Fair value of financial instruments (Tables)

12 Months Ended

Dec. 31, 2023

Fair value of financial instruments

Schedule of assets and liabilities measured at fair value on a recurring basis

	Fair Value Measurement Using
			Quoted Prices in		Significant		Significant
			Active Markets for		Other Observable		Unobservable
(Dollars in thousands)			Identical Assets		Inputs		Inputs
December 31, 2023	Amount		(Level 1)		(Level 2)		(Level 3)
U.S. Treasury securities	$	184,057	$	184,057	$		$
U.S. government-sponsored enterprises		2,152				2,152
State and municipals:
Taxable		57,100				57,100
Tax-exempt		67,124				67,124
Mortgage-backed securities:
U.S. government agencies		724				724
U.S. government-sponsored enterprises		84,040				84,040
Corporate debt securities		3,730				3,730
Common equity securities		98		98
Total investment securities	$	399,025	$	184,155	$	214,870	$
Interest rate floor-other assets	$				$
Interest rate swap-other assets	$	19,278			$	19,278
Interest rate swap-other liabilities	$	(18,808)			$	(18,808)

	Fair Value Measurement Using
			Quoted Prices in		Significant		Significant
			Active Markets for		Other Observable		Unobservable
(Dollars in thousands)			Identical Assets		Inputs		Inputs
December 31, 2022	Amount		(Level 1)		(Level 2)		(Level 3)
U.S. Treasury securities	$	180,297	$	180,297	$		$
U.S. government-sponsored enterprises		16,370				16,370
State and municipals:
Taxable		55,358				55,358
Tax-exempt		88,407				88,407
Mortgage-backed securities:
U.S. government agencies		942				942
U.S. government-sponsored enterprises		132,703				132,703
Corporate debt securities		3,626				3,626
Common equity securities		110		110
Total investment securities	$	477,813	$	180,407	$	297,406	$
Interest rate floor-other assets	$	1			$	1
Interest rate swap-other assets	$	21,794			$	21,794
Interest rate swap-other liabilities	$	(21,466)			$	(21,466)

Schedule of assets and liabilities measured at fair value on a nonrecurring basis

	Fair Value Measurement Using
			Quoted Prices in	Significant	Significant
			Active Markets for	Other Observable	Unobservable
(Dollars in thousands)			Identical Assets	Inputs	Inputs
December 31, 2023	Amount		(Level 1)	(Level 2)	(Level 3)
Loans individually evaluated for credit loss	$	4,740	$	$	$	4,740

	Fair Value Measurement Using
			Quoted Prices in	Significant Other	Significant
			Active Markets for	Observable	Unobservable
(Dollars in thousands)			Identical Assets	Inputs	Inputs
December 31, 2022	Amount		(Level 1)	(Level 2)	(Level 3)
Impaired loans	$	220	$	$	$	220

Schedule of additional quantitative information about assets measured at fair value on a nonrecurring basis

	Quantitative Information about Level 3 Fair Value Measurements
(Dollars in thousands, except percents)	Fair Value				Range
December 31, 2023	Estimate		Valuation Techniques	Unobservable Input	(Weighted Average)
Loans individually evaluated for credit loss	$	4,740	Appraisal of collateral	Appraisal adjustments	22.8% to 82.4%  (63.6)%
				Liquidation expenses	3.0% to 6.0% (5.2)%

	Quantitative Information about Level 3 Fair Value Measurements
(Dollars in thousands, except percents)	Fair Value				Range
December 31, 2022	Estimate		Valuation Techniques	Unobservable Input	(Weighted Average)
Impaired loans	$	220	Appraisal of collateral	Appraisal adjustments	21.6% to 97.0%  (77.7)%
				Liquidation expenses	3.0% to 6.0% (4.9)%

Schedule of carrying and fair values of financial instruments

					Fair Value Hierarchy
					Quoted
					Prices in
					Active		Significant
					Markets for		Other		Significant
					Identical		Observable		Unobservable
(Dollars in thousands)	Carrying		Fair		Assets		Inputs		Inputs
December 31, 2023	Value		Value		(Level 1)		(Level 2)		(Level 3)
Financial assets:
Cash and due from banks	$	187,365	$	187,365	$	187,365	$		$
Investment securities:
Available-for-sale		398,927		398,927		184,057		214,870
Common equity securities		98		98		98
Held-to-maturity		84,851		71,698				71,698
Net loans		2,828,002		2,593,151						2,593,151
Accrued interest receivable		12,734		12,734				12,734
Mortgage servicing rights		870		1,745				1,745
Restricted equity securities (FHLB and other)		5,180		5,180				5,180
Interest rate floor
Interest rate swaps		19,278		19,278				19,278
Total	$	3,537,555	$	3,290,426
Financial liabilities:
Deposits	$	3,279,037	$	3,274,774	$		$	3,274,774	$
Short-term borrowings		17,590		17,590				17,590
Long-term debt		25,000		24,924				24,924
Subordinated debt		33,000		45,504				45,504
Accrued interest payable		5,765		5,765				5,765
Interest rate swaps		18,808		18,808				18,808
Total	$	3,379,200	$	3,387,365

					Fair Value Hierarchy
					Quoted
					Prices in
					Active		Significant
					Markets for		Other		Significant
					Identical		Observable		Unobservable
(Dollars in thousands)	Carrying		Fair		Assets		Inputs		Inputs
December 31, 2022	Value		Value		(Level 1)		(Level 2)		(Level 3)
Financial assets:
Cash and due from banks	$	37,868	$	37,868	$	37,868	$		$
Investment securities:
Available-for-sale		477,703		477,703		180,297		294,706
Common equity securities		110		110		110
Held-to-maturity		91,179		76,563				76,563
Net loans		2,702,644		2,562,780						2,562,780
Accrued interest receivable		11,715		11,715				11,715
Mortgage servicing rights		914		1,762				1,762
Restricted equity securities (FHLB and other)		9,630		9,630				9,630
Interest rate floor		1		1				1
Interest rate swaps		21,794		21,794				21,794
Total	$	3,353,558	$	3,199,926
Financial liabilities:
Deposits	$	3,046,598	$	3,035,615	$		$	3,035,615	$
Short-term borrowings		114,930		114,743				114,743
Long-term debt		555		555				555
Subordinated debt		33,000		53,998				53,998
Accrued interest payable		903		903				903
Interest rate swaps		21,466		21,466				21,466
Total	$	3,217,452	$	3,227,280