Schedule of Fair Value, Assets Measured on Recurring Basis |
The following tables present the fair value measurements
of assets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements
fell at September 30, 2023 and December 31, 2022.
($ in thousands) | |
Fair value at September 30,
2023 | | |
(Level 1) | | |
(Level 2) | | |
(Level 3) | |
| |
| | |
| | |
| | |
| |
U.S. Treasury and Government Agencies | |
$ | 6,272 | | |
$ | - | | |
$ | 6,272 | | |
$ | - | |
Mortgage-backed securities | |
| 182,692 | | |
| - | | |
| 182,692 | | |
| - | |
State and political subdivisions | |
| 9,578 | | |
| - | | |
| 9,578 | | |
| - | |
Other corporate securities | |
| 14,226 | | |
| - | | |
| 14,226 | | |
| - | |
Interest rate contracts - assets | |
| 6,072 | | |
| - | | |
| 6,072 | | |
| - | |
Interest rate contracts - liabilities | |
| (6,072 | ) | |
| - | | |
| (6,072 | ) | |
| - | |
Forward contracts | |
| 85 | | |
| 85 | | |
| - | | |
| - | |
IRLCs | |
| (24 | ) | |
| - | | |
| - | | |
| (24 | ) |
($ in thousands) | |
Fair value at
December 31,
2022 | | |
(Level 1) | | |
(Level 2) | | |
(Level 3) | |
| |
| | |
| | |
| | |
| |
U.S. Treasury and Government Agencies | |
$ | 6,764 | | |
$ | - | | |
$ | 6,764 | | |
$ | - | |
Mortgage-backed securities | |
| 205,835 | | |
| - | | |
| 205,835 | | |
| - | |
State and political subdivisions | |
| 11,103 | | |
| - | | |
| 11,103 | | |
| - | |
Other corporate securities | |
| 15,078 | | |
| - | | |
| 15,078 | | |
| - | |
Interest rate contracts - assets | |
| 5,538 | | |
| - | | |
| 5,538 | | |
| - | |
Interest rate contracts - liabilities | |
| (5,538 | ) | |
| - | | |
| (5,538 | ) | |
| - | |
Forward contracts | |
| 26 | | |
| 26 | | |
| - | | |
| - | |
IRLCs | |
| (20 | ) | |
| - | | |
| - | | |
| (20 | ) |
|
Schedule of Estimated Fair Values Financial Instruments |
the Company does not know whether the fair values shown below represent values at which the
respective financial instruments could be sold individually or in the aggregate.
($ in thousands) | |
Carrying | | |
Fair | | |
Fair value measurements using | |
September 30, 2023 | |
amount | | |
value | | |
(Level 1) | | |
(Level 2) | | |
(Level 3) | |
Financial assets | |
| | |
| | |
| | |
| | |
| |
Cash and due from banks | |
$ | 19,049 | | |
$ | 19,049 | | |
$ | 19,049 | | |
$ | - | | |
$ | - | |
Interest bearing time deposits | |
| 1,180 | | |
| 1,180 | | |
| - | | |
| 1,180 | | |
| - | |
Loans held for sale | |
| 3,206 | | |
| 3,194 | | |
| - | | |
| 3,194 | | |
| - | |
Loans, net of allowance for loan losses | |
| 973,231 | | |
| 944,388 | | |
| - | | |
| - | | |
| 944,388 | |
Federal Reserve and FHLB Bank stock, at cost | |
| 6,261 | | |
| 6,261 | | |
| - | | |
| 6,261 | | |
| - | |
Interest receivable | |
| 4,457 | | |
| 4,457 | | |
| - | | |
| 4,457 | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Financial liabilities | |
| | | |
| | | |
| | | |
| | | |
| | |
Deposits | |
$ | 1,085,319 | | |
$ | 1,091,105 | | |
$ | 841,553 | | |
$ | 249,552 | | |
$ | - | |
Short-term borrowings | |
| 16,519 | | |
| 16,519 | | |
| - | | |
| 16,519 | | |
| - | |
FHLB advances | |
| 59,500 | | |
| 58,624 | | |
| - | | |
| 58,624 | | |
| - | |
Trust preferred securities | |
| 10,310 | | |
| 9,343 | | |
| - | | |
| 9,343 | | |
| - | |
Subordinated debt, net of issuance costs | |
| 19,630 | | |
| 19,228 | | |
| - | | |
| 19,228 | | |
| - | |
Interest payable | |
| 2,216 | | |
| 2,216 | | |
| - | | |
| 2,216 | | |
| - | |
($ in thousands) | |
Carrying | | |
Fair | | |
Fair value measurements using | |
December 31, 2022 | |
amount | | |
value | | |
(Level 1) | | |
(Level 2) | | |
(Level 3) | |
Financial assets | |
| | |
| | |
| | |
| | |
| |
Cash and due from banks | |
$ | 27,817 | | |
$ | 27,817 | | |
$ | 27,817 | | |
$ | - | | |
$ | - | |
Interest bearing time deposits | |
| 2,131 | | |
| 2,131 | | |
| - | | |
| 2,131 | | |
| - | |
Loans held for sale | |
| 2,073 | | |
| 2,100 | | |
| - | | |
| 2,100 | | |
| - | |
Loans, net of allowance for loan losses | |
| 948,257 | | |
| 945,699 | | |
| - | | |
| - | | |
| 945,699 | |
Federal Reserve and FHLB Bank stock, at cost | |
| 6,326 | | |
| 6,326 | | |
| - | | |
| 6,326 | | |
| - | |
Interest receivable | |
| 4,091 | | |
| 4,091 | | |
| - | | |
| 4,091 | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Financial liabilities | |
| | | |
| | | |
| | | |
| | | |
| | |
Deposits | |
$ | 1,086,665 | | |
$ | 1,090,718 | | |
$ | 895,785 | | |
$ | 194,933 | | |
$ | - | |
Short-term borrowings | |
| 14,923 | | |
| 14,923 | | |
| - | | |
| 14,923 | | |
| - | |
FHLB advances | |
| 60,000 | | |
| 59,886 | | |
| - | | |
| 59,886 | | |
| - | |
Trust preferred securities | |
| 10,310 | | |
| 9,674 | | |
| - | | |
| 9,674 | | |
| - | |
Subordinated debt, net of issuance costs | |
| 19,594 | | |
| 18,959 | | |
| - | | |
| 18,959 | | |
| - | |
Interest payable | |
| 769 | | |
| 769 | | |
| - | | |
| 769 | | |
| - | |
|