Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets Measured on Recurring Basis

The following table presents the assets reported on the Consolidated Balance Sheets at their fair value on a recurring basis as of March 31, 2023 and December 31, 2022 by level within the fair value hierarchy. No liabilities are carried at fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Equity securities with readily determinable values and U.S. Treasury Notes are valued at the closing price reported on the active market on which the individual securities are traded. Obligations of U.S. government agencies, mortgage-backed securities, asset-backed securities, obligations of states and political subdivisions and corporate bonds are valued at observable market data for similar assets. Equity securities without readily determinable values are carried at amortized cost adjusted for impairment and observable price changes and are not included in the table below.

(Dollars in thousands)	Level I		Level II		Level III		Total
March 31, 2023
Assets:
Securities available-for-sale
U.S. Treasury securities	$	22,428	$	—	$	—	$	22,428
U.S. Government agencies		—		12,850		—		12,850
Mortgage-backed securities of government agencies		—		67,895		—		67,895
Asset-backed securities of government agencies		—		571		—		571
State and political subdivisions		—		19,772		—		19,772
Corporate bonds		—		25,753		—		25,753
Total available-for-sale securities	$	22,428	$	126,841	$	—	$	149,269
Equity securities	$	207	$	—	$	—	$	207
December 31, 2022
Assets:
Securities available-for-sale
U.S. Treasury securities	$	22,225	$	—	$	—	$	22,225
U.S. Government agencies		—		12,630		—		12,630
Mortgage-backed securities of government agencies		—		68,890		—		68,890
Asset-backed securities of government agencies		—		618		—		618
State and political subdivisions		—		19,477		—		19,477
Corporate bonds		—		26,229		—		26,229
Total available-for-sale securities	$	22,225	$	127,844	$	—	$	150,069
Equity securities	$	198	$	—	$	—	$	198