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Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

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

The following table summarizes our assets and liabilities that were required to be recorded at fair value on a recurring basis.

(in thousands)   Description of Financial Instruments			Carrying Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Measurement Categories: Changes in Fair Value Recorded In1
December 31, 2020
Securities available for sale:
Mortgage-backed securities and collateralized mortgage obligations issued by U.S. government-sponsored agencies			$	228,651		$	—		$	228,651		$	—		OCI
SBA-backed securities			$	32,862		$	—		$	36,286		$	—		OCI
Debentures of government sponsored agencies			$	20,186		$	—		$	20,186		$	—		OCI
Obligations of state and political subdivisions			$	110,652		$	—		$	110,652		$	—		OCI
Derivative financial liabilities (interest rate contracts)			$	1,912		$	—		$	1,912		$	—		NI
December 31, 2019
Securities available for sale:
Mortgage-backed securities and collateralized mortgage obligations issued by U.S. government-sponsored agencies			$	278,144		$	—		$	278,144		$	—		OCI
SBA-backed securities			$	36,286		$	—		$	36,286		$	—		OCI
Debentures of government sponsored agencies			$	49,046		$	—		$	49,046		$	—		OCI
Obligations of state and political subdivisions			$	67,282		$	—		$	67,282		$	—		OCI
Corporate bonds			$	1,502		$	—		$	1,502		$	—		OCI
Derivative financial liabilities (interest rate contracts)			$	1,178		$	—		$	1,178		$	—		NI

 1Other comprehensive income ("OCI") or net income ("NI").

Fair Value, by Balance Sheet Grouping

The table below is a summary of fair value estimates for financial instruments as of December 31, 2020 and 2019, excluding financial instruments recorded at fair value on a recurring basis (summarized in the first table in this note). The carrying amounts in the following table are recorded in the consolidated statements of condition under the indicated captions. Further, we have not disclosed the fair value of financial instruments specifically excluded from disclosure requirements such as BOLI and non-maturity deposit liabilities. Additionally, we held shares of FHLB stock and Visa Inc. Class B common stock, both recorded at cost, as there was no impairment or changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer as of December 31, 2020 and 2019. See further discussion on values within Note 2, Investment Securities, above.

			December 31, 2020												December 31, 2019
(in thousands)			Carrying Amounts			Fair Value			Fair Value Hierarchy						Carrying Amounts			Fair Value			Fair Value Hierarchy
Financial assets (recorded at amortized cost)
Cash and cash equivalents			$	200,320		$	200,320		Level 1						$	183,388		$	183,388		Level 1
Investment securities held-to-maturity			109,036			115,185			Level 2						137,413			139,642			Level 2
Loans, net			2,065,682			2,089,192			Level 3						1,826,609			1,839,666			Level 3
Interest receivable			10,922			10,922			Level 2						7,732			7,732			Level 2
Financial liabilities (recorded at amortized cost)
Time deposits			97,433			97,769			Level 2						97,810			97,859			Level 2
Subordinated debenture			2,777			3,115			Level 3						2,708			3,182			Level 3
Interest payable			97			97			Level 2						134			134			Level 2

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=121572278&loc=d3e13467-108611

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 (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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