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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value of Financial Instruments

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


								September 30, 2021
								Fair Value Measurements
									Quoted Prices
								in Active						Net
								Markets for			Other			Significant
		September 30, 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		$	19,004		$	19,004		$	19,004		$	—		$	—
Federal funds sold and overnight interest-bearing deposits			94,262			94,262			94,262			—			—
Certificates of deposit in other banks			6,673			6,673			6,673			—			—
Available-for-sale securities			278,528			278,528			3,029			275,499			—
Other investment securities			6,015			6,015			52			5,963			—
Loans, net			1,263,891			1,273,797			—			—			1,273,797
Loans held for sale			4,576			4,663			—			—			4,663
Cash surrender value - life insurance			2,495			2,495			—			2,495			—
Accrued interest receivable			7,568			7,568			7,568			—			—
Total		$	1,683,012		$	1,693,005		$	130,588		$	283,957		$	1,278,460
Liabilities:
Deposits:
Non-interest bearing demand		$	461,626		$	461,626		$	461,626		$	—		$	—
Savings, interest checking and money market			693,065			693,065			693,065			—			—
Time deposits			256,368			257,500			—			—			257,500
Federal funds purchased and securities sold under agreements to repurchase			27,443			27,443			27,443			—			—
Federal Home Loan Bank advances and other borrowings			93,493			94,941			—			94,941			—
Subordinated notes			49,486			42,661			—			42,661			—
Accrued interest payable			308			308			308			—			—
Total		$	1,581,789		$	1,577,544		$	1,182,442		$	137,602		$	257,500


								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			—			—
Total		$	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			—
Accrued interest payable			837			837			837			—			—
Total		$	1,585,757		$	1,582,910		$	1,152,291		$	151,050		$	279,569