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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Measurements [Abstract]

Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis

Significant

Other

Significant

Quoted

Observable

Unobservable

Prices

Inputs

Inputs

(Dollars in thousands)

Fair Value

(Level 1)

(Level 2)

(Level 3)

September 30, 2020

Securities available for sale:

U.S. Government agencies

$

24,632

$

—

$

24,632

$

—

Mortgage-backed

114,717

—

114,717

—

139,349

—

139,349

—

Equity

1,396

—

1,396

—

Total

$

140,745

$

—

$

140,745

$

—


								Significant
								Other			Significant
					Quoted			Observable			Unobservable
					Prices			Inputs			Inputs
(Dollars in thousands)		Fair Value			(Level 1)			(Level 2)			(Level 3)
December 31, 2019
Securities available for sale:
U.S. Government agencies		$	23,826		$	—		$	23,826		$	—
Mortgage-backed			98,965			—			98,965			—
			122,791			—			122,791			—

Equity			1,342			—			1,342			—
Total		$	124,133		$	—		$	124,133		$	—

Fair Value of Assets Measured on Nonrecurring Basis


		Quantitative Information about Level 3 Fair Value Measurements
											Weighted
(Dollars in thousands)		Fair Value			Valuation Technique		Unobservable Input		Range		Average (3)
September 30, 2020
Nonrecurring measurements:

Impaired loans		$	610		Appraisal of collateral	(1)	Liquidation expense	(2)	10%		(10%)


Impaired loans		$	1,231		Discounted cash flow analysis	(1)	Discount rate		4% - 7.25%		(6%)

Other real estate owned		$	38		Appraisal of collateral	(1)	Appraisal adjustments	(2)	0% - 19%		(19%)


		Quantitative Information about Level 3 Fair Value Measurements
(Dollars in thousands)		Fair Value			Valuation Technique		Unobservable Input		Range
December 31, 2019
Nonrecurring measurements:

Impaired loans		$	2,489		Appraisal of collateral	(1)	Liquidation expense	(2)	10%


Impaired loans		$	2,599		Discounted cash flow analysis	(1)	Discount rate		4% - 7.25%

Other real estate owned		$	74		Appraisal of collateral	(1)	Appraisal adjustments	(2)	0% - 31%
							Liquidation expense	(2)	10%

(1)Fair value is generally determined through independent appraisals of the underlying collateral (impaired loans and OREO) or discounted cash flow analyses (impaired loans), which generally include various level III inputs which are not identifiable.

(2)Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal.

(3)Unobservable inputs were weighted by the relative fair value of the instruments.

Schedule of Estimated Fair Values of Financial Assets and Liabilities


		September 30, 2020						December 31, 2019
					Estimated						Estimated
		Carrying			Fair			Carrying			Fair
(Dollars in thousands)		Amount			Value			Amount			Value
Financial assets
Level 1 inputs
Cash and cash equivalents		$	156,462		$	156,462		$	94,971		$	94,971

Level 2 inputs
Investment securities held to maturity		$	20,174		$	20,254		$	8,786		$	8,654
Restricted securities			3,626			3,626			4,190			4,190
Cash surrender value on life insurance			30,690			30,690			29,782			29,782

Level 3 inputs
Loans, net		$	1,411,188		$	1,415,862		$	1,238,147		$	1,242,867

Financial liabilities
Level 2 inputs
Deposits:
Noninterest-bearing demand		$	465,304		$	465,304		$	356,618		$	356,618
Checking plus interest			411,742			411,742			302,227			302,227
Money market			273,775			273,775			262,050			262,050
Savings			168,910			168,910			143,322			143,322
Club			1,505			1,505			387			387
Certificates of deposit, $100,000 or more			126,704			128,810			127,600			128,167
Other time			146,181			147,738			149,130			149,209
Securities sold under retail repurchase agreement			1,019			1,019			1,226			1,226
Advances from FHLB - long-term			—			—			15,000			15,040
Subordinated debt			24,399			25,677			—			—