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v3.23.3

Fair Value of Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2023
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, 2023 and December 31, 2022, including methods and assumptions utilized, are set forth below: Schedule of Fair Value, by Balance Sheet Grouping
|  | As of September 30, 2023 |
|  | Carrying |  |  |  |  |  |  |  |  |  |  |  |  |
|  | amount |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 23,821 |  |  | $ | 23,821 |  |  | $ | - |  |  | $ | - |  |  | $ | 23,821 |
Interest-bearing deposits at other banks |  |  | 5,904 |  |  |  | - |  |  |  | 5,904 |  |  |  | - |  |  |  | 5,904 |
Investment securities available-for-sale |  |  | 456,857 |  |  |  | 118,341 |  |  |  | 338,516 |  |  |  | - |  |  |  | 456,857 |
Investment securities held-to-maturity |  |  | 3,525 |  |  |  | - |  |  |  | 3,225 |  |  |  | - |  |  |  | 3,225 |
Bank stocks, at cost |  |  | 8,009 |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |
Loans, net |  |  | 926,060 |  |  |  | - |  |  |  | - |  |  |  | 904,001 |  |  |  | 904,001 |
Loans held for sale |  |  | 1,857 |  |  |  | - |  |  |  | 1,857 |  |  |  | - |  |  |  | 1,857 |
Mortgage servicing rights |  |  | 3,368 |  |  |  | - |  |  |  | 10,763 |  |  |  | - |  |  |  | 10,763 |
Accrued interest receivable |  |  | 7,178 |  |  |  | 403 |  |  |  | 2,098 |  |  |  | 4,677 |  |  |  | 7,178 |
Derivative financial instruments |  |  | 139 |  |  |  | - |  |  |  | 139 |  |  |  | - |  |  |  | 139 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-maturity deposits |  | $ | (1,138,809 | ) |  | $ | (1,138,809 | ) |  | $ | - |  |  | $ | - |  |  | $ | (1,138,809 | )
Certificates of deposit |  |  | (169,225 | ) |  |  | - |  |  |  | (167,274 | ) |  |  | - |  |  |  | (167,274 | )
FHLB and other borrowings |  |  | (82,569 | ) |  |  | - |  |  |  | (82,255 | ) |  |  | - |  |  |  | (82,255 | )
Subordinated debentures |  |  | (21,651 | ) |  |  | - |  |  |  | (16,999 | ) |  |  | - |  |  |  | (16,999 | )
Repurchase agreements |  |  | (12,590 | ) |  |  | - |  |  |  | (12,590 | ) |  |  | - |  |  |  | (12,590 | )
Accrued interest payable |  |  | (1,589 | ) |  |  | - |  |  |  | (1,589 | ) |  |  | - |  |  |  | (1,589 | )
|  | 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 and other borrowings |  |  | (17,200 | ) |  |  | - |  |  |  | (14,981 | ) |  |  | - |  |  |  | (14,981 | )
Subordinated debentures |  |  | (21,651 | ) |  |  | - |  |  |  | (18,189 | ) |  |  | - |  |  |  | (18,189 | )
Repurchase agreements |  |  | (29,402 | ) |  |  | - |  |  |  | (29,402 | ) |  |  | - |  |  |  | (29,402 | )
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 September 30, 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 September 30, 2023 |
|  |  |  |  | Fair value hierarchy |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale investment securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. treasury securities |  | $ | 118,341 |  |  | $ | 118,341 |  |  | $ | - |  |  | $ | - |
Municipal obligations, tax exempt |  |  | 115,706 |  |  |  | - |  |  |  | 115,706 |  |  |  | - |
Municipal obligations, taxable |  |  | 73,993 |  |  |  | - |  |  |  | 73,993 |  |  |  | - |
Agency mortgage-backed securities |  |  | 148,817 |  |  |  | - |  |  |  | 148,817 |  |  |  | - |
Loans held for sale |  |  | 1,857 |  |  |  | - |  |  |  | 1,857 |  |  |  | - |
Derivative financial instruments |  |  | 139 |  |  |  | - |  |  |  | 139 |  |  |  | - |
|  |  |  |  | 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 gains 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) |  | 2023 |  |  | 2022 |
Aggregate fair value |  | $ | 1,857 |  |  | $ | 2,488 |
Contractual balance |  |  | 1,846 |  |  |  | 2,468 |
Gain |  | $ | 11 |  |  | $ | 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 |  |  | Nine months ended |
|  | September 30, |  |  | September 30, |
(Dollars in thousands) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Total change in fair value |  | $ | (143 | ) |  | $ | (100 | ) |  | $ | 13 |  |  | $ | (128 | )
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, 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 September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans: |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 1,567 |  |  | Sales comparison |  | Adjustment to comparable value |  |  | 0%-30 | %
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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