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

3 Months Ended

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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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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