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Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value of Assets and Liabilities

Summary of balances of the assets and liabilities measured at estimated fair value on a recurring basis


		March 31, 2021
(dollars in thousands)		Level 1			Level 2			Level 3			Total
Available-for-sale and securities
U.S. treasury and government agencies		$	—		$	5,683		$	—		$	5,683
Obligations of state and political agencies			—			149,191			—			149,191
Mortgage backed securities
Residential agency			—			521,595			—			521,595
Commercial			—			87,697			—			87,697
Asset backed securities			—			96			—			96
Corporate bonds			—			30,835			—			30,835
Total available-for-sale securities		$	—		$	795,097		$	—		$	795,097
Other assets
Derivatives		$	—		$	12,928		$	—		$	12,928
Other liabilities
Derivatives		$	—		$	1,616		$	—		$	1,616


		December 31, 2020
(dollars in thousands)		Level 1			Level 2			Level 3			Total
Available-for-sale and equity securities
U.S. treasury and government agencies		$	—		$	5,907		$	—		$	5,907
Obligations of state and political agencies			—			153,773			—			153,773
Mortgage backed securities
Residential agency			—			306,719			—			306,719
Commercial			—			94,978			—			94,978
Asset backed securities			—			115			—			115
Corporate bonds			—			30,850			—			30,850
Equity securities			—			—			—			—
Total available-for-sale and equity securities		$	—		$	592,342		$	—		$	592,342
Other assets
Derivatives		$	—		$	13,357		$	—		$	13,357
Other liabilities
Derivatives		$	—		$	2,911		$	—		$	2,911

Schedule of net impairment losses related to nonrecurring estimated fair value measurements of certain assets


		March 31, 2021
(dollars in thousands)		Level 2			Level 3			Total			Impairment
Loans held for sale		$	78,665		$	—		$	78,665		$	—
Impaired loans			—			7,139			7,139			1,002
Foreclosed assets			—			139			139			—
Servicing rights			—			1,952			1,952			—


		December 31, 2020
(dollars in thousands)		Level 2			Level 3			Total			Impairment
Loans held for sale		$	122,440		$	—		$	122,440		$	—
Impaired loans			—			7,325			7,325			1,205
Foreclosed assets			—			63			63			—
Servicing rights			—			1,987			1,987			—

Schedule of valuation techniques and significant unobservable inputs used to measure Level 3 estimated fair values


					March 31, 2021
(dollars in thousands)										Weighted
Asset Type		Valuation Technique		Unobservable Input	Fair Value			Range		Average
Impaired loans		Appraisal value		Property specific adjustment	$	7,139		N/A		N/A
Foreclosed assets		Appraisal value		Property specific adjustment		139		N/A		N/A
Servicing rights		Discounted cash flows		Prepayment speed assumptions		1,952		175-298		269
				Discount rate				9.0	%	9.0	%


					December 31, 2020
(dollars in thousands)										Weighted
Asset Type		Valuation Technique		Unobservable Input	Fair Value			Range		Average
Impaired loans		Appraisal value		Property specific adjustment	$	7,325		N/A		N/A
Foreclosed assets		Appraisal value		Property specific adjustment		63		N/A		N/A
Servicing rights		Discounted cash flows		Prepayment speed assumptions		1,987		191-403		285
				Discount rate				9.0	%	9.0	%

Summary of estimated fair values and related carrying or notional amounts, of the Company's financial instruments


		March 31, 2021
		Carrying			Estimated Fair Value
(dollars in thousands)		Amount			Level 1			Level 2			Level 3			Total
Financial Assets
Cash and cash equivalents		$	190,217		$	190,217		$	—		$	—		$	190,217
Loans			1,903,587			—			—			1,952,366			1,952,366
Accrued interest receivable			9,271			9,271			—			—			9,271
Bank-owned life insurance			32,556			—			32,556			—			32,556
Financial Liabilities
Noninterest-bearing deposits		$	775,434		$	—		$	775,434		$	—		$	775,434
Interest-bearing deposits			1,729,231			—			1,729,231			—			1,729,231
Time deposits			212,908			—			—			213,673			213,673
Long-term debt			59,020			—			56,634			—			56,634
Accrued interest payable			533			533			—			—			533


		December 31, 2020
		Carrying			Estimated Fair Value
(dollars in thousands)		Amount			Level 1			Level 2			Level 3			Total
Financial Assets
Cash and cash equivalents		$	172,962		$	172,962		$	—		$	—		$	172,962
Loans			1,945,129			—			—			1,992,394			1,992,394
Accrued interest receivable			9,662			9,662			—			—			9,662
Bank-owned life insurance			32,363			—			32,363			—			32,363
Financial Liabilities
Noninterest-bearing deposits		$	754,716		$	—		$	754,716		$	—		$	754,716
Interest-bearing deposits			1,607,939			—			1,607,939			—			1,607,939
Time deposits			209,338			—			—			210,637			210,637
Long-term debt			58,735			—			56,131			—			56,131
Accrued interest payable			654			654			—			—			654