Meridian (MRBK) 10-K 29 Mar 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 25, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	000-55983
Entity Registrant Name	Meridian Corp
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	83-1561918
Entity Address, Address Line One	9 Old Lincoln Highway
Entity Address, City or Town	Malvern
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19355
City Area Code	484
Local Phone Number	568-5000
Title of 12(b) Security	Common Stock, par value $1 per share
Trading Symbol	MRBK
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 86,053,850
Entity Common Stock, Shares Outstanding		6,167,695
Entity Central Index Key	0001750735
Amendment Flag	false
Document Fiscal Year Focus	2020
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED BALANCE SHEETS
Cash and due from banks	$ 34,190	$ 19,106
Federal funds sold	2,554	20,265
Cash and cash equivalents	36,744	39,371
Securities available-for-sale (amortized cost of $120,515 and $58,874 as of December 31, 2020 and December 31, 2019)	123,562	58,856
Securities held-to-maturity (fair value of $6,857 and $9,003 as of December 31, 2020 and December 31, 2019)	6,510	8,780
Equity investments	1,031	1,009
Mortgage loans held for sale (amortized cost of $225,007 and $33,363 as of December 31, 2020 and December 31, 2019), at fair value	229,199	33,704
Loans, net of fees and costs (includes $12,182 and $10,546 of loans at fair value, amortized cost of $11,514 and $10,186 as of December 31, 2020 and December 31, 2019)	1,284,764	964,710
Allowance for loan and lease losses	(17,767)	(9,513)
Loans, net of the allowance for loan and lease losses	1,266,997	955,197
Restricted investment in bank stock	7,861	8,072
Bank premises and equipment, net	7,777	8,636
Bank owned life insurance	12,138	11,859
Accrued interest receivable	5,482	3,148
Other real estate owned	0	120
Deferred income taxes	62	2,115
Goodwill	899	899
Intangible assets	3,601	3,874
Other assets	18,334	14,379
Total assets	1,720,197	1,150,019
Deposits:
Non-interest bearing	203,843	139,450
Interest bearing	1,037,492	711,718
Total deposits	1,241,335	851,168
Short-term borrowings	106,862	123,676
Long-term debt	165,546	3,123
Subordinated debentures	40,671	40,962
Accrued interest payable	1,154	1,088
Other liabilities	23,007	9,307
Total liabilities	1,578,575	1,029,324
Stockholders' equity:
Common stock, $1 par value. Authorized 10,000,000 shares; issued 6,455,566 and 6,407,685 as of December 31, 2020 and December 31, 2019	6,456	6,408
Surplus	81,196	80,196
Treasury stock - 320,000 and 3,375 shares at December 31, 2020 and December 31, 2019, respectively	(5,828)	(3)
Unearned common stock held by employee stock ownership plan	(1,768)
Retained earnings	59,010	34,097
Accumulated other comprehensive income (loss)	2,556	(3)
Total stockholders' equity	141,622	120,695
Total liabilities and stockholders' equity	$ 1,720,197	$ 1,150,019

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED BALANCE SHEETS
Available-for-sale, Amortized Cost	$ 120,215	$ 58,874
Securities held-to-maturity	6,857	9,003
Mortgage loans held for sale, amortized cost	225,007	33,363
Loans at fair value	12,182	10,546
Loans at amortized cost	$ 11,514	$ 10,186
Common stock, par value	$ 1	$ 1
Common stock, Authorized shares	10,000,000	10,000,000
Common Stock, Shares, Issued	6,455,566	6,407,685
Treasury stock shares held	320,000	3,375

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Interest income:
Loans, including fees	$ 60,357	$ 51,127
Securities:
Taxable	1,186	1,248
Tax-exempt	1,044	324
Cash and cash equivalents	69	164
Total interest income	62,656	52,863
Interest expense:
Deposits	9,970	13,907
Borrowings	3,690	2,620
Total interest expense	13,660	16,527
Net interest income	48,996	36,336
Provision for loan losses	8,302	901
Net interest income after provision for loan losses	40,694	35,435
Non-interest income:
Mortgage banking income	76,461	26,009
SBA loan income	2,572	1,401
Earnings on investment in life insurance	279	290
Net change in the fair value of derivative instruments	4,975	111
Net change in the fair value of loans held-for-sale	3,847	(13)
Net change in the fair value of loans held-for-investment	323	391
Net (loss) on hedging activity	(9,400)	(816)
Net gain on sale of investment securities available-for-sale	1,345	165
Other	2,555	1,621
Total non-interest income	86,918	32,893
Non-interest expenses:
Salaries and employee benefits	72,147	35,157
Occupancy and equipment	4,292	3,806
Professional fees	3,113	2,614
Advertising and promotion	2,852	2,475
Data processing	1,913	1,327
Information technology	1,542	1,256
Pennsylvania bank shares tax	1,049	658
Other	6,168	7,521
Total non-interest expenses	93,076	54,814
Income before income taxes	34,536	13,514
Income tax expense	8,098	3,033
Net income	$ 26,438	$ 10,481
Basic earnings per common share	$ 4.32	$ 1.64
Diluted earnings per common share	$ 4.27	$ 1.63
Wealth Management Income
Non-interest income:
Revenue from contracts with customers	$ 3,854	$ 3,624
Service Charges
Non-interest income:
Revenue from contracts with customers	$ 107	$ 110

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income:	$ 26,438	$ 10,481
Net change in unrealized gains on investment securities available for sale:
