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Fair Value (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets Measured on Recurring Basis

The table below presents the recorded amount of assets measured at fair value on a recurring basis:

(in thousands)			Fair Value						Level 1						Level 2						Level 3
December 31, 2023
Loans HFS			$	1,306					$	—					$	1,306					$	—
Securities AFS:
Mortgage-backed securities			$	257,960					$	—					$	257,960					$	—
Municipal bonds			$	184,129					$	—					$	184,129					$	—
U.S. Treasury securities			$	90,142					$	—					$	90,142					$	—
U.S. agency securities			$	37,861					$	—					$	37,861					$	—
Equity securities			$	2,965					$	2,965					$	—					$	—
December 31, 2022
Loans HFS			$	518					$	—					$	518					$	—
Securities AFS:
Mortgage-backed securities			$	240,981					$	—					$	240,981					$	—
Municipal bonds			$	184,092					$	—					$	184,092					$	—
U.S. Treasury securities			$	170,478					$	—					$	170,478					$	—
U.S. agency securities			$	18,856					$	—					$	18,856					$	—
Equity securities			$	9,979					$	9,979					$	—					$	—

Schedule of Fair Value of Assets Measured on Nonrecurring Basis

The table below presents certain impaired loans that were remeasured and reported at fair value through the ALL or ACL based upon the fair value of the underlying collateral during the reported periods:

			Years Ended December 31,
(in thousands)			2023						2022						2021
Carrying value of impaired loans before allowance			$	633					$	3,149					$	4,114
Specific allowance			(100)						(306)						(79)
Fair value of impaired loans			$	533					$	2,843					$	4,035

The following table presents foreclosed assets that were remeasured and reported at fair value during the reported periods:

			Years Ended December 31,
(in thousands)			2023						2022						2021
Foreclosed assets remeasured at initial recognition:
Carrying value of foreclosed assets prior to remeasurement			$	69					$	—					$	266
Charge-offs			—						—						—
Fair value of foreclosed assets			$	69					$	—					$	266

The following table presents foreclosed assets that were remeasured subsequent to initial recognition and reported at fair value during the reported periods:

			Years Ended December 31,
(in thousands)			2023						2022						2021
Foreclosed assets remeasured subsequent to initial recognition:
Carrying value of foreclosed assets prior to remeasurement			$	—					$	—					$	133
Write-downs			—						—						(34)
Fair value of foreclosed assets			$	—					$	—					$	99

Schedule of Inputs Used for the Level 3 Fair Value Measurement

The unobservable inputs used for the Level 3 fair value measurements on a nonrecurring basis were as follows:

(dollars in thousands)

Fair Value

Valuation Technique

Unobservable Input

Discount Ranges

Weighted Average Discount

December 31, 2023

Impaired loans

$

1,754

Discounted appraisals

Collateral discounts and costs to sell

0% - 100%

24.05%

Foreclosed assets

$

69

Discounted appraisals

Collateral discounts and costs to sell

N/A

N/A

December 31, 2022

Impaired loans

$

7,254

Discounted appraisals

Collateral discounts and costs to sell

0% - 100%

4.16%

Foreclosed assets

$

—

Discounted appraisals

Collateral discounts and costs to sell

N/A

N/A

Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of financial instruments as of December 31, 2023 and 2022, were as follows:

(in thousands)			Carrying Amount						Fair Value						Level 1						Level 2						Level 3
December 31, 2023
Financial assets:
Cash and due from banks			$	53,062					$	53,062					$	53,062					$	—					$	—
Interest-bearing deposits in other banks			$	252,364					$	252,364					$	252,364					$	—					$	—
Securities AFS			$	570,092					$	570,092					$	—					$	570,092					$	—
Securities HTM			$	141,236					$	119,029					$	—					$	119,029					$	—
Equity securities			$	2,965					$	2,965					$	2,965					$	—					$	—
Nonmarketable equity securities			$	2,239					$	2,239					$	—					$	2,239					$	—
Loans HFS			$	1,306					$	1,306					$	—					$	1,306					$	—
Loans HFI, net of allowance			$	1,971,522					$	1,820,573					$	—					$	—					$	1,820,573
Accrued interest receivable			$	9,945					$	9,945					$	—					$	—					$	9,945
Financial liabilities:
Deposits			$	2,801,888					$	2,796,303					$	—					$	2,796,303					$	—
Accrued interest payable			$	8,000					$	8,000					$	—					$	8,000					$	—
December 31, 2022
Financial assets:
Cash and due from banks			$	37,824					$	37,824					$	37,824					$	—					$	—
Interest-bearing deposits in other banks			$	240,568					$	240,568					$	240,568					$	—					$	—
Securities AFS			$	614,407					$	614,407					$	—					$	614,407					$	—
Securities HTM			$	151,683					$	132,407					$	—					$	132,407					$	—
Equity securities			$	9,979					$	9,979					$	9,979					$	—					$	—
Nonmarketable equity securities			$	3,478					$	3,478					$	—					$	3,478					$	—
Loans HFS			$	518					$	518					$	—					$	518					$	—
Loans HFI, net of allowance			$	1,895,639					$	1,807,772					$	—					$	—					$	1,807,772
Accrued interest receivable			$	8,830					$	8,830					$	—					$	—					$	8,830
Financial liabilities:
Deposits			$	2,798,936					$	2,787,198					$	—					$	2,787,198					$	—
Accrued interest payable			$	1,563					$	1,563					$	—					$	1,563					$	—

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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