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

9 Months Ended

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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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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