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Fair Value Measurements and Disclosures (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Measurements and Disclosures

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

​

​	​	​	​	​	​	​	​	​	​
​	​	December 31, 2020
(dollars in thousands)		Total			Level 1		Level 2		Level 3
Assets	​	​	​	​	​	​	​	​	​
Securities available for sale:	​	​	​	​	​	​	​	​	​
U.S. asset backed securities	​	$	25,592	​	—	​	25,592	​	—
U.S. government agency mortgage-backed securities	​	​	4,046	​	—	​	4,046	​	—
U.S. government agency collateralized mortgage obligations	​	​	23,909	​	—	​	23,909	​	—
State and municipal securities	​	​	65,810	​	—	​	65,810	​	—
Corporate bonds	​	​	4,205	​	—	​	4,205	​	—
Equity investments	​	​	1,031	​	—	​	1,031	​	—
Mortgage loans held for sale	​	​	229,199	​	—	​	229,199	​	—
Mortgage loans held for investment	​	​	12,182	​	—	​	12,182	​	—
Interest rate lock commitments	​	​	6,932	​	—	​	—	​	6,932
Forward commitments	​	​	—	​	—	​	—	​	—
Customer derivatives - interest rate swaps	​	​	1,118	​	—	​	1,118	​	—
Total	​	$	374,024	​	—	​	367,092	​	6,932
​	​	​	​	​	​	​	​	​	​
Liabilities	​	​	​	​	​	​	​	​	​
Interest rate lock commitments	​	​	100	​	—	​	—	​	100
Forward commitments	​	​	1,572	​	—	​	1,572	​	—
Customer derivatives - interest rate swaps	​	​	1,219	​	—	​	1,219	​	—
​	​	$	2,891	​	—	​	2,791	​	100

​

​

​	​	​	​	​	​	​	​	​	​
​	​	December 31, 2019
(dollars in thousands)		Total			Level 1		Level 2		Level 3
Assets	​	​	​	​	​	​	​	​	​
Securities available for sale:	​	​	​	​	​	​	​	​	​
U.S. asset backed securities	​	$	11,866	​	—	​	11,866	​	—
U.S. government agency mortgage-backed securities	​	​	5,497	​	—	​	5,497	​	—
U.S. government agency collateralized mortgage obligations	​	​	35,223	​	—	​	35,223	​	—
State and municipal securities	​	​	6,270	​	—	​	6,270	​	—
Investments in mutual funds	​	​	1,009	​	—	​	1,009	​	—
Mortgage loans held for sale	​	​	33,704	​	—	​	33,704	​	—
Mortgage loans held for investment	​	​	10,546	​	—	​	10,546	​	—
Interest rate lock commitments	​	​	504	​	—	​	—	​	504
Forward commitments	​	​	6	​	—	​	6	​	—
Customer derivatives - interest rate swaps	​	​	382	​	—	​	382	​	—
Total	​	$	105,007	​	—	​	104,503	​	504
​	​	​	​	​	​	​	​	​	​
Liabilities	​	​	​	​	​	​	​	​	​
Interest rate lock commitments	​	​	157	​	—	​	—	​	157
Forward commitments	​	​	119	​	—	​	119	​	—
Customer derivatives - interest rate swaps	​	​	431	​	—	​	431	​	—
​	​	$	707	​	—	​	550	​	157

Schedule of financial assets measured at fair value on non-recurring basis

​

​	​	​	​	​	​	​
​	​	December 31, 2020		​	​	December 31, 2019
(dollars in thousands)		Fair Value				Fair Value
Mortgage servicing rights	​	$	4,647	​	​	446
SBA loan servicing rights	​	​	970	​	​	337
Impaired loans (1)	​	​	2,998	​	​	1,944
Other real estate owned (2)	​	​	—	​	​	120
Total	​	$	8,615	​	​	2,847

​

(1) Impaired loans are those in which the Corporation has measured impairment generally based on the fair value of the loan’s collateral. Fair value is generally determined based upon independent third-party appraisals of the properties, or discounted cash flows based upon the expected proceeds. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements.

