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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

The carrying amount and estimated fair value by classification level of the Company’s financial instruments as of September 30, 2020 and December 31, 2019 are as follows:

The carrying amount and estimated fair value by classification level of the Company’s financial instruments as of September 30, 2020 and December 31, 2019 are as follows:

Fair Value of Financial Instruments


		September 30, 2020
						Fair Value
(Dollars in thousands)		Carrying Amount				Total				Level 1				Level 2				Level 3
Financial Assets:
Cash and short term investments		$	123,510			$	123,510			$	123,510			$	—			$	—
Available-for-sale securities			293,472				293,472				2,280				289,530				1,662
Other investments, at cost			2,053				2,053				—				—				2,053
Loans held-for-sale			37,587				37,587				—				37,587				—
Net loans receivable			844,460				823,485				—				—				823,485
Accrued interest			3,957				3,957				3,957				—				—
Financial liabilities:
Non-interest bearing demand		$	365,505			$	365,505			$	—			$	365,505			$	—
Interest bearing demand deposits and money market accounts			519,653				519,653				—				519,653				—
Savings			121,865				121,865				—				121,865				—
Time deposits			166,528				167,652				—				167,652				—
Total deposits			1,173,551				1,174,675				—				1,174,675				—
Short term borrowings			47,142				47,142				—				47,142				—
Junior subordinated debentures			14,964				11,445				—				11,445				—
Accrued interest payable			757				757				757				—				—

The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of September 30, 2020 and December 31, 2019 that are measured on a recurring basis. There were no liabilities carried at fair value as of September 30, 2020 or December 31, 2019 that are measured on a recurring basis.

The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of September 30, 2020 and December 31, 2019 that are measured on a recurring basis. There were no liabilities carried at fair value as of September 30, 2020 or December 31, 2019 that are measured on a recurring basis.

(Dollars in thousands)

Fair Value of Financial Instruments (Details 2)

Description		September 30, 2020				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Available-for-sale securities
US treasury securities		$	1,510			$	—			$	1,510			$	—
Government sponsored enterprises			1,010				—				1,010				—
Mortgage-backed securities			179,050				—				177,594				1,456
Small Business Administration pools			37,272				—				37,066				206
State and local government			71,355				2,280				69,075				—
Corporate and other securities			3,275				—				3,275				—
Total			293,472				2,280				289,530				1,662
Loans held-for-sale			37,587				—				37,587				—
Total		$	331,059			$	2,280			$	327,117			$	1,662

The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of September 30, 2020 and December 31, 2019 that are measured on a non-recurring basis. There were no Level 3 financial instruments for the nine months ended September 30, 2020 and September 30, 2019 measured on a recurring basis.

The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of September 30, 2020 and December 31, 2019 that are measured on a non-recurring basis. There were no Level 3 financial instruments for the nine months ended September 30, 2020 and September 30, 2019 measured on a recurring basis.

Fair Value of Financial Instruments (Details 3)

(Dollars in thousands)
Description		September 30, 2020				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Impaired loans:
Commercial & Industrial		$	—			$	—			$	—			$	—
Real estate:
Mortgage-residential			327				—				—				327
Mortgage-commercial			2,847				—				—				2,847
Consumer:
Home equity			47				—				—				47
Other			—				—				—				—
Total impaired			3,221				—				—				3,221
Other real estate owned:
Construction			767				—				—				767
Mortgage-commercial			546				—				—				546
Total other real estate owned			1,313				—				—				1,313
Total		$	4,534			$	—			$	—			$	4,534

For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of September 30, 2020 and December 31, 2019, the significant unobservable inputs used in the fair value measurements were as follows:

For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of September 30, 2020 and December 31, 2019, the significant unobservable inputs used in the fair value measurements were as follows:

Fair Value of Financial Instruments (Details 4)

(Dollars in thousands)		Fair Value as of September 30, 2020		Valuation Technique		Significant Observable Inputs		Significant Unobservable Inputs
OREO		$ 1,313		Appraisal Value/Comparison Sales/Other estimates		Appraisals and or sales of comparable properties		Appraisals discounted 6% to 16% for sales commissions and other holding cost
Impaired loans		$ 3,221		Appraisal Value		Appraisals and or sales of comparable properties		Appraisals discounted 6% to 16% for sales commissions and other holding cost

(Dollars in thousands)		Fair Value as of December 31, 2019		Valuation Technique		Significant Observable Inputs		Significant Unobservable Inputs
OREO		$ 1,410		Appraisal Value/Comparison Sales/Other estimates		Appraisals and or sales of comparable properties		Appraisals discounted 6% to 16% for sales commissions and other holding cost
Impaired loans		$ 3,991		Appraisal Value		Appraisals and or sales of comparable properties		Appraisals discounted 6% to 16% for sales commissions and other holding cost