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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping

The carrying amount and estimated fair value by classification level of the Company’s financial instruments as of June 30, 2021 and December 31, 2020 are as follows:

Fair Value, by Balance Sheet Grouping 

Fair Value of Financial Instruments

		June 30, 2021
						Fair Value
(Dollars in thousands)		Carrying Amount				Total				Level 1				Level 2				Level 3
Financial Assets:
Cash and short term investments		$	75,987			$	75,987			$	75,987			$	—			$	—
Investment securities available-for-sale			468,951				468,951				25,576				443,375				—
Other investments, at cost			1,718				1,718				—				—				1,718
Loans held-for-sale			11,416				11,416				—				11,416				—
Net loans receivable			867,680				871,342				—				—				871,342
Accrued interest receivable			4,012				4,012				4,012				—				—
Financial liabilities:
Non-interest bearing demand		$	417,895			$	417,895			$	—			$	417,895			$	—
Interest bearing demand deposits and money market accounts			577,362				577,362				—				577,362				—
Savings			136,338				136,338				—				136,338				—
Time deposits			158,288				158,763				—				158,763				—
Total deposits			1,289,883				1,290,358				—				1,290,358				—
Securities sold under agreements to repurchase			60,487				60,487				—				60,487				—
Junior subordinated debt			14,964				14,493				—				14,493				—
Accrued interest payable			505				505				505				—				—
		December 31, 2020
		Carrying				Fair Value
(Dollars in thousands)		Amount				Total				Level 1				Level 2				Level 3
Financial Assets:
Cash and short term investments		$	64,992			$	64,992			$	64,992			$	—			$	—
Investment securities available-for-sale			359,866				359,866				20,564				339,302				—
Other investments, at cost			2,053				2,053				—				—				2,053
Loans held for sale			45,020				45,020				—				45,020				—
Net loans receivable			833,768				829,685				—				—				829,685
Accrued interest receivable			4,167				4,167				4,167				—				—
Financial liabilities:
Non-interest bearing demand		$	385,511			$	385,511			$	—			$	385,511			$	—
Interest bearing demand deposits and money market accounts			520,205				520,205				—				520,205				—
Savings			123,032				123,032				—				123,032				—
Time deposits			160,665				161,505				—				61,505				—
Total deposits			1,189,413				1,190,253				—				1,190,253				—
Securities sold under agreements to repurchase			40,914				40,914				—				40,914				—
Junior subordinated debt			14,964				11,748				—				11,748				—
Accrued interest payable			667				667				667				—				—

Fair Value, Assets Measured on Recurring Basis

The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of June 30, 2021 and December 31, 2020 that are measured on a recurring basis. There were no liabilities carried at fair value as of June 30, 2021 or December 31, 2020 that are measured on a recurring basis.

Fair Value, Assets Measured on Recurring Basis

(Dollars in thousands)

Description		June 30, 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		$	15,448			$	—			$	15,448			$	—
Government sponsored enterprises			—				—				—				—
Mortgage-backed securities			321,241				22,326				298,915				—
Small Business Administration pools			36,225				—				36,225				—
State and local government			89,338				—				89,338				—
Corporate and other securities			6,699				3,250				3,449				—
Total Available-for-sale securities			468,951				25,576				443,375				—
Loans held-for-sale			11,416				—				11,416				—
Total		$	480,367			$	25,576			$	454,791			$	—

(Dollars in thousands)

Description		December 31, 2020				(Level 1)				(Level 2)				(Level 3)
Available- for-sale securities
US Treasury Securities		$	1,502			$	—			$	1,502			$	—
Government Sponsored Enterprises			1,006				—				1,006				—
Mortgage-backed securities			229,929				17,029				212,900				—
Small Business Administration pools			35,498				—				35,498				—
State and local government			88,603				3,535				85,068				—
Corporate and other securities			3,328				—				3,328				—
Total Available-for-sale securities			359,866				20,564				339,302				—
Loans held for sale			45,020				—				45,020				—
Total		$	404,886			$	20,564			$	384,322			$	—

[custom:DisclosureFairValueOfFinancialInstrumentsDetails2Abstract]

