Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Measurement [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 and 2021.

December 31, 2022	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
U.S. Treasury securities	$	113,815	$	113,815	$	—	$	—
Securities of U.S. government agencies and corporations		118,911		—		118,911		—
Obligations of states and political subdivisions		53,326		—		53,326		—
Collateralized mortgage obligations		95,350		—		95,350		—
Mortgage-backed securities		236,690		—		236,690		—
Total investments at fair value	$	618,092	$	113,815	$	504,277	$	—

December 31, 2021	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
U.S. Treasury securities	$	86,211	$	86,211	$	—	$	—
Securities of U.S. government agencies and corporations		102,610		—		102,610		—
Obligations of states and political subdivisions		45,985		—		45,985		—
Collateralized mortgage obligations		135,652		—		135,652		—
Mortgage-backed securities		261,755		—		261,755		—
Total investments at fair value	$	632,213	$	86,211	$	546,002	$	—

Assets Measured at Fair Value on a Non-recurring Basis

Assets measured at fair value on a non-recurring basis are included in the table below by level within the fair value hierarchy as of December 31, 2021.

December 31, 2021	Total		Level 1		Level 2		Level 3
Impaired loans	$	33	$	—	$	—	$	33
Mortgage servicing rights		1,531		—		—		1,531
Total assets at fair value	$	1,564	$	—	$	—	$	1,564

Key Methods and Assumptions Used in Measuring Fair Value

Key methods and assumptions used in measuring the fair value of impaired loans and mortgage servicing rights as of December 31, 2021, were as follows:

	Method	Assumption Inputs
Impaired loans	Collateral, market, income, enterprise, liquidation, and discounted cash flows	External appraised values, management assumptions regarding market trends or other relevant factors, selling costs generally ranging from 6% to 10%, or the amount and timing of cash flows based on the loan’s effective interest rate.
Mortgage servicing rights	Discounted cash flows	Present value of expected future cash flows was estimated using a weighted average discount rate factor of 9.50% as of December 31, 2021. A weighted average constant prepayment rate of 15.73% as of December 31, 2021 was utilized.

Estimated Fair Value of Financial Instruments

The following table summarizes fair value estimates for financial instruments for the years ended December 31, 2022 and 2021, excluding financial instruments recorded at fair value on a recurring basis (summarized in the first table in this note).

			2022				2021
	Level		Carrying amount		Fair value		Carrying amount		Fair value
Financial assets:
Cash and cash equivalents		1	$	187,417	$	187,417	$	345,929	$	345,929
Certificates of deposit		2		20,948		20,560		13,272		13,443
Stock in Federal Home Loan Bank and other equity securities, at cost		3		9,440		9,440		7,097		7,097
Loans receivable:
Net loans		3		970,138		929,163		852,717		830,967
Loans held-for-sale		2		—		—		1,063		1,089
Interest receivable		2		5,745		5,745		4,571		4,571
Mortgage servicing rights		3		1,650		2,101		1,531		1,531
Financial liabilities:
Deposits		3		1,726,874		1,372,411		1,728,302		1,678,658
Interest payable		2		93		93		42		42