Net unrealized gains arising during the period, net of tax expense of $1,121, and $154, respectively	3,584	512
Less: reclassification adjustment for net gains on sales realized in net income, net of tax expense of ($320), and ($38), respectively	(1,025)	(125)
Unrealized investment gains, net of tax expense of $801, and $116, respectively	2,559	387
Total other comprehensive income	2,559	387
Total comprehensive income	$ 28,997	$ 10,868

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Tax expense (benefit) on unrealized gains arising during the period	$ 1,121	$ 154
Tax expense (benefit) on reclassification adjustment for net gains on sales realized in net income	(320)	(38)
Tax expense (benefit) on unrealized investment gains (losses)	$ 801	$ 116

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common stock	Surplus	Treasury Stock	Unearned Common Stock ESOP	Retained Earnings	Accumulated Other Comprehensive Income (loss)	Total
Balance beginning of the period (Footnote 1) at Dec. 31, 2018	$ 6,407	$ 79,919			$ 23,616	$ (390)	$ 109,552
Comprehensive income:
Net income					10,481		10,481
Change in unrealized gains on securities available-for-sale, net of tax						387	387
Total comprehensive income							10,868
Common stock issued through share-based awards and exercises (47,881)	1	5					6
Net purchase of treasury stock through publicly announced plans			$ (3)				(3)
Stock based compensation		272					272
Balance ending of the period at Dec. 31, 2019	6,408	80,196	(3)		34,097	(3)	120,695
Comprehensive income:
Net income					26,438		26,438
Change in unrealized gains on securities available-for-sale, net of tax						2,559	2,559
Total comprehensive income							28,997
Dividends paid or accrued, $0.250 per share					(1,525)		(1,525)
Shares purchased for ESOP plan (133,601)				$ (2,000)			(2,000)
Common stock issued through share-based awards and exercises (47,881)	48	347					395
Net purchase of treasury stock through publicly announced plans		122	(5,825)				(5,703)
ESOP shares committed to be released (13,329)				232			232
Stock based compensation		531					531
Balance ending of the period at Dec. 31, 2020	$ 6,456	$ 81,196	$ (5,828)	$ (1,768)	$ 59,010	$ 2,556	$ 141,622

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical)	12 Months Ended
	Dec. 31, 2020$ / sharesshares
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Common Stock, Dividends, Per Share, Cash Paid | $ / shares	$ 0.250
Shares purchased for ESOP plan	133,601
Shares repurchased	316,625
Shares issued through share-based awards and exercises	47,881
Shares committed to be released	13,328

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF CASH FLOWS
Net income	$ 26,438	$ 10,481
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Gain on sale of investment securities	(1,345)	(165)
Depreciation and amortization	(2,890)	663
Loss on disposal of premises and equipment		14
Net amortization of investment premiums and discounts	425	1,022
Provision for loan losses	8,302	901
Amortization of issuance costs on subordinated debt	112
Share-based compensation	763	272
Net change in fair value of loans held for sale	(3,847)	13
Net change in fair value of derivative instruments	(4,975)	(111)
Gain on sale of OREO	(6)
Amortization and net impairment of servicing rights	816	204
SBA loan income	(2,733)	(1,495)
Proceeds from sale of loans	2,241,635	607,122
Loans originated for sale	(2,356,821)	(573,416)
Mortgage banking income	(77,116)	(26,325)
Increase in accrued interest receivable	(2,334)	(259)
(Decrease) increase in other assets	3,346	276
Earnings from investment in life insurance	(279)	(290)
Deferred income tax	1,254	(503)
(Decrease) increase in accrued interest payable	66	783
Increase in other liabilities	11,047	2,382
Net cash (used in) provided by operating activities	(158,142)	21,569
Activity in available-for-sale securities:
Maturities, repayments and calls	8,247	14,046
Sales	45,927	24,627
Purchases	(114,494)	(44,679)
Activity in held-to-maturity securities:
Maturities, repayments and calls	2,140
Proceeds from sale of OREO	126
Settlement of forward contracts		(67)
(Increase) decrease in restricted stock	211	(1,070)
Net increase in loans	(312,435)	(135,188)
Purchases of premises and equipment	(747)	(746)
Net cash used in investing activities	(371,025)	(143,077)
Cash flows from financing activities:
Net increase in deposits	390,167	99,038
(Decrease) increase in short-term borrowings	(922)	9,376
Decrease in short term borrowings with original maturity > 90 days	(15,479)	(2,290)
Repayment of acquisition note payable	(413)	(825)
Repayment of long-term debt (Subordinated debt)	(172)	(7,432)
Proceeds from long-term debt, net	162,423	40,000
Issuance costs on subordinated debt	(231)	(942)
Net purchase of treasury stock through publicly announced plans	(5,703)	(3)
Dividends paid	(1,525)
Purchase of common shares for ESOP	(2,000)
Share based awards and exercises	395	6
Net cash provided by financing activities	526,540	136,927
Net change in cash and cash equivalents	(2,627)	15,419
Cash and cash equivalents at beginning of period	39,371	23,952
Cash and cash equivalents at end of period	36,744	39,371
Supplemental disclosure of cash flow information:
Interest	13,594	15,744
Income taxes	5,295	2,643
