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Fair Value of Financial Instruments and Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Fair Value Estimates of Financial Instruments | Fair value estimates of the Company’s financial instruments as of June 30, 2024 and December 31, 2023, including methods and assumptions utilized, are set forth below: Schedule of Fair Value Estimates of Financial Instruments
|  | As of June 30, 2024 |
|  | Carrying |  |  |  |  |  |  |  |  |  |  |  |  |
|  | amount |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 23,889 |  |  | $ | 23,889 |  |  | $ | - |  |  | $ | - |  |  | $ | 23,889 |
Interest-bearing deposits at other banks |  |  | 4,881 |  |  |  | - |  |  |  | 4,881 |  |  |  | - |  |  |  | 4,881 |
Investment securities available-for-sale |  |  | 420,459 |  |  |  | 89,325 |  |  |  | 331,134 |  |  |  | - |  |  |  | 420,459 |
Investment securities held-to-maturity |  |  | 3,613 |  |  |  | - |  |  |  | 3,128 |  |  |  | - |  |  |  | 3,128 |
Bank stocks, at cost |  |  | 9,647 |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |
Loans, net |  |  | 969,089 |  |  |  | - |  |  |  | - |  |  |  | 950,520 |  |  |  | 950,520 |
Loans held for sale |  |  | 2,513 |  |  |  | - |  |  |  | 2,513 |  |  |  | - |  |  |  | 2,513 |
Mortgage servicing rights |  |  | 2,997 |  |  |  | - |  |  |  | 9,774 |  |  |  | - |  |  |  | 9,774 |
Accrued interest receivable |  |  | 7,150 |  |  |  | 284 |  |  |  | 2,128 |  |  |  | 4,738 |  |  |  | 7,150 |
Derivative financial instruments |  |  | 315 |  |  |  | - |  |  |  | 315 |  |  |  | - |  |  |  | 315 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-maturity deposits |  | $ | (1,058,012 | ) |  | $ | (1,058,012 | ) |  | $ | - |  |  | $ | - |  |  | $ | (1,058,012 | )
Certificates of deposit |  |  | (192,470 | ) |  |  | - |  |  |  | (191,115 | ) |  |  | - |  |  |  | (191,115 | )
FHLB and other borrowings |  |  | (131,330 | ) |  |  | - |  |  |  | (131,129 | ) |  |  | - |  |  |  | (131,129 | )
Subordinated debentures |  |  | (21,651 | ) |  |  | - |  |  |  | (18,474 | ) |  |  | - |  |  |  | (18,474 | )
Repurchase agreements |  |  | (8,745 | ) |  |  | - |  |  |  | (8,745 | ) |  |  | - |  |  |  | (8,745 | )
Accrued interest payable |  |  | (2,230 | ) |  |  | - |  |  |  | (2,230 | ) |  |  | - |  |  |  | (2,230 | )
|  | As of December 31, 2023 |
|  | Carrying |  |  |  |  |  |  |  |  |  |  |  |  |
|  | amount |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 27,101 |  |  | $ | 27,101 |  |  | $ | - |  |  | $ | - |  |  | $ | 27,101 |
Interest-bearing deposits at other banks |  |  | 4,918 |  |  |  | - |  |  |  | 4,918 |  |  |  | - |  |  |  | 4,918 |
Investment securities available-for-sale |  |  | 452,769 |  |  |  | 95,667 |  |  |  | 357,102 |  |  |  | - |  |  |  | 452,769 |
Investment securities held-to-maturity |  |  | 3,555 |  |  |  | - |  |  |  | 3,049 |  |  |  | - |  |  |  | 3,049 |
Bank stocks, at cost |  |  | 8,123 |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |
Loans, net |  |  | 937,619 |  |  |  | - |  |  |  | - |  |  |  | 920,984 |  |  |  | 920,984 |
Loans held for sale |  |  | 853 |  |  |  | - |  |  |  | 853 |  |  |  | - |  |  |  | 853 |
Mortgage servicing rights |  |  | 3,158 |  |  |  | - |  |  |  | 9,498 |  |  |  | - |  |  |  | 9,498 |
Accrued interest receivable |  |  | 7,341 |  |  |  | 327 |  |  |  | 2,280 |  |  |  | 4,734 |  |  |  | 7,341 |
Derivative financial instruments |  |  | 114 |  |  |  | - |  |  |  | 114 |  |  |  | - |  |  |  | 114 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-maturity deposits |  | $ | (1,133,097 | ) |  | $ | (1,133,097 | ) |  | $ | - |  |  | $ | - |  |  | $ | (1,133,097 | )
Certificates of deposit |  |  | (183,154 | ) |  |  | - |  |  |  | (181,655 | ) |  |  | - |  |  |  | (181,655 | )
FHLB and other borrowings |  |  | (64,662 | ) |  |  | - |  |  |  | (65,478 | ) |  |  | - |  |  |  | (65,478 | )
Subordinated debentures |  |  | (21,651 | ) |  |  | - |  |  |  | (18,906 | ) |  |  | - |  |  |  | (18,906 | )
Repurchase agreements |  |  | (12,714 | ) |  |  | - |  |  |  | (12,714 | ) |  |  | - |  |  |  | (12,714 | )
Accrued interest payable |  |  | (1,979 | ) |  |  | - |  |  |  | (1,979 | ) |  |  | - |  |  |  | (1,979 | )
