Fair Values of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2020

Fair Values of Assets and Liabilities [Abstract]

Assets and Liabilities Recorded 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 (dollars in thousands):

	September 30, 2020
	Total		Level 1		Level 2		Level 3
Investment securities available for sale
U.S. Treasury securities	$	12,500	$	12,500	$	—	$	—
U.S. Government agencies		19,745		—		19,745		—
State, county and municipal		116,534		1,329		115,205		—
Mortgage backed securities		29,951		—		29,951		—
Asset backed securities		28,986		550		28,436		—
Corporate bonds		25,937		750		25,187		—
Total investment securities available for sale		233,653		15,129		218,524		—
Total assets at fair value	$	233,653	$	15,129	$	218,524	$	—
Cash flow hedge liability	$	683		—	$	683		—
Total liabilities at fair value	$	683	$	—	$	683	$	—

	December 31, 2019
	Total		Level 1		Level 2		Level 3
Investment securities available for sale
U.S. Government agencies	$	21,936	$	—	$	21,936	$	—
State, county and municipal		98,592		10,072		88,520		—
Mortgage backed securities		48,740		1,181		47,559		—
Asset backed securities		11,604		—		11,604		—
Corporate bonds		6,097		—		6,097		—
Total investment securities available for sale		186,969		11,253		175,716		—
Total assets at fair value	$	186,969	$	11,253	$	175,716	$	—
Cash flow hedge liability		44		—	$	44		—
Total liabilities at fair value	$	44	$	—	$	44	$	—

Assets and Liabilities Measured at Fair Value on Nonrecurring Basis

The following tables present assets measured at fair value on a nonrecurring basis as of September 30, 2020 and December 31, 2019 (dollars in thousands):

	September 30, 2020
	Total		Level 1		Level 2		Level 3
Impaired loans	$	3,241	$	—	$	—	$	3,241
Loans held for sale		1,151		—		1,151		—
Bank premises and equipment held for sale		1,589		—		—		1,589
Other real estate owned		4,416		—		—		4,416
Total assets at fair value	$	10,397	$	—	$	1,151	$	9,246
Total liabilities at fair value	$	—	$	—	$	—	$	—

	December 31, 2019
	Total		Level 1		Level 2		Level 3
Impaired loans	$	3,020	$	—	$	—	$	3,020
Loans held for sale		501		—		501		—
Bank premises and equipment held for sale		1,589		—		—		1,589
Other real estate owned		4,527		—		—		4,527
Total assets at fair value	$	9,637	$	—	$	501	$	9,136
Total liabilities at fair value	$	—	$	—	$	—	$	—

Summary of Fair Value of Financial Instruments

These tables exclude financial instruments for which the carrying value approximates fair value (dollars in thousands):

	September 30, 2020
			Estimated Fair
	Carrying Value		Value		Level 1		Level 2		Level 3
Financial assets:
Securities held to maturity	$	23,026	$	24,118	$	—	$	24,118	$	—
Loans, net of allowance		1,165,381		1,174,649		—		—		1,174,649
PCI loans, net of allowance		26,990		35,188		—		—		35,188
Financial liabilities:
Interest bearing deposits		1,087,663		1,091,539		—		1,091,539		—
Borrowings		72,124		73,137		—		73,137		—

	December 31, 2019
			Estimated Fair
	Carrying Value		Value		Level 1		Level 2		Level 3
Financial assets:
Securities held to maturity	$	35,733	$	36,633	$	—	$	36,633	$	—
Loans, net of allowance		1,049,894		1,041,671		—		—		1,041,671
PCI loans, net of allowance		32,372		38,982		—		—		38,982
Financial liabilities:
Interest bearing deposits		984,864		985,853		—		985,853		—
Borrowings		72,624		72,457		—		72,457		—