Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value of Assets and Liabilities

Schedule of balances of financial assets and liabilities measured at fair value on a recurring basis

	December 31, 2023
	Fair Value Measurements Classified as						Assets/Liabilities at
(Dollars in thousands)	Level 1		Level 2		Level 3		Fair Value
Assets:
Securities available for sale
U.S. Treasury securities	$	—	$	45,103	$	—	$	45,103
U.S. government agencies and corporations		—		87,094		—		87,094
Mortgage-backed securities		—		161,696		—		161,696
Obligations of states and political subdivisions		—		147,111		—		147,111
Corporate and other debt securities		—		21,440		—		21,440
Total securities available for sale		—		462,444		—		462,444
Loans held for sale		—		14,176		—		14,176
Other investments		—		3,751		—		3,751
Derivatives
IRLC		—		335		—		335
Interest rate swaps on loans		—		6,110		—		6,110
Cash flow hedges		—		1,415		—		1,415
Total assets	$	—	$	488,231	$	—	$	488,231
Liabilities:
Derivatives
Interest rate swaps on loans	$	—	$	6,110	$	—	$	6,110
Total liabilities	$	—	$	6,110	$	—	$	6,110

	December 31, 2022
	Fair Value Measurements Classified as						Assets/Liabilities at
(Dollars in thousands)	Level 1		Level 2		Level 3		Fair Value
Assets:
Securities available for sale
U.S. Treasury securities	$	—	$	58,833	$	—	$	58,833
U.S. government agencies and corporations		—		130,274		—		130,274
Mortgage-backed securities		—		179,918		—		179,918
Obligations of states and political subdivisions		—		120,827		—		120,827
Corporate and other debt securities		—		22,739		—		22,739
Total securities available for sale		—		512,591		—		512,591
Loans held for sale		—		14,259		—		14,259
Other investments		—		3,649		—		3,649
Derivatives
IRLC		—		391		—		391
Interest rate swaps on loans		—		6,328		—		6,328
Cash flow hedges		—		1,941		—		1,941
Total assets	$	—	$	539,159	$	—	$	539,159
Liabilities:
Derivatives
Interest rate swaps on loans	$	—	$	6,328	$	—	$	6,328
Total liabilities	$	—	$	6,328	$	—	$	6,328

Schedule of carrying amounts and estimated fair values of financial instruments

	Carrying		Fair Value Measurements at December 31, 2023 Classified as						Total Fair
(Dollars in thousands)	Value		Level 1		Level 2		Level 3		Value
Financial assets:
Cash and short-term investments	$	77,403	$	75,159	$	2,244	$	—	$	77,403
Securities available for sale		462,444		—		462,444		—		462,444
Loans, net		1,702,488		—		—		1,643,462		1,643,462
Loans held for sale		14,176		—		14,176		—		14,176
Other investments		3,751		—		3,751		—		3,751
Derivatives
IRLC		335		—		335		—		335
Interest rate swaps on loans		6,110		—		6,110		—		6,110
Cash flow hedges		1,415		—		1,415		—		1,415
Bank-owned life insurance		21,464		—		21,464		—		21,464
Accrued interest receivable		10,398		10,398		—		—		10,398
Financial liabilities:
Demand and savings deposits		1,392,931		1,392,931		—		—		1,392,931
Time deposits		673,199		—		668,965		—		668,965
Borrowings		103,618		—		90,120		—		90,120
Derivatives
Interest rate swaps on loans		6,110		—		6,110		—		6,110
Accrued interest payable		3,493		3,493		—		—		3,493

	Carrying		Fair Value Measurements at December 31, 2022 Classified as						Total Fair
(Dollars in thousands)	Value		Level 1		Level 2		Level 3		Value
Financial assets:
Cash and short-term investments	$	28,898	$	26,661	$	2,189	$	—	$	28,850
Securities available for sale		512,591		—		512,591		—		512,591
Loans, net		1,595,200		—		—		1,538,062		1,538,062
Loans held for sale		14,259		—		14,259		—		14,259
Other investments		3,649		—		3,649		—		3,649
Derivatives
IRLC		391		—		391		—		391
Interest rate swaps on loans		6,328		—		6,328		—		6,328
Cash flow hedges		1,941		—		1,941		—		1,941
Bank-owned life insurance		20,909		—		20,909		—		20,909
Accrued interest receivable		8,982		8,982		—		—		8,982
Financial liabilities:
Demand and savings deposits		1,622,566		1,622,566		—		—		1,622,566
Time deposits		381,294		—		374,267		—		374,267
Borrowings		85,943		—		71,906		—		71,906
Derivatives
Interest rate swaps on loans		6,328		—		6,328		—		6,328
Accrued interest payable		950		950		—		—		950