Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

The Company’s estimated fair values of financial instruments are presented in the following tables.


December 31, 2022	Carrying Amount		Fair Value		Fair Value Measurements
Description of Asset (dollars in thousands)					Level 1		Level 2		Level 3
Assets
Investment securities - AFS	$	462,746	$	462,746	$	—	$	462,746	$	—

Equity securities carried at fair value through income	4,286		4,286		—		4,286		—
Non-marketable equity securities in other financial institutions	207		207		—		207		—
FHLB Stock	4,584		4,584		—		4,584		—
Net loans receivable	1,798,517		1,743,574		—		—		1,743,574
Accrued Interest Receivable	8,335		8,335		—		8,335		—
Investment in BOLI	39,802		39,802		—		39,802		—


Liabilities
Savings, NOW and money market accounts	$	1,741,401	$	1,741,401	$	—	$	1,741,401	$	—
Time deposits	347,062		346,261		—		346,261		—
Short-term borrowings	79,000		79,087		—		79,087		—

TRUPs	12,000		10,296		—		10,296		—
Subordinated notes	19,566		18,745		—		18,745		—


December 31, 2021	Carrying Amount		Fair Value		Fair Value Measurements
Description of Asset (dollars in thousands)					Level 1		Level 2		Level 3
Assets
Investment securities - AFS	$	497,839	$	497,839	$	—	$	497,839	$	—

Equity securities carried at fair value through income	4,772		4,772		—		4,772		—
Non-marketable equity securities in other financial institutions	207		207		—		207		—
FHLB Stock	1,472		1,472		—		1,472		—
Net loans receivable	1,586,791		1,578,032		—		—		1,578,032
Accrued Interest Receivable	5,588		5,588		—		5,588		—
Investment in BOLI	38,932		38,932		—		38,932		—
Mortgage banking derivatives	28		28		—		—		28

Liabilities
Savings, NOW and money market accounts	$	1,728,743	$	1,728,743	$	—	$	1,728,743	$	—
Time deposits	327,421		328,083		—		328,083		—

Long-term debt	12,231		12,391		—		12,391		—
TRUPs	12,000		11,589		—		11,589		—
Subordinated notes	19,510		20,979		—		20,979		—