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Fair Value of Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value Assets and Liabilities on Recurring Basis

The following table summarizes the Company’s assets and liabilities that were required to be recorded at fair value on a recurring basis.

Fair Value of Assets and Liabilities

(in thousands)		Carrying Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Measurement Categories: Changes in Fair Value Recorded In¹
June 30, 2021
Assets:
Securities available-for-sale:
U.S. government treasuries, U.S. government agencies, mortgage-backed securities, obligations of states and political subdivisions, and collateralized mortgage obligations		$	160,074			$	—			$	160,074			$	—			OCI
Derivatives – interest rate swap			119				—				119				—			NI
Liabilities:
Derivatives – interest rate swap			119				—				119				—			NI

December 31, 2020
Assets:
Securities available-for-sale:
U.S. government agencies, mortgage-backed securities, obligations of states and political subdivisions, and collateralized mortgage obligations		$	114,949			$	—			$	114,949			$	—			OCI
Derivatives – interest rate swap			149				—				149				—			NI
Liabilities:
Derivatives – interest rate swap			149				—				149			$	—			NI

Schedule of fair value estimates for financial instruments

Fair Value of Assets and Liabilities (Details 2)


		June 30, 2021										December 31, 2020
(in thousands)		Carrying Amounts				Fair Value				Fair Value Hierarchy		Carrying Amounts				Fair Value				Fair Value Hierarchy
Financial assets (recorded at amortized cost)
Cash and cash equivalents		$	536,604			$	536,604			Level 1		$	290,493			$	290,493			Level 1
Time deposits in banks			19,451				19,581			Level 1			23,705				23,705			Level 1
Securities – available-for-sale			160,074				160,074			Level 2			114,949				114,949			Level 2
Securities – held-to-maturity			6,473				6,858			Level 3			7,979				8,755			Level 3
Loans – held for sale			2,340				2,447			Level 2			4,820				5,012			Level 2
Loans – held for investment			1,563,309				1,525,826			Level 3			1,480,970				1,464,794			Level 3
Interest receivable			5,774				5,774			Level 3			5,422				5,422			Level 3
Financial liabilities (recorded at amortized cost)
Deposits			2,066,285				2,050,244			Level 2			1,784,001				1,785,944			Level 2
Interest payable			12				12			Level 3			75				75			Level 3
Subordinated notes			28,353				28,355			Level 3			28,320				28,320			Level 3