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Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2021
Fair Value Disclosures [Abstract] |
The carrying amount and estimated fair value by classification level of the Company’s financial instruments as of March 31, 2021 and December 31, 2020 are as follows: | The carrying amount and estimated fair value by classification level of the Company’s financial instruments as of March 31, 2021 and December 31, 2020 are as follows:
Fair Value of Financial Instruments |
|  | March 31, 2021 |
|  |  |  |  | Fair Value |
(Dollars in thousands) |  | Carrying Amount |  |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and short term investments |  | $ | 112,866 |  |  | $ | 112,866 |  |  | $ | 112,866 |  |  | $ | — |  |  | $ | — |
Investment securities available-for-sale |  |  | 405,848 |  |  |  | 405,848 |  |  |  | 37,051 |  |  |  | 368,797 |  |  |  | — |
Other investments, at cost |  |  | 1,699 |  |  |  | 1,699 |  |  |  | — |  |  |  | — |  |  |  | 1,699 |
Loans held-for-sale |  |  | 23,481 |  |  |  | 23,481 |  |  |  | — |  |  |  | 23,481 |  |  |  | — |
Net loans receivable |  |  | 858,503 |  |  |  | 839,395 |  |  |  | — |  |  |  | — |  |  |  | 839,395 |
Accrued interest receivable |  |  | 3,783 |  |  |  | 3,783 |  |  |  | 3,783 |  |  |  | — |  |  |  | — |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-interest bearing demand |  | $ | 414,707 |  |  | $ | 414,707 |  |  | $ | — |  |  | $ | 414,707 |  |  | $ | — |
Interest bearing demand deposits and money market accounts |  |  | 566,899 |  |  |  | 566,899 |  |  |  | — |  |  |  | 566,899 |  |  |  | — |
Savings |  |  | 130,984 |  |  |  | 130,984 |  |  |  | — |  |  |  | 130,984 |  |  |  | — |
Time deposits |  |  | 158,850 |  |  |  | 159,538 |  |  |  | — |  |  |  | 159,538 |  |  |  | — |
Total deposits |  |  | 1,271,440 |  |  |  | 1,272,128 |  |  |  | — |  |  |  | 1,272,128 |  |  |  | — |
Securities sold under agreements to repurchase |  |  | 60,319 |  |  |  | 60,319 |  |  |  | — |  |  |  | 60,319 |  |  |  | — |
Junior subordinated debt |  |  | 14,964 |  |  |  | 13,412 |  |  |  | — |  |  |  | 13,412 |  |  |  | — |
Accrued interest payable |  |  | 599 |  |  |  | 599 |  |  |  | 599 |  |  |  | — |  |  |  | — |
The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of March 31, 2021 and December 31, 2020 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 March 31, 2021 and December 31, 2020 that are measured on a recurring basis. There were no liabilities carried at fair value as of March 31, 2021 or December 31, 2020 that are measured on a recurring basis. (Dollars in thousands)
Fair Value of Financial Instruments (Details 2) |
Description |  | March 31, 2021 |  |  | 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 |  | $ | 15,011 |  |  | $ | — |  |  | $ | 15,011 |  |  | $ | — |
Government sponsored enterprises |  |  | 1,002 |  |  |  | — |  |  |  | 1,002 |  |  |  | — |
Mortgage-backed securities |  |  | 260,906 |  |  |  | 31,270 |  |  |  | 229,636 |  |  |  | — |
Small Business Administration pools |  |  | 37,782 |  |  |  | 5,280 |  |  |  | 32,502 |  |  |  | — |
State and local government |  |  | 87,821 |  |  |  | 501 |  |  |  | 87,320 |  |  |  | — |
Corporate and other securities |  |  | 3,326 |  |  |  | — |  |  |  | 3,326 |  |  |  | — |
Total Available-for-sale securities |  |  | 405,848 |  |  |  | 37,051 |  |  |  | 368,797 |  |  |  | — |
Loans held-for-sale |  |  | 23,481 |  |  |  | — |  |  |  | 23,481 |  |  |  | — |
Total |  | $ | 429,330 |  |  | $ | 37,052 |  |  | $ | 392,278 |  |  | $ | — |
The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of March 31, 2021 and December 31, 2020 that are measured on a non-recurring basis. | The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of March 31, 2021 and December 31, 2020 that are measured on a non-recurring basis. There were no Level 3 financial instruments for the three months ended March 31, 2021 and March 31, 2020 measured on a recurring basis.
Fair Value of Financial Instruments (Details 3) |
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Description |  | March 31, 2021 |  |  | 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 |  |  | 436 |  |  |  | — |  |  |  | — |  |  |  | 436 |
Mortgage-commercial |  |  | 5,576 |  |  |  | — |  |  |  | — |  |  |  | 5,576 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  |  | 21 |  |  |  | — |  |  |  | — |  |  |  | 21 |
Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total impaired |  |  | 6,033 |  |  |  | — |  |  |  | — |  |  |  | 6,033 |
Other real estate owned: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  |  | 529 |  |  |  | — |  |  |  | — |  |  |  | 529 |
Mortgage-residential |  |  | 541 |  |  |  | — |  |  |  | — |  |  |  | 541 |
Total other real estate owned |  |  | 1,070 |  |  |  | — |  |  |  | — |  |  |  | 1,070 |
Total |  | $ | 7,103 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,103 |
For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of March 31, 2021 and December 31, 2020, 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 March 31, 2021 and December 31, 2020, 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 December 31, 2021 |  |  | Valuation Technique |  | Significant Observable Inputs |  | Significant Unobservable Inputs
OREO |  | $ | 1,070 |  |  | 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 |  | $ | 6,033 |  |  | 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, 2020 |  |  | Valuation Technique |  | Significant Observable Inputs |  | Significant Unobservable Inputs
OREO |  | $ | 1,194 |  |  | 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 |  | $ | 6,111 |  |  | Appraisal Value |  | Appraisals and or sales of comparable properties |  | Appraisals discounted 6% to 16% for sales commissions and other holding cost

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + 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 (bbb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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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=123874694&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=123874694&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=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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://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=123874694&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 (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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