Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Measurements

Summary of fair value of assets measured at fair value on a recurring basis

			Fair Value Measurements at March 31, 2023 Using
			Quoted Prices in				Significant
			Active Markets for		Significant Other		Unobservable
	Balance as of		Identical Assets		Observable Inputs		Inputs
(Dollars in thousands)	March 31, 2023		(Level 1)		(Level 2)		(Level 3)
Assets:
Securities available-for-sale:
U.S. Treasuries	$	50,568	$	—	$	50,568	$	—
U.S. government and federal agencies		35,283		—		35,283		—
Corporate bonds		2,639		—		2,639		—
Collateralized mortgage obligations		37,988		—		37,988		—
Tax-exempt municipal		2,666		—		2,666		—
Taxable municipal		582		—		582		—
Mortgage-backed		210,433		—		210,433		—
Equity securities, at fair value		2,590		2,590		—		—
Interest rate swap agreements		1,038		—		1,038		—
Total assets at fair value	$	343,787	$	2,590	$	341,197	$	—
Liabilities:
Interest rate swap agreements	$	1,038	$	—	$	1,038	$	—
Total liabilities at fair value	$	1,038	$	—	$	1,038	$	—

			Fair Value Measurements at December 31, 2022 Using
			Quoted Prices in				Significant
			Active Markets for		Significant Other		Unobservable
	Balance as of		Identical Assets		Observable Inputs		Inputs
(Dollars in thousands)	December 31, 2022		(Level 1)		(Level 2)		(Level 3)
Assets:
Securities available-for-sale:
U.S. Treasuries	$	59,210	$	—	$	59,210	$	—
U.S. government and federal agencies		34,760		—		34,760		—
Corporate bonds		2,614		—		2,614		—
Collateralized mortgage obligations		38,474		—		38,474		—
Tax-exempt municipal		4,645		—		4,645		—
Taxable municipal		579		—		579		—
Mortgage-backed		217,294		—		217,294		—
Equity securities, at fair value		2,115		2,115		—		—
Interest rate swap agreement		1,217		—		1,217		—
Total assets at fair value	$	360,908	$	2,115	$	358,793	$	—
Liabilities:
Interest rate swap agreement	$	1,217	$	—	$	1,217	$	—
Total liabilities at fair value	$	1,217	$	—	$	1,217	$	—

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 March 31, 2023 and December 31, 2022.

			Fair Value Measurements at March 31, 2023 Using
			Quoted Prices in
			Active Markets				Significant
			for Identical		Significant Other		Unobservable
	Carrying Value as of		Assets		Observable Inputs		Inputs		Fair Value as of
(Dollars in thousands)	March 31, 2023		(Level 1)		(Level 2)		(Level 3)		March 31, 2023
Assets:
Cash and cash equivalents	$	103,359	$	103,359	$	—	$	—	$	103,359
Securities:
Available-for-sale		340,159		—		340,159		—		340,159
Held-to-maturity		98,507		—		81,966		—		81,966
Equity securities, at fair value		2,590		2,590		—		—		2,590
Restricted securities, at cost		4,529		—		4,529		—		4,529
Loans, net		1,749,653		—		—		1,660,163		1,660,163
Interest rate swap agreements		1,038		—		1,038		—		1,038
Bank owned life insurance		21,270		—		21,270		—		21,270
Accrued interest receivable		5,471		—		5,471		—		5,471
Liabilities:
Deposits	$	2,088,642	$	—	$	2,085,334	$	—	$	2,085,334
Subordinated debt		24,645		—		—		22,152		22,152
Interest rate swap agreements		1,038		—		1,038		—		1,038
Accrued interest payable		972		—		972		—		972

			Fair Value Measurements at December 31, 2022 Using
			Quoted Prices in
			Active Markets				Significant
			for Identical		Significant Other		Unobservable
	Carrying Value as of		Assets		Observable Inputs		Inputs		Fair Value as of
(Dollars in thousands)	December 31, 2022		(Level 1)		(Level 2)		(Level 3)		December 31, 2022
Assets:
Cash and cash equivalents	$	61,599	$	61,599	$	—	$	—	$	61,599
Securities:
Available-for-sale		357,576		—		357,576		—		357,576
Held-to-maturity		99,415		—		81,161		—		81,161
Equity securities, at fair value		2,115		2,115		—		—		2,115
Restricted securities, at cost		4,425		—		4,425		—		4,425
Loans, net		1,769,300		—		—		1,676,887		1,676,887
Interest rate swap agreement		1,217		—		1,217		—		1,217
Bank owned life insurance		21,170		—		21,170		—		21,170
Accrued interest receivable		5,531		—		5,531		—		5,531
Liabilities:
Deposits	$	2,067,740	$	—	$	2,065,248	$	—	$	2,065,248
FHLB advances		—		—		—		—		—
Subordinated debt		24,624		—		—		22,457		22,457
Federal funds purchased		25,500		—		25,500		—		25,500
Interest rate swap agreement		1,217		—		1,217		—		1,217
Accrued interest payable		1,035		—		1,035		—		1,035