Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 and December 31, 2022 is as follows:

					March 31, 2023
					Fair Value Measurements
	March 31, 2023				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	$	18,301	$	18,301	$	18,301	$	—	$	—
Federal funds sold and overnight interest-bearing deposits	15,472		15,472		15,472		—		—
Certificates of deposit in other banks	2,215		2,215		2,215		—		—
Available-for-sale securities	259,653		259,653		5,104		254,549		—
Other investment securities	6,240		6,240		54		6,186		—
Loans, net	1,520,095		1,434,610		—		—		1,434,610
Loans held for sale	1,753		1,753		—		1,753		—
Cash surrender value - life insurance	2,582		2,582		—		2,582		—
Interest rate lock commitments	108		108		—		—		108
Forward sale commitments	6		6		—		6		—
Accrued interest receivable	7,288		7,288		7,288		—		—
Total	$	1,833,713	$	1,748,228	$	48,434	$	265,076	$	1,434,718
Liabilities:
Deposits:
Non-interest bearing demand	$	444,437	$	444,437	$	444,437	$	—	$	—
Savings, interest checking and money market	817,183		817,183		817,183		—		—
Time deposits	346,392		342,896		—		—		342,896
Federal funds purchased and securities sold under agreements to repurchase	5,115		5,115		5,115		—		—
Federal Home Loan Bank advances and other borrowings	93,000		93,316		—		93,316		—
Subordinated notes	49,486		38,197		—		38,197		—
Interest rate lock commitments	1		1		—		—		1
Forward sale commitments	10		10				10
Accrued interest payable	1,602		1,602		1,602		—		—
Total	$	1,757,226	$	1,742,757	$	1,268,337	$	131,523	$	342,897

					December 31, 2022
					Fair Value Measurements
	December 31, 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	$	18,661	$	18,661	$	18,661	$	—	$	—
Federal funds sold and overnight interest-bearing deposits	65,059		65,059		65,059		—		—
Certificates of deposit in other banks	2,955		2,955		2,955		—		—
Available-for-sale securities	250,747		250,747		2,152		248,595		—
Other investment securities	6,353		6,353		46		6,307		—
Loans, net	1,505,664		1,389,018		—		—		1,389,018
Loans held for sale	591		591		—		591		—
Cash surrender value - life insurance	2,567		2,567		—		2,567		—
Interest rate lock commitments	20		20		—		—		20
Forward sale commitments	3		3		—		3		—
Accrued interest receivable	7,953		7,953		7,953		—		—
Total	$	1,860,573	$	1,743,927	$	96,826	$	258,063	$	1,389,038
Liabilities:
Deposits:
Non-interest bearing demand	$	453,443	$	453,443	$	453,443	$	—	$	—
Savings, interest checking and money market	923,602		923,602		923,602		—		—
Time deposits	255,034		250,433		—		—		250,433
Federal funds purchased and securities sold under agreements to repurchase	5,187		5,187		5,187		—		—
Federal Home Loan Bank advances and other borrowings	98,000		98,000		—		98,000		—
Subordinated notes	49,486		39,197		—		39,197		—
Interest rate lock commitments	18		18		—		—		18
Forward sale commitments	3		3		—		3		—
Accrued interest payable	902		902		902		—		—
Total	$	1,785,675	$	1,770,785	$	1,383,134	$	137,200	$	250,451