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v3.23.1

Fair Value of Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2023
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, by Balance Sheet Grouping | Fair value estimates of the Company’s financial instruments as of March 31, 2023 and December 31, 2022, including methods and assumptions utilized, are set forth below: Schedule of Fair Value, by Balance Sheet Grouping
|  | As of March 31, 2023 |
|  | Carrying |  |  |  |  |  |  |  |  |  |  |  |  |
|  | amount |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 23,764 |  |  | $ | 23,764 |  |  | $ | - |  |  | $ | - |  |  | $ | 23,764 |
Interest-bearing deposits at other banks |  |  | 8,586 |  |  |  | - |  |  |  | 8,586 |  |  |  | - |  |  |  | 8,586 |
Investment securities available-for-sale |  |  | 490,170 |  |  |  | 121,759 |  |  |  | 368,411 |  |  |  | - |  |  |  | 490,170 |
Investment securities held-to-maturity |  |  | 3,467 |  |  |  | - |  |  |  | 3,149 |  |  |  | - |  |  |  | 3,149 |
Bank stocks, at cost |  |  | 6,876 |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |
Loans, net |  |  | 859,541 |  |  |  | - |  |  |  | - |  |  |  | 849,337 |  |  |  | 849,337 |
Loans held for sale |  |  | 1,839 |  |  |  | - |  |  |  | 1,839 |  |  |  | - |  |  |  | 1,839 |
Mortgage servicing rights |  |  | 3,652 |  |  |  | - |  |  |  | 9,943 |  |  |  | - |  |  |  | 9,943 |
Accrued interest receivable |  |  | 5,756 |  |  |  | 332 |  |  |  | 2,015 |  |  |  | 3,409 |  |  |  | 5,756 |
Derivative financial instruments |  |  | 289 |  |  |  | - |  |  |  | 289 |  |  |  | - |  |  |  | 289 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-maturity deposits |  | $ | (1,179,841 | ) |  | $ | (1,179,841 | ) |  | $ | - |  |  | $ | - |  |  | $ | (1,179,841 | )
Certificates of deposit |  |  | (114,189 | ) |  |  | - |  |  |  | (112,033 | ) |  |  | - |  |  |  | - |
FHLB borrowings |  |  | (37,804 | ) |  |  | - |  |  |  | (37,804 | ) |  |  | - |  |  |  | (37,804 | )
Subordinated debentures |  |  | (21,651 | ) |  |  | - |  |  |  | (17,357 | ) |  |  | - |  |  |  | - |
Other borrowings |  |  | (28,750 | ) |  |  | - |  |  |  | (28,594 | ) |  |  | - |  |  |  | - |
Accrued interest payable |  |  | (707 | ) |  |  | - |  |  |  | (707 | ) |  |  | - |  |  |  | (707 | )
Derivative financial instruments |  |  | (53 | ) |  |  | - |  |  |  | (53 | ) |  |  | - |  |  |  | (53 | )
|  | As of December 31, 2022 |
|  | Carrying |  |  |  |  |  |  |  |  |  |  |  |  |
|  | amount |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 23,156 |  |  | $ | 23,156 |  |  | $ | - |  |  | $ | - |  |  | $ | 23,156 |
Interest-bearing deposits at other banks |  |  | 9,084 |  |  |  | - |  |  |  | 9,084 |  |  |  | - |  |  |  | 9,084 |
Investment securities available-for-sale |  |  | 489,306 |  |  |  | 123,111 |  |  |  | 366,195 |  |  |  | - |  |  |  | 489,306 |
Investment securities held-to-maturity |  |  | 3,524 |  |  |  | - |  |  |  | 3,452 |  |  |  | - |  |  |  | 3,452 |
Bank stocks, at cost |  |  | 5,470 |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |
Loans, net |  |  | 841,149 |  |  |  | - |  |  |  | - |  |  |  | 828,726 |  |  |  | 828,726 |
Loans held for sale |  |  | 2,488 |  |  |  | - |  |  |  | 2,488 |  |  |  | - |  |  |  | 2,488 |
Mortgage servicing rights |  |  | 3,813 |  |  |  | - |  |  |  | 10,282 |  |  |  | - |  |  |  | 10,282 |
Accrued interest receivable |  |  | 5,879 |  |  |  | 426 |  |  |  | 2,150 |  |  |  | 3,303 |  |  |  | 5,879 |
Derivative financial instruments |  |  | 126 |  |  |  | - |  |  |  | 126 |  |  |  | - |  |  |  | 126 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-maturity deposits |  | $ | (1,207,371 | ) |  | $ | (1,207,371 | ) |  | $ | - |  |  | $ | - |  |  | $ | (1,207,371 | )
Certificates of deposit |  |  | (93,278 | ) |  |  | - |  |  |  | (90,760 | ) |  |  | - |  |  |  | (90,760 | )
