Carrying Amounts and Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair value measurements, recurring basis

The tables below present the balances of assets measured at fair value on a recurring basis at the dates indicated.

	December 31, 2022						December 31, 2021
(Dollars in thousands)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Student Loan Pools	$	—	$	59,158	$	—	$	—	$	72,012	$	—
SBA Bonds	—		99,630		—		—		139,793		—
Tax Exempt Municipal Bonds	—		21,310		—		—		49,985		—
Taxable Municipal Bonds	—		50,770		—		—		65,969		—
Mortgage-Backed Securities	—		319,280		—		—		355,090		—
Total	$	—	$	550,148	$	—	$	—	$	682,849	$	—

There were no liabilities measured at fair value on a recurring basis as of December 31, 2022 and 2021.

Fair value measurements, nonrecurring basis

The table below presents assets measured at fair value on a nonrecurring basis at the dates indicated, aggregated by the level in the fair value hierarchy within which those measurements fall. There were no liabilities measured at fair value on a nonrecurring basis as of December 31, 2022 and 2021.

	December 31, 2022
Assets (in thousands):	Level 1		Level 2		Level 3		Total
Mortgage Loans Held For Sale	$	—	$	913	$	—	$	913
Land Held For Sale	—		—		1,097		1,097
Collateral Dependent Impaired Loans (1)	—		—		5,566		5,566
Foreclosed Assets	—		—		120		120
Total	$	—	$	913	$	6,783	$	7,696
	December 31, 2021
Assets (in thousands):	Level 1		Level 2		Level 3		Total
Mortgage Loans Held For Sale	$	—	$	4,038	$	—	$	4,038
Land Held For Sale	—		—		1,530		1,530
Collateral Dependent Impaired Loans (1)	—		—		2,323		2,323
Foreclosed Assets	—		—		130		130
Total	$	—	$	4,038	$	3,983	$	8,021

Significant unobservable inputs used in the fair value measurements

For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis, the significant unobservable inputs used in the fair value measurements at the dates indicated were as follows:

	Valuation	Significant	2022	2021
Level 3 Assets	Technique	Unobservable Inputs	Range	Range
Land Held for Sale	Appraised Value/Comparable Sales	Discounts to appraised values for estimated holding or selling costs	10%	10%
Collateral Dependent Impaired Loans	Appraised Value	Discounts to appraised values or cash flows for estimated holding and/or selling costs or age of appraisal	8% - 13%	8% - 13%
Foreclosed Assets	Appraised Value/Comparable Sales	Discounts to appraised values for estimated holding or selling costs	30%	30%

Summary of the carrying value and estimated fair value of financial instruments

The following tables summarize the carrying value and estimated fair value of the Company’s financial instruments at the dates indicated, presented in accordance with the applicable accounting guidance.

	December 31, 2022
	Carrying		Fair Value
(In Thousands)	Amount		Total		Level 1		Level 2		Level 3
Financial Assets:
Cash and Cash Equivalents	$	28,502	$	28,502	$	28,502	$	—	$	—
Certificates of Deposits with Other Banks	1,100		1,100		—		1,100		—
Investment Securities	717,586		711,612		—		711,612		—
Loans Receivable, Net	549,917		528,174		—		—		528,174
FHLB Stock	651		651		651		—		—
Land Held for Sale	1,097		1,097		—		—		1,097
Financial Liabilities:
Deposits:
Checking, Savings and Money Market Accounts	$	968,054	$	968,054	$	968,054	$	—	$	—
Certificate Accounts	142,031		138,382		—		138,382		—
Borrowings from FRB	44,080		44,071		44,071		—		—
Other Borrowed Money	27,588		27,588		27,588		—		—
Subordinated Debentures	26,500		24,435		—		24,435		—
Junior Subordinated Debentures	5,155		5,155		—		5,155		—