Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Measurements

Summary of fair value of assets measured at fair value on a recurring basis

			Fair Value Measurements at June 30, 2022 Using
			Quoted Prices in				Significant
			Active Markets for		Significant Other		Unobservable
	Balance as of		Identical Assets		Observable Inputs		Inputs
(Dollars in thousands)	June 30, 2022		(Level 1)		(Level 2)		(Level 3)
Assets:
Securities available-for-sale:
U.S. Treasuries	$	60,463	$	—	$	60,463	$	—
U.S. government and federal agencies		35,076		—		35,076		—
Corporate bonds		2,868		—		2,868		—
Collateralized mortgage obligations		41,303		—		41,303		—
Tax-exempt municipal		4,595		—		4,595		—
Taxable municipal		1,635		—		1,635		—
Mortgage-backed		219,194		—		219,194		—
Equity securities, at fair value		2,098		2,098		—		—
Total assets at fair value	$	367,232	$	2,098	$	365,134	$	—

			Fair Value Measurements at December 31, 2021 Using
			Quoted Prices in				Significant
			Active Markets for		Significant Other		Unobservable
	Balance as of		Identical Assets		Observable Inputs		Inputs
(Dollars in thousands)	December 31, 2021		(Level 1)		(Level 2)		(Level 3)
Assets:
Securities available-for-sale:
U.S. Treasuries	$	30,543	$	—	$	30,543	$	—
U.S. government and federal agencies		34,537		—		34,537		—
Corporate bonds		1,031		—		1,031		—
Collateralized mortgage obligations		39,049		—		39,049		—
Tax-exempt municipal		5,262		—		5,262		—
Taxable municipal		1,685		—		1,685		—
Mortgage-backed		127,193		—		127,193		—
Equity securities, at fair value		1,869		1,869		—		—
Total assets at fair value	$	241,169	$	1,869	$	239,300	$	—

Summary of carrying value and estimated fair value of financial instruments

The following tables present the carrying value and estimated fair value, including the level within the fair value hierarchy, of the Company’s financial instruments as of June 30, 2022 and December 31, 2021.

			Fair Value Measurements at June 30, 2022 Using
			Quoted Prices in
			Active Markets				Significant
	Carrying Value		for Identical		Significant Other		Unobservable		Fair Value as of
	as of June 30,		Assets		Observable Inputs		Inputs		June 30,
(Dollars in thousands)	2022		(Level 1)		(Level 2)		(Level 3)		2022
Assets:
Cash and cash equivalents	$	120,887	$	120,887	$	—	$	—	$	120,887
Securities:
Available-for-sale		365,134		—		365,134		—		365,134
Held-to-maturity		102,265		—		88,862		—		88,862
Equity securities, at fair value		2,098		2,098		—		—		2,098
Restricted securities, at cost		4,417		—		4,417		—		4,417
Loans, net of unearned income		1,672,621		—		—		1,618,806		1,618,806
Bank owned life insurance		21,188		—		21,188		—		21,188
Accrued interest receivable		4,451		—		4,451		—		4,451
Liabilities:
Deposits	$	2,043,741	$	—	$	2,040,017	$	—	$	2,040,017
Subordinated debt		49,560		—		—		49,540		49,540
Accrued interest payable		896		—		896		—		896

			Fair Value Measurements at December 31, 2021 Using
			Quoted Prices in
			Active Markets				Significant
	Carrying Value		for Identical		Significant Other		Unobservable		Fair Value as of
	as of December		Assets		Observable Inputs		Inputs		December 31,
(Dollars in thousands)	31, 2021		(Level 1)		(Level 2)		(Level 3)		2021
Assets:
Cash and cash equivalents	$	105,799	$	105,799	$	—	$	—	$	105,799
Securities:
Available-for-sale		239,300		—		239,300		—		239,300
Held-to-maturity		105,509		—		103,258		—		103,258
Equity securities, at fair value		1,869		1,869		—		—		1,869
Restricted securities, at cost		4,951		—		4,951		—		4,951
Loans, net of unearned income		1,646,437		—		—		1,659,396		1,659,396
Bank owned life insurance		20,998		—		20,998		—		20,998
Accrued interest receivable		4,943		—		4,943		—		4,943
Liabilities:
Deposits	$	1,881,553	$	—	$	1,882,132	$	—	$	1,882,132
FHLB advances		18,000		—		17,837		—		17,837
Subordinated debt		24,728		—		—		25,325		25,325
Accrued interest payable		843		—		843		—		843