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Fair Value (Tables)
3 Months Ended
Mar. 31, 2023
Fair Value  
Schedule of assets carried at fair value on a recurring basis

The following tables detail the assets that are carried at fair value on a recurring basis as of the periods shown and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine the fair value:

Quoted Prices in

Active Markets

Significant

Significant

for Identical

Observable

Unobservable

    

Balance

    

Assets (Level 1)

    

Inputs (Level 2)

    

Inputs (Level 3)

March 31, 2023

Assets:

U.S. Treasury securities

$

38,309

$

38,309

$

$

U.S. government agency mortgage-backed securities-residential

142,529

142,529

U.S. government agency securities

 

22,773

 

 

22,773

 

Municipal securities

 

4,839

 

 

4,709

 

130

Corporate Bonds

12,907

12,907

Other

 

815

 

 

815

 

Total available for sale securities

222,172

38,309

183,733

130

Loan level interest rate swaps

5,998

5,998

Total assets

$

228,170

$

38,309

$

189,731

$

130

Liabilities:

Loan level interest rate swaps

$

5,998

$

$

5,998

$

Total liabilities

$

5,998

$

$

5,998

$

    

December 31, 2022

Assets:

U.S. Treasury securities

$

37,857

$

37,857

$

$

U.S. government agency mortgage-backed securities – residential

144,534

144,534

U.S. government agency securities

 

22,449

 

 

22,449

 

Municipal securities

 

4,786

 

 

4,656

 

130

Corporate Bonds

13,217

13,217

Other

 

816

 

 

816

 

Total available for sale securities

223,659

37,857

185,672

130

Loan level interest rate swaps

4,548

4,548

Total assets

$

228,207

$

37,857

$

190,220

$

130

Liabilities:

Loan level interest rate swaps

$

4,548

$

$

4,548

$

Total liabilities

$

4,548

$

$

4,548

$

Schedule of assets carried at fair value and measured at fair value on a nonrecurring basis

The following tables detail the assets carried at fair value and measured at fair value on a nonrecurring basis as of March 31, 2023 and December 31, 2022 and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine the fair value:

Quoted Prices in

Active Markets

Significant

Significant

for Identical

Observable

Unobservable

    

Balance

    

Assets (Level 1)

    

Inputs (Level 2)

    

Inputs (Level 3)

March 31, 2023

Individually analyzed loans, with specific reserves

$

427

$

$

$

427

Total

$

427

$

$

$

427

    

December 31, 2022

Impaired loans, with specific reserves

$

319

$

$

$

319

Total

$

319

$

$

$

319

Schedule of additional quantitative information about assets measured at fair value on a nonrecurring basis

The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value:

Quantitative Information About Level 3 Fair Value Measurements

Fair Value 

Valuation

Unobservable

Range

    

Estimate

    

Techniques

    

Input

    

(Weighted Average)

March 31, 2023

Individually analyzed loans, with specific reserves

$

427

 

Appraisal of collateral

(1)  

Liquidation expenses

(3)  

0% to 6%

Appraisal adjustments

(2)  

0% to 20%

December 31, 2022

Impaired loans

$

319

 

Appraisal of collateral

(1)  

Liquidation expenses

(3)  

0% to 6%

Appraisal adjustments

(2)  

0% to 20%

(1)

Fair value is generally through independent appraisals of the underlying collateral that generally include various level 3 inputs which are not identifiable.

(2)

Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraised value.

(3)

Estimated costs to sell.

Schedule of carrying value and fair values of the financial instruments

As of the following dates, the carrying value and fair values of the Company’s financial instruments were:

March 31, 

December 31, 

2023

2022

    

Carrying Value

    

Fair Value

    

Carrying Value

    

Fair Value

Financial Assets:

  

  

  

  

Cash and cash equivalents (Level 1)

$

36,143

$

36,143

$

31,384

$

31,384

Available for sale securities (Level 1)

 

38,309

 

38,309

 

37,857

 

37,857

Available for sale securities (Level 2)

 

183,733

 

183,733

 

185,672

 

185,672

Available for sale securities (Level 3)

 

130

 

130

 

130

 

130

Loan level interest rate swaps (Level 2)

5,998

5,998

4,548

4,548

FHLB stock (Level 2)

 

5,450

 

5,450

 

3,258

 

3,258

Loans, net (Level 3)

 

1,004,762

 

961,407

 

994,368

 

953,432

Mortgage servicing rights (Level 3)

 

2,292

 

4,877

 

2,409

 

5,211

Financial Liabilities:

 

  

 

  

 

  

 

  

Deposits (Level 2)

 

1,093,524

 

1,004,184

 

1,129,933

 

1,001,455

Mortgagors' escrow accounts (Level 2)

 

8,670

 

8,670

 

9,732

 

9,723

FHLB advances (Level 2)

 

106,450

 

106,369

 

57,723

 

57,739

Subordinated debt (Level 2)

 

5,155

 

5,155

 

5,155

 

5,155

Loan level interest rate swaps (Level 2)

5,998

5,998

4,548

4,548