Description		June 30, 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		$	15,448			$	—			$	15,448			$	—
Government sponsored enterprises			—				—				—				—
Mortgage-backed securities			321,241				22,326				298,915				—
Small Business Administration pools			36,225				—				36,225				—
State and local government			89,338				—				89,338				—
Corporate and other securities			6,699				3,250				3,449				—
Total Available-for-sale securities			468,951				25,576				443,375				—
Loans held-for-sale			11,416				—				11,416				—
Total		$	480,367			$	25,576			$	454,791			$	—

(Dollars in thousands)

Description		December 31, 2020				(Level 1)				(Level 2)				(Level 3)
Available- for-sale securities
US Treasury Securities		$	1,502			$	—			$	1,502			$	—
Government Sponsored Enterprises			1,006				—				1,006				—
Mortgage-backed securities			229,929				17,029				212,900				—
Small Business Administration pools			35,498				—				35,498				—
State and local government			88,603				3,535				85,068				—
Corporate and other securities			3,328				—				3,328				—
Total Available-for-sale securities			359,866				20,564				339,302				—
Loans held for sale			45,020				—				45,020				—
Total		$	404,886			$	20,564			$	384,322			$	—

Fair Value Measurements, Nonrecurring

The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of June 30, 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 June 30, 2021 and June 30, 2020 measured on a recurring basis.

Fair Value Measurements, Nonrecurring

(Dollars in thousands)
Description		June 30, 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			310				—				—				310
Mortgage-commercial			5,163				—				—				5,163
Consumer:
Home equity			21				—				—				21
Other			—				—				—				—
Total impaired			5,494				—				—				5,494
Other real estate owned:
Construction			641				—				—				641
Mortgage-residential			541				—				—				541
Total other real estate owned			1,182				—				—				1,182
Total		$	6,676			$	—			$	—			$	6,676

(Dollars in thousands)
Description		December 31, 2020				(Level 1)				(Level 2)				(Level 3)
Impaired loans:
Commercial & Industrial		$	—			$	—			$	—			$	—
Real estate:
Mortgage-residential			440				—				—				440
Mortgage-commercial			5,629				—				—				5,629
Consumer:
Home equity			42				—				—				42
Other			—				—				—				—
Total impaired			6,111				—				—				6,111
Other real estate owned:
Construction			600				—				—				600
Mortgage-commercial			594				—				—				594
Total other real estate owned			1,194				—				—				1,194
Total		$	7,305			$	—			$	—			$	7,305

[custom:DisclosureFairValueOfFinancialInstrumentsDetails3Abstract]

(Dollars in thousands)
Description		June 30, 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			310				—				—				310
Mortgage-commercial			5,163				—				—				5,163
Consumer:
Home equity			21				—				—				21
Other			—				—				—				—
Total impaired			5,494				—				—				5,494
Other real estate owned:
Construction			641				—				—				641
Mortgage-residential			541				—				—				541
Total other real estate owned			1,182				—				—				1,182
Total		$	6,676			$	—			$	—			$	6,676

(Dollars in thousands)
Description		December 31, 2020				(Level 1)				(Level 2)				(Level 3)
Impaired loans:
Commercial & Industrial		$	—			$	—			$	—			$	—
Real estate:
Mortgage-residential			440				—				—				440
Mortgage-commercial			5,629				—				—				5,629
Consumer:
Home equity			42				—				—				42
Other			—				—				—				—
Total impaired			6,111				—				—				6,111
Other real estate owned:
Construction			600				—				—				600
Mortgage-commercial			594				—				—				594
Total other real estate owned			1,194				—				—				1,194
Total		$	7,305			$	—			$	—			$	7,305

Fair Value Measurement Inputs and Valuation Techniques

For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of June 30, 2021 and December 31, 2020, the significant unobservable inputs used in the fair value measurements were as follows:

Fair Value Measurement Inputs and Valuation Techniques 

Fair Value of Financial Instruments (Details 4)

(Dollars in thousands)		Fair Value as of June 30, 2021				Valuation Technique		Significant Observable Inputs		Significant Unobservable Inputs
OREO		$	1,182			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		$	5,494			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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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.

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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).

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