FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

The tables below present the recorded amount of assets as of September 30, 2021 and December 31, 2020 measured at fair value on a recurring basis.

(dollars in thousands)	September 30, 2021
Description of Asset	Fair Value		Level 1		Level 2		Level 3
AFS securities
Asset-backed securities issued by GSEs and U.S. Agencies
MBS	$	102,684	$	—	$	102,684	$	—
CMOs	204,888		—		204,888		—
U.S. Agency	11,800		—		11,800		—
Asset-backed securities issued by Others:
Residential CMOs	243		—		243		—
Student Loan Trust ABSs	57,712		—		57,712		—
Municipal bonds	62,873		—		62,873		—
U.S. government obligations	16,464		—		16,464		—
Total AFS securities	$	456,664	$	—	$	456,664	$	—
Equity securities carried at fair value through income
CRA investment fund	$	4,805	$	—	$	4,805	$	—
Non-marketable equity securities
Other equity securities	$	207	$	—	$	207	$	—

(dollars in thousands)	December 31, 2020
Description of Asset	Fair Value		Level 1		Level 2		Level 3
AFS securities
Asset-backed securities issued by GSEs and U.S. Agencies
MBS	$	34,953	$	—	$	34,953	$	—
CMOs	127,447		—		127,447		—
Asset-backed securities issued by others:
Residential CMOs	288		—		288		—
Student Loan Trust ABSs	37,439		—		37,439		—
Municipal bonds	44,478		—		44,478		—
U.S. government obligations	1,500		—		1,500		—
Total AFS securities	$	246,105	$	—	$	246,105	$	—
Equity securities carried at fair value through income
CRA investment fund	$	4,855	$	—	$	4,855	$	—
Non-marketable equity securities
Other equity securities	$	207	$	—	$	207	$	—

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis

Assets measured at fair value on a nonrecurring basis as of September 30, 2021 and December 31, 2020 were included in the tables below.

(dollars in thousands)	September 30, 2021
Description of Asset	Fair Value		Level 1		Level 2		Level 3
Loans with impairment
Commercial real estate	$	468	$	—	$	—	$	468
Total loans with impairment	468		—		—		468
Other real estate owned	$	1,536	$	—	$	—	$	1,536

(dollars in thousands)	December 31, 2020
Description of Asset	Fair Value		Level 1		Level 2		Level 3
Loans with impairment
Commercial real estate	$	4,483	$	—	$	—	$	4,483
Total loans with impairment	4,483		—		—		4,483
Other real estate owned	$	3,109	$	—	$	—	$	3,109

Schedule of unobservable inputs used in Level 3 fair value measurements

The following tables provide information describing the unobservable inputs used in Level 3 fair value measurements at September 30, 2021 and December 31, 2020.

September 30, 2021	Fair Value		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
(dollars in thousands)
Description of Asset
Loans with impairment	$	468	Third party appraisals and in-house real estate evaluations of fair value	Management discount for property type, selling costs and current market conditions	0% - 50% (41%)
Other real estate owned	$	1,536	Third party appraisals and in-house real estate evaluations of fair value	Management discount for property type and current market conditions	0% - 50% (54%)

December 31, 2020	Fair Value		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
(dollars in thousands)
Description of Asset
Loans with impairment	$	4,483	Third party appraisals and in-house real estate evaluations of fair value	Management discount for property type, selling costs and current market conditions	0% - 50% (23%)
Other real estate owned	$	3,109	Third party appraisals and in-house real estate evaluations of fair value	Management discount for property type and current market conditions	0% - 50% (47%)