​

(2) Real estate properties acquired through, or in lieu of, foreclosure are to be sold and are carried at fair value less estimated cost to sell. Fair value is based upon independent market prices or appraised value of the property. These assets are included in Level 3 fair value based upon the lowest level of input that is significant to the fair value measurement. Appraised values may be discounted based on management’s expertise, historical knowledge, changes in market conditions from the time of valuation and/or estimated costs to sell.

Schedule of estimated fair values of financial instruments

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	December 31, 2020				​	December 31, 2019
​	​	Fair Value	​	Carrying		​	​	​	Carrying	​	​
(dollars in thousands)		Hierarchy Level		amount			Fair value		amount		Fair value
Financial assets:	​	​	​	​	​	​	​	​	​	​	​
Cash and cash equivalents	​	Level 1	​	$	36,744	​	36,744	​	39,371	​	39,371
Securities available-for-sale	​	Level 2	​	​	123,562	​	123,562	​	58,856	​	58,856
Securities held-to-maturity	​	Level 2	​	​	6,510	​	6,857	​	8,780	​	9,003
Equity investments	​	Level 2	​	​	1,031	​	1,031	​	1,009	​	1,009
Mortgage loans held for sale	​	Level 2	​	​	229,199	​	229,199	​	33,704	​	33,704
Loans receivable, net of the allowance for loan and lease losses	​	Level 3	​	​	1,272,582	​	1,289,776	​	954,164	​	973,057
Mortgage loans held for investment	​	Level 2	​	​	12,182	​	12,182	​	10,546	​	10,546
Interest rate lock commitments	​	Level 3	​	​	6,932	​	6,932	​	504	​	504
Forward commitments	​	Level 2	​	​	—	​	—	​	6	​	6
Restricted investment in bank stock	​	NA	​	​	7,861	​	NA	​	8,072	​	NA
Accrued interest receivable	​	Level 3	​	​	5,482	​	5,482	​	3,148	​	3,148
Customer derivatives - interest rate swaps	​	Level 2	​	​	1,118	​	1,118	​	382	​	382
Financial liabilities:	​	​	​	​	​	​	​	​	​	​	​
Deposits	​	Level 2	​	​	1,241,335	​	1,392,500	​	851,168	​	880,400
Short-term borrowings	​	Level 2	​	​	106,862	​	106,862	​	123,676	​	123,678
Long-term debt	​	Level 2	​	​	165,546	​	168,000	​	3,123	​	3,123
Subordinated debentures	​	Level 2	​	​	40,671	​	38,375	​	40,962	​	40,962
Accrued interest payable	​	Level 2	​	​	1,154	​	1,154	​	1,088	​	1,088
Interest rate lock commitments	​	Level 3	​	​	100	​	100	​	157	​	157
Forward commitments	​	Level 2	​	​	1,572	​	1,572	​	119	​	119
Customer derivatives - interest rate swaps	​	Level 2	​	​	1,219	​	1,219	​	431	​	431
​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	Notional		​	​	​	Notional	​	​
Off-balance sheet financial instruments:		​		amount			Fair value		amount		Fair value
Commitments to extend credit	​	Level 2	​	$	421,399	​	6,932	​	327,788	​	504
Letters of credit	​	Level 2	​	​	8,928	​	—	​	9,750	​	—

Schedule of level 3 inputs reconciliation

​

​	​	​	​	​
​	Year Ended December 31,
​	2020			2019
Balance at beginning of the period	$	504	​	310
Increase in value	​	6,428	​	194
Balance at end of the period	$	6,932	​	504

Schedule of measurement inputs

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​

​

​

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Significant

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​

​

​

​

​

​

Fair Value

​

​

​

Unobservable

​

Range of

​

Weighted

​

​

Level 3

Valuation Technique

Input

Inputs

Average

December 31, 2020

​

$

6,932

​

Market comparable pricing

​

Pull through

​

1 - 99

%

83.08

%

December 31, 2019

​

​

504

​

Market comparable pricing

​

Pull through

​

1 - 99

​

91.70

​

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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