Supplemental disclosure of cash flow information:
Transfers from loans and leases to real estate owned		120
Transfers from loans held for sale to loans held for investment	3,313	3,561
Net loans purchased, not settled	$ 325	1,001
Net loans sold, not settled		$ (9,255)

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	(1) Summary of Significant Accounting Policies (a) Nature of Operations Meridian Corporation (“Meridian” or the “Corporation”) is a bank holding company engaged in banking activities through its wholly-owned subsidiary, Meridian Bank (the “Bank”), a full-service, state-chartered commercial bank with offices in the Delaware Valley tri-state market, which includes Pennsylvania, New Jersey and Delaware, and Maryland. We have a financial services business model with significant noninterest income streams from mortgage lending, small business (“SBA”) lending and wealth management services. We provide services to small and middle market businesses, professionals and retail customers throughout our market area. We have a modern, progressive, consultative approach to creating innovative solutions for our customers. We are technology driven, with a culture that incorporates significant use of customer preferred deliver channel and bank-to-bank ACH. The Corporation operates in a highly competitive market area that includes local, national and regional banks as competitors along with savings banks, credit unions, insurance companies, trust companies and registered investment advisors. The Corporation and its subsidiaries are regulated by many regulatory agencies including the Securities and Exchange Commission (“SEC”), Federal Deposit Insurance Corporation (“FDIC”), the Federal Reserve and the Pennsylvania Department of Banking. ​ The Bank was incorporated on March 16, 2004 under the laws of the Commonwealth of Pennsylvania and is a Pennsylvania state-chartered bank. The Bank commenced operations on July 8, 2004 and is a full-service bank providing personal and business lending and deposit services through 6 full-service banking offices in Pennsylvania, 9 mortgage loan production offices throughout the Delaware Valley, and 7 mortgage loan production offices in Maryland. The Bank and Corporation are headquartered in Malvern, Pennsylvania, located in the western suburbs of Philadelphia and serves southeastern Pennsylvania and the rest of the Delaware Valley. ​ (b) Basis of Presentation The accounting policies of the Corporation conform to U.S. generally accepted accounting principles (“GAAP”). The consolidated financial statements include accounts of the Corporation and its wholly owned subsidiary, the Bank, and the wholly owned subsidiaries of the Bank: Meridian Land Settlement Services LLC; APEX Realty LLC; Meridian Wealth Partners LLC; and Meridian Equipment Finance LLC. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the current year’s presentation. Reclassifications had no effect on prior year net income or total stockholders’ equity. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Although our current estimates contemplate current conditions and how we expect them to change in the future, due to the continuing impact that the COVID-19 pandemic has had on financial markets and the economy both locally and nationally, it is reasonably possible that this could continue to materially affect these significant estimates and our results of operations and financial condition. ​ During the quarter-ended March 31, 2019, the Corporation identified and corrected an immaterial error related to Maryland state licensing requirements for mortgage loan originations by our Mortgage division. As the result of our mortgage operations not being fully compliant with Maryland licensing law, we agreed to reimburse consumers approximately $474 thousand in interest and certain fees on loans originated, in addition to paying a fine of $12 thousand to resolve the matter. (c) Significant Concentrations of Credit Risk Most of the Corporation’s activities are with customers located in the Delaware Valley tri-state market and Maryland. Note 4 discusses the types of securities that the Corporation invests in. Note 5 discusses types of lending that the Corporation engages in. Although the Corporation has a diversified loan portfolio, its debtors’ ability to honor their contracts is influenced by the region’s economy. The Corporation does not have any significant concentrations to any one industry or customer, however there is significant concentration of commercial real estate-backed loans, amounting to 38% and 37% of total loans held for investment, as of December 31, 2020 and December 31, 2019, respectively. (d) Presentation of Cash Flows For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks and federal funds sold. Generally, federal funds are purchased or sold for one day periods. The Federal Reserve Board removed cash minimum reserve requirements in March 2020. Net cash flows are reported for customer loan and deposit transactions, interest bearing depsoits in other financial institutions, and the federal funds purchased and repurchased agreements. (e) Securities Management determines the appropriate classification of debt securities at the time of purchase and