| 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 (dollars in thousands): | | | | | | | | | | | | | | | Fair Value Measurement | | | at June 30, 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 | | $ | 3,776 | | $ | — | | $ | 3,776 | | $ | — | Mortgage-backed securities | | | 35,459 | | | — | | | 35,459 | | | — | Municipals | | | 1,225 | | | | | | 1,225 | | | | Subordinated debt | | | 8,292 | | | — | | | 8,042 | | | 250 | Loans held for sale | | | 16,374 | | | — | | | 16,374 | | | — | IRLC | | | 989 | | | — | | | 989 | | | — | | | | | | | | | | | | | | Financial Liabilities - Recurring | | | | | | | | | | | | | Forward sales commitment | | | 1,501 | | | — | | | 1,501 | | | — | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 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 |
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| Schedule of financial instruments measured at fair value |
The following table presents qualitative information about Level 3 fair value measurements for financial instruments measured on a non-recurring basis at fair value at December 31, 2020, there were no outstanding level 3 instruments at June 30, 2021 (dollars in thousands): | | | | | | | | | | | | 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.
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| Schedule of company's financial instruments whether or not recognized |
The following tables reflect the carrying amounts and estimated fair values of the Company’s financial instruments whether or not recognized on the Consolidated Balance Sheets at fair value. | | | | | | | | | | | | | | | | | | | June 30, | | 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 | | $ | 19,775 | | $ | 19,775 | | $ | 12,709 | | $ | 12,709 | Cash equivalents | | Level 2 | | | 51,884 | | | 51,884 | | | 30,742 | | | 30,742 | Investment securities available for sale | | Level 1 | | | — | | | — | | | 1,193 | | | 1,193 | Investment securities available for sale | | Level 2 | | | 48,502 | | | 48,502 | | | 39,401 | | | 39,401 | Investment securities available for sale | | Level 3 | | | 250 | | | 250 | | | 250 | | | 250 | Federal Home Loan Bank stock | | Level 2 | | | 353 | | | 353 | | | 484 | | | 484 | Loans held for sale | | Level 2 | | | 16,374 | | | 16,374 | | | 34,421 | | | 34,421 | Loans | | Level 3 | | | 551,664 | | | 553,662 | | | 561,003 | | | 562,362 | Other real estate owned | | Level 3 | | | — | | | — | | | 336 | | | 336 | Bank owned life insurance | | Level 3 | | | 12,338 | | | 12,338 | | | 7,806 | | | 7,806 | Accrued interest receivable | | Level 2 | | | 4,350 | | | 4,350 | | | 4,943 | | | 4,943 | Interest rate lock commitments | | Level 2 | | | 981 | | | 981 | | | 1,552 | | | 1,552 | | | | | | | | | | | | | | | | Financial liabilities | | | | | | | | | | | | | | | Deposits | | Level 2 | | | 638,083 | | | 639,543 | | | 588,382 | | | 589,017 | Trust preferred securities | | Level 2 | | | 8,764 | | | 9,733 | | | 8,764 | | | 9,697 | Other borrowings | | Level 2 | | | 5,644 | | | 5,644 | | | 47,157 | | | 47,157 | Accrued interest payable | | Level 2 | | | 85 | | | 85 | | | 194 | | | 194 | Forward sales commitment | | Level 2 | | | 1,501 | | | 1,501 | | | 3,105 | | | 3,105 |
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