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Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value of Assets and Liabilities

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


		September 30, 2021
(dollars in thousands)		Level 1			Level 2			Level 3			Total
Available-for-sale
U.S. treasury and government agencies		$	—		$	5,469		$	—		$	5,469
Mortgage backed securities
Residential agency			—			518,472			—			518,472
Commercial			—			94,918			—			94,918
Asset backed securities			—			64			—			64
Corporate bonds			—			36,359			—			36,359
Total available-for-sale investment securities		$	—		$	655,282		$	—		$	655,282
Other assets
Derivatives		$	—		$	4,880		$	—		$	4,880
Other liabilities
Derivatives		$	—		$	1,062		$	—		$	1,062


		December 31, 2020
(dollars in thousands)		Level 1			Level 2			Level 3			Total
Available-for-sale
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
Total available-for-sale investment 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


		September 30, 2021
(dollars in thousands)		Level 2			Level 3			Total			Impairment
Loans held for sale		$	60,912		$	—		$	60,912		$	—
Impaired loans			—			6,392			6,392			559
Foreclosed assets			—			862			862			—
Servicing rights			—			1,776			1,776			—


		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


					September 30, 2021
(dollars in thousands)										Weighted
Asset Type		Valuation Technique		Unobservable Input	Fair Value			Range		Average
Impaired loans		Appraisal value		Property specific adjustment	$	6,392		N/A		N/A
Foreclosed assets		Appraisal value		Property specific adjustment		862		N/A		N/A
Servicing rights		Discounted cash flows		Prepayment speed assumptions		1,776		184-392		257
				Discount rate				9.3	%	9.3	%


					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


		September 30, 2021
		Carrying			Estimated Fair Value
(dollars in thousands)		Amount			Level 1			Level 2			Level 3			Total
Financial Assets
Cash and cash equivalents		$	159,454		$	159,454		$	—		$	—		$	159,454
Investment securities held-to-maturity			362,586			—			363,540			—			363,540
Loans			1,768,320			—			—			1,814,289			1,814,289
Accrued interest receivable			8,836			8,836			—			—			8,836
Bank-owned life insurance			32,954			—			32,954			—			32,954
Financial Liabilities
Noninterest-bearing deposits		$	797,062		$	—		$	797,062		$	—		$	797,062
Interest-bearing deposits			1,691,226			—			1,691,226			—			1,691,226
Time deposits			224,800			—			—			225,353			225,353
Long-term debt			58,963			—			58,319			—			58,319
Accrued interest payable			1,298			1,298			—			—			1,298


		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