Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Measurements

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

			Fair Value Measurements at September 30, 2022 Using
			Quoted Prices in				Significant
			Active Markets for		Significant Other		Unobservable
	Balance as of		Identical Assets		Observable Inputs		Inputs
(Dollars in thousands)	September 30, 2022		(Level 1)		(Level 2)		(Level 3)
Assets:
Securities available-for-sale:
U.S. Treasuries	$	58,819	$	—	$	58,819	$	—
U.S. government and federal agencies		34,456		—		34,456		—
Corporate bonds		2,692		—		2,692		—
Collateralized mortgage obligations		40,211		—		40,211		—
Tax-exempt municipal		4,373		—		4,373		—
Taxable municipal		578		—		578		—
Mortgage-backed		225,417		—		225,417		—
Equity securities, at fair value		1,913		1,913		—		—
Total assets at fair value	$	368,459	$	1,913	$	366,546	$	—

			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 September 30, 2022 and December 31, 2021.

			Fair Value Measurements at September 30, 2022 Using
			Quoted Prices in
			Active Markets				Significant
			for Identical		Significant Other		Unobservable
	Carrying Value		Assets		Observable Inputs		Inputs		Fair Value as of
(Dollars in thousands)	as of September 30, 2022		(Level 1)		(Level 2)		(Level 3)		September 30, 2022
Assets:
Cash and cash equivalents	$	74,756	$	74,756	$	—	$	—	$	74,756
Securities:
Available-for-sale		366,546		—		366,546		—		366,546
Held-to-maturity		100,598		—		81,765		—		81,765
Equity securities, at fair value		1,913		1,913		—		—		1,913
Restricted securities, at cost		4,421		—		4,421		—		4,421
Loans, net of unearned income		1,705,082		—		—		1,631,043		1,631,043
Bank owned life insurance		21,071		—		21,071		—		21,071
Accrued interest receivable		4,744		—		4,744		—		4,744
Liabilities:
Deposits	$	2,063,341	$	—	$	2,057,563	$	—	$	2,057,563
Subordinated debt		24,603		—		—		22,517		22,517
Accrued interest payable		643		—		643		—		643

			Fair Value Measurements at December 31, 2021 Using
			Quoted Prices in
			Active Markets				Significant
			for Identical		Significant Other		Unobservable
	Carrying Value		Assets		Observable Inputs		Inputs		Fair Value as of
(Dollars in thousands)	as of December 31, 2021		(Level 1)		(Level 2)		(Level 3)		December 31, 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