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v3.24.1

Fair Value of Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 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 December 31, 2023 and 2022 is as follows:
|  |  |  |  | December 31, 2023
|  |  |  |  | Fair Value Measurements
| December 31, 2023 |  | Quoted Prices in Active Markets for Identical |  | Other Observable |  | Net Significant Unobservable
(in thousands) | Carrying amount |  | Fair value |  | Assets (Level 1) |  | Inputs (Level 2) |  | Inputs (Level 3)
Assets: |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 15,675 |  |  | $ | 15,675 |  |  | $ | 15,675 |  |  | $ | — |  |  | $ | — |
Federal funds sold and overnight interest-bearing deposits | 77,775 |  |  | 77,775 |  |  | 77,775 |  |  | — |  |  | — |
Available for sale securities | 188,742 |  |  | 188,742 |  |  | 1,978 |  |  | 186,764 |  |  | — |
Other investment securities | 6,300 |  |  | 6,300 |  |  | 78 |  |  | 6,222 |  |  | — |
Loans, net | 1,515,403 |  |  | 1,364,533 |  |  | — |  |  | — |  |  | 1,364,533 |
Loans held for sale | 3,884 |  |  | 3,884 |  |  | — |  |  | 3,884 |  |  | — |
Cash surrender value - life insurance | 2,624 |  |  | 2,624 |  |  | — |  |  | 2,624 |  |  | — |
Interest rate lock commitments | 43 |  |  | 43 |  |  | — |  |  | — |  |  | 43 |
Accrued interest receivable | 8,661 |  |  | 8,661 |  |  | 8,661 |  |  | — |  |  | — |
Total | $ | 1,819,107 |  |  | $ | 1,668,237 |  |  | $ | 104,167 |  |  | $ | 199,494 |  |  | $ | 1,364,576 |
Liabilities: |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |
Non-interest bearing demand | $ | 402,241 |  |  | $ | 402,241 |  |  | $ | 402,241 |  |  | $ | — |  |  | $ | — |
Savings, interest checking and money market | 846,452 |  |  | 846,452 |  |  | 846,452 |  |  | — |  |  | — |
Time deposits | 322,151 |  |  | 319,929 |  |  | — |  |  | — |  |  | 319,929 |
Federal Home Loan Bank advances and other borrowings | 107,000 |  |  | 107,245 |  |  | — |  |  | 107,245 |  |  | — |
Subordinated notes | 49,486 |  |  | 38,939 |  |  | — |  |  | 38,939 |  |  | — |
Interest rate lock commitments | 2 |  |  | 2 |  |  | — |  |  | — |  |  | 2 |
Forward sale commitments | 41 |  |  | 41 |  |  |  |  | 41 |  |  | — |
Accrued interest payable | 1,772 |  |  | 1,772 |  |  | 1,772 |  |  | — |  |  | — |
Total | $ | 1,729,145 |  |  | $ | 1,716,621 |  |  | $ | 1,250,465 |  |  | $ | 146,225 |  |  | $ | 319,931 |
|  |  |  |  | December 31, 2022
|  |  |  |  | Fair Value Measurements
| December 31, 2022 |  | Quoted Prices in Active Markets for Identical |  | Other Observable |  | Net Significant Unobservable
(in thousands) | Carrying amount |  | Fair value |  | Assets (Level 1) |  | Inputs (Level 2) |  | Inputs (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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