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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value of Financial Instruments

Schedule of summary of the carrying amounts and fair values of financial instruments


								March 31, 2021
								Fair Value Measurements
									Quoted Prices
								in Active						Net
								Markets for			Other			Significant
		March 31, 2021						Identical			Observable			Unobservable
		Carrying			Fair			Assets			Inputs			Inputs
(in thousands)		amount			value			(Level 1)			(Level 2)			(Level 3)
Assets:
Cash and due from banks		$	18,496		$	18,496		$	18,496		$	—		$	—
Federal funds sold and overnight interest-bearing deposits			128,207			128,207			128,207			—			—
Certificates of deposit in other banks			8,897			8,897			8,897			—			—
Available for sale securities			238,142			238,142			3,041			235,101			—
Other investment securities			6,188			6,188			45			6,143			—
Loans, net			1,257,824			1,283,560			—			—			1,283,560
Loans held for sale			6,308			6,308			—			—			6,308
Cash surrender value - life insurance			2,465			2,465			—			2,465			—
Accrued interest receivable			6,488			6,488			6,488			—			—
Total		$	1,673,015		$	1,698,751		$	165,174		$	243,709		$	1,289,868
Liabilities:
Deposits:
Non-interest bearing demand		$	431,035		$	431,035		$	431,035		$	—		$	—
Savings, interest checking and money market			708,615			708,615			708,615			—			—
Time deposits			254,332			256,047			—			—			256,047
Federal funds purchased and securities sold under agreements to repurchase			42,018			42,018			42,018			—			—
Federal Home Loan Bank advances and other borrowings			97,614			99,750			—			99,750			—
Subordinated notes			49,486			41,176			—			41,176			—
Operating lease liabilities			2,058			2,058			—			2,058			—
Accrued interest payable			439			439			439			—			—
Total		$	1,585,597		$	1,581,138		$	1,182,107		$	142,984		$	256,047


								December 31, 2020
								Fair Value Measurements
								Quoted Prices
								in Active						Net
								Markets for			Other			Significant
		December 31, 2020						Identical			Observable			Unobservable
		Carrying			Fair			Assets			Inputs			Inputs
(in thousands)		amount			value			(Level 1)			(Level 2)			(Level 3)
Assets:
Cash and due from banks		$	19,235		$	19,235		$	19,235		$	—		$	—
Federal funds sold and overnight interest-bearing deposits			161,128			161,128			161,128			—			—
Certificates of deposit in other banks			9,376			9,376			9,376			—			—
Available-for-sale securities			198,030			198,030			2,798			195,232			—
Other investment securities			6,353			6,353			32			6,321			—
Loans, net			1,268,854			1,288,677			—			—			1,288,677
Loans held for sale			5,099			5,279			—			—			5,279
Cash surrender value - life insurance			2,451			2,451			—			2,451			—
Accrued interest receivable			6,640			6,640			6,640			—			—
		$	1,677,166		$	1,697,169		$	199,209		$	204,004		$	1,293,956
Liabilities:
Deposits:
Non-interest bearing demand		$	382,492		$	382,492		$	382,492		$	—		$	—
Savings, interest checking and money market			723,808			723,808			723,808			—			—
Time deposits			277,306			279,569			—			—			279,569
Federal funds purchased and securities sold under agreements to repurchase			45,154			45,154			45,154			—			—
Federal Home Loan Bank advances and other borrowings			106,674			110,121			—			110,121			—
Subordinated notes			49,486			40,929			—			40,929			—
Operating lease liabilities			2,137			2,137			—			2,137			—
Accrued interest payable			837			837			837			—			—
		$	1,587,894		$	1,585,047		$	1,152,291		$	153,187		$	279,569