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Fair Value of Financial Instruments (Tables)
 3 Months Ended
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