FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2021

The Company’s estimated fair values of financial instruments are presented in the following tables.


September 30, 2021	Carrying Amount		Fair Value		Fair Value Measurements
Description of Asset (dollars in thousands)					Level 1		Level 2		Level 3
Assets
Investment securities - AFS	$	456,664	$	456,664	$	—	$	456,664	$	—

Equity securities carried at fair value through income	4,805		4,805		—		4,805		—
Non-marketable equity securities in other financial institutions	207		207		—		207		—
FHLB Stock	1,472		1,472		—		1,472		—
Net loans receivable	1,569,644		1,560,392		—		—		1,560,392
Accrued Interest Receivable	6,045		6,045		—		6,045		—
Investment in BOLI	38,713		38,713		—		38,713		—

Liabilities
Savings, NOW and money market accounts	$	1,664,952	$	1,664,952	$	—	$	1,664,952	$	—
Time deposits	339,655		340,463		—		340,463		—

Long-term debt	12,249		12,461		—		12,461		—
TRUPs	12,000		11,355		—		11,355		—
Subordinated notes	19,496		21,102		—		21,102		—

See the Company’s methodologies disclosed in Note 21 of the Company’s 2020 Form 10-K for the fair value methodologies used as of December 31, 2020:


December 31, 2020	Carrying Amount		Fair Value		Fair Value Measurements
Description of Asset (dollars in thousands)					Level 1		Level 2		Level 3
Assets
Investment securities - AFS	$	246,105	$	246,105	$	—	$	246,105	$	—

Equity securities carried at fair value through income	4,855		4,855		—		4,855		—
Non-marketable equity securities in other financial institutions	207		207		—		207		—
FHLB Stock	2,777		2,777		—		2,777		—
Net loans receivable	1,594,075		1,581,922		—		—		1,581,922
Accrued Interest Receivable	8,717		8,717		—		8,717		—
Investment in BOLI	38,061		38,061		—		38,061		—

Liabilities
Savings, NOW and money market accounts	$	1,391,746	$	1,391,746	$	—	$	1,391,746	$	—
Time deposits	353,856		355,478		—		355,478		—

Long-term debt	27,302		27,805		—		27,805		—
TRUPs	12,000		9,444		—		9,444		—
Subordinated notes	19,526		20,106		—		20,106		—