FHLB borrowings |  |  | (8,200 | ) |  |  | - |  |  |  | (8,200 | ) |  |  | - |  |  |  | (8,200 | )
Subordinated debentures |  |  | (21,651 | ) |  |  | - |  |  |  | (18,189 | ) |  |  | - |  |  |  | (18,189 | )
Other borrowings |  |  | (38,402 | ) |  |  | - |  |  |  | (36,183 | ) |  |  | - |  |  |  | (36,183 | )
Accrued interest payable |  |  | (439 | ) |  |  | - |  |  |  | (439 | ) |  |  | - |  |  |  | (439 | )
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 March 31, 2023 and December 31, 2022, allocated to the appropriate fair value hierarchy: Schedule of Fair Value, Assets Measured On Recurring Basis
(Dollars in thousands) |  |  |  |  | As of March 31, 2023 |
|  |  |  |  | Fair value hierarchy |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale investment securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. treasury securities |  | $ | 121,759 |  |  | $ | 121,759 |  |  | $ | - |  |  | $ | - |
U. S. federal agency obligations |  |  | 1,993 |  |  |  | - |  |  |  | 1,993 |  |  |  | - |
Municipal obligations, tax exempt |  |  | 128,281 |  |  |  | - |  |  |  | 128,281 |  |  |  | - |
Municipal obligations, taxable |  |  | 73,468 |  |  |  | - |  |  |  | 73,468 |  |  |  | - |
Agency mortgage-backed securities |  |  | 164,669 |  |  |  | - |  |  |  | 164,669 |  |  |  | - |
Loans held for sale |  |  | 1,839 |  |  |  | - |  |  |  | 1,839 |  |  |  | - |
Derivative financial instruments |  |  | 289 |  |  |  | - |  |  |  | 289 |  |  |  | - |
Liability: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments |  |  | (53 | ) |  |  | - |  |  |  | (53 | ) |  |  | - |
|  |  |  |  | As of December 31, 2022 |
|  |  |  |  | Fair value hierarchy |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale investment securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. treasury securities |  | $ | 123,111 |  |  | $ | 123,111 |  |  | $ | - |  |  | $ | - |
U. S. federal agency obligations |  |  | 1,988 |  |  |  | - |  |  |  | 1,988 |  |  |  | - |
Municipal obligations, tax exempt |  |  | 127,262 |  |  |  | - |  |  |  | 127,262 |  |  |  | - |
Municipal obligations, taxable |  |  | 67,244 |  |  |  | - |  |  |  | 67,244 |  |  |  | - |
Agency mortgage-backed securities |  |  | 169,701 |  |  |  | - |  |  |  | 169,701 |  |  |  | - |
Loans held for sale |  |  | 2,488 |  |  |  | - |  |  |  | 2,488 |  |  |  | - |
Derivative financial instruments |  |  | 126 |  |  |  | - |  |  |  | 126 |  |  |  | - |
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 |
(Dollars in thousands) |  | March 30, 2023 |  |  | December 31, 2022 |
Aggregate fair value |  | $ | 1,839 |  |  | $ | 2,488 |
Contractual balance |  |  | 1,826 |  |  |  | 2,468 |
Gain |  | $ | 13 |  |  | $ | 20 |
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 |
|  | March 31, |
(Dollars in thousands) |  | 2023 |  |  | 2022 |
Total change in fair value |  | $ | 111 |  |  | $ | (13 | )
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 March 31, 2023 and December 31, 2022. Schedule of Fair Value Measurements On Nonrecurring, Valuation Techniques
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |
|  | Fair value |  |  | Valuation technique |  | Unobservable inputs |  | Range |
As of March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans: |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 379 |  |  | Sales comparison |  | Adjustment to comparable value |  |  | 0%-25 | %
As of December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans: |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 101 |  |  | Sales comparison |  | Adjustment to comparable value |  |  | 0%-25 | %
Real estate owned: |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential real estate |  |  | 272 |  |  | Sales comparison |  | Adjustment to appraised value |  |  | 15 | %
Commercial real estate |  |  | 234 |  |  | Sales comparison |  | Adjustment to appraised value |  |  | 15 | %

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