Fair Value Disclosures (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis are as follows (in thousands):

			Quoted Prices in		Significant		Significant
			Active Markets		Other		Other
			for Identical		Observable		Unobservable
			Assets		Inputs		Inputs
Description	Fair Value		(Level 1)		(Level 2)		(Level 3)
September 30, 2020:
Assets:
Securities available-for-sale:
U.S. Government-sponsored enterprises (GSEs)	$	30,210	$	—	$	30,210	$	—
Municipal securities		90,809		—		90,809		—
Other debt securities		17,502		—		17,502		—
Mortgage-backed securities (GSEs)		76,113		—		76,113		—
Total securities available-for-sale	$	214,634	$	—	$	214,634	$	—
Liabilities:
Derivative financial instruments	$	6,791	$	—	$	6,791	$	—
December 31, 2019:
Assets:
Securities available-for-sale:
U.S. Government-sponsored enterprises (GSEs)	$	19,000	$	—	$	19,000	$	—
Municipal securities		64,391		—		64,391		—
Other debt securities		3,470		—		3,470		—
Mortgage-backed securities (GSEs)		91,487		—		91,487		—
Total securities available-for-sale	$	178,348	$	—	$	178,348	$	—
Liabilities:
Derivative financial instruments	$	3,446		—	$	3,446		—

Fair Value, Assets and Liabilities Measured on Non-Recurring Basis

			Quoted Prices in		Significant		Significant
			Active Markets		Other		Other
			for Identical		Observable		Unobservable
			Assets		Inputs		Inputs
	Fair Value		(Level 1)		(Level 2)		(Level 3)
September 30, 2020:
Impaired loans	$	3,817	$	—	$	—	$	3,817
Other real estate owned		3,932		—		—		3,932
December 31, 2019:
Impaired loans	$	2,185	$	—	$	—	$	2,185
Other real estate owned		1,757		—		—		1,757

Fair Value Measurement Inputs and Valuation Techniques

For Level 3 assets measured at fair value on a non-recurring basis, the significant unobservable inputs used in the fair value measurements are presented below (dollars in thousands):

					Weighted
			Valuation	Significant Other	Average of
	Fair Value		Technique	Unobservable Input	Input
September 30, 2020:
Impaired loans	$	3,817	Appraisal	Appraisal discounts	11	%
Other real estate owned		3,932	Appraisal	Appraisal discounts	23	%
December 31, 2019:
Impaired loans	$	2,185	Appraisal	Appraisal discounts	22	%
Other real estate owned		1,757	Appraisal	Appraisal discounts	29	%

Fair Value, by Balance Sheet Grouping

The carrying amount and estimated fair value of the Company’s financial instruments are as follows (in thousands):

	Fair Value Measurements Using
	Carrying								Estimated
	Amount		Level 1		Level 2		Level 3		Fair Value
September 30, 2020:
Assets:
Cash and cash equivalents	$	541,815	$	541,815	$	—	$	—	$	541,815
Securities available-for-sale		214,634		—		214,634		—		214,634
Other investments		14,829		N/A		N/A		N/A		N/A
Loans and loans held for sale		2,415,349		—		—		2,406,262		2,406,262
Liabilities:
Noninterest-bearing demand deposits		669,733		—		669,733		—		669,733
Interest-bearing demand deposits		534,128		—		534,128		—		534,128
Money market and savings deposits		871,098		—		871,098		—		871,098
Time deposits		577,064		—		581,389		—		581,389
Borrowings		319,391		—		315,340		—		315,340
Subordinated debt		39,325		—		—		33,644		33,644
Derivative financial instruments		6,791		—		6,791		—		6,791
December 31, 2019:
Assets:
Cash and cash equivalents	$	183,971	$	183,971	$	—	$	—	$	183,971
Securities available-for-sale		178,348		—		178,348		—		178,348
Other investments		12,913		N/A		N/A		N/A		N/A
Loans, net and loans held for sale		1,893,005		—		—		1,879,825		1,879,825
Liabilities:
Noninterest-bearing demand deposits		364,155		—		364,155		—		364,155
Interest-bearing demand deposits		380,234		—		380,234		—		380,234
Money market and savings deposits		623,284		—		623,284		—		623,284
Time deposits		679,541		—		681,902		—		681,902
Borrowings		31,623		—		31,029		—		31,029
Subordinated debt		39,261		—		—		35,868		35,868
Derivative financial instruments		3,446		—		3,446		—		3,446