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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Measurements [Abstract]

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

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Significant

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Other

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Significant

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Quoted

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Observable

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Unobservable

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Prices

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Inputs

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Inputs

(Dollars in thousands)

Fair Value

(Level 1)

(Level 2)

(Level 3)

March 31, 2021

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Securities available for sale:

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​

​

U.S. Government agencies

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$

18,149

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$

—

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$

18,149

​

$

—

Mortgage-backed

​

105,954

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—

​

105,954

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—

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​

124,103

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—

​

124,103

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—

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​

​

​

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​

​

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Equity

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1,382

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—

​

1,382

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—

Total

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$

125,485

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$

—

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$

125,485

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$

—

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Significant

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Other

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Significant

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Quoted

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Observable

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Unobservable

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Prices

​

Inputs

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Inputs

(Dollars in thousands)

Fair Value

(Level 1)

(Level 2)

(Level 3)

December 31, 2020

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Securities available for sale:

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​

​

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U.S. Government agencies

​

$

23,537

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$

—

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$

23,537

​

$

—

Mortgage-backed

​

116,031

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—

​

116,031

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—

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​

139,568

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—

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139,568

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—

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​

​

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Equity

​

1,395

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—

​

1,395

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—

Total

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$

140,963

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$

—

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$

140,963

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$

—

Fair Value of Assets Measured on Nonrecurring Basis

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​	​	​	​	​	​	​	​	​	​	​	​
​	​	Quantitative Information about Level 3 Fair Value Measurements
​	​	​	​	​	​	​	​	​	​	​	Weighted
(Dollars in thousands)		Fair Value			Valuation Technique		Unobservable Input		Range		Average (3)
March 31, 2021		​				​		​		​
Nonrecurring measurements:		​				​		​		​
​	​	​	​	​	​	​	​	​	​	​	​
Impaired loans	​	$	617		Appraisal of collateral	(1)	Liquidation expense	(2)	10%	​	(10%)
​	​	​	​	​	​	​	​	​	​	​	​
Impaired loans	​	$	419		Discounted cash flow analysis	(1)	Discount rate	​	4% - 7.25%	​	(6%)
​	​	​	​	​	​	​	​	​	​	​	​
Other real estate owned	​	$	205		Appraisal of collateral	(1)	Appraisal adjustments	(2)	0% - 19%	​	(0%)

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​	​	​	​	​	​	​	​	​	​	​	​
​	​	Quantitative Information about Level 3 Fair Value Measurements
​	​	​	​	​	​	​	​	​	​	​	Weighted
(Dollars in thousands)		Fair Value			Valuation Technique		Unobservable Input		Range	​	Average (3)
December 31, 2020		​				​		​	​	​
Nonrecurring measurements:		​				​		​	​	​
​	​	​	​	​	​	​	​	​	​	​	​
Impaired loans	​	$	610		Appraisal of collateral	(1)	Liquidation expense	(2)	10%	​	(10%)
​	​	​	​	​	​	​	​	​	​	​	​
Impaired loans	​	$	1,110		Discounted cash flow analysis	(1)	Discount rate	​	6% - 7.25%	​	(6%)
​	​	​	​	​	​	​	​	​	​	​	​
Other real estate owned	​	$	—		Appraisal of collateral	(1)	Appraisal adjustments	(2)	0% - 19%	​	(19%)

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(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.

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Schedule of Estimated Fair Values of Financial Assets and Liabilities

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March 31, 2021

December 31, 2020

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Estimated

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Estimated

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Carrying

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Fair

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Carrying

​

Fair

(Dollars in thousands)

Amount

Value

Amount

Value

Financial assets

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Level 1 inputs

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Cash and cash equivalents

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$

227,086

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$

227,086

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$

186,917

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$

186,917

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Level 2 inputs

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​

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Investment securities held to maturity

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$

125,929

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$

125,076

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$

65,706

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$

65,828

Restricted securities

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3,189

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3,189

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3,626

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3,626

Cash surrender value on life insurance

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41,343

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41,343

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31,018

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31,018

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Level 3 inputs

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Loans, net

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$

1,447,209

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$

1,447,025

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$

1,440,368

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$

1,436,292

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Financial liabilities

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Level 2 inputs

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Deposits:

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Noninterest-bearing demand

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$

533,823

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$

533,823

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$

509,091

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$

509,091

Checking plus interest

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405,601

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405,601

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446,243

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446,243

Money market

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381,461

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381,461

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292,974

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292,974

Savings

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202,198

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202,198

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177,524

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177,524

Club

​

782

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782

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392

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392

Certificates of deposit, $100,000 or more

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133,378

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135,376

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129,623

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131,271

Other time

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143,393

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144,917

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144,858

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146,137

Securities sold under retail repurchase agreement

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3,501

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3,501

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1,050

​

1,050

Advances from FHLB - long-term

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​

—

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​

—

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​

—

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—

Subordinated debt

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​

24,460

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24,869

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​

24,429

​

25,745

X

- Definition

Tabular disclosure of estimated fair values of the company's financial assets and liabilities reported at their carrying amounts.

+ References

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- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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