Fair Value (Tables)

3 Months Ended

Mar. 31, 2022


	Fair Value Measurements at ‎ March 31, 2022 using Significant ‎Other Observable Inputs
	(Level 2)
	(unaudited)
Financial Assets:
Securities available for sale:
Corporate debt	$	8,500
Issued by U.S. government-sponsored entities and agencies:
U.S. Treasury		4,474
Mortgage-backed securities - residential		30
Total securities available for sale	$	13,004
Loans held for sale	$	8,470
Derivative assets	$	1,809
TBA Mortgage-back securities	$	71

Financial Liabilities:
Derivative liabilities	$	1,809
Interest rate lock commitments	$	42


	Fair Value Measurements at ‎ December 31, 2021 using Significant ‎Other Observable Inputs
	(Level 2)
Financial Assets:
Securities available for sale:
Corporate debt	$	9,750
Issued by U.S. government-sponsored entities and agencies:
U.S. Treasury		6,561
Mortgage-backed securities - residential		36
Total securities available for sale	$	16,347
Loans held for sale	$	27,988
Derivative assets	$	538
Interest rate lock commitments	$	555
Financial Liabilities:
Derivative liabilities		538
TBA Mortgage-backed securities	$	73

The carrying amounts and estimated fair values of financial instruments at March 31, 2022 were as follows:


	Fair Value Measurements at March 31, 2022 Using:
	Carrying
(unaudited)	Value		Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	168,290	$	168,290	$	-	$	-	$	168,290
Interest-bearing deposits in other financial institutions		100		100		-		-		100
Securities available for sale		13,004		-		13,004		-		13,004
Equity Securities		5,000		-		5,000		-		5,000
Loans held for sale		8,470		-		8,470		-		8,470
Loans and leases, net		1,281,316		-		-		1,287,102		1,287,102
FHLB and FRB stock		7,326		n/a		n/a		n/a		n/a
Accrued interest receivable		4,966		3		116		4,847		4,966
Derivative assets		1,809		-		1,809		-		1,809
TBA mortgage-back securities		71		-		71		-		71

Financial liabilities
Deposits	$	(1,298,786)	$	(700,624)	$	(590,838)	$	-	$	(1,291,462)
FHLB advances and other borrowings		(83,235)		-		(81,242)		-		(81,242)
Advances by borrowers for taxes and insurance		(2,078)		-		-		(2,078)		(2,078)
Subordinated debentures		(14,893)		-		(15,315)		-		(15,315)
Accrued interest payable		(688)		-		(688)		-		(688)
Derivative liabilities		(1,809)		-		(1,809)		-		(1,809)
Interest rate lock commitments		(42)		-		(42)		-		(42)

The carrying amounts and estimated fair values of financial instruments at December 31, 2021 were as follows:



	Fair Value Measurements at December 31, 2021 Using:
	Carrying
	Value		Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	166,591	$	166,591	$	-	$	-	$	166,591
Interest-bearing deposits in other financial institutions		100		100		-		-		100
Securities available for sale		16,347		-		16,347		-		16,347
Equity Securities		5,000		-		5,000		-		5,000
Loans held for sale		27,988		-		27,988		-		27,988
Loans and leases, net		1,214,149		-		-		1,231,228		1,231,228
FHLB and FRB stock		7,315		n/a		n/a		n/a		n/a
Accrued interest receivable		4,143		2		91		3,947		4,040
Derivative assets		538		-		538		-		538
Interest rate lock commitments		555		-		555		-		555

Financial liabilities
Deposits	$	(1,246,352)	$	(661,818)	$	(585,214)	$	-	$	(1,247,032)
FHLB advances and other borrowings		(89,727)		-		(90,670)		-		(90,670)
Advances by borrowers for taxes and insurance		(2,752)		-		-		(2,752)		(2,752)
Subordinated debentures		(14,883)		-		(16,051)		-		(16,051)
Accrued interest payable		(228)		-		(228)		-		(228)
Derivative liabilities		(538)		-		(538)		-		(538)
TBA mortgage-backed securities		(73)		-		(73)		-		(73)