re-evaluates such designation as of each balance sheet date. Securities classified as available-for-sale are those securities that the Corporation intends to hold for an indefinite period of time but not necessarily to maturity. Securities available-for-sale are carried at fair value. Any decision to sell a security classified as available-for-sale would be based on various factors, including significant movement in interest rates, changes in maturity mix of the Corporation’s assets and liabilities, liquidity needs, regulatory capital considerations and other similar factors. Unrealized gains and losses are reported as increases or decreases in other comprehensive income. Gains or losses on disposition are based on the net proceeds and cost of the securities sold, adjusted for the amortization of premiums and accretion of discounts, using the specific identification method. Securities classified as held to maturity are those debt securities the Corporation has both the intent and ability to hold to maturity regardless of changes in market conditions, liquidity needs or changes in general economic conditions. These securities are carried at cost adjusted for the amortization of premium and accretion of discount, computed on a level yield basis. Investments in equity securities are recorded in accordance with ASC 321-10, Investments - Equity Securities. ​ The Corporation’s accounting policy specifies that (a) if the Corporation does not have the intent to sell a debt security prior to recovery and (b) it is more likely than not that it will not have to sell the debt security prior to recovery, the security would not be considered other-than-temporarily impaired, unless there is a credit loss. When the Corporation does not intend to sell the security, and it is more likely than not, the Corporation will not have to sell the security before recovery of its cost basis, it will recognize the credit component of an other-than-temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income. The Corporation did not recognize any other-than-temporary impairment charges during the years ended December 31, 2020 and 2019. ​ (f) Loans Receivable Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the yield (interest income) of the related loans. The Corporation generally amortizes these amounts over the contractual life of the loan. Loans that were originated by the Corporation and intended for sale in the secondary market to permanent investors, but were either repurchased or unsalable due to defect, are held for the foreseeable future or until maturity or payoff, are carried at fair value. The accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan is currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed and charged against current year income. Interest received on nonaccrual loans generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time and the ultimate collectability of the total contractual principal and interest is no longer in doubt. (g) Allowance for Loan and Lease Losses The allowance for loan and lease losses (“Allowance”) is a valuation for probable incurred credit losses established through provisions for loan losses charged against income. Loans deemed to be uncollectible are charged against the Allowance, and subsequent recoveries, if any, are credited to the Allowance. All, or part, of the principal balance of loans receivable are charged off to the Allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. Charge-offs for retail consumer loans are generally made for any balance not adequately secured after 120 The Allowance is maintained at a level considered adequate to provide for probable incurred credit losses. Management’s periodic evaluation of the adequacy of the Allowance is based on known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is subjective as it requires material estimates that may be susceptible to significant revisions as more information becomes available. In addition, Federal regulatory agencies, as an integral part of their examination process, periodically review the Corporation’s Allowance and may require the Corporation to recognize additions to the Allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. The Allowance consists of general and specific components. The general component covers non-classified loans, as well as, non-impaired classified loans and is based on historical loss experience adjusted for qualitative factors. The specific component relates to loans that are classified as doubtful, substandard, and are on non-accrual and have been deemed impaired. Loan classifications are determined based on various assessments such as the borrower’s overall financial condition, payment history, repayment sources, guarantors and value of collateral. We apply historical loss rates to pools of loans with similar risk characteristics. Loss rates are calculated by historical charge-offs that have occurred within each pool of loans over the loss emergence period (“LEP”). The LEP is an estimate of the average amount of time from when an event happens that causes the borrower to be unable to pay on a loan until the loss is confirmed through a loan charge-off. ​ Another key assumption is the