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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31, 2022 and December 31, 2021 are as follows:

Fair Value, by Balance Sheet Grouping

Fair Value of Financial Instruments

		March 31, 2022
		Carrying				Fair Value
(Dollars in thousands)		Amount				Total				Level 1				Level 2				Level 3
Financial Assets:
Cash and short term investments		$	100,792			$	100,792			$	100,792			$	—			$	—
Available-for-sale securities			577,820				577,820				36,371				541,449				—
Other investments, at cost			1,879				1,879				—				—				1,879
Loans held for sale			12,095				12,095				—				12,095				—
Net loans receivable			864,734				836,206				—				—				836,206
Accrued interest			3,838				3,838				3,838				—				—
Financial liabilities:
Non-interest bearing demand		$	467,265			$	467,265			$	—			$	467,265			$	—
Interest bearing demand deposits and money market accounts			658,932				658,932				—				658,932				—
Savings			150,849				150,849				—				150,849				—
Time deposits			153,702				153,871				—				153,871				—
Total deposits			1,430,748				1,430,917				—				1,430,917				—
Federal Home Loan Bank Advances			—				—				—				—				—
Short term borrowings			68,060				68,060				—				68,060				—
Junior subordinated debentures			14,964				15,653				—				15,653				—
Accrued interest payable			334				334				334				—				—
		December 31, 2021
		Carrying				Fair Value
(Dollars in thousands)		Amount				Total				Level 1				Level 2				Level 3
Financial Assets:
Cash and short term investments		$	69,022			$	69,022			$	69,022			$	—			$	—
Available-for-sale securities			564,839				564,839				39,829				525,010				—
Other investments, at cost			1,785				1,785				—				—				1,785
Loans held for sale			7,120				7,120				—				7,120				—
Net loans receivable			852,523				851,822				—				—				851,822
Accrued interest			3,927				3,927				3,927				—				—
Financial liabilities:
Non-interest bearing demand		$	444,688			$	444,688			$	—			$	444,688			$	—
Interest bearing demand deposits and money market accounts			619,057				619,057				—				619,057				—
Savings			143,765				143,765				—				143,765				—
Time deposits			153,781				154,030				—				154,030				—
Total deposits			1,361,291				1,361,540				—				1,361,540				—
Federal Home Loan Bank Advances			—				—				—				—				—
Short term borrowings			54,216				54,216				—				54,216				—
Junior subordinated debentures			14,964				15,015				—				15,015				—
Accrued interest payable			404				404				404				—				—

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 March 31, 2022 and December 31, 2021 that are measured on a recurring basis. There were no liabilities carried at fair value as of March 31, 2022 or December 31, 2021 that are measured on a recurring basis.

Fair Value, Assets Measured on Recurring Basis

(Dollars in thousands)

Fair Value of Financial Instruments (Details 2)

Description		March 31, 2022				(Level 1)				(Level 2)				(Level 3)
Available- for-sale securities
US Treasury Securities		$	58,595			$	29,772			$	28,823			$	—
Government Sponsored Enterprises			2,317				—				2,317				—
Mortgage-backed securities			378,348				2,949				375,399				—
Small Business Administration pools			27,984				—				27,984				—
State and local government			101,971				2,900				99,071				—
Corporate and other securities			8,605				750				7,855				—
Total Available-for-sale securities			577,820				36,371				541,449				—
Loans held for sale			12,095				—				12,095				—
Total		$	589,915			$	36,371			$	553,544			$	—
(Dollars in thousands)
Description		December 31, 2021				(Level 1)				(Level 2)				(Level 3)
Available- for-sale securities
US Treasury Securities		$	15,436			$	—			$	15,436			$	—
Government Sponsored Enterprises			2,501				—				2,501				—
Mortgage-backed securities			397,729				25,934				371,796				—
Small Business Administration pools			31,273				—				31,273				—
State and local government			109,848				12,896				96,952				—
Corporate and other securities			8,052				1,000				7,052				—
Total Available-for-sale securities			564,839				39,830				525,010				—
Loans held for sale			7,120				—				7,120				—
Total		$	571,959			$	39,830			$	532,130			$	—

Fair Value, Assets Measured on 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, 2022 and December 31, 2021 that are measured on a non-recurring basis. There were no Level 3 financial instruments for the three months ended March 31, 2022 and March 31, 2021 measured on a recurring basis.

Fair Value, Assets Measured on Non-Recurring Basis

(Dollars in thousands)
Description		March 31, 2022				(Level 1)				(Level 2)				(Level 3)
Impaired loans:
Commercial & Industrial		$	—			$	—			$	—			$	—
Real estate:
Mortgage-residential			42				—				—				42
Mortgage-commercial			1,499				—				—				1,499
Consumer:
Home equity			—				—				—				—
Other			—				—				—				—
Total impaired			1,541				—				—				1,541
Other real estate owned:
Construction			1,056				—				—				1,056
Mortgage-commercial			90				—				—				90
Total other real estate owned			1,146				—				—				1,146
Total		$	2,687			$	—			$	—			$	2,687

(Dollars in thousands)
Description		December 31, 2021				(Level 1)				(Level 2)				(Level 3)
Impaired loans:
Commercial & Industrial		$	—			$	—			$	—			$	—
Real estate:
Mortgage-residential			133				—				—				133
Mortgage-commercial			1,560				—				—				1,560
Consumer:
Home equity			—				—				—				—
Other			—				—				—				—
Total impaired			1,693				—				—				1,694
Other real estate owned:
Construction			624				—				—				624
Mortgage-commercial			541				—				—				541
Total other real estate owned			1,165				—				—				1,165
Total		$	2,859			$	—			$	—			$	2,859

[custom:DisclosureFairValueOfFinancialInstrumentsDetails3Abstract]

(Dollars in thousands)
Description		March 31, 2022				(Level 1)				(Level 2)				(Level 3)
Impaired loans:
Commercial & Industrial		$	—			$	—			$	—			$	—
Real estate:
Mortgage-residential			42				—				—				42
Mortgage-commercial			1,499				—				—				1,499
Consumer:
Home equity			—				—				—				—
Other			—				—				—				—
Total impaired			1,541				—				—				1,541
Other real estate owned:
Construction			1,056				—				—				1,056
Mortgage-commercial			90				—				—				90
Total other real estate owned			1,146				—				—				1,146
Total		$	2,687			$	—			$	—			$	2,687

(Dollars in thousands)
Description		December 31, 2021				(Level 1)				(Level 2)				(Level 3)
Impaired loans:
Commercial & Industrial		$	—			$	—			$	—			$	—
Real estate:
Mortgage-residential			133				—				—				133
Mortgage-commercial			1,560				—				—				1,560
Consumer:
Home equity			—				—				—				—
Other			—				—				—				—
Total impaired			1,693				—				—				1,694
Other real estate owned:
Construction			624				—				—				624
Mortgage-commercial			541				—				—				541
Total other real estate owned			1,165				—				—				1,165
Total		$	2,859			$	—			$	—			$	2,859

Fair Value Measurement Inputs and Valuation Techniques

For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of March 31, 2022 and December 31, 2021, 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 March 31, 2022				Valuation Technique		Significant Observable Inputs		Significant Unobservable Inputs
OREO		$	1,146			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		$	1,541			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, 2021				Valuation Technique		Significant Observable Inputs		Significant Unobservable Inputs
OREO		$	1,165			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		$	1,694			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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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).

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