Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring and Nonrecurring Basis

The following tables summarize significant assets and liabilities carried at fair value and placement in the fair value hierarchy at the dates specified:

	March 31, 2023
			Fair Value Measurements Using:
(Dollars in thousands)	Fair Value		(Level 1)		(Level 2)		(Level 3)
Assets measured on a recurring basis:
Debt securities	$	825,520	$	—	$	825,520	$	—
Equity securities	—		—		—		—
FHLB stock	2,343		—		2,343		—
Interest-rate swaps	624		—		624		—
Assets measured on a non-recurring basis:
Individually evaluated loans (collateral dependent)	954		—		—		954
Liabilities measured on a recurring basis:
Interest-rate swaps	$	624	$	—	$	624	$	—
RPA sold	98		—		98		—

 

	December 31, 2022
			Fair Value Measurements Using:
(Dollars in thousands)	Fair Value		(Level 1)		(Level 2)		(Level 3)
Assets measured on a recurring basis:
Debt securities	$	816,102	$	—	$	816,102	$	—
Equity securities	4,269		4,269		—		—
FHLB stock	2,343		—		2,343		—
Interest-rate swaps	782		—		782		—
Assets measured on a non-recurring basis:
Individually evaluated loans (collateral dependent)	740		—		—		740
Liabilities measured on a recurring basis:
Interest-rate swaps	$	782	$	—	$	782	$	—
RPA sold	73		—		73		—

Quantitative Information About Significant Unobservable Inputs for Fair Value Measurements

The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis for which the Company utilized Level 3 inputs (significant unobservable inputs for situations in which there is little, if any, market activity for the asset or liability) to determine fair value as of March 31, 2023 and December 31, 2022:

	Fair Value
(Dollars in thousands)	March 31, 2023		December 31, 2022		Valuation Technique	Unobservable Input	Unobservable Input Value or Range
Assets measured on a non-recurring basis:
Individually evaluated loans (collateral dependent)	$	954	$	740	Appraisal of collateral	Appraisal adjustments(1)	15% - 50%

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(1)Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses.

Fair Value, by Balance Sheet Grouping

Financial instruments for which the fair value is disclosed but not recognized on the Company's Consolidated Balance Sheets are summarized below. The table includes the carrying value, estimated fair value and its placement in the fair value hierarchy as follows:

	March 31, 2023
					Fair Value Measurement
(Dollars in thousands)	Carrying Value		Fair Value		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
Financial assets:
Loans held for sale	$	362	$	358	$	—	$	358	$	—
Loans, net	3,175,154		3,017,247		—		—		3,017,247
Financial liabilities:
CDs	375,061		370,316		—		370,316		—
Borrowed funds	3,199		2,191		—		2,191		—
Subordinated debt	59,261		55,671		—		55,671		—

	December 31, 2022
					Fair Value Measurement
(Dollars in thousands)	Carrying Value		Fair Value		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
Financial assets:
Loans, net	$	3,127,878	$	2,952,778	$	—	$	—	$	2,952,778
Financial liabilities:
CDs	287,192		281,800		—		281,800		—
Borrowed funds	3,216		2,006		—		2,006		—
Subordinated debt	59,182		55,407		—		55,407		—