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Fair Value of Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value, by Balance Sheet Grouping

Fair value estimates of the Company’s financial instruments as of September 30, 2022 and December 31, 2021, including methods and assumptions utilized, are set forth below:

Schedule of Fair Value, by Balance Sheet Grouping 

		As of September 30, 2022
		Carrying
		amount				Level 1				Level 2				Level 3				Total
Financial assets:
Cash and cash equivalents		$	49,234			$	49,234			$	-			$	-			$	49,234
Interest-bearing deposits at other banks			8,844				-				8,844				-				8,844
Investment securities available-for-sale			484,106				127,445				356,661				-				484,106
Bank stocks, at cost			6,641				n/a				n/a				n/a				n/a
Loans, net			702,138				-				-				688,972				688,972
Loans held for sale			2,741				-				2,741				-				2,741
Mortgage servicing rights			3,980				-				10,425				-				10,425
Accrued interest receivable			4,726				357				1,890				2,479				4,726
Derivative financial instruments			366				-				366				-				366
Financial liabilities:
Non-maturity deposits		$	(1,023,903	)		$	(1,023,903	)		$	-			$	-			$	(1,023,903	)
Certificates of deposit			(93,234	)			-				(90,912	)			-				(90,912	)
FHLB borrowings			(74,900	)			-				(74,900	)			-				(74,900	)
Subordinated debentures			(21,651	)			-				(17,733	)			-				(17,733	)
Other borrowings			(16,349	)			-				(16,502	)			-				(16,502	)
Accrued interest payable			(248	)			-				(248	)			-				(248	)

		As of December 31, 2021
		Carrying
		amount				Level 1				Level 2				Level 3				Total
Financial assets:
Cash and cash equivalents		$	189,213			$	189,213			$	-			$	-			$	189,213
Interest-bearing deposits at other banks			7,378				-				7,378				-				7,378
Investment securities available-for-sale			380,717				42,675				338,042				-				380,717
Bank stocks, at cost			2,905				n/a				n/a				n/a				n/a
Loans, net			653,233				-				-				663,625				663,625
Loans held for sale			4,795				-				4,795				-				4,795
Mortgage servicing rights			4,193				-				6,722				-				6,722
Accrued interest receivable			4,405				107				1,666				2,632				4,405
Derivative financial instruments			494				-				494				-				494
Financial liabilities:
Non-maturity deposits		$	(1,042,374	)		$	(1,042,374	)		$	-			$	-			$	(1,042,374	)
Certificates of deposit			(106,107	)			-				(105,935	)			-				(105,935	)
Subordinated debentures			(21,651	)			-				(16,375	)			-				(16,375	)
Other borrowings			(7,403	)			-				(7,403	)			-				(7,403	)
Accrued interest payable			(125	)			-				(125	)			-				(125	)

Schedule of Fair Value, Assets Measured On Recurring Basis

The following tables represent the Company’s financial instruments that are measured at fair value on a recurring basis at September 30, 2022 and December 31, 2021, allocated to the appropriate fair value hierarchy:

 Schedule of Fair Value, Assets Measured On Recurring Basis

(Dollars in thousands)						As of September 30, 2022
						Fair value hierarchy
		Total				Level 1				Level 2				Level 3
Assets:
Available-for-sale investment securities:
U. S. treasury securities		$	127,445			$	127,445			$	-			$	-
U. S. federal agency obligations			4,979				-				4,979				-
Municipal obligations, tax exempt			128,392				-				128,392				-
Municipal obligations, taxable			61,959				-				61,959				-
Agency mortgage-backed securities			161,331				-				161,331				-
Loans held for sale			2,741				-				2,741				-
Derivative financial instruments			366				-				366				-

						As of December 31, 2021
						Fair value hierarchy
		Total				Level 1				Level 2				Level 3
Assets:
Available-for-sale investment securities:
U. S. treasury securities		$	42,675			$	42,675			$	-			$	-
U. S. federal agency obligations			17,195				-				17,195				-
Municipal obligations, tax exempt			137,984				-				137,984				-
Municipal obligations, taxable			40,046				-				40,046				-
Agency mortgage-backed securities			142,817				-				142,817				-
Loans held for sale			4,795				-				4,795				-
Derivative financial instruments			494				-				494				-

Schedule of Fair Value Contractual Balance and Gain Loss On Loans Held for Sale

The aggregate fair value, contractual balance (including accrued interest), and gain on loans held for sale were as follows:

 Schedule of Fair Value Contractual Balance and Gain Loss On Loans Held for Sale

		As of				As of
		September 30,				December 31,
(Dollars in thousands)		2022				2021
Aggregate fair value		$	2,741			$	4,795
Contractual balance			2,740				4,651
Gain		$	1			$	144

Schedule of Gains and Losses from Changes in Fair Value of Loans Held for Sale

 Schedule of Gains and Losses from Changes in Fair Value of Loans Held for Sale

		Three months ended								Nine months ended
		September 30,								September 30,
(Dollars in thousands)		2022				2021				2022				2021
Total change in fair value		$	(100	)		$	(279	)		$	(128	)		$	(506	)

Schedule of Fair Value Measurements On Nonrecurring, Valuation Techniques

The following table presents quantitative information about Level 3 fair value measurements measured at fair value on a nonrecurring basis as of September 30, 2022 and December 31, 2021.

 Schedule of Fair Value Measurements On Nonrecurring, Valuation Techniques

(Dollars in thousands)

Fair value

Valuation technique

Unobservable inputs

Range

As of September 30, 2022

Impaired loans:

Commercial

$

118

Sales comparison

Adjustment to comparable value

0%-25

%

As of December 31, 2021

Impaired loans:

Commercial

$

5

Sales comparison

Adjustment to comparable value

0

%

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis.

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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

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