Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

A summary of the carrying amounts and fair values of the Company’s financial instruments at March 31, 2024 and December 31, 2023 is as follows:


					March 31, 2024
					Fair Value Measurements
	March 31, 2024				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	$	15,273	$	15,273	$	15,273	$	—	$	—
Federal funds sold and overnight interest-bearing deposits	28,225		28,225		28,225		—		—

Available-for-sale securities	183,454		183,454		993		182,461		—
Other investment securities	6,287		6,287		78		6,209		—
Loans, net	1,495,178		1,368,400		—		—		1,368,400
Loans held for sale	2,909		2,909		—		2,909		—
Cash surrender value - life insurance	37,760		37,760		—		37,760		—
Interest rate lock commitments	43		43		—		—		43
Forward sale commitments	10		10		—		10		—
Accrued interest receivable	9,017		9,017		9,017		—		—

Liabilities:
Deposits:
Non-interest bearing demand	$	392,588	$	392,588	$	392,588	$	—	$	—
Savings, interest checking and money market	789,772		789,772		789,772		—		—
Time deposits	345,514		343,509		—		—		343,509

FHLB advances and other borrowings	109,000		109,001		—		109,001		—
Subordinated notes	49,486		40,117		—		40,117		—
Interest rate lock commitments	7		7		—		—		7
Forward sale commitments	9		9		—		9		—
Accrued interest payable	1,971		1,971		1,971		—		—


					December 31, 2023
					Fair Value Measurements
	December 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	$	15,675	$	15,675	$	15,675	$	—	$	—
Federal funds sold and overnight interest-bearing deposits	77,775		77,775		77,775		—		—

Available-for-sale securities	188,742		188,742		1,978		186,764		—
Other investment securities	6,300		6,300		78		6,222		—
Loans, net	1,515,403		1,364,533		—		—		1,364,533
Loans held for sale	3,884		3,884		—		3,884		—
Cash surrender value - life insurance	2,624		2,624		—		2,624		—
Interest rate lock commitments	43		43		—		—		43

Accrued interest receivable	8,661		8,661		8,661		—		—

Liabilities:
Deposits:
Non-interest bearing demand	$	402,241	$	402,241	$	402,241	$	—	$	—
Savings, interest checking and money market	846,452		846,452		846,452		—		—
Time deposits	322,151		319,929		—		—		319,929

FHLB advances and other borrowings	107,000		107,245		—		107,245		—
Subordinated notes	49,486		38,939		—		38,939		—
Interest rate lock commitments	2		2		—		—		2
Forward sale commitments	41		41		—		41		—
Accrued interest payable	1,772		1,772		1,772		—		—