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Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value of Assets and Liabilities

Schedule of balances of financial assets and liabilities measured at fair value on a recurring basis


		December 31, 2020
		Fair Value Measurements Using									Assets/Liabilities at
(Dollars in thousands)		Level 1			Level 2			Level 3			Fair Value
Assets:
Securities available for sale
U.S. government agencies and corporations		$	—		$	48,282		$	—		$	48,282
Mortgage-backed securities			—			123,714			—			123,714
Obligations of states and political subdivisions			—			102,805			—			102,805
Corporate and other debt securities			—			11,588			—			11,588
Total securities available for sale			—			286,389			—			286,389
Loans held for sale			—			214,266			—			214,266
Derivatives
IRLC			—			4,582			—			4,582
Interest rate swaps on loans			—			8,185			—			8,185
Total assets		$	—		$	513,422		$	—		$	513,422

Liabilities:
Derivatives
Interest rate swaps on loans		$	—		$	8,185		$	—		$	8,185
Cash flow hedges			—			1,882			—			1,882
Forward sales of TBA securities			—			47			—			47
Total liabilities		$	—		$	10,114		$	—		$	10,114


		December 31, 2019
		Fair Value Measurements Using									Assets/Liabilities at
(Dollars in thousands)		Level 1			Level 2			Level 3			Fair Value
Assets:
Securities available for sale
U.S. government agencies and corporations		$	—		$	21,440		$	—		$	21,440
Mortgage-backed securities			—			86,585			—			86,585
Obligations of states and political subdivisions			—			81,708			—			81,708
Total securities available for sale			—			189,733			—			189,733
Loans held for sale			—			90,500			—			90,500
Derivatives
IRLC			—			1,083			—			1,083
Interest rate swaps on loans			—			2,462			—			2,462
Total assets		$	—		$	283,778		$	—		$	283,778

Liabilities:
Derivatives
Interest rate swaps on loans		$	—		$	2,462		$	—		$	2,462
Cash flow hedges			—			145			—			145
Forward sales of TBA securities			—			25			—			25
Total liabilities		$	—		$	2,632		$	—		$	2,632

Schedule of balances of assets measured at fair value on a nonrecurring basis


		December 31, 2020
		Fair Value Measurements Using									Assets at Fair
(Dollars in thousands)		Level 1			Level 2			Level 3			Value
Other real estate owned, net		$	—		$	—		$	72		$	72
Total		$	—		$	—		$	72		$	72


		December 31, 2019
		Fair Value Measurements Using									Assets at Fair
(Dollars in thousands)		Level 1			Level 2			Level 3			Value
Impaired loans, net		$	—		$	—		$	102		$	102
Other real estate owned, net			—			—			268			268
Total		$	—		$	—		$	370		$	370

Schedule of quantitative information about Level 3 fair value measurements for financial assets measured at fair value on a nonrecurring basis


		Fair Value Measurements
(Dollars in thousands)		Fair Value			Valuation Technique(s)		Unobservable Inputs		Range (Weighted Average)¹
At December 31, 2020:
Other real estate owned, net		$	72		Appraisals		Discount to reflect current market conditions and estimated selling costs		75%-80% (79%)
Total		$	72

At December 31, 2019:
Impaired loans, net		$	102		Appraisals		Discount to reflect current market conditions and estimated selling costs		30% (30%)
Other real estate owned, net			268		Appraisals		Discount to reflect current market conditions and estimated selling costs		33% - 75% (37%)
Total		$	370

1	The weighted average of unobservable inputs is calculated based on the relative asset fair values.

Schedule of carrying amounts and estimated fair values of financial instruments

Carrying

Fair Value Measurements at December 31, 2020 Using

Total Fair

(Dollars in thousands)

Value

Level 1

Level 2

Level 3

Value

Financial assets:

Cash and short-term investments

$

86,669

$

86,669

$

—

$

—

$

86,669

Securities available for sale

286,389

—

286,389

—

286,389

Loans, net

1,313,250

—

—

1,308,569

1,308,569

Loans held for sale

214,266

—

214,266

—

214,266

Derivatives

IRLC

4,582

—

4,582

—

4,582

Interest rate swaps on loans

8,185

—

8,185

—

8,185

Bank-owned life insurance

20,205

—

20,205

—

20,205

Accrued interest receivable

8,103

8,103

—

—

8,103

Financial liabilities:

Demand and savings deposits

1,282,590

1,282,590

—

—

1,282,590

Time deposits

469,583

—

474,154

—

474,154

Borrowings

69,864

—

71,119

—

71,119

Derivatives

Cash flow hedges

1,882

—

1,882

—

1,882

Interest rate swaps on loans

8,185

—

8,185

—

8,185

Forward sales of TBA securities

47

—

47

—

47

Accrued interest payable

1,109

1,109

—

—

1,109


		Carrying			Fair Value Measurements at December 31, 2019 Using									Total Fair
(Dollars in thousands)		Value			Level 1			Level 2			Level 3			Value
Financial assets:
Cash and short-term investments		$	165,433		$	165,433		$	—		$	—		$	165,433
Securities available for sale			189,733			—			189,733			—			189,733
Loans, net			1,082,318			—			—			1,082,783			1,082,783
Loans held for sale			90,500			—			90,500			—			90,500
Derivatives
IRLC			1,083			—			1,083			—			1,083
Interest rate swaps on loans			2,462			—			2,462			—			2,462
Bank-owned life insurance			16,044			—			16,044			—			16,044
Accrued interest receivable			6,776			6,776			—			—			6,776
Financial liabilities:
Demand and savings deposits			869,194			869,194			—			—			869,194
Time deposits			422,056			—			423,605			—			423,605
Borrowings			161,170			—			154,964			—			154,964
Derivatives
Cash flow hedges			145			—			145			—			145
Interest rate swaps on loans			2,462			—			2,462			—			2,462
Forward sales of TBA securities			25			—			25						25
Accrued interest payable			1,291			1,291			—			—			1,291