Fair value (Tables)

12 Months Ended

Dec. 31, 2021

Fair value

Schedule of recurring and Non recurring basis

Assets and liabilities measured at fair value under Topic 820 on a recurring and non-recurring basis are summarized below for the indicated dates (in thousands):

	Fair Value Measurement
	at December 31, 2021 Using
			Quoted Prices
			in Active		Other		Significant
			Markets for		Observable		Unobservable
	Carrying		Identical Assets		Inputs		Inputs
	Value		(Level 1)		(Level 2)		(Level 3)
Financial Assets - Recurring
US Government Agencies	$	40,999	$	—	$	40,999	$	—
Mortgage-backed securities		40,495		—		40,495		—
Municipals		2,209		—		2,209		—
Subordinated debt		10,996		—		9,246		1,750
Loans held for sale		5,141		—		5,141		—
IRLC		471		—		471		—
Financial Liabilities - Recurring
Forward sales commitment		651		—		651		—

	Fair Value Measurement
	at December 31, 2020 Using
			Quoted Prices
			in Active		Other		Significant
			Markets for		Observable		Unobservable
	Carrying		Identical Assets		Inputs		Inputs
	Value		(Level 1)		(Level 2)		(Level 3)
Financial Assets - Recurring
US Government Agencies	$	8,142	$	—	$	8,142	$	—
Mortgage-backed securities		24,006		—		24,006		—
Subordinated debt		8,696		—		8,446		250
Loans held for sale		34,421		—		34,421		—
IRLC		1,552		—		1,552		—
Financial Liabilities - Recurring
Forward sales commitment		3,105		—		3,105		—
Financial Assets - Non-Recurring
Other real estate owned		336		—		—		336

Schedule of financial instruments measured at fair value

The following table presents qualitative information about Level 3 fair value measurements for financial instruments measured at fair value for the year ended December 31, 2020 (dollars in thousands). There were no such instruments at December 31, 2021:

	December 31, 2020
					Range
	Fair Value		Valuation	Unobservable	(Weighted
	Estimate		Techniques	Input	Average)
Other real estate owned	$	336	Appraisal (1) or Internal Valuation (2)	Selling costs	6%-10% (7%)

(1) Fair Value is generally determined through independent appraisals of the underlying collateral, which generally includes various level 3 inputs which are not identifiable

(2) Internal valuations may be conducted to determine Fair Value for assets with nominal carrying balances

Schedule of company's financial instruments whether or not recognized

		December 31,				December 31,
		2021				2020
	Level in Fair
	Value	Carrying		Estimated		Carrying		Estimated
	Hierarchy	Value		Fair Value		Value		Fair Value
	(In thousands)
Financial assets
Cash	Level 1	$	13,444	$	13,444	$	12,709	$	12,709
Cash equivalents	Level 2		80,545		80,545		30,742		30,742
Investment securities available for sale	Level 2		92,949		92,949		40,594		40,594
Investment securities available for sale	Level 3		1,750		1,750		250		250
Federal Home Loan Bank stock	Level 2		353		353		484		484
Loans held for sale	Level 2		5,141		5,141		34,421		34,421
Loans	Level 3		526,457		526,668		561,003		562,362
Other real estate owned	Level 3		—		—		336		336
Bank owned life insurance	Level 2		12,494		12,494		7,806		7,806
Accrued interest receivable	Level 2		3,245		3,245		4,943		4,943
Interest rate lock commitments	Level 2		471		471		1,552		1,552
Financial liabilities
Deposits	Level 2		664,048		663,898		588,382		589,017
Trust preferred securities	Level 2		8,764		9,554		8,764		9,697
Other borrowings	Level 2		5,660		5,660		47,157		47,157
Accrued interest payable	Level 2		68		68		194		194
Forward sales commitment	Level 2		651		651		3,105		3,105