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Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2022
Fair Value Measurements  
Summary of fair value of assets measured at fair value on a recurring basis

    

Fair Value Measurements at September 30, 2022 Using

Quoted Prices in 

Significant 

Active Markets for 

Significant Other 

Unobservable 

Balance as of

Identical Assets

Observable Inputs

Inputs

(Dollars in thousands)

    

September 30, 2022

    

(Level 1)

    

(Level 2)

    

(Level 3)

Assets:

 

  

 

  

 

  

 

  

Securities available-for-sale:

 

  

 

  

 

  

 

  

U.S. Treasuries

$

58,819

$

$

58,819

$

U.S. government and federal agencies

 

34,456

 

 

34,456

 

Corporate bonds

 

2,692

 

 

2,692

 

Collateralized mortgage obligations

 

40,211

 

 

40,211

 

Tax-exempt municipal

 

4,373

 

 

4,373

 

Taxable municipal

 

578

 

 

578

 

Mortgage-backed

 

225,417

 

 

225,417

 

Equity securities, at fair value

 

1,913

 

1,913

 

 

Total assets at fair value

$

368,459

$

1,913

$

366,546

$

    

Fair Value Measurements at December 31, 2021 Using

    

    

Quoted Prices in 

    

    

Significant 

Active Markets for 

Significant Other 

Unobservable 

Balance as of 

Identical Assets 

Observable Inputs 

Inputs 

(Dollars in thousands)

December 31, 2021

(Level 1)

(Level 2)

(Level 3)

Assets:

  

  

  

  

Securities available-for-sale:

  

 

  

 

  

 

  

U.S. Treasuries

$

30,543

$

$

30,543

$

U.S. government and federal agencies

34,537

 

 

34,537

 

Corporate bonds

 

1,031

 

 

1,031

 

Collateralized mortgage obligations

 

39,049

 

 

39,049

 

Tax-exempt municipal

 

5,262

 

 

5,262

 

Taxable municipal

 

1,685

 

 

1,685

 

Mortgage-backed

 

127,193

 

 

127,193

 

Equity securities, at fair value

 

1,869

 

1,869

 

 

Total assets at fair value

$

241,169

$

1,869

$

239,300

$

Summary of carrying value and estimated fair value of financial instruments

The following tables present the carrying value and estimated fair value, including the level within the fair value hierarchy, of the Company’s financial instruments as of September 30, 2022 and December 31, 2021.

    

Fair Value Measurements at September 30, 2022 Using

    

    

Quoted Prices in 

    

    

    

Active Markets 

Significant 

for Identical 

Significant Other 

Unobservable 

Carrying Value 

Assets 

Observable Inputs 

Inputs 

Fair Value as of 

(Dollars in thousands)

as of September 30, 2022

(Level 1)

(Level 2)

(Level 3)

September 30, 2022

Assets:

  

 

  

 

  

 

  

 

  

Cash and cash equivalents

$

74,756

$

74,756

$

$

$

74,756

Securities:

 

  

 

  

 

  

 

  

 

  

Available-for-sale

 

366,546

 

 

366,546

 

 

366,546

Held-to-maturity

 

100,598

 

 

81,765

 

 

81,765

Equity securities, at fair value

 

1,913

 

1,913

 

 

 

1,913

Restricted securities, at cost

4,421

4,421

4,421

Loans, net of unearned income

 

1,705,082

 

 

 

1,631,043

 

1,631,043

Bank owned life insurance

 

21,071

 

 

21,071

 

 

21,071

Accrued interest receivable

 

4,744

 

 

4,744

 

 

4,744

Liabilities:

 

  

 

  

 

  

 

  

 

  

Deposits

$

2,063,341

$

$

2,057,563

$

$

2,057,563

Subordinated debt

 

24,603

 

 

 

22,517

 

22,517

Accrued interest payable

 

643

 

 

643

 

 

643

    

Fair Value Measurements at December 31, 2021 Using

    

    

Quoted Prices in 

    

    

    

Active Markets 

Significant 

for Identical 

Significant Other 

Unobservable 

Carrying Value 

Assets 

Observable Inputs 

Inputs 

Fair Value as of 

(Dollars in thousands)

as of December 31, 2021

(Level 1)

(Level 2)

(Level 3)

December 31, 2021

Assets:

  

 

  

 

  

 

  

 

  

Cash and cash equivalents

$

105,799

$

105,799

$

$

$

105,799

Securities:

 

  

 

  

 

  

 

  

 

  

Available-for-sale

 

239,300

 

 

239,300

 

 

239,300

Held-to-maturity

105,509

 

103,258

 

 

103,258

Equity securities, at fair value

 

1,869

 

1,869

 

 

 

1,869

Restricted securities, at cost

4,951

4,951

4,951

Loans, net of unearned income

 

1,646,437

 

 

 

1,659,396

 

1,659,396

Bank owned life insurance

 

20,998

 

 

20,998

 

 

20,998

Accrued interest receivable

 

4,943

 

 

4,943

 

 

4,943

Liabilities:

 

  

 

  

 

  

 

  

 

  

Deposits

$

1,881,553

$

$

1,882,132

$

$

1,882,132

FHLB advances

 

18,000

 

 

17,837

 

 

17,837

Subordinated debt

 

24,728

 

 

 

25,325

 

25,325

Accrued interest payable

 

843

 

 

843

 

 

843