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Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value of Assets and Liabilities

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

March 31, 2022

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. Treasury securities

$

—

$

26,211

$

—

$

26,211

U.S. government agencies and corporations

—

72,479

—

72,479

Mortgage-backed securities

—

198,451

—

198,451

Obligations of states and political subdivisions

—

91,720

—

91,720

Corporate and other debt securities

—

26,671

—

26,671

Total securities available for sale

—

415,532

—

415,532

Loans held for sale

—

46,659

—

46,659

Derivatives

IRLC

—

1,767

—

1,767

Interest rate swaps on loans

—

1,554

—

1,554

Cash flow hedges

—

575

—

575

Total assets

$

—

$

466,087

$

—

$

466,087

Liabilities:

Derivatives

Interest rate swaps on loans

$

—

$

1,554

$

—

$

1,554

Total liabilities

$

—

$

1,554

$

—

$

1,554


		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

Schedule of carrying amounts and estimated fair values of financial instruments

Carrying

Fair Value Measurements at March 31, 2022 Classified as

Total Fair

(Dollars in thousands)

Value

Level 1

Level 2

Level 3

Value

Financial assets:

Cash and short-term investments

$

270,928

$

268,938

$

1,468

$

—

$

270,406

Securities available for sale

415,532

—

415,532

—

415,532

Loans, net

1,401,841

—

—

1,405,244

1,405,244

Loans held for sale

46,659

—

46,659

—

46,659

Derivatives

IRLC

1,767

—

1,767

—

1,767

Interest rate swaps on loans

1,554

—

1,554

—

1,554

Cash flow hedges

575

—

575

—

575

Bank-owned life insurance

20,705

—

20,705

—

20,705

Accrued interest receivable

6,953

6,953

—

—

6,953

Financial liabilities:

Demand and savings deposits

1,568,892

1,568,892

—

—

1,568,892

Time deposits

400,769

—

402,981

—

402,981

Borrowings

81,807

—

85,137

—

85,137

Derivatives

Interest rate swaps on loans

1,554

—

1,554

—

1,554

Accrued interest payable

434

434

—

—

434


		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