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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Fair Value Assets and Liabilities Measured on Nonrecurring Basis Valuation Techniques | Fair value is adjusted for the estimated probability of the loan closing with the borrower (Level 3).
(Dollars in thousands) |  | Fair Value |  | Valuation Technique |  | Unobservable Input |  | Range
September 30, 2023 |  |  |  |  |  |  |  |
MSRs (1) |  | $ | 5,890 |  |  | Market Approach |  | Weighted average prepayment speed (PSA) (2) |  | 108
IRLCs - net asset |  | $ | 39 |  |  | Market Approach |  | Range of pull through rate |  | 84% - 100%
|  |  |  |  |  | Average pull through rate |  | 98%
(Dollars in thousands) |  | Fair Value |  | Valuation Technique |  | Unobservable Input |  | Range
December 31, 2022 |  |  |  |  |  |  |  |
MSRs (1) |  | $ | 5,275 |  |  | Market Approach |  | Weighted average prepayment speed (PSA) (2) |  | 121
IRLCs - net asset |  | $ | 28 |  |  | Market Approach |  | Range of pull through rate |  | 78% - 100%
|  |  |  |  |  | Average pull through rate |  | 92%
____________________________________ (1)The weighted average was calculated with reference to the principal balance of the underlying mortgages. (2)PSA = Public Securities Association Standard Prepayment Model
Schedule of Servicing Asset at Fair Value | The following table presents activity in MSRs for the three and nine months ended September 30, 2023.
(Dollars in thousands) |  | Three Months Ended September 30, 2023 |  | Nine Months Ended September 30, 2023
Beginning balance |  | $ | 5,466 |  |  | $ | 5,275 |
Servicing rights resulting from sales of loans |  | 390 |  |  | 620 |
Valuation adjustment |  | 34 |  |  | (5) |
Ending balance |  | $ | 5,890 |  |  | $ | 5,890 |
Schedule of Derivative Asset at Fair Value | The following table presents activity in the IRLCs for the three and nine months ended September 30, 2023.
(Dollars in thousands) |  | Three Months Ended September 30, 2023 |  | Nine Months Ended September 30, 2023
Beginning balance |  | $ | 32 |  |  | $ | 28 |
Valuation adjustment |  | 7 |  |  | 11 |
Ending balance |  | $ | 39 |  |  | $ | 39 |
Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis | The following tables present the recorded amount of assets measured at fair value on a recurring basis at September 30, 2023 and December 31, 2022. No assets were transferred from one hierarchy level to another during the first nine months of 2023 or 2022.
(Dollars in thousands) |  | Fair Value |  | Quoted Prices (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
September 30, 2023 |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |
U.S. Government agencies |  | $ | 19,631 |  |  | $ | — |  |  | $ | 19,631 |  |  | $ | — |
Mortgage-backed |  | 53,573 |  |  | — |  |  | 53,573 |  |  | — |
Other debt securities |  | 5,939 |  |  | — |  |  | 5,939 |  |  | — |
|  | 79,143 |  |  | — |  |  | 79,143 |  |  | — |
Equity securities |  | 5,434 |  |  | — |  |  | 5,434 |  |  | — |
TBA forward trades |  | 359 |  |  | — |  |  | 359 |  |  | — |
Loans Held for Sale |  | 14,725 |  |  | — |  |  | 14,725 |  |  | — |
Loans Held for Investment, at fair value |  | 9,302 |  |  | — |  |  | 9,302 |  |  | — |
MSRs |  | 5,890 |  |  | — |  |  | — |  |  | 5,890 |
IRLCs |  | 89 |  |  | — |  |  | — |  |  | 89 |
Total assets at fair value |  | $ | 114,942 |  |  | $ | — |  |  | $ | 108,963 |  |  | $ | 5,979 |
Liabilities: |  |  |  |  |  |  |  |
IRLCs |  | $ | 50 |  |  | $ | — |  |  | $ | — |  |  | $ | 50 |
TBA securities |  | — |  |  | — |  |  | — |  |  | — |
Total liabilities at fair value |  | $ | 50 |  |  | $ | — |  |  | $ | — |  |  | $ | 50 |
(Dollars in thousands) |  | Fair Value |  | Quoted Prices (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
December 31, 2022 |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |
U.S. Government agencies |  | $ | 18,178 |  |  | $ | — |  |  | $ | 18,178 |  |  | $ | — |
Mortgage-backed |  | 63,519 |  |  | — |  |  | 63,519 |  |  | — |
Other debt securities |  | 1,890 |  |  | — |  |  | 1,890 |  |  | — |
|  | 83,587 |  |  | — |  |  | 83,587 |  |  | — |
Equity securities |  | 1,233 |  |  | — |  |  | 1,233 |  |  | — |
TBA forward trades |  | 41 |  |  | — |  |  | 41 |  |  | — |
Loans Held for Sale |  | 4,248 |  |  | — |  |  | 4,248 |  |  | — |
Loans Held for Investment, at fair value |  | 8,437 |  |  | — |  |  | 8,437 |  |  | — |
MSRs |  | 5,275 |  |  | — |  |  | — |  |  | 5,275 |
IRLCs |  | 35 |  |  | — |  |  | — |  |  | 35 |
Total assets at fair value |  | $ | 102,856 |  |  | $ | — |  |  | $ | 97,546 |  |  | $ | 5,310 |
Liabilities: |  |  |  |  |  |  |  |
IRLCs |  | $ | 7 |  |  | $ | — |  |  | $ | — |  |  | $ | 7 |
TBA securities |  | 6 |  |  | — |  |  | 6 |  |  | — |
Total liabilities at fair value |  | $ | 13 |  |  | $ | — |  |  | $ | 6 |  |  | $ | 7 |
Fair Value of Assets Measured on Nonrecurring Basis | Assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
|  | Quantitative Information about Level 3 Fair Value Measurements
(Dollars in thousands) |  | Fair Value |  | Valuation Technique |  | Unobservable Input |  | Range |  | Weighted Average (1)
September 30, 2023 |  |  |  |  |  |  |  |  |  |
Nonrecurring measurements: |  |  |  |  |  |  |  |  |  |
Individually evaluated collateral dependent loans |  | $ | 619 |  |  | Appraisal of collateral |  | Liquidation expense |  | 10% |  | 10%
Other real estate owned |  | $ | 179 |  |  | Appraisal of collateral |  | Appraisal adjustments |  | (0%) - (20%) |  | (0%)
|  | Quantitative Information about Level 3 Fair Value Measurements
(Dollars in thousands) |  | Fair Value |  | Valuation Technique |  | Unobservable Input |  | Range |  | Weighted Average (1)
December 31, 2022 |  |  |  |  |  |  |  |  |  |
Nonrecurring measurements: |  |  |  |  |  |  |  |  |  |
Other real estate owned |  | $ | 197 |  |  | Appraisal of collateral |  | Appraisal adjustments |  | (0%) - 20% |  | (2%)
_________________________________ (1)Unobservable inputs were weighted by the relative fair value of the instruments.

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