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Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value of Assets and Liabilities

Schedule of balances of financial assets and liabilities measured at fair value on a recurring basis

December 31, 2022

Fair Value Measurements Classified as

Assets/Liabilities at

(Dollars in thousands)

Level 1

Level 2

Level 3

Fair Value

Assets:

Securities available for sale

U.S. Treasury securities

$

—

$

58,833

$

—

$

58,833

U.S. government agencies and corporations

—

130,274

—

130,274

Mortgage-backed securities

—

179,918

—

179,918

Obligations of states and political subdivisions

—

120,827

—

120,827

Corporate and other debt securities

—

22,739

—

22,739

Total securities available for sale

—

512,591

—

512,591

Loans held for sale

—

14,259

—

14,259

Other investments

—

3,649

—

3,649

Derivatives

IRLC

—

391

—

391

Interest rate swaps on loans

—

6,328

—

6,328

Cash flow hedges

—

1,941

—

1,941

Total assets

$

—

$

539,159

$

—

$

539,159

Liabilities:

Derivatives

Interest rate swaps on loans

$

—

$

6,328

$

—

$

6,328

Total liabilities

$

—

$

6,328

$

—

$

6,328


		December 31, 2021
		Fair Value Measurements Classified as									Assets/Liabilities at
(Dollars in thousands)		Level 1			Level 2			Level 3			Fair Value
Assets:
Securities available for sale
U.S. government agencies and corporations		$	—		$	68,285		$	—		$	68,285
Mortgage-backed securities			—			190,349			—			190,349
Obligations of states and political subdivisions			—			92,666			—			92,666
Corporate and other debt securities			—			21,773			—			21,773
Total securities available for sale			—			373,073			—			373,073
Loans held for sale			—			82,295			—			82,295
Derivatives
IRLC			—			1,523			—			1,523
Interest rate swaps on loans			—			3,467			—			3,467
Total assets		$	—		$	460,358		$	—		$	460,358

Liabilities:
Derivatives
Interest rate swaps on loans		$	—		$	3,467		$	—		$	3,467
Cash flow hedges			—			665			—			665
Forward sales of TBA securities			—			3			—			3
Total liabilities		$	—		$	4,135		$	—		$	4,135

Schedule of carrying amounts and estimated fair values of financial instruments

Carrying

Fair Value Measurements at December 31, 2022 Classified as

Total Fair

(Dollars in thousands)

Value

Level 1

Level 2

Level 3

Value

Financial assets:

Cash and short-term investments

$

28,898

$

26,661

$

2,189

$

—

$

28,850

Securities available for sale

512,591

—

512,591

—

512,591

Loans, net

1,595,200

—

—

1,538,062

1,538,062

Loans held for sale

14,259

—

14,259

—

14,259

Other investments

3,649

—

3,649

—

3,649

Derivatives

IRLC

391

—

391

—

391

Interest rate swaps on loans

6,328

—

6,328

—

6,328

Cash flow hedges

1,941

—

1,941

—

1,941

Bank-owned life insurance

20,909

—

20,909

—

20,909

Accrued interest receivable

8,982

8,982

—

—

8,982

Financial liabilities:

Demand and savings deposits

1,622,566

1,622,566

—

—

1,622,566

Time deposits

381,294

—

374,267

—

374,267

Borrowings

85,943

—

71,906

—

71,906

Derivatives

Interest rate swaps on loans

6,328

—

6,328

—

6,328

Accrued interest payable

950

950

—

—

950


		Carrying			Fair Value Measurements at December 31, 2021 Classified as									Total Fair
(Dollars in thousands)		Value			Level 1			Level 2			Level 3			Value
Financial assets:
Cash and short-term investments		$	269,487		$	267,745		$	1,742		$	—		$	269,487
Securities available for sale			373,073			—			373,073			—			373,073
Loans, net			1,369,903			—			—			1,379,564			1,379,564
Loans held for sale			82,295			—			82,295			—			82,295
Derivatives
IRLC			1,523			—			1,523			—			1,523
Interest rate swaps on loans			3,467			—			3,467			—			3,467
Bank-owned life insurance			20,597			—			20,597			—			20,597
Accrued interest receivable			6,810			6,810			—			—			6,810
Financial liabilities:
Demand and savings deposits			1,488,893			1,488,893			—			—			1,488,893
Time deposits			425,721			—			428,462			—			428,462
Borrowings			84,115			—			89,609			—			89,609
Derivatives
Cash flow hedges			665			—			665			—			665
Interest rate swaps on loans			3,467			—			3,467			—			3,467
Forward sales of TBA securities			3			—			3						3
Accrued interest payable			715			715			—			—			715