Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Measurements

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

			Fair Value Measurements at September 30, 2023 Using
			Quoted Prices in				Significant
			Active Markets for		Significant Other		Unobservable
	Balance as of		Identical Assets		Observable Inputs		Inputs
(Dollars in thousands)	September 30, 2023		(Level 1)		(Level 2)		(Level 3)
Assets:
Securities available-for-sale:
U.S. Treasuries	$	42,194	$	—	$	42,194	$	—
U.S. government and federal agencies		12,881		—		12,881		—
Corporate bonds		2,406		—		2,406		—
Collateralized mortgage obligations		33,522		—		33,522		—
Tax-exempt municipal		1,156		—		1,156		—
Taxable municipal		580		—		580		—
Mortgage-backed		76,345		—		76,345		—
Equity securities, at fair value		2,443		2,443		—		—
Interest rate swap agreements		1,390		—		1,390		—
Mortgage servicing rights		9		—		—		9
Total assets at fair value	$	172,926	$	2,443	$	170,474	$	9
Liabilities:
Interest rate swap agreements	$	1,390	$	—	$	1,390	$	—
Total liabilities at fair value	$	1,390	$	—	$	1,390	$	—

			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 September 30, 2023 and December 31, 2022.

			Fair Value Measurements at September 30, 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)	September 30, 2023		(Level 1)		(Level 2)		(Level 3)		September 30, 2023
Assets:
Cash and cash equivalents	$	192,656	$	192,656	$	—	$	—	$	192,656
Securities:
Available-for-sale		169,084		—		169,084		—		169,084
Held-to-maturity		96,347		—		75,733		—		75,733
Equity securities, at fair value		2,443		2,443		—		—		2,443
Restricted securities, at cost		5,007		—		5,007		—		5,007
Loans, net		1,800,096		—		—		1,660,836		1,660,836
Interest rate swap agreements		1,390		—		1,390		—		1,390
Mortgage servicing rights		9		—		—		9		9
Accrued interest receivable		5,701		—		5,701		—		5,701
Liabilities:
Deposits	$	1,981,623	$	—	$	1,977,757	$	—	$	1,977,757
Federal Reserve Bank borrowings		54,000		—		54,000		—		54,000
Subordinated debt		24,687		—		—		21,269		21,269
Interest rate swap agreements		1,390		—		1,390		—		1,390
Accrued interest payable		2,610		—		2,610		—		2,610

			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
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