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Fair Value Accounting (Tables)

9 Months Ended

Sep. 30, 2020

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, 2020 and December 31, 2019.


	September 30, 2020
(dollars in thousands)	Level 1		Level 2	Level 3	Total
Assets
Securities available for sale
US government agencies	$	-	5,497	-	5,497
SBA securities		-	490	-	490
State and political subdivisions		-	16,544	-	16,544
Asset-backed securities		-	11,769	-	11,769
Mortgage-backed securities		-	53,691	-	53,691
Mortgage loans held for sale		-	63,823	-	63,823
Mortgage loan interest rate lock commitments		-	2,963	-	2,963
Total assets measured at fair value on a recurring basis	$	-	154,777	-	154,777

Liabilities
MBS forward sales commitments	$	-	379	-	379
Total liabilities measured at fair value on a recurring basis	$	-	379	-	379


	December 31, 2019
(dollars in thousands)	Level 1		Level 2	Level 3	Total
Assets
Securities available for sale:
US government agencies	$	-	499	-	499
SBA securities		-	531	-	531
State and political subdivisions		-	4,184	-	4,184
Asset-backed securities		-	13,167	-	13,167
Mortgage-backed securities		-	49,313	-	49,313
Mortgage loans held for sale		-	27,046	-	27,046
Mortgage loan interest rate lock commitments		-	344	-	344
Total assets measured at fair value on a recurring basis	$	-	95,084	-	95,084

Liabilities
MBS forward sales commitments	$	-	39	-	39
Total liabilities measured at fair value on a recurring basis	$	-	39	-	39

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, 2020 and December 31, 2019.


	As of September 30, 2020
(dollars in thousands)	Level 1		Level 2	Level 3	Total
Assets
Impaired loans	$	-	8,787	3,439	12,226
Other real estate owned		-	1,684	-	1,684
Total assets measured at fair value on a nonrecurring basis	$	-	10,471	3,439	13,910


	As of December 31, 2019
(dollars in thousands)	Level 1		Level 2	Level 3	Total
Assets
Impaired loans	$	-	5,634	4,941	10,575
Total assets measured at fair value on a nonrecurring basis	$	-	5,634	4,941	10,575

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

The estimated fair values of the Company’s financial instruments at September 30, 2020 and December 31, 2019 are as follows:


	September 30, 2020
	Carrying		Fair
(dollars in thousands)	Amount		Value	Level 1	Level 2	Level 3
Financial Assets:
Other investments, at cost	$	2,589	2,589	-	-	2,589
Loans¹		2,022,293	1,998,389	-	-	1,998,389
Financial Liabilities:
Deposits		2,181,056	2,080,946	-	2,080,946	-
Subordinated debentures		35,971	30,092	-	30,092	-


	December 31, 2019
	Carrying		Fair
(dollars in thousands)	Amount		Value	Level 1	Level 2	Level 3
Financial Assets:
Other investments, at cost	$	6,948	6,948	-	-	6,948
Loans¹		1,914,870	1,900,216	-	-	1,900,216
Financial Liabilities:
Deposits		1,876,124	1,772,121	-	1,772,121	-
FHLB and other borrowings		110,000	109,737	-	109,737	-
Subordinated debentures		35,890	33,250	-	33,250	-


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