservable

Inputs

 

 

Total Fair

Value

 

 

 

Carrying Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Balance

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$34,953

 

 

$34,953

 

 

$-

 

 

$-

 

 

$34,953

 

Securities

 

 

392,220

 

 

 

-

 

 

 

392,220

 

 

 

-

 

 

 

392,220

 

Loans held for sale

 

 

1,373

 

 

 

-

 

 

 

1,373

 

 

 

-

 

 

 

1,373

 

Loans held for investment, net

 

 

743,604

 

 

 

-

 

 

 

-

 

 

 

720,806

 

 

 

720,806

 

Interest receivable

 

 

3,995

 

 

 

-

 

 

 

3,995

 

 

 

-

 

 

 

3,995

 

Bank owned life insurance

 

 

23,554

 

 

 

-

 

 

 

23,554

 

 

 

-

 

 

 

23,554

 

Forward sales commitments

 

 

186

 

 

 

-

 

 

 

186

 

 

 

-

 

 

 

186

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

$1,083,377

 

 

$-

 

 

$1,080,909

 

 

$-

 

 

$1,080,909

 

Short-term debt

 

 

70,000

 

 

 

-

 

 

 

-

 

 

 

70,000

 

 

 

70,000

 

Long-term debt

 

 

6,890

 

 

 

-

 

 

 

-

 

 

 

6,778

 

 

 

6,778

 

IRLC

 

 

92

 

 

 

-

 

 

 

92

 

 

 

-

 

 

 

92

 

Interest payable

 

 

295

 

 

 

-

 

 

 

295

 

 

 

-

 

 

 

295