Derivative financial instruments |  |  | (14 | ) |  |  | - |  |  |  | (14 | ) |  |  | - |  |  |  | (14 | )
Schedule of Fair Value Instruments Measured On Recurring Basis | The following tables represent the Company’s financial instruments that are measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023, allocated to the appropriate fair value hierarchy: Schedule of Fair Value Instruments Measured On Recurring Basis
(Dollars in thousands) |  |  |  |  | As of June 30, 2024 |
|  |  |  |  | Fair value hierarchy |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale investment securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. treasury securities |  | $ | 89,325 |  |  | $ | 89,325 |  |  | $ | - |  |  | $ | - |
Municipal obligations, tax exempt |  |  | 114,047 |  |  |  | - |  |  |  | 114,047 |  |  |  | - |
Municipal obligations, taxable |  |  | 74,588 |  |  |  | - |  |  |  | 74,588 |  |  |  | - |
Agency mortgage-backed securities |  |  | 142,499 |  |  |  | - |  |  |  | 142,499 |  |  |  | - |
Loans held for sale |  |  | 2,513 |  |  |  | - |  |  |  | 2,513 |  |  |  | - |
Derivative financial instruments |  |  | 315 |  |  |  | - |  |  |  | 315 |  |  |  | - |
|  |  |  |  | As of December 31, 2023 |
|  |  |  |  | Fair value hierarchy |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale investment securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. treasury securities |  | $ | 95,667 |  |  | $ | 95,667 |  |  | $ | - |  |  | $ | - |
Municipal obligations, tax exempt |  |  | 120,623 |  |  |  | - |  |  |  | 120,623 |  |  |  | - |
Municipal obligations, taxable |  |  | 79,083 |  |  |  | - |  |  |  | 79,083 |  |  |  | - |
Agency mortgage-backed securities |  |  | 157,396 |  |  |  | - |  |  |  | 157,396 |  |  |  | - |
Loans held for sale |  |  | 853 |  |  |  | - |  |  |  | 853 |  |  |  | - |
Derivative financial instruments |  |  | 114 |  |  |  | - |  |  |  | 114 |  |  |  | - |
Liability: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments |  |  | (14 | ) |  |  | - |  |  |  | (14 | ) |  |  | - |
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 as of June 30, 2024 and December 31, 2023 were as follows: Schedule of Fair Value Contractual Balance and Gain Loss On Loans Held for Sale
|  | As of |  |  | As of |
|  | June 30, |  |  | December 31, |
(Dollars in thousands) |  | 2024 |  |  | 2023 |
Aggregate fair value |  | $ | 2,513 |  |  | $ | 853 |
Contractual balance |  |  | 2,481 |  |  |  | 848 |
Gain |  | $ | 32 |  |  | $ | 5 |
Schedule of Gains from Changes in Fair Value of Derivative Financial Instruments | Schedule of Gains from Changes in Fair Value of Derivative Financial Instruments
|  | Three months ended |  |  | Six months ended |
|  | June 30, |  |  | June 30, |
(Dollars in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Total change in fair value |  | $ | 70 |  |  | $ | 45 |  |  | $ | 215 |  |  | $ | 156 |
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 June 30, 2024 and December 31, 2023: Schedule of Fair Value Measurements On Nonrecurring, Valuation Techniques
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |
|  | Fair value |  |  | Valuation technique |  | Unobservable inputs |  | Range |
As of June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Individual evaluated loans: |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 2,351 |  |  | Sales comparison |  | Adjustment to comparable value |  |  | 0%-75 | %
Real estate held-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate |  |  | 3,216 |  |  | Sales comparison |  | Adjustment to comparable value |  |  | 32 | %
As of December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Individual evaluated loans: |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential real estate |  | $ | 31 |  |  | Sales comparison |  | Adjustment to appraised value |  |  | 7 | %
Commercial |  |  | 1,386 |  |  | Sales comparison |  | Adjustment to comparable value |  |  | 0%-50 | %
Real estate owned: |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential real estate |  |  | 266 |  |  | Sales comparison |  | Adjustment to appraised value |  |  | 10 | %

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