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Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value of Assets and Liabilities

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


		March 31, 2021
		Fair Value Measurements Classified as									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		$	—		$	53,681		$	—		$	53,681
Mortgage-backed securities			—			150,518			—			150,518
Obligations of states and political subdivisions			—			103,154			—			103,154
Corporate and other debt securities			—			13,932			—			13,932
Total securities available for sale			—			321,285			—			321,285
Loans held for sale			—			177,350			—			177,350
Derivatives
IRLC			—			4,026			—			4,026
Interest rate swaps on loans			—			4,841			—			4,841
Forward sales of TBA securities			—			75			—			75
Total assets		$	—		$	507,577		$	—		$	507,577

Liabilities:
Derivatives
Interest rate swaps on loans		$	—		$	4,841		$	—		$	4,841
Cash flow hedges			—			891			—			891
Total liabilities		$	—		$	5,732		$	—		$	5,732


		December 31, 2020
		Fair Value Measurements Classified as									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

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


		March 31, 2021
		Fair Value Measurements Classified as									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, 2020
		Fair Value Measurements Classified as									Assets at Fair
(Dollars in thousands)		Level 1			Level 2			Level 3			Value
Other real estate owned, net		$	—		$	—		$	72		$	72
Total		$	—		$	—		$	72		$	72

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 March 31, 2021:
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, 2020:
Other real estate owned, net		$	72		Appraisals		Discount to reflect current market conditions and estimated selling costs		75% - 80% (79%)
Total		$	72

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 March 31, 2021 Classifed as

Total Fair

(Dollars in thousands)

Value

Level 1

Level 2

Level 3

Value

Financial assets:

Cash and short-term investments

$

147,438

$

147,438

$

—

$

—

$

147,438

Securities available for sale

321,285

—

321,285

—

321,285

Loans, net

1,346,003

—

—

1,331,249

1,331,249

Loans held for sale

177,350

—

177,350

—

177,350

Derivatives

IRLC

4,026

—

4,026

—

4,026

Interest rate swaps on loans

4,841

—

4,841

—

4,841

Forward sales of TBA securities

75

—

75

—

75

Bank-owned life insurance

20,332

—

20,332

—

20,332

Accrued interest receivable

7,723

7,723

—

—

7,723

Financial liabilities:

Demand and savings deposits

1,373,882

1,373,882

—

—

1,373,882

Time deposits

458,100

—

461,981

—

461,981

Borrowings

73,328

—

72,267

—

72,267

Derivatives

Cash flow hedges

891

—

891

—

891

Interest rate swaps on loans

4,841

—

4,841

—

4,841

Accrued interest payable

734

734

—

—

734


		Carrying			Fair Value Measurements at December 31, 2020 Classifed as									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