Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Carrying Amounts and Fair Values of Financial Instruments

A summary of the carrying amounts and fair values of the Company’s financial instruments at September 30, 2022 and December 31, 2021 is as follows:

					September 30, 2022
					Fair Value Measurements
	September 30, 2022				Quoted Prices in Active Markets for Identical Assets		Other Observable Inputs		Net Significant Unobservable Inputs
(in thousands)	Carrying amount		Fair value		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash and due from banks	$	15,081	$	15,081	$	15,081	$	—	$	—
Federal funds sold and overnight interest-bearing deposits	26,305		26,305		26,305		—		—
Certificates of deposit in other banks	4,195		4,195		4,195		—		—
Available-for-sale securities	245,155		245,155		3,506		241,649		—
Other investment securities	5,361		5,361		48		5,313		—
Loans, net	1,476,492		1,424,475		—		—		1,424,475
Loans held for sale	913		913		—		913		—
Cash surrender value - life insurance	2,553		2,553		—		2,553		—
Interest rate lock commitments	10		10		—		—		10
Forward sale commitments	35		35		—		35		—
Accrued interest receivable	7,048		7,048		7,048		—		—
Total	$	1,783,148	$	1,731,131	$	56,183	$	250,463	$	1,424,485
Liabilities:
Deposits:
Non-interest bearing demand	$	498,653	$	498,653	$	498,653	$	—	$	—
Savings, interest checking and money market	825,593		825,593		825,593		—		—
Time deposits	268,552		264,472		—		—		264,472
Federal funds purchased and securities sold under agreements to repurchase	5,890		5,890		5,890		—		—
Federal Home Loan Bank advances and other borrowings	73,000		73,000		—		73,000		—
Subordinated notes	49,486		40,187		—		40,187		—
Interest rate lock commitments	76		76		—		—		76
Accrued interest payable	565		565		565		—		—
Total	$	1,721,815	$	1,708,436	$	1,330,701	$	113,187	$	264,548

					December 31, 2021
					Fair Value Measurements
	December 31, 2021				Quoted Prices in Active Markets for Identical Assets		Other Observable Inputs		Net Significant Unobservable Inputs
(in thousands)	Carrying amount		Fair value		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash and due from banks	$	17,287	$	17,287	$	17,287	$	—	$	—
Federal funds sold and overnight interest-bearing deposits	142,622		142,622		142,622		—		—
Certificates of deposit in other banks	5,193		5,193		5,193		—		—
Available-for-sale securities	310,870		310,870		3,917		306,953		—
Other investment securities	5,408		5,408		60		5,348		—
Loans, net	1,285,230		1,308,539		—		—		1,308,539
Loans held for sale	2,249		2,249		—		2,249		—
Cash surrender value - life insurance	2,509		2,509		—		2,509		—
Interest rate lock commitments	312		312		—		—		312
Forward sale commitments	12		12		—		12		—
Accrued interest receivable	6,621		6,621		6,621		—		—
Total	$	1,778,313	$	1,801,622	$	175,700	$	317,071	$	1,308,851
Liabilities:
Deposits:
Non-interest bearing demand	$	453,066	$	453,066	$	453,066	$	—	$	—
Savings, interest checking and money market	818,358		818,358		818,358		—		—
Time deposits	245,396		246,025		—		—		246,025
Federal funds purchased and securities sold under agreements to repurchase	23,829		23,829		23,829		—		—
Federal Home Loan Bank advances and other borrowings	77,418		78,152		—		78,152		—
Subordinated notes	49,486		42,908		—		42,908		—
Interest rate lock commitments	26		26		—		—		26
Accrued interest payable	282		282		282		—		—
Total	$	1,667,861	$	1,662,646	$	1,295,535	$	121,060	$	246,051