Fair Value of Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of Carrying Amount, Estimated Fair Value, and Placement in the Fair Value Hierarchy

The carrying amount, estimated fair values, and placement in the fair value hierarchy of the Company’s financial instruments are as follows: 

	Carrying		Estimated		Level
(dollars in thousands)	Amount		Fair Value		1		2		3
December 31, 2020
Assets
Cash and short-term investments	$	183,506	$	183,506	$	183,506	$	—	$	—
Investment securities available for sale	380,814		380,814		245		380,569		—
Other investments at cost	3,296		3,296		—		3,296		—
Loans held for sale	52,386		52,386		—		52,386		—
Loans, net	1,047,376		1,063,785		—		—		1,063,785
Liabilities
Deposits	1,445,027		1,445,984		—		1,445,984		—
Federal Home Loan Bank advances	22,500		20,817		—		20,817		—
PPPLF	106,789		106,789		—		106,789		—
Other borrowed money	37,792		37,792		—		37,792		—
December 31, 2019
Assets
Cash and short-term investments	$	104,092	$	104,092	$	104,092	$	—	$	—
Investment securities available for sale	347,332		347,332		—		345,310		2,022
Other investments at cost	4,288		4,288		—		4,288		—
Loans held for sale	10,076		10,076		—		10,076		—
Loans, net	961,951		938,475		—		—		938,475
Liabilities
Deposits	1,293,742		1,294,506		—		1,294,506		—
Federal Home Loan Bank advances	47,000		46,022		—		46,022		—
Other borrowed money	38,792		38,792		—		38,792		—

Schedule of Assets Measured at Fair Value on a Recurring and Nonrecurring Basis

The table below includes only impaired loans with a specific reserve and only other real estate properties with a valuation allowance at December 31, 2020 and 2019. Those impaired loans and other real estate properties are shown net of the related specific reserves and valuation allowances.

			Fair Value Measurements at Reporting Date Using
(dollars in thousands)	Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2020
Nonrecurring
Impaired loans	$	5,939	$	—	$	—	$	5,939
Other real estate	$	1,006	$	—	$	—	$	1,006
December 31, 2019
Impaired loans	$	5,985	$	—	$	—	$	5,985
Other real estate	$	1,320	$	—	$	—	$	1,320

Schedule of Fair Value Measurements Using Significant Unobservable Inputs

The following tables present quantitative information about the significant unobservable inputs used in the fair value measurements for assets in level 3 of the fair value hierarchy measured on a nonrecurring basis at December 31, 2020 and 2019. These tables are comprised primarily of collateral dependent impaired loans and other real estate owned:

(dollars in thousands)	December 31, 2020		Valuation Techniques	Unobservable Inputs	Range Weighted Avg
Impaired Loans	$	5,939	Appraised Value	Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell	25	%	-	100%
Other Real Estate	$	1,006	Appraised Value/ Comparable Sales	Discounts to reflect current market conditions and estimated costs to sell	0	%	-	20%

	December 31, 2019		Valuation Techniques	Unobservable Inputs	Range Weighted Avg
Impaired Loans	$	5,985	Appraised Value	Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell	0	%	-	20%
Other Real Estate	$	1,320	Appraised Value/ Comparable Sales	Discounts to reflect current market conditions and estimated costs to sell	0	%	-	20%

The following table presents quantitative information about recurring level 3 fair value measurements as of December 31, 2019

	December 31, 2019
			Valuation	Unobservable	Range
(dollars in thousands)	Fair Value		Techniques	Inputs	(Weighted Avg)
Corporate debt securities	$	2,022	Discounted Cash Flow	Discount Rate or Yield	N/A*

* The Company relies on a third-party pricing service to value its securities. The details of the unobservable inputs and other adjustments used by the third-party pricing service were not readily available to the Company.

Schedule of Reconciliation and Statement of Income Classification of Gains and Losses for All Assets Measured at Fair Value on a Recurring Basis

The following table presents a reconciliation and statement of income classification of gains and losses for all assets measured at fair value on a recurring basis using significant unobservable inputs (level 3) for the years ended December 31, 2020 and 2019:

	Available for Sale Securities
(dollars in thousands)	2020		2019
Beginning balance	$	2,022	$	2,009
Accretion (amortization) of discounts and premiums	—		(18)
Unrealized gains (loss) included in other comprehensive income (loss)	(21)		31
Transfer to Level 2	(2,001)		—
Ending balance	$	—	$	2,022