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Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value of Assets and Liabilities

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


		September 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		$	—		$	62,572		$	—		$	62,572
Mortgage-backed securities			—			186,120			—			186,120
Obligations of states and political subdivisions			—			96,305			—			96,305
Corporate and other debt securities			—			18,416			—			18,416
Total securities available for sale			—			363,413			—			363,413
Loans held for sale			—			116,789			—			116,789
Derivatives
IRLC			—			2,875			—			2,875
Interest rate swaps on loans			—			4,961			—			4,961
Forward sales of TBA securities			—			45			—			45
Total assets		$	—		$	488,083		$	—		$	488,083

Liabilities:
Derivatives
Interest rate swaps on loans		$	—		$	4,961		$	—		$	4,961
Cash flow hedges			—			960			—			960
Total liabilities		$	—		$	5,921		$	—		$	5,921


		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


		September 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 September 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 September 30, 2021 Classified as

Total Fair

(Dollars in thousands)

Value

Level 1

Level 2

Level 3

Value

Financial assets:

Cash and short-term investments

$

204,475

$

201,495

$

2,479

$

—

$

203,974

Securities available for sale

363,413

—

363,413

—

363,413

Loans, net

1,351,564

—

—

1,368,093

1,368,093

Loans held for sale

116,789

—

116,789

—

116,789

Derivatives

IRLC

2,875

—

2,875

—

2,875

Interest rate swaps on loans

4,961

—

4,961

—

4,961

Forward sales of TBA securities

45

—

45

—

45

Bank-owned life insurance

20,382

—

20,382

—

20,382

Accrued interest receivable

7,125

7,125

—

—

7,125

Financial liabilities:

Demand and savings deposits

1,411,980

1,411,980

—

—

1,411,980

Time deposits

441,105

—

444,446

—

444,446

Borrowings

86,394

—

91,484

—

91,484

Derivatives

Cash flow hedges

960

—

960

—

960

Interest rate swaps on loans

4,961

—

4,961

—

4,961

Accrued interest payable

581

581

—

—

581


		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