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Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping

The carrying amount and estimated fair value by classification level of the Company’s financial instruments as of March 31, 2023 and December 31, 2022 are as follows:

Fair Value, by Balance Sheet Grouping 

Fair Value Measurement

		March 31, 2023
		Carrying				Fair Value
(Dollars in thousands)		Amount				Total				Level 1				Level 2				Level 3
Financial Assets:
Cash and short term investments		$	87,673			$	87,673			$	87,673			$	—			$	—
Available-for-sale securities			336,457				336,457				—				336,457				—
Held-to-maturity securities			223,137				213,040				—				213,040				—
Other investments, at cost			5,768				5,768				—				—				5,768
Loans held for sale			1,312				1,312				—				1,312				—
Net loans receivable			992,720				952,010				—				—				952,010
Accrued interest			4,954				4,954				4,954				—				—
Financial liabilities:
Non-interest bearing demand		$	458,882			$	458,882			$	—			$	458,882			$	—
Interest bearing demand deposits and money market accounts			675,732				675,732				—				675,732				—
Savings			141,713				141,713				—				141,713				—
Time deposits			143,830				143,811				—				143,811				—
Total deposits			1,420,157				1,420,138				—				1,420,138				—
Federal Home Loan Bank Advances			85,000				85,000				—				85,000				—
Short term borrowings			76,975				76,975				—				76,975				—
Junior subordinated debentures			14,964				12,301				—				12,301				—
Accrued interest payable			916				916				916				—				—
		December 31, 2022
		Carrying				Fair Value
(Dollars in thousands)		Amount				Total				Level 1				Level 2				Level 3
Financial Assets:
Cash and short term investments		$	37,401			$	37,401			$	37,401			$	—			$	—
Available-for-sale securities			331,862				331,862				—				331,862				—
Held-to-maturity securities			228,701				213,613				—				213,613				—
Other investments, at cost			4,191				4,191				—				—				4,191
Loans held for sale			1,779				1,779				—				1,779				—
Net loans receivable			969,521				943,498				—				—				943,498
Accrued interest			5,217				5,217				5,217				—				—
Financial liabilities:
Non-interest bearing demand		$	461,010			$	461,010			$	—			$	461,010			$	—
Interest bearing demand deposits and money market accounts			629,763				629,763				—				629,763				—
Savings			161,770				161,770				—				161,770				—
Time deposits			132,839				132,825				—				132,825				—
Total deposits			1,385,382				1,385,368				—				1,385,368				—
Federal Home Loan Bank Advances			50,000				50,000				—				50,000				—
Short term borrowings			90,743				90,743				—				90,743				—
Junior subordinated debentures			14,964				13,402				—				13,402				—
Accrued interest payable			520				520				520				—				—

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 March 31, 2023 and December 31, 2022 that are measured on a recurring basis. There were no liabilities carried at fair value as of March 31, 2023 or December 31, 2022 that are measured on a recurring basis.

Fair Value, Assets Measured on Recurring Basis

(Dollars in thousands)

Fair Value Measurement (Details 2)

Description		March 31, 2023				(Level 1)				(Level 2)				(Level 3)
Available- for-sale securities
US Treasury Securities		$	56,804			$	—			$	56,804			$	—
Government Sponsored Enterprises			2,127				—				2,127				—
Mortgage-backed securities			249,964				—				249,964				—
Small Business Administration pools			19,534				—				19,534				—
Corporate and other securities			8,028				—				8,028				—
Total Available-for-sale securities			336,457				—				336,457				—
Loans held for sale			1,312				—				1,312				—
Total		$	337,769			$	—			$	337,769			$	—
(Dollars in thousands)
Description		December 31, 2022				(Level 1)				(Level 2)				(Level 3)
Available- for-sale securities
US Treasury Securities		$	55,983			$	—			$	55,983			$	—
Government Sponsored Enterprises			2,074				—				2,074				—
Mortgage-backed securities			244,600				—				244,600				—
Small Business Administration pools			21,087				—				21,087				—
Corporate and other securities			8,118				—				8,118				—
Total Available-for-sale securities			331,862				—				331,862				—
Loans held for sale			1,779				—				1,779				—
Total		$	333,641			$	—			$	333,641			$	—

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 March 31, 2023 and December 31, 2022 that are measured on a non-recurring basis. There were no Level 3 financial instruments for the three months ended March 31, 2023 and March 31, 2022 measured on a recurring basis.

Fair Value, Assets Measured on Non-Recurring Basis 

(Dollars in thousands)
Description		March 31, 2023				(Level 1)				(Level 2)				(Level 3)
Collateral Dependent:
Commercial & Industrial		$	—			$	—			$	—			$	—
Real estate:
Mortgage-residential			—				—				—				—
Mortgage-commercial			3,882				—				—				3,882
Total impaired			3,882				—				—				3,882
Other real estate owned:
Construction			412				—				—				412
Mortgage-commercial			522				—				—				522
Total other real estate owned			934				—				—				934
Total		$	4,816			$	—			$	—			$	4,816

(Dollars in thousands)
Description		December 31, 2022				(Level 1)				(Level 2)				(Level 3)
Impaired loans:
Real estate:
Mortgage-residential		$	34			$	—			$	—			$	34
Mortgage-commercial			4,752				—				—				4,752
Consumer:
Home equity			168				—				—				168
Total impaired			4,954				—				—				4,954
Other real estate owned:
Construction			412				—				—				412
Mortgage-commercial			522				—				—				522
Total other real estate owned			934				—				—				934
Total		$	5,888			$	—			$	—			$	5,888

[custom:DisclosureFairValueMeasurementDetails3Abstract]

(Dollars in thousands)
Description		March 31, 2023				(Level 1)				(Level 2)				(Level 3)
Collateral Dependent:
Commercial & Industrial		$	—			$	—			$	—			$	—
Real estate:
Mortgage-residential			—				—				—				—
Mortgage-commercial			3,882				—				—				3,882
Total impaired			3,882				—				—				3,882
Other real estate owned:
Construction			412				—				—				412
Mortgage-commercial			522				—				—				522
Total other real estate owned			934				—				—				934
Total		$	4,816			$	—			$	—			$	4,816

(Dollars in thousands)
Description		December 31, 2022				(Level 1)				(Level 2)				(Level 3)
Impaired loans:
Real estate:
Mortgage-residential		$	34			$	—			$	—			$	34
Mortgage-commercial			4,752				—				—				4,752
Consumer:
Home equity			168				—				—				168
Total impaired			4,954				—				—				4,954
Other real estate owned:
Construction			412				—				—				412
Mortgage-commercial			522				—				—				522
Total other real estate owned			934				—				—				934
Total		$	5,888			$	—			$	—			$	5,888

Fair Value Measurement Inputs and Valuation Techniques

For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of March 31, 2023 and December 31, 2022, the significant unobservable inputs used in the fair value measurements were as follows: 

Fair Value Measurement Inputs and Valuation Techniques 

Fair Value Measurement (Details 4)

(Dollars in thousands)		Fair Value as of March 31, 2023				Valuation Technique		Significant Observable Inputs		Significant Unobservable Inputs
OREO		$	934			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
Collateral Dependent		$	4,125			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, 2022				Valuation Technique		Significant Observable Inputs		Significant Unobservable Inputs
OREO		$	934			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		$	4,954			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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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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