Fair Value (Tables)

12 Months Ended

Dec. 31, 2020

Assets And Liabilities Measured At Fair Value On A Recurring Basis, Including Financial Assets And Liabilities


	Fair Value Measurements at December 31, 2020 Using Significant Other Observable Inputs
	(Level 2)
Financial Assets:
Securities available for sale:
Issued by U.S. government-sponsored entities and agencies:
U.S. Treasury	$	8,636
Mortgage-backed securities - residential		65
Total securities available for sale	$	8,701
Loans held for sale	$	283,165
Yield maintenance provisions (embedded derivatives)	$	1,944
Interest rate lock commitments	$	18,101
Financial Liabilities:
Interest-rate swaps	$	1,944
TBA mortgage-backed securities	$	2,690


	Fair Value Measurements at December 31, 2019 Using Significant Other Observable Inputs
	(Level 2)
Financial Assets:
Securities available for sale:
Issued by U.S. government-sponsored entities and agencies:
U.S. Treasury	$	8,017
Mortgage-backed securities - residential		130
Collateralized mortgage obligations		27
Total securities available for sale	$	8,174
Loans held for sale	$	135,711
Yield maintenance provisions (embedded derivatives)	$	12
Interest rate lock commitments	$	3,104
Financial Liabilities:
Interest-rate swaps	$	12
TBA mortgage-backed securities	$	350

Assets Measured At Fair Value On A Non-Recurring Basis


Fair Value Measurements at December 31, 2020 Using
Significant Unobservable Inputs (Level 3)

Impaired loans:
Commercial	$	190
Total impaired loans	$	190


Fair Value Measurements at December 31, 2019 Using
Significant Unobservable Inputs (Level 3)

Impaired loans:
Commercial	$	84
Real Estate:
Single-family residential		106
Commercial:
Non-owner occupied		4,387
Total impaired loans	$	4,577

Financial Instruments Measured At Fair Value On A Non-Recurring Basis

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2020:


	Fair Value		Valuation Technique(s)	Unobservable Inputs	(Range) Weighted Average
Impaired loans:
Commercial	$	190	Comparable sales approach	Adjustment for differences between the stated value and net realizable value	65.00%

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2019:


	Fair Value		Valuation Technique(s)	Unobservable Inputs	(Range) Weighted Average
Impaired loans:
Commercial	$	84	Comparable sales approach	Adjustment for differences between the comparable market transactions	2.06%
Real estate:
Single -family residential		106	Comparable sales approach	Adjustment for differences between the comparable market transactions	3.61%
Commercial:
Non-owner occupied		4,387	Comparable sales approach	Adjustment for differences between the comparable market transactions	(-2.58%, 14.00%) 2.44%

Aggregate Fair Value, Contractual Balance And Gain Or Loss



	December 31, 2020		December 31, 2019
Aggregate fair value	$	283,165	$	135,711
Contractual balance		274,401		133,993
Gain		8,764		1,718

Total Amount Of Gains And Losses From Changes In Fair Value Included In Earnings


	2020		2019
Interest income	$	6,231	$	2,153
Interest expense		-		-
Change in fair value		7,046		1,341
Total change in fair value	$	13,277	$	3,494

Carrying Amounts And Estimated Fair Values Of Financial Instruments

The carrying amounts and estimated fair values of financial instruments at year-end were as follows:


	Fair Value Measurements at December 31, 2020 Using:
	Carrying
	Value		Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	221,594	$	221,594	$	-	$	-	$	221,594
Interest-bearing deposits in other financial institutions		100		100		-		-		100
Securities available for sale		8,701		-		8,701		-		8,701
Equity securities		5,000		-		-		5,000		5,000
Loans held for sale		283,165		-		283,165		-		283,165
Loans and leases, net		895,344		-		-		905,030		905,030
FHLB and FRB stock		5,847		n/a		n/a		n/a		n/a
Accrued interest receivable		4,584		1		36		4,547		4,584
Yield maintenance provisions (embedded derivatives)		1,944		-		1,944		-		1,944
Interest rate lock commitments		18,101		-		18,101		-		18,101

Financial liabilities
Deposits	$	(1,113,070)	$	(554,650)	$	(565,089)	$	-	$	(1,119,739)
FHLB advances and other debt		(214,426)		-		(215,531)		-		(215,531)
Advances by borrowers for taxes and insurance		(1,029)		-		-		(1,029)		(1,029)
Subordinated debentures		(14,844)		-		(16,325)		-		(16,325)
Accrued interest payable		(498)		-		(498)		-		(498)
Interest-rate swaps		(1,944)		-		(1,944)		-		(1,944)
TBA mortgage-backed securities		(2,690)		-		(2,690)		-		(2,690)

The carrying amounts and estimated fair values of financial instruments at December 31, 2019 were as follows:


	Fair Value Measurements at December 31, 2019 Using:
	Carrying
	Value		Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	45,879	$	45,879	$	-	$	-	$	45,879
Interest-bearing deposits in other financial institutions		100		100		-		-		100
Securities available for sale		8,174		-		8,174		-		8,174
Loans held for sale		135,711		-		135,711		-		135,711
Loans and leases, net		663,303		-		-		664,152		664,152
FHLB stock		4,008		n/a		n/a		n/a		n/a
Accrued interest receivable		2,749		25		40		2,684		2,749
Yield maintenance provisions (embedded derivatives)		12		-		12		-		12
Interest rate lock commitments		3,104		-		3,104		-		3,104

Financial liabilities
Deposits	$	(746,323)	$	(382,173)	$	(367,375)	$	-	$	(749,548)
FHLB advances and other debt		(29,017)		-		(29,669)		-		(29,669)
Advances by borrowers for taxes and insurance		(929)		-		-		(929)		(929)
Subordinated debentures		(14,806)		-		(15,940)		-		(15,940)
Accrued interest payable		(208)		-		(208)		-		(208)
Interest-rate swaps		(12)		-		(12)		-		(12)
TBA mortgage-backed securities		(350)		-		(350)		-		(350)