Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value, Assets Measured on Recurring Basis

Assets measured at fair value on a recurring basis at March 31, 2022 and December 31, 2021, segregated by fair value hierarchy level, are summarized below:


	Fair Value Measurements
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
March 31, 2022:	(Dollars in thousands)
Debt securities AFS:
U.S. Government-sponsored enterprises	$	43,310	$	2,711	$	40,599	$	—
Agency mortgage-backed	181,600		—		181,600		—
State and political subdivisions	40,332		—		40,332		—
Corporate	6,909		—		6,909		—
Total debt securities	$	272,151	$	2,711	$	269,440	$	—


Other investments:
Mutual funds	$	1,273	$	1,273	$	—	$	—


December 31, 2021:
Debt securities AFS:
U.S. Government-sponsored enterprises	$	36,638	$	2,875	$	33,763	$	—
Agency mortgage-backed	178,250		—		178,250		—
State and political subdivisions	45,254		—		45,254		—
Corporate	7,677		—		7,677		—
Total debt securities	$	267,819	$	2,875	$	264,944	$	—


Other investments:
Mutual funds	$	1,132	$	1,132	$	—	$	—

Fair Values and Carrying Amounts, Significant Financial Instruments

As of the balance sheet dates, the estimated fair values and related carrying amounts of the Company's significant financial instruments were as follows:


	March 31, 2022
	Fair Value Measurements
	Carrying Amount		Estimated Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(Dollars in thousands)
Financial assets
Cash and cash equivalents	$	50,802	$	50,802	$	50,802	$	—	$	—
Interest bearing deposits in banks	14,192		14,192		—		14,192		—
Investment securities	273,424		273,424		3,984		269,440		—
Loans held for sale	2,349		2,398		—		2,398		—
Loans, net
Residential real estate	280,781		271,384		—		—		271,384
Construction real estate	67,971		68,104		—		—		68,104
Commercial real estate	343,920		345,769		—		—		345,769
Commercial	44,574		43,754		—		—		43,754
Consumer	2,234		2,222		—		—		2,222
Municipal	80,798		81,782		—		—		81,782
Accrued interest receivable	3,248		3,248		—		837		2,411
Nonmarketable equity securities	1,164		N/A		N/A		N/A		N/A
Financial liabilities
Deposits
Noninterest bearing	$	303,077	$	303,077	$	303,077	$	—	$	—
Interest bearing	726,864		726,864		726,864		—		—
Time	104,303		103,028		—		103,028		—



Subordinated notes	16,179		15,448		—		15,448		—
Accrued interest payable	76		76		—		76		—


	December 31, 2021
	Fair Value Measurements
	Carrying Amount		Estimated Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(Dollars in thousands)
Financial assets
Cash and cash equivalents	$	65,922	$	65,922	$	65,922	$	—	$	—
Interest bearing deposits in banks	13,196		13,196		—		13,196		—
Investment securities	268,951		268,951		4,007		264,944		—
Loans held for sale	13,829		14,088		—		14,088		—
Loans, net
Residential real estate	244,980		246,573		—		—		246,573
Construction real estate	64,370		64,539		—		—		64,539
Commercial real estate	340,066		341,451		—		—		341,451
Commercial	49,558		48,682		—		—		48,682
Consumer	2,367		2,350		—		—		2,350
Municipal	78,078		78,748		—		—		78,748
Accrued interest receivable	3,248		3,248		—		734		2,514
Nonmarketable equity securities	1,164		N/A		N/A		N/A		N/A
Financial liabilities
Deposits
Noninterest bearing	$	264,888	$	264,888	$	264,888	$	—	$	—
Interest bearing	723,479		723,479		723,479		—		—
Time	106,715		106,588		—		106,588		—



Subordinated notes	16,171		16,179		—		16,179		—
Accrued interest payable	225		225		—		225		—