Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

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


March 31, 2023	Carrying Amount		Fair Value		Fair Value Measurements
Description of Asset (dollars in thousands)					Level 1		Level 2		Level 3
Assets
Investment securities - AFS	$	463,949	$	463,949	$	—	$	463,949	$	—

Equity securities carried at fair value through income	4,380		4,380		—		4,380		—
Non-marketable equity securities in other financial institutions	207		207		—		207		—
FHLB Stock	2,181		2,181		—		2,181		—

Net loans receivable	1,820,806		1,759,458		—		—		1,759,458
Accrued interest receivable	8,526		8,526		—		8,526		—
Investment in BOLI	40,019		40,019		—		40,019		—


Liabilities
Savings, NOW and money market accounts	$	1,723,411	$	1,723,411	$	—	$	1,723,411	$	—
Time deposits	430,912		431,741		—		431,741		—
Short-term borrowings	21,500		21,595		—		21,595		—

TRUPs	12,000		9,740		—		9,740		—
Subordinated notes	19,580		18,753		—		18,753		—

See the Company’s methodologies disclosed in Note 21 of the Company’s 2022 Form 10-K for the fair value methodologies used as of December 31, 2022:


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		—