look-back period (“LBP”), which represents the historical data period utilized to calculate loss rates. We used 10 years for our LBP for all portfolio segments which encompasses our loss experience during the Financial Crisis, and our more recent improved loss experience. ​ After consideration of the historic loss calculations, management applies qualitative adjustments so that the Allowance is reflective of the inherent losses that exist in the loan portfolio at the balance sheet date. Qualitative adjustments are made based upon changes in lending policies and practices, economic conditions, changes in the loan portfolio, changes in lending management, results of internal loan reviews, asset quality trends, collateral values, concentrations of credit risk and other external factors. The evaluation of the various components of the Allowance requires considerable judgment in order to estimate inherent loss exposures. ​ A loan is considered impaired when, based on current information and events, it is probable that the Corporation will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement, or a troubled debt restructure (“TDR”). Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. For commercial and construction loans, impairment is measured on a loan by loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral adjusted for cost to sell, if the loan is collateral dependent. Large groups of smaller balance homogeneous residential mortgage and consumer loans are collectively evaluated for impairment. Accordingly, the Corporation does not separately identify individual loans of this nature for impairment disclosures, unless such loans become impaired or are troubled and the subject of a restructuring agreement. Loans whose terms are modified are classified as TDR’s if the Corporation grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a TDR generally involve a temporary reduction in interest rate or an extension of a loan’s stated maturity date. TDR’s are considered impaired loans No portion of the Allowance is restricted to any individual loan or groups of loans, and the entire Allowance is available to absorb any and all loan and lease losses. (h) Mortgage Banking Activities and Mortgage Loans Held for Sale The Corporation’s mortgage banking division operates 9 offices in the tri-state area of Pennsylvania, Delaware and New Jersey and another 7 offices in Maryland. The mortgage banking division originates conventional mortgages, FHA, VA, USDA, and other state insured mortgages. The loans are generally sold to various investors in the secondary market. Mortgage loans originated by the Corporation and intended for sale in the secondary market to permanent investors are classified as mortgage loans held for sale on the balance sheet as the Corporation has elected to measure loans held for sale at fair value. Fair value is based on outstanding investor commitments or, in the absence of such commitments, on current investor yield requirements based on third party models. Gains and losses on sales of these loans, as well as loan origination costs, are recorded as a component of noninterest income in the Consolidated Statements of Income. The Corporation’s current practice is to sell residential mortgage loans and retain the servicing rights, as discussed further below. Interest on loans held for sale is credited to income based on the principal amounts outstanding. ​ The Corporation enters into commitments to originate loans whereby the interest rate on the loan is determined prior to funding (interest rate lock commitments). Rate lock commitments on mortgage loans that are intended to be sold are considered to be derivatives. Time elapsing between the issuance of a loan commitment and closing and sale of the loan generally ranges from 30 ​ The Corporation utilizes a third-party model to determine the fair value of rate lock commitments or forward sale contracts. This model uses investor quotes while taking into consideration the probability that the rate lock commitments will close. Net derivative assets and liabilities are recorded within other assets or other liabilities, respectively, on the consolidated balance sheets, with changes in fair value during the period recorded within net change in the fair value of derivative instruments on the consolidated statements of income. (i) Loan Servicing Rights The Corporation sells substantially all of the residential mortgage loans originated for sale in the secondary market; however, the Corporation may retain the servicing rights related to some of these loans. A fee, usually based on a percentage of the outstanding principal balance of the loan, is received in return for these services. Mortgage servicing rights (“MSRs") are recognized when a loan’s servicing rights are retained upon sale of a loan. When mortgage loans are sold with servicing retained, MSR’s are initially recorded at fair value with the income effect recorded in non-interest income. The Corporation also sells the guaranteed portion of certain Small Business Administration (“SBA”) loans to third parties and retains servicing rights and receives servicing fees. All such transfers are accounted for as sales. While the Corporation