Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Measured at Fair Value on a Recurring Basis

The following tables present the balances measured at fair value on a recurring basis:

			Fair Value Measurements at December 31, 2021 Using:
(Dollars in thousands)			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	Balance		(Level 1)		(Level 2)		(Level 3)
Assets:
U.S. Government agencies	$	31,581	$	-	$	31,581	$	-
Mortgage-backed securities/CMOs		170,964		-		170,964		-
Municipal bonds		101,272		-		101,272		-
Total securities available for sale	$	303,817	$	-	$	303,817	$	-
Liabilities:
Interest rate swaps	$	641			$	641
Total liabilities at fair value	$	641	$	-	$	641	$	-

			Fair Value Measurements at December 31, 2020 Using:
(Dollars in thousands)			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	Balance		(Level 1)		(Level 2)		(Level 3)
Assets:
U.S. Government agencies	$	25,305	$	-	$	25,305	$	-
Corporate bonds		78,100		-		78,100		-
Mortgage-backed securities/CMOs		70,681		-		70,681		-
Municipal bonds	$	174,086	$	-	$	174,086	$	-
Total securities available for sale	$	348,172	$	-	$	348,172	$	-

Summary of Assets Measured at Fair Value on a Nonrecurring Basis

The following table presents the Company’s assets that were measured at fair value on a nonrecurring basis as of December 31, 2021. There were no such assets to report as of December 31, 2020.

			Fair Value Measurements at December 31, 2021 Using:
(Dollars in thousands)			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	Balance		(Level 1)		(Level 2)		(Level 3)
Assets:
Other Real Estate Owned	$	611	$	—	$	—	$	611

Summary of Quantitative Information About Level 3 Fair Value Measurements

For the assets measured at fair value on a nonrecurring basis as of December 31, 2021, the following table displays quantitative information about Level 3 Fair Value Measurements:

(Dollars in thousands)
Description	Fair Value		Valuation Technique	Unobservable Inputs	Weighted Average
Assets:
Other Real Estate Owned	$	611	Bonafide offer	Discount applied to bonafide offer *		6.0	%
* A discount percentage is applied based on estimated costs to sell.

Schedule of the Carrying Values and Estimated Fair Values of the Bank's Financial Instruments

The carrying values and estimated fair values of the Company’s financial instruments are as follows:

			Fair Value Measurements at December 31, 2021 Using:
(Dollars in thousands)			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Carrying value		Level 1		Level 2		Level 3		Fair Value
Assets
Cash and cash equivalent	$	508,840	$	508,840	$	-	$	-	$	508,840
Available for sale securities		303,817		-		303,817		-		303,817
Loans, net		1,055,227		-		-		1,059,650		1,059,650
Bank owned life insurance		31,234		-		31,234		-		31,234
Accrued interest receivable		3,778		-		1,252		2,526		3,778
Liabilities
Demand deposits and interest-bearing    transaction and money market accounts	$	1,634,125	$	-	$	1,634,125	$	-	$	1,634,125
Certificates of deposit		162,045		-		161,850		-		161,850
Junior subordinated debt		3,367		-		3,367		-		3,367
Accrued interest payable		174		-		174		-		174
Interest rate swaps		641		-		641		-		641

			Fair Value Measurements at December 31, 2020 Using:
(Dollars in thousands)			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Carrying value		Level 1		Level 2		Level 3		Fair Value
Assets
Cash and cash equivalent	$	34,695	$	34,695	$	-	$	-	$	34,695
Available for sale securities		174,086		-		174,086		-		174,086
Loans, net		603,951		-		-		602,859		602,859
Bank owned life insurance		16,849		-		16,849		-		16,849
Accrued interest receivable		2,904		-		729		2,175		2,904
Liabilities
Demand deposits and interest-bearing    transaction and money market accounts	$	631,662	$	-	$	631,662	$	-	$	631,662
Certificates of deposit		99,102		-		99,580		-		99,580
Advances from FHLB		30,000		-		30,000		-		30,000
Accrued interest payable		159		-		159		-		159