Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Measurements

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

			Fair Value Measurements at June 30, 2024 Using
			Quoted Prices in				Significant
			Active Markets for		Significant Other		Unobservable
	Balance as of		Identical Assets		Observable Inputs		Inputs
(Dollars in thousands)	June 30, 2024		(Level 1)		(Level 2)		(Level 3)
Assets:
Securities available-for-sale:
U.S. Treasuries	$	31,381	$	—	$	31,381	$	—
U.S. government and federal agencies		13,354		—		13,354		—
Corporate bonds		2,483		—		2,483		—
U.S. agency collateralized mortgage obligations		32,708		—		32,708		—
Tax-exempt municipal		1,179		—		1,179		—
Taxable municipal		592		—		592		—
U.S. agency mortgage-backed		66,056		—		66,056		—
Equity securities, at fair value		3,033		3,033		—		—
Interest rate swap agreements		913		—		913		—
Total assets at fair value	$	151,699	$	3,033	$	148,666	$	—
Liabilities:
Interest rate swap agreements	$	913	$	—	$	913	$	—
Total liabilities at fair value	$	913	$	—	$	913	$	—

			Fair Value Measurements at December 31, 2023 Using
			Quoted Prices in				Significant
			Active Markets for		Significant Other		Unobservable
	Balance as of		Identical Assets		Observable Inputs		Inputs
(Dollars in thousands)	December 31, 2023		(Level 1)		(Level 2)		(Level 3)
Assets:
Securities available-for-sale:
U.S. Treasuries	$	42,977	$	—	$	42,977	$	—
U.S. government and federal agencies		13,275		—		13,275		—
Corporate bonds		2,523		—		2,523		—
U.S. agency collateralized mortgage obligations		34,310		—		34,310		—
Tax-exempt municipal		1,231		—		1,231		—
Taxable municipal		587		—		587		—
U.S. agency mortgage-backed		75,090		—		75,090		—
Equity securities, at fair value		2,792		2,792		—		—
Interest rate swap agreement		846		—		846		—
Total assets at fair value	$	173,631	$	2,792	$	170,839	$	—
Liabilities:
Interest rate swap agreement	$	846	$	—	$	846	$	—
Total liabilities at fair value	$	846	$	—	$	846	$	—

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, 2024 and December 31, 2023.

			Fair Value Measurements at June 30, 2024 Using
			Quoted Prices in
			Active Markets				Significant
			for Identical		Significant Other		Unobservable
	Carrying Value as of		Assets		Observable Inputs		Inputs		Fair Value as of
(Dollars in thousands)	June 30, 2024		(Level 1)		(Level 2)		(Level 3)		June 30, 2024
Assets:
Cash and cash equivalents	$	182,605	$	182,605	$	—	$	—	$	182,605
Securities:
Available-for-sale		147,753		—		147,753		—		147,753
Held-to-maturity		93,830		—		77,268		—		77,268
Equity securities, at fair value		3,033		3,033		—		—		3,033
Restricted securities, at cost		4,966		—		4,966		—		4,966
Loans, net		1,808,754		—		—		1,680,664		1,680,664
Interest rate swap agreements		913		—		913		—		913
Loan servicing rights		82		—		—		85		85
Accrued interest receivable		6,196		—		6,196		—		6,196
Liabilities:
Deposits	$	1,912,840	$	—	$	1,912,037	$	—	$	1,912,037
Federal Reserve Bank borrowings		77,000		—		77,000		—		77,000
Subordinated debt		24,749		—		—		21,735		21,735
Interest rate swap agreements		913		—		913		—		913
Accrued interest payable		4,029		—		4,029		—		4,029

			Fair Value Measurements at December 31, 2023 Using
			Quoted Prices in
			Active Markets				Significant
			for Identical		Significant Other		Unobservable
	Carrying Value as of		Assets		Observable Inputs		Inputs		Fair Value as of
(Dollars in thousands)	December 31, 2023		(Level 1)		(Level 2)		(Level 3)		December 31, 2023
Assets:
Cash and cash equivalents	$	99,005	$	99,005	$	—	$	—	$	99,005
Securities:
Available-for-sale		169,993		—		169,993		—		169,993
Held-to-maturity		95,505		—		79,532		—		79,532
Equity securities, at fair value		2,792		2,792		—		—		2,792
Restricted securities, at cost		5,012		—		5,012		—		5,012
Loans, net		1,840,424		—		—		1,730,205		1,730,205
Interest rate swap agreement		846		—		846		—		846
Loan servicing rights		22		—		—		22		22
Accrued interest receivable		6,110		—		6,110		—		6,110
Liabilities:
Deposits	$	1,906,600	$	—	$	1,906,835	$	—	$	1,906,835
Federal Reserve Bank borrowings		54,000				54,000				54,000
Federal funds purchased		10,000		—		10,000		—		10,000
Subordinated debt		24,708		—		—		21,873		21,873
Interest rate swap agreement		846		—		846		—		846
Accrued interest payable		4,559		—		4,559		—		4,559