Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2021

Carrying Values and Estimated Fair Values of Financial Instruments

The following table presents the carrying values and estimated fair values of the Company’s financial instruments as of the periods indicated:


(Dollars in thousands)	Carrying Value		Estimated Fair Value		Quoted Prices in Active Markets for Identical Assets (Level I)		Significant Other Observable Inputs (Level II)		Significant Unobservable Inputs (Level III)
June 30, 2021
Financial Assets:
Cash and cash equivalents	$	332,771	$	332,771	$	332,771	$	—	$	—
Certificates of deposit with banks	11,803		11,943		—		11,943		—
Securities available-for-sale	450,772		450,772		—		411,002		39,770
Equity securities	32,215		32,215		447		—		31,768

Loans receivable, net	1,672,444		1,684,871		—		—		1,684,871
Mortgage servicing rights	2,759		2,759		—		—		2,759
Interest rate swap	9,447		9,447		—		9,447		—
Fair value hedge	1,942		1,942		—		1,942		—
Accrued interest receivable	8,312		8,312		—		2,413		5,899
Bank-owned life insurance	41,762		41,762		—		41,762		—

Financial Liabilities:
Deposits	$	2,229,175	$	2,186,598	$	—	$	2,186,598	$	—
Repurchase agreements	11,361		11,361		—		11,361		—
FHLB and other borrowings	100		100		—		100		—
Interest rate swap	9,447		9,447		—		9,447		—
Fair value hedge	1,384		1,384		—		1,384		—
Accrued interest payable	517		517		—		517		—
Subordinated debt	43,480		45,837		—		45,837		—

December 31, 2020
Financial assets:
Cash and cash equivalents	$	263,893	$	263,893	$	263,893	$	—	$	—
Certificates of deposits with banks	11,803		11,986		—		11,986		—
Securities available-for-sale	410,624		410,624		—		366,945		43,679
Equity securities	27,585		27,585		472		—		27,113
Loans held-for-sale	1,062		1,062		—		1,062		—
Loans receivable, net	1,427,900		1,434,275		—		—		1,434,275
Mortgage servicing rights	2,942		2,942		—		—		2,942
Interest rate swap	13,822		13,822		—		13,822		—
Fair value hedge	2,215		2,215		—		2,215
Accrued interest receivable	7,793		7,793		—		2,770		5,023
Bank-owned life insurance	41,262		41,262		—		41,262		—

Financial liabilities:
Deposits	$	1,982,389	$	1,964,860	$	—	$	1,964,860	$	—
Repurchase agreements	10,266		10,266		—		10,266		—
Interest rate swap	13,822		13,822		—		13,822		—
Fair value hedge	2,141		2,141		—		2,141		—
Accrued interest payable	572		572		—		572		—
Subordinated debt	43,407		45,536		—		45,536		—