Fair Value (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value under ASC 820 on a recurring basis are summarized below:

	Fair Value Measurements at December 31, 2020 Using:
(dollars in thousands)	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Securities available for sale:
U.S. government sponsored enterprises	$	19,968	$	-	$	19,968	$	-
State and political subdivisions		103		-		103		-
Mortgage backed securities and collateralized mortgage obligations - residential		316,158		-		316,158		-
Corporate bonds		59,939		-		59,939		-
Small Business Administration - guaranteed participation securities		42,217		-		42,217		-
Other		686		-		686		-
Total securities available for sale	$	439,071	$	-	$	439,071	$	-

	Fair Value Measurements at December 31, 2019 Using:
(dollars in thousands)	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Securities available for sale:
U.S. government sponsored enterprises	$	104,512	$	-	$	104,512	$	-
State and political subdivisions		162		-		162		-
Mortgage backed securities and collateralized mortgage obligations - residential		389,517		-		389,517		-
Corporate bonds		30,436		-		30,436		-
Small Business Administration - guaranteed participation securities		48,511		-		48,511		-
Other		685		-		685		-
Total securities available for sale	$	573,823	$	-	$	573,823	$	-

Assets Measured at Fair Value on Non-Recurring Basis

	Fair Value Measurements at December 31, 2020 Using:
(dollars in thousands)	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Valuation technique	Unobservable inputs	Range (Weighted Average)
Other real estate owned	$	541	$	-	$	-	$	541	Sales comparison approach	Adjustments for differences between comparable sales		1% - 7% (2	%)
Impaired loans:
Real estate mortgage - 1 to 4 family		211		-		-		211	Sales comparison approach	Adjustments for differences between comparable sales		11% - 12% (12	%)

	Fair Value Measurements at December 31, 2019 Using:
(dollars in thousands)	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Valuation technique	Unobservable inputs	Range (Weighted Average)
Other real estate owned	$	1,579	$	-	$	-	$	1,579	Sales comparison approach	Adjustments for differences between comparable sales		1% - 21% (2	%)
Impaired loans:
Real estate mortgage - 1 to 4 family		120		-		-		120	Sales comparison approach	Adjustments for differences between comparable sales		1% - 17% (9	%)

Carrying Amounts and Estimated Fair Values of Financial Instruments

In accordance with ASC 825, the carrying amounts and estimated fair values (exit price) of financial instruments at December 31, 2020 and 2019 are as follows:

(dollars in thousands)	Carrying		Fair Value Measurements at December 31, 2020 Using:
	Value		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	1,107,099		1,107,099		-		-		1,107,099
Securities available for sale		439,071		-		439,071		-		439,071
Held to maturity securities		13,824		-		14,988		-		14,988
Federal Home Loan Bank stock		5,506		N/A		N/A		N/A		N/A
Net loans		4,194,875		-		-		4,287,585		4,287,585
Accrued interest receivable		10,031		39		1,458		8,534		10,031
Financial liabilities:
Demand deposits		652,756		652,756		-		-		652,756
Interest bearing deposits		4,384,437		3,088,064		1,298,375		-		4,386,439
Short-term borrowings		214,755		-		214,755		-		214,755
Accrued interest payable		474		68		406		-		474

(dollars in thousands)	Carrying		Fair Value Measurements at December 31, 2019 Using:
	Value		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	456,846		456,846		-		-		456,846
Securities available for sale		573,823		-		573,823		-		573,823
Held to maturity securities		18,618		-		19,680		-		19,680
Federal Reserve Bank and Federal Home Loan Bank stock		9,183		N/A		N/A		N/A		N/A
Net loans		4,017,879		-		-		4,078,210		4,078,210
Accrued interest receivable		10,915		216		2,221		8,478		10,915
Financial liabilities:
Demand deposits		463,858		463,858		-		-		463,858
Interest bearing deposits		3,986,158		2,587,981		1,397,271		-		3,985,252
Short-term borrowings		148,666		-		148,666		-		148,666
Accrued interest payable		1,459		174		1,285		-		1,459