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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value, by Balance Sheet Grouping

The carrying amount and estimated fair value by classification level of the Company’s financial instruments as of June 30, 2022 and December 31, 2021 are as follows:

Schedule of Fair Value, by Balance Sheet Grouping

Fair Value of Financial Instruments

		June 30, 2022
		Carrying				Fair Value
(Dollars in thousands)		Amount				Total				Level 1				Level 2				Level 3
Financial Assets:
Cash and short term investments		$	104,403			$	104,403			$	104,403			$	—			$	—
Held-to-maturity securities			233,730				229,198				3,333				225,865
Available-for-sale securities			337,254				377,254				21,920				315,334				—
Other investments, at cost			1,929				1,929				—				—				1,929
Loans held for sale			4,533				4,533				—				4,533				—
Net loans receivable			905,112				878,708				—				—				878,708
Accrued interest			4,290				4,290				4,290				—				—
Financial liabilities:
Non-interest bearing demand		$	476,024			$	476,024			$	—			$	476,024			$	—
Interest bearing demand deposits and money market accounts			672,306				672,306				—				672,306				—
Savings			170,557				170,557				—				170,557				—
Time deposits			150,088				150,180				—				150,180				—
Total deposits			1,468,975				1,469,068				—				1,469,068				—
Short term borrowings			71,800				71,800				—				71,800				—
Junior subordinated debentures			14,964				14,415				—				14,415				—
Accrued interest payable			300				300				300				—				—
		December 31, 2021
		Carrying				Fair Value
(Dollars in thousands)		Amount				Total				Level 1				Level 2				Level 3
Financial Assets:
Cash and short term investments		$	69,022			$	69,022			$	69,022			$	—			$	—
Available-for-sale securities			564,839				564,839				39,829				525,010				—
Other investments, at cost			1,785				1,785				—				—				1,785
Loans held for sale			7,120				7,120				—				7,120				—
Net loans receivable			852,523				851,822				—				—				851,822
Accrued interest			3,927				3,927				3,927				—				—
Financial liabilities:
Non-interest bearing demand		$	444,688			$	444,688			$	—			$	444,688			$	—
Interest bearing demand deposits and money market accounts			619,057				619,057				—				619,057				—
Savings			143,765				143,765				—				143,765				—
Time deposits			153,781				154,030				—				154,030				—
Total deposits			1,361,291				1,361,540				—				1,361,540				—
Short term borrowings			54,216				54,216				—				54,216				—
Junior subordinated debentures			14,964				15,015				—				15,015				—
Accrued interest payable			404				404				404				—				—

Fair Value, Assets Measured on Recurring Basis

The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of June 30, 2022 and December 31, 2021 that are measured on a recurring basis. There were no liabilities carried at fair value as of June 30, 2022 or December 31, 2021 that are measured on a recurring basis.

Fair Value, Assets Measured on Recurring Basis

(Dollars in thousands)

Fair Value of Financial Instruments (Details 2)

Description		June 30, 2022				(Level 1)				(Level 2)				(Level 3)
Available- for-sale securities
US Treasury Securities		$	57,323			$	—			$	57,323			$	—
Government Sponsored Enterprises			2,189				—				2,189				—
Mortgage-backed securities			243,821				21,920				221,901				—
Small Business Administration pools			25,563				—				25,563				—
State and local government			—				—				—				—
Corporate and other securities			8,358				—				8,358				—
Total Available-for-sale securities			337,254				21,920				315,334				—
Loans held for sale			4,533				—				4,533				—
Total		$	341,787			$	21,920			$	319,867			$	—
(Dollars in thousands)
Description		December 31, 2021				(Level 1)				(Level 2)				(Level 3)
Available- for-sale securities
US Treasury Securities		$	15,436			$	—			$	15,436			$	—
Government Sponsored Enterprises			2,501				—				2,501				—
Mortgage-backed securities			397,729				25,934				371,796				—
Small Business Administration pools			31,273				—				31,273				—
State and local government			109,848				12,896				96,952				—
Corporate and other securities			8,052				1,000				7,052				—
Total Available-for-sale securities			564,839				39,830				525,010				—
Loans held for sale			7,120				—				7,120				—
Total		$	571,959			$	39,830			$	532,130			$	—

Fair Value, Assets Measured on Non-Recurring Basis

The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of June 30, 2022 and December 31, 2021 that are measured on a non-recurring basis. There were no Level 3 financial instruments for the three months ended June 30, 2022 and June 30, 2021 measured on a recurring basis.

Fair Value, Assets Measured on Non-Recurring Basis

Fair Value of Financial Instruments (Details 3)

(Dollars in thousands)
Description		June 30, 2022				(Level 1)				(Level 2)				(Level 3)
Impaired loans:
Commercial & Industrial		$	—			$	—			$	—			$	—
Real estate:
Mortgage-residential			38				—				—				38
Mortgage-commercial			4,275				—				—				4,275
Consumer:
Home equity			163				—				—				163
Other			—				—				—				—
Total impaired			4,476				—				—				4,476
Other real estate owned:
Construction			894				—				—				894
Mortgage-commercial			90				—				—				90
Total other real estate owned			984				—				—				984
Total		$	5,460			$	—			$	—			$	5,460

Fair Value Measurement Inputs and Valuation Techniques

For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of June 30, 2022 and December 31, 2021, the significant unobservable inputs used in the fair value measurements were as follows:

Fair Value Measurement Inputs and Valuation Techniques 

Fair Value of Financial Instruments (Details 4)

(Dollars in thousands)		Fair Value as of June 30, 2022				Valuation Technique		Significant Observable Inputs		Significant Unobservable Inputs
OREO		$	984			Appraisal Value/Comparison Sales/Other estimates		Appraisals and or sales of comparable properties		Appraisals discounted 6% to 16% for sales commissions and other holding cost
Impaired loans		$	4,476			Appraisal Value		Appraisals and or sales of comparable properties		Appraisals discounted 6% to 16% for sales commissions and other holding cost
(Dollars in thousands)		Fair Value as of December 31, 2021				Valuation Technique		Significant Observable Inputs		Significant Unobservable Inputs
OREO		$	1,165			Appraisal Value/Comparison Sales/Other estimates		Appraisals and or sales of comparable properties		Appraisals discounted 6% to 16% for sales commissions and other holding cost
Impaired loans		$	1,694			Appraisal Value		Appraisals and or sales of comparable properties		Appraisals discounted 6% to 16% for sales commissions and other holding cost

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