Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Available for Sale Securities Measured at Fair Value on a Recurring Basis

The following tables present the balances measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 (dollars in thousands):

			Fair Value Measurements at June 30, 2022 Using:
			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 treasuries	$	161,009	$	-	$	161,009	$	-
U.S. Government agencies		30,532		-		30,532		-
Mortgage-backed securities/CMOs		175,962		-		175,962		-
Corporate bonds		11,154		-		11,154		-
Municipal bonds		83,173		-		83,173		-
Total securities available for sale	$	461,830	$	-	$	461,830	$	-
Interest rate swap asset		310		-		310		-
Total assets at fair value	$	462,140	$	-	$	462,140	$	-

			Fair Value Measurements at December 31, 2021 Using:
			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 swap liabilities	$	197	$	-	$	197	$	-
Total liabilities at fair value	$	197	$	-	$	197	$	-

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 June 30, 2022.

			Fair Value Measurements at December 31, 2021 Using:
			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	$	-	$	-		61100.0	%

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). There were no such assets to report as of June 30, 2022.

Description	Fair Value		Valuation Technique	Unobservable Inputs	Weighted Average
Assets:
Other Real Estate Owned	$	611	Market comparables	Discount applied to bonafide offer		6.0	%
* A discount percentage is applied based on estimated cost to sell.

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). There were no such assets to report as of June 30, 2022.

Description	Fair Value		Valuation Technique	Unobservable Inputs	Weighted Average
Assets:
Other Real Estate Owned	$	611	Market comparables	Discount applied to bonafide offer		6.0	%
* A discount percentage is applied based on estimated cost 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 as of June 30, 2022 and December 31, 2021 are as follows (dollars in thousands):

			Fair Value Measurements at June 30, 2022 Using:
			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	$	215,667	$	215,667	$	-	$	-	$	215,667
Available for sale securities		461,830		-		461,830		-		461,830
Loans, net		954,689		-		-		929,045		929,045
Bank owned life insurance		38,046		-		38,046		-		38,046
Accrued interest receivable		4,229		-		2,055		2,174		4,229
Interest rate swap asset		310		-		310		-		310
Liabilities
Demand deposits and interest-bearing transaction and money market accounts	$	1,448,777	$	-	$	1,448,777	$	-	$	1,448,777
Certificates of deposit		150,121		-		144,556		-		144,556
Junior subordinated debt, net		3,390		-		3,459		-		3,459
Accrued interest payable		134		-		134		-		134

			Fair Value Measurements at December 31, 2021 Using:
			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
Other real estate owned, net		611		-		-		611		611
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 swap liabilities		197		-		197		-		197