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Fair Value of Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value of Assets and Liabilities

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


		June 30, 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		$	—		$	60,898		$	—		$	60,898
Mortgage-backed securities			—			180,222			—			180,222
Obligations of states and political subdivisions			—			100,284			—			100,284
Corporate and other debt securities			—			15,482			—			15,482
Total securities available for sale			—			356,886			—			356,886
Loans held for sale			—			119,038			—			119,038
Derivatives
IRLC			—			3,382			—			3,382
Interest rate swaps on loans			—			5,547			—			5,547
Total assets		$	—		$	484,853		$	—		$	484,853

Liabilities:
Derivatives
Interest rate swaps on loans		$	—		$	5,547		$	—		$	5,547
Cash flow hedges			—			1,127			—			1,127
Forward sales of TBA securities			—			43			—			43
Total liabilities		$	—		$	6,717		$	—		$	6,717


		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


		June 30, 2021
		Fair Value Measurements Classified as									Assets at Fair
(Dollars in thousands)		Level 1			Level 2			Level 3			Value
Other real estate owned, net		$	—		$	—		$	22		$	22
Total		$	—		$	—		$	22		$	22


		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 June 30, 2021:
Other real estate owned, net		$	22		Appraisals		Discount to reflect current market conditions and estimated selling costs		75% (75%)
Total		$	22

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 June 30, 2021 Classified as

Total Fair

(Dollars in thousands)

Value

Level 1

Level 2

Level 3

Value

Financial assets:

Cash and short-term investments

$

172,445

$

169,465

$

2,993

$

—

$

172,458

Securities available for sale

356,886

—

356,886

—

356,886

Loans, net

1,348,293

—

—

1,334,567

1,334,567

Loans held for sale

119,038

—

119,038

—

119,038

Derivatives

IRLC

3,382

—

3,382

—

3,382

Interest rate swaps on loans

5,547

—

5,547

—

5,547

Bank-owned life insurance

20,440

—

20,440

—

20,440

Accrued interest receivable

7,382

7,382

—

—

7,382

Financial liabilities:

Demand and savings deposits

1,381,577

1,381,577

—

—

1,381,577

Time deposits

449,985

—

453,308

—

453,308

Borrowings

72,965

—

76,937

—

76,937

Derivatives

Cash flow hedges

1,127

—

1,127

—

1,127

Interest rate swaps on loans

5,547

—

5,547

—

5,547

Forward sales of TBA securities

43

—

43

—

43

Accrued interest payable

851

851

—

—

851


		Carrying			Fair Value Measurements at December 31, 2020 Classified as									Total Fair
(Dollars in thousands)		Value			Level 1			Level 2			Level 3			Value
Financial assets:
Cash and short-term investments		$	94,342		$	86,669		$	7,710		$	—		$	94,379
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