Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring and Nonrecurring Basis

The following tables summarize significant assets and liabilities carried at fair value and placement in the fair value hierarchy at the dates specified:

	March 31, 2020
			Fair Value Measurements using:
(Dollars in thousands)	Fair Value		(Level 1)		(Level 2)		(Level 3)
Assets measured on a recurring basis:
Debt securities	$	505,671	$	—	$	505,671	$	—
Equity securities	588		588		—		—
FHLB stock	5,624		—		5,624		—
Interest-rate swaps	3,547		—		3,547		—
Assets measured on a non-recurring basis:
Impaired loans (collateral dependent)	2,079		—		—		2,079
Liabilities measured on a recurring basis:
Interest-rate swaps	$	6,416	$	—	$	6,416	$	—

	December 31, 2019
			Fair Value Measurements using:
(Dollars in thousands)	Fair Value		(Level 1)		(Level 2)		(Level 3)
Assets measured on a recurring basis:
Debt securities	$	504,788	$	—	$	504,788	$	—
Equity securities	467		467		—		—
FHLB stock	4,484		—		4,484		—
Interest-rate swaps	625		—		625		—
Assets measured on a non-recurring basis:
Impaired loans (collateral dependent)	1,268		—		—		1,268
Liabilities measured on a recurring basis:
Interest-rate swaps	$	625	$	—	$	625	$	—

Quantitative Information About Significant Unobservable Inputs for Fair Value Measurements

The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis for which the Company utilized Level 3 inputs (significant unobservable inputs for situations in which there is little, if any, market activity for the asset or liability) to determine fair value as of March 31, 2020 and December 31, 2019:

	Fair Value
(Dollars in thousands)	March 31, 2020		December 31, 2019		Valuation Technique	Unobservable Input	Unobservable Input Value or Range
Assets measured on a non-recurring basis:
Impaired loans (collateral dependent)	$	2,079	$	1,268	Appraisal of collateral	Appraisal adjustments (1)	5% - 50%

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(1)    Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses.

Fair Value, by Balance Sheet Grouping

The carrying values, estimated fair values and placement in the fair value hierarchy of the Company's consolidated financial instruments for which fair value is only disclosed but not recognized on the consolidated balance sheet at the dates indicated are summarized as follows:

	March 31, 2020
					Fair value measurement
(Dollars in thousands)	Carrying Amount		Fair Value		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
Financial assets:
Loans held for sale	$	476	$	476	$	—	$	476	$	—
Loans, net	2,644,163		2,695,924		—		—		2,695,924
Financial liabilities:
CDs	302,108		305,405		—		305,405		—
Borrowed funds	84,169		84,212		—		84,212		—
Subordinated debt	14,876		15,969		—		—		15,969

	December 31, 2019
					Fair value measurement
(Dollars in thousands)	Carrying Amount		Fair Value		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
Financial assets:
Loans held for sale	$	601	$	609	$	—	$	609	$	—
Loans, net	2,531,845		2,542,577		—		—		2,542,577
Financial liabilities:
CDs	310,951		311,975		—		311,975		—
Borrowed funds	96,173		96,045		—		96,045		—
Subordinated debt	14,872		14,957		—		—		14,957