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Fair Value Accounting (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of Assets And Liabilities Measured at Fair Value on Recurring Basis

The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020.


	September 30, 2021
(dollars in thousands)	Level 1		Level 2	Level 3	Total
Assets
Securities available for sale
US treasuries	$	-	1,000	-	1,000
US government agencies		-	14,277	-	14,277
SBA securities		-	445	-	445
State and political subdivisions		-	22,707	-	22,707
Asset-backed securities		-	10,569	-	10,569
Mortgage-backed securities		-	64,804	-	64,804
Mortgage loans held for sale		-	31,641	-	31,641
Mortgage loan interest rate lock commitments		-	609	-	609
Total assets measured at fair value on a recurring basis	$	-	146,052	-	146,052

Liabilities
MBS forward sales commitments	$	-	(169)	-	(169)
Total liabilities measured at fair value on a recurring basis	$	-	(169)	-	(169)


	December 31, 2020
(dollars in thousands)	Level 1		Level 2	Level 3	Total
Assets
Securities available for sale:
US government agencies	$	-	6,493	-	6,493
SBA securities		-	485	-	485
State and political subdivisions		-	19,388	-	19,388
Asset-backed securities		-	11,529	-	11,529
Mortgage-backed securities		-	56,834	-	56,834
Mortgage loans held for sale		-	60,257	-	60,257
Mortgage loan interest rate lock commitments		-	2,385	-	2,385
Total assets measured at fair value on a recurring basis	$	-	157,371	-	157,371

Liabilities
MBS forward sales commitments	$	-	501	-	501
Total liabilities measured at fair value on a recurring basis	$	-	501	-	501

Schedule of Assets And Liabilities Measured at Fair Value on Nonrecurring Basis

The tables below present the recorded amount of assets and liabilities measured at fair value on a nonrecurring basis as of September 30, 2021 and December 31, 2020.


	As of September 30, 2021
(dollars in thousands)	Level 1		Level 2	Level 3	Total
Assets
Impaired loans	$	-	14,239	2,516	16,755
Other real estate owned		-	-	-	-
Total assets measured at fair value on a nonrecurring basis	$	-	14,239	2,516	16,755


	As of December 31, 2020
(dollars in thousands)	Level 1		Level 2	Level 3	Total
Assets
Impaired loans	$	-	8,144	3,109	11,253
Other real estate owned		-	1,169	-	1,169
Total assets measured at fair value on a nonrecurring basis	$	-	9,313	3,109	12,422

Schedule of Estimated Fair Values of the Company's Financial Instruments

The estimated fair values of the Company’s financial instruments at September 30, 2021 and December 31, 2020 are as follows:


	September 30, 2021
	Carrying		Fair
(dollars in thousands)	Amount		Value	Level 1	Level 2	Level 3
Financial Assets:
Other investments, at cost	$	2,820	2,820	-	-	2,820
Loans¹		2,335,051	2,304,092	-	-	2,304,092
Financial Liabilities:
Deposits		2,433,018	2,249,961	-	2,249,961	-
Subordinated debentures		36,079	33,773	-	33,773	-


	December 31, 2020
	Carrying		Fair
(dollars in thousands)	Amount		Value	Level 1	Level 2	Level 3
Financial Assets:
Other investments, at cost	$	3,635	3,635	-	-	3,635
Loans¹		2,085,756	2,060,698	-	-	2,060,698
Financial Liabilities:
Deposits		2,142,758	2,008,317	-	2,008,317	-
FHLB and other borrowings		25,000	24,972	-	24,972	-
Subordinated debentures		35,998	30,371	-	30,371	-

¹	Carrying amount is net of the allowance for loan losses and previously presented impaired loans.