Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Summary of Estimated Fair Values of Financial Instruments

The following tables present estimated fair values of the Company’s financial instruments as of the period indicated, whether or not recognized or recorded in the consolidated balance sheets at the period indicated:

	December 31, 2023				Fair Value Measurements Using
	Carrying Value		Estimated Fair Value		Level 1		Level 2		Level 3
	(dollars in thousands)
Financial assets
Cash and due from banks	$	31,345	$	31,345	$	31,345	$	—	$	—
Interest earning deposits with other banks	451,783		451,783		451,783		—		—
Investment securities	150,364		150,545		99,461		51,084		—
Other investments	10,227		10,227		—		7,605		2,622
Loans receivable	3,026,092		2,936,917		—		—		2,936,917
Accrued interest receivable	26,819		26,819		—		26,819		—
Financial liabilities
Deposits	$	3,360,363	$	3,359,867	$	—	$	3,359,867	$	—
Subordinated debt	44,144		43,908		—		43,908		—
Junior subordinated debentures	3,590		3,491		—		3,491		—
Accrued interest payable	892		892		—		892		—

	December 31, 2022				Fair Value Measurements Using
	Carrying Value		Estimated Fair Value		Level 1		Level 2		Level 3
	(dollars in thousands)
Financial assets
Cash and due from banks	$	32,722	$	32,722	$	32,722	$	—	$	—
Interest earning deposits with other banks	309,417		309,417		309,417		—		—
Investment securities	98,353		98,233		97,015		1,218		—
Other investments	10,555		10,555		—		7,933		2,622
Loans receivable, net	2,627,256		2,580,183		—		—		2,580,183
Accrued interest receivable	17,815		17,815		—		17,815		—
Financial liabilities
Deposits	$	2,817,521	$	2,816,602	$	—	$	2,816,602	$	—
FHLB advances	—		—		—		—		—
Subordinated debt	43,999		42,743		—		42,743		—
Junior subordinated debentures	3,588		3,484		—		3,484		—
Accrued interest payable	684		684		—		684		—

Summary of Assets Measured at Fair Value on Recurring Basis

Items measured at fair value on a recurring basis – The following fair value hierarchy table presents information about the Company’s assets that are measured at fair value on a recurring basis at the dates indicated:

	Level 1		Level 2		Level 3		Total Fair Value
	(dollars in thousands)
December 31, 2023
Available-for-sale
U.S. Treasury securities	$	99,461	$	—	$	—	$	99,461
U.S. Agency collateralized mortgage obligations	—		43		—		43
	$	99,461	$	43	$	—	$	99,504
December 31, 2022
Available-for-sale
U.S. Treasury securities	$	97,015	$	—	$	—	$	97,015
U.S. Agency collateralized mortgage obligations	—		51		—		51
U.S. Agency residential mortgage-backed securities	—		1		—		1
Municipals	—		250		—		250
	$	97,015	$	302	$	—	$	97,317

Summary of Financial Assets and Liabilities Measured at Fair Value on Nonrecurring Basis

Items measured at fair value on a nonrecurring basis – The following table presents financial assets and liabilities measured at fair value on a nonrecurring basis and the level within the fair value hierarchy of the fair value measurements for those assets at the dates indicated:

	Level 1		Level 2		Level 3		Total Fair Value
	(dollars in thousands)
December 31, 2023
Collateral dependent loans	$	—	$	—	$	7,315	$	7,315
Equity securities					2,622		2,622
Total	$	—	$	—	$	9,937	$	9,937
December 31, 2022
Impaired loans	$	—	$	—	$	7,080	$	7,080
Equity securities					2,572		2,572
Total	$	—	$	—	$	9,652	$	9,652

Summary of Carrying Value of Equity Securities Without Readily Determinable Fair Values

The following table shows the activity in equity investments without a readily determinable fair value for the dates shown:

	For the Twelve Months Ended December 31,
(dollars in thousands)	2023		2022		2021
Carrying value, beginning of period	$	2,572	$	2,322	850
Purchases	50		350		—
Observable price change	—		(100)		1,472
Carrying value, end of period	$	2,622	$	2,572	$	2,322

The following table presents the carrying value of equity securities without readily determinable fair values, as of December 31, 2023, 2022 and 2021, with adjustments recorded during the periods presented for those securities with observable price changes, if applicable. These equity securities are included in other investments on the balance sheet.

	For the Year Ended December 31,
(dollars in thousands)	2023		2022		2021
Carrying value, beginning of period	$	2,572	$	2,322	$	850
Purchases	50		350		—
Observable price change	—		(100)		1,472
Carrying value, end of period	$	2,622	$	2,572	$	2,322

Summary of Assets and Liabilities Classified as Level 3 and Measured at Fair Value on Nonrecurring Basis

The following table provides a description of the valuation technique, unobservable inputs, and qualitative information about the unobservable inputs for the Company’s assets and liabilities classified as Level 3 and measured at fair value on a nonrecurring basis at the date indicated:

(unaudited)	Valuation Technique	Unobservable Inputs	December 31, 2023 Weighted Average Rate
Collateral dependent loans	Collateral valuations	Discount to appraised value	8.0%

(unaudited)	Valuation Technique	Unobservable Inputs	December 31, 2022 Weighted Average Rate
Impaired loans	Collateral valuations	Discount to appraised value	8.0%