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 | | $ | — |
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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 |
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