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v3.23.3

Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Schedule of Carrying Amounts and Fair Values of Financial Instruments | A summary of the carrying amounts and fair values of the Company’s financial instruments at September 30, 2023 and December 31, 2022 is as follows:
|  |  |  |  | September 30, 2023
|  |  |  |  | Fair Value Measurements
| September 30, 2023 |  | Quoted Prices in Active Markets for Identical Assets |  | Other Observable Inputs |  | Net Significant Unobservable Inputs
(in thousands) | Carrying amount |  | Fair value |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets: |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 17,793 |  |  | $ | 17,793 |  |  | $ | 17,793 |  |  | $ | — |  |  | $ | — |
Federal funds sold and overnight interest-bearing deposits | 10,061 |  | 10,061 |  | 10,061 |  | — |  | —
Certificates of deposit in other banks | 735 |  | 735 |  | 735 |  | — |  | —
Available-for-sale securities | 233,516 |  | 233,516 |  | 4,868 |  | 228,648 |  | —
Other investment securities | 7,005 |  | 7,005 |  | 64 |  | 6,941 |  | —
Loans, net | 1,534,507 |  | 1,369,455 |  | — |  | — |  | 1,369,455
Loans held for sale | 3,006 |  | 3,006 |  | — |  | 3,006 |  | —
Cash surrender value - life insurance | 2,610 |  | 2,610 |  | — |  | 2,610 |  | —
Interest rate lock commitments | 45 |  | 45 |  | — |  | — |  | 45
Forward sale commitments | 18 |  | 18 |  | — |  | 18 |  | —
Accrued interest receivable | 8,533 |  | 8,533 |  | 8,533 |  | — |  | —
Total | $ | 1,817,829 |  |  | $ | 1,652,777 |  |  | $ | 42,054 |  |  | $ | 241,223 |  |  | $ | 1,369,500 |
Liabilities: |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |
Non-interest bearing demand | $ | 425,105 |  |  | $ | 425,105 |  |  | $ | 425,105 |  |  | $ | — |  |  | $ | — |
Savings, interest checking and money market | 802,591 |  | 802,591 |  | 802,591 |  | — |  | —
Time deposits | 352,669 |  | 349,641 |  | — |  | — |  | 349,641
Federal funds purchased and securities sold under agreements to repurchase | 6,196 |  | 6,196 |  | 6,196 |  | — |  | —
Federal Home Loan Bank advances and other borrowings | 112,000 |  | 112,000 |  | — |  | 112,000 |  | —
Subordinated notes | 49,486 |  | 38,444 |  | — |  | 38,444 |  | —
Interest rate lock commitments | 2 |  | 2 |  | — |  | — |  | 2
Accrued interest payable | 1,851 |  | 1,851 |  | 1,851 |  | — |  | —
Total | $ | 1,749,900 |  |  | $ | 1,735,830 |  |  | $ | 1,235,743 |  |  | $ | 150,444 |  |  | $ | 349,643 |
|  |  |  |  | December 31, 2022
|  |  |  |  | Fair Value Measurements
| December 31, 2022 |  | Quoted Prices in Active Markets for Identical Assets |  | Other Observable Inputs |  | Net Significant Unobservable Inputs
(in thousands) | Carrying amount |  | Fair value |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets: |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 18,661 |  |  | $ | 18,661 |  |  | $ | 18,661 |  |  | $ | — |  |  | $ | — |
Federal funds sold and overnight interest-bearing deposits | 65,059 |  |  | 65,059 |  |  | 65,059 |  |  | — |  |  | — |
Certificates of deposit in other banks | 2,955 |  |  | 2,955 |  |  | 2,955 |  |  | — |  |  | — |
Available-for-sale securities | 250,747 |  |  | 250,747 |  |  | 2,152 |  |  | 248,595 |  |  | — |
Other investment securities | 6,353 |  |  | 6,353 |  |  | 46 |  |  | 6,307 |  |  | — |
Loans, net | 1,505,664 |  |  | 1,389,018 |  |  | — |  |  | — |  |  | 1,389,018 |
Loans held for sale | 591 |  |  | 591 |  |  | — |  |  | 591 |  |  | — |
Cash surrender value - life insurance | 2,567 |  |  | 2,567 |  |  | — |  |  | 2,567 |  |  | — |
Interest rate lock commitments | 20 |  |  | 20 |  |  | — |  |  | — |  |  | 20 |
Forward sale commitments | 3 |  |  | 3 |  |  | — |  |  | 3 |  |  | — |
Accrued interest receivable | 7,953 |  |  | 7,953 |  |  | 7,953 |  |  | — |  |  | — |
Total | $ | 1,860,573 |  |  | $ | 1,743,927 |  |  | $ | 96,826 |  |  | $ | 258,063 |  |  | $ | 1,389,038 |
Liabilities: |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |
Non-interest bearing demand | $ | 453,443 |  |  | $ | 453,443 |  |  | $ | 453,443 |  |  | $ | — |  |  | $ | — |
Savings, interest checking and money market | 923,602 |  |  | 923,602 |  |  | 923,602 |  |  | — |  |  | — |
Time deposits | 255,034 |  |  | 250,433 |  |  | — |  |  | — |  |  | 250,433 |
Federal funds purchased and securities sold under agreements to repurchase | 5,187 |  |  | 5,187 |  |  | 5,187 |  |  | — |  |  | — |
Federal Home Loan Bank advances and other borrowings | 98,000 |  |  | 98,000 |  |  | — |  |  | 98,000 |  |  | — |
Subordinated notes | 49,486 |  |  | 39,197 |  |  | — |  |  | 39,197 |  |  | — |
Interest rate lock commitments | 18 |  |  | 18 |  |  | — |  |  | — |  |  | 18 |
Forward sale commitments | 3 |  |  | 3 |  |  | — |  |  | 3 |  |  | — |
Accrued interest payable | 902 |  |  | 902 |  |  | 902 |  |  | — |  |  | — |
Total | $ | 1,785,675 |  |  | $ | 1,770,785 |  |  | $ | 1,383,134 |  |  | $ | 137,200 |  |  | $ | 250,451 |

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