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Fair Value of Financial Instruments (Tables)

9 Months Ended

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

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-11

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X

- References

No definition available.

+ Details

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