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Fair Value Measurements and Disclosures (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured on Recurring Basis

The following tables present the balances of assets and liabilities measured on a recurring basis as of December 31, 2023 and 2022 aggregated by the level in the fair value hierarchy in which these measurements fall.

(dollars in thousands)						December 31, 2023						Level 1						Level 2						Level 3
Assets
Available for sale securities:
U.S. agency mortgage-backed						$	283,853					$	—					$	283,853					$	—
Collateralized mortgage obligations						79,262						—						79,262						—
Municipal bonds						46,674						—						46,674						—
U.S. government agency						18,049						—						18,049						—
Corporate bonds						6,088						—						6,088						—
Total available for sale securities						$	433,926					$	—					$	433,926					$	—
Derivative assets(1)						$	3,914					$	—					$	3,914					$	—
Total						$	437,840					$	—					$	437,840					$	—
Liabilities
Derivative liabilities(1)						$	3					$	—					$	3					$	—

(dollars in thousands)						December 31, 2022						Level 1						Level 2						Level 3
Assets
Available for sale securities:
U.S. agency mortgage-backed						$	316,832					$	—					$	316,832					$	—
Collateralized mortgage obligations						86,345						—						86,345						—
Municipal bonds						57,625						—						57,625						—
U.S. government agency						19,333						—						19,333						—
Corporate bonds						6,383						—						6,383						—
Total available for sale securities						$	486,518					$	—					$	486,518					$	—
Derivative assets(1)						$	5,144					$	—					$	5,144					$	—
Total						$	491,662					$	—					$	491,662					$	—
Liabilities
Derivative liabilities(1)						$	9					$	—					$	9					$	—

(1)For more information, refer to Note 14.

Summary of Financial Assets and Liabilities Measured at Fair Value on Nonrecurring Basis

The Company has segregated all financial assets and liabilities that are measured at fair value on a nonrecurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date in the tables below.

												Fair Value Measurements Using
(dollars in thousands)						December 31, 2023						Level 1						Level 2						Level 3
Assets
Loans individually evaluated for impairment						$	3,797					$	—					$	—					$	3,797
Foreclosed assets and ORE						1,575						—						—						1,575
Total						$	5,372					$	—					$	—					$	5,372

												Fair Value Measurements Using
(dollars in thousands)						December 31, 2022						Level 1						Level 2						Level 3
Assets
Loans individually evaluated for impairment						$	4,312					$	—					$	—					$	4,312
Foreclosed assets and ORE						461						—						—						461
Total						$	4,773					$	—					$	—					$	4,773

Summary of Significant Unobservable Inputs Used in Fair Value Measurement of Level 3 Assets

The following tables show significant unobservable inputs used in the fair value measurement of Level 3 assets.

(dollars in thousands)						Fair Value						Valuation Technique						Unobservable Inputs						Range of Discounts						Weighted Average Discount
As of December 31, 2023
Loans individually evaluated for impairment						$	3,797					Third party appraisals and discounted cash flows						Collateral values, market discounts and estimated costs to sell						0% - 89%						10		%
Foreclosed assets and ORE						$	1,575					Third party appraisals, sales contracts, broker price opinions						Collateral values, market discounts and estimated costs to sell						31% - 71%						62		%

(dollars in thousands)						Fair Value						Valuation Technique						Unobservable Inputs						Range of Discounts						Weighted Average Discount
As of December 31, 2022
Loans individually evaluated for impairment						$	4,312					Third party appraisals and discounted cash flows						Collateral values, market discounts and estimated costs to sell						0% - 89%						14		%
Foreclosed assets and ORE						$	461					Third party appraisals, sales contracts, broker price opinions						Collateral values, market discounts and estimated costs to sell						6% - 31%						16		%

Summary of Fair Values of Company's Financial Instruments

The fair value of off-balance sheet financial instruments as of December 31, 2023 and 2022 was immaterial.

												Fair Value Measurements at December 31, 2023
(dollars in thousands)						Carrying Amount						Total						Level 1						Level 2						Level 3
Financial Assets
Cash and cash equivalents						$	75,831					$	75,831					$	75,831					$	—					$	—
Interest-bearing deposits in banks						99						99						99						—						—
Investment securities available for sale						433,926						433,926						—						433,926						—
Investment securities held to maturity						1,065						1,066						—						1,066						—
Mortgage loans held for sale						361						361						—						361						—
Loans, net						2,550,101						2,381,863						—						2,378,066						3,797
Cash surrender value of BOLI						47,321						47,321						47,321						—						—
Derivative assets(1)						3,914						3,914						—						3,914						—
Financial Liabilities
Deposits						$	2,670,624					$	2,665,590					$	2,025,890					$	639,700					$	—
Other borrowings						5,539						5,498						—						5,498						—
Subordinated debt, net of issuance cost						54,241						50,865						—						50,865						—
Short-term FHLB advances						150,000						150,000						150,000						—						—
Long-term FHLB advances						42,713						41,792						—						41,792						—
Derivative liabilities(1)						3						3						—						3						—

												Fair value Measurements at December 31, 2022
(dollars in thousands)						Carrying Amount						Total						Level 1						Level 2						Level 3
Financial Assets
Cash and cash equivalents						$	87,401					$	87,401					$	87,401					$	—					$	—
Interest-bearing deposits in banks						349						349						349						—						—
Investment securities available for sale						486,518						486,518						—						486,518						—
Investment securities held to maturity						1,075						1,072						—						1,072						—
Mortgage loans held for sale						98						98						—						98						—
Loans, net						2,401,451						2,326,104						—						2,321,792						4,312
Cash surrender value of BOLI						46,276						46,276						46,276						—						—
Derivative assets(1)						5,144						5,144						—						5,144						—
Financial Liabilities
Deposits						$	2,633,181					$	2,620,577					$	2,297,736					$	322,841					$	—
Other borrowings						5,539						5,388						—						5,388						—
Subordinated debt, net of issuance cost						54,013						51,287						—						51,287						—
Short-term FHLB advances						155,000						155,000						155,000						—						—
Long-term FHLB advances						21,213						20,019						—						20,019						—
Derivative liabilities(1)						9						9						—						9						—

(1)Derivative assets and liabilities are reported at fair value in accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively, in the Consolidated Statements of Financial Condition.

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- 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 and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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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