Fair Value (Tables)
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12 Months Ended |
Dec. 31, 2021 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
The Company has categorized its financial instruments measured at fair value on a recurring basis as of December 31, 2021 and December 31, 2020 as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Total | | Level 1 Inputs | | Level 2 Inputs | | Level 3 Inputs | | December 31, 2021 | | | | | | Investment securities available for sale | | | | | | | | | | | | | | | | | | | U.S Treasuries | | $ | 131,001 | | | $ | — | | | $ | 131,001 | | | $ | — | | | Asset-backed securities | | 10,140 | | | — | | | 10,140 | | | — | | | Municipal | | 10,474 | | | — | | | 10,474 | | | — | | | Corporate | | 4,934 | | | — | | | 4,934 | | | — | | | Mortgage-backed securities | | 27,906 | | | — | | | 27,906 | | | — | | | | $ | 184,455 | | | $ | — | | | $ | 184,455 | | | $ | — | | | Loans held for sale | | $ | 15,989 | | | $ | — | | | $ | 15,989 | | | $ | — | | | Derivative assets | | $ | 124 | | | $ | — | | | $ | 124 | | | $ | — | | | Derivative liabilities | | $ | 16 | | | $ | — | | | $ | 16 | | | $ | — | | | | | | | | | | | | December 31, 2020 | | | | | | | | | | Investment securities available for sale | | | | | | | | | | Asset-backed securities | | $ | 10,881 | | | $ | — | | | $ | 10,881 | | | $ | — | | | Municipal | | 10,927 | | | — | | | 10,927 | | | — | | | Corporate | | 5,767 | | | — | | | 5,767 | | | — | | | Mortgage-backed securities | | 72,212 | | | — | | | 72,212 | | | — | | | | $ | 99,787 | | | $ | — | | | $ | 99,787 | | | $ | — | | | Loans held for sale | | $ | 107,154 | | | $ | — | | | $ | 107,154 | | | $ | — | | | Derivative assets | | $ | 327 | | | $ | — | | | $ | 327 | | | $ | — | | | Derivative liabilities | | $ | 179 | | | $ | — | | | $ | 179 | | | $ | — | | | | | | | | | | |
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| Schedule Of Fair Value Of Loans Held For Sale |
The following table reflects the difference between the fair value carrying amount of loans held for sale, measured at fair value under FASB ASC 825-10, and the aggregate unpaid principal amount the Company is contractually entitled to receive at maturity: | | | | | | | | | | | | | | | | Fair Value of Loans Held for Sale | | | | | | | | | | | (in thousands) | | December 31, 2021 | | December 31, 2020 | | | | | | | Aggregate fair value | | $ | 15,989 | | | $ | 107,154 | | | Contractual principal | | 14,504 | | | 99,362 | | | Difference | | $ | 1,485 | | | $ | 7,792 | |
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| Schedule of Fair Value Measurements, Nonrecurring |
| | | | | | | | | | | | | | | | Fair Value of Impaired Loans and Foreclosed Real Estate | | | | | | (in thousands) | | | | | | | 2021 | | 2020 | | Impaired loans | | | | | | Level 1 Inputs | | $ | — | | | $ | — | | | Level 2 Inputs | | — | | | — | | | Level 3 Inputs | | 11,121 | | | 8,899 | | | Total | | $ | 11,121 | | | $ | 8,899 | | | | | | | | Foreclosed real estate | | | | | | Level 1 Inputs | | $ | — | | | $ | — | | | Level 2 Inputs | | — | | | — | | | Level 3 Inputs | | 86 | | | 3,326 | | | Total | | $ | 86 | | | $ | 3,326 | |
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| Schedule of Fair Value Measurement Inputs and Valuation Techniques |
The following table provides information describing the unobservable inputs used in Level 3 fair value measurements at December 31, 2021 and 2020: | | | | | | | | | | | | | | | | | | | Inputs | | Valuation Technique | | Unobservable Inputs | | General Range of Inputs | | | | | Impaired Loans | Appraised Value/Discounted Cash Flows | | Discounts to appraisals or cash flows for estimated holding and/or selling costs | | 0 - 25% | | Foreclosed Real Estate | Appraised Value/Comparable Sales | | Discounts to appraisals for estimated holding and/or selling costs | | 0 - 25% |
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| Schedule of Fair Value Measurements, Recurring and Nonrecurring |
The table below presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments (in thousands). | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value of Financial Assets and Liabilities | | | | | | | | | December 31, 2021 | | December 31, 2020 | | (in thousands) | Carrying Amount | | Fair Value | | Carrying Amount | | Fair Value | | Financial assets | | | | | | | | | Level 1 | | | | | | | | Cash and due from banks | $ | 42,914 | | | $ | 42,914 | | | $ | 18,456 | | | $ | 18,456 | | Interest bearing deposits at other financial institutions | 136,824 | | | 136,824 | | | 126,081 | | | 126,081 | | Federal funds sold | 3,657 | | | 3,657 | | | 2,373 | | | 2,373 | | Restricted investments | 3,743 | | | 3,743 | | | 3,958 | | | 3,958 | | | Level 3 | | | | | | | | Loans receivable, net | $ | 1,607,086 | | | $ | 1,598,228 | | | $ | 1,493,086 | | | $ | 1,499,073 | | | | | | | | | | | Financial liabilities | | | | | | | | | Level 1 | | | | | | | | Noninterest-bearing deposits | $ | 787,650 | | | $ | 787,650 | | | $ | 608,559 | | | $ | 608,559 | | | | | | | | | | | Level 3 | | | | | | | | Interest-bearing deposits | $ | 1,009,487 | | | $ | 1,011,121 | | | $ | 1,043,569 | | | $ | 1,048,728 | | FHLB advances and other borrowed funds | 34,062 | | | 34,263 | | | 36,016 | | | 37,067 | |
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