Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value

Schedule of estimated fair values of financial instruments

	Carrying				Fair Value Measurements Using
(Dollars in thousands)	Amount		Fair Value		Level 1		Level 2		Level 3
December 31, 2023
Assets
Cash and cash equivalents	$	126,659	$	126,659	$	126,659	$	—	$	—
Investment securities available for sale		20,171		20,171		—		20,171		—
Investment securities held to maturity		685,728		568,128		—		568,128		—
Loans receivable, net		1,303,431		1,120,704		—		—		1,120,704
FHLB stock		12,192		12,192		—		12,192		—
FRB stock		3,180		3,180		—		3,180		—
Accrued interest receivable		6,105		6,105		79		1,441		4,585
Liabilities
Deposits		1,636,604		1,633,164		—		1,104,171		528,993
Advances from the Federal Home Loan Bank		242,000		238,380		—		238,380		—
Advances from the Federal Reserve Bank		50,000		50,049				50,049		—
Securities sold under agreements to repurchase		10,000		9,700		—		9,700		—
Accrued interest payable		1,183		1,183		—		157		1,026
December 31, 2022
Assets
Cash and cash equivalents	$	40,553	$	40,553	$	40,553	$	—	$	—
Investment securities available for sale		20,821		20,821		—		20,821		—
Investment securities held to maturity		717,773		591,084		—		591,084		—
Loans receivable, net		1,294,764		1,180,840		—		—		1,180,840
FHLB stock		8,197		8,197		—		8,197		—
FRB stock		3,170		3,170		—		3,170		—
Accrued interest receivable		6,115		6,115		23		1,497		4,595
Liabilities
Deposits		1,716,152		1,708,612		—		1,286,465		422,147
Advances from the Federal Home Loan Bank		141,000		133,145		—		133,145		—
Securities sold under agreements to repurchase		10,000		9,440		—		9,440		—
Accrued interest payable		701		701		—		33		668

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

(Dollars in thousands)	Level 1		Level 2		Level 3		Total
December 31, 2023
Investment securities available for sale	$	—	$	20,171	$	—	$	20,171
December 31, 2022
Investment securities available for sale	$	—	$	20,821	$	—	$	20,821

There were no assets or liabilities measured at fair value on a nonrecurring basis as of December 31, 2023 or 2022.