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Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value of Assets and Liabilities

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


		December 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		$	—		$	68,285		$	—		$	68,285
Mortgage-backed securities			—			190,349			—			190,349
Obligations of states and political subdivisions			—			92,666			—			92,666
Corporate and other debt securities			—			21,773			—			21,773
Total securities available for sale			—			373,073			—			373,073
Loans held for sale			—			82,295			—			82,295
Derivatives
IRLC			—			1,523			—			1,523
Interest rate swaps on loans			—			3,467			—			3,467
Total assets		$	—		$	460,358		$	—		$	460,358

Liabilities:
Derivatives
Interest rate swaps on loans		$	—		$	3,467		$	—		$	3,467
Cash flow hedges			—			665			—			665
Forward sales of TBA securities			—			3			—			3
Total liabilities		$	—		$	4,135		$	—		$	4,135


		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


		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 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 December 31, 2021 Classified as

Total Fair

(Dollars in thousands)

Value

Level 1

Level 2

Level 3

Value

Financial assets:

Cash and short-term investments

$

269,487

$

267,745

$

1,235

$

—

$

268,980

Securities available for sale

373,073

—

373,073

—

373,073

Loans, net

1,369,903

—

—

1,379,564

1,379,564

Loans held for sale

82,295

—

82,295

—

82,295

Derivatives

IRLC

1,523

—

1,523

—

1,523

Interest rate swaps on loans

3,467

—

3,467

—

3,467

Bank-owned life insurance

20,597

—

20,597

—

20,597

Accrued interest receivable

6,810

6,810

—

—

6,810

Financial liabilities:

Demand and savings deposits

1,488,893

1,488,893

—

—

1,488,893

Time deposits

425,721

—

428,462

—

428,462

Borrowings

84,115

—

89,609

—

89,609

Derivatives

Cash flow hedges

665

—

665

—

665

Interest rate swaps on loans

3,467

—

3,467

—

3,467

Forward sales of TBA securities

3

—

3

—

3

Accrued interest payable

715

715

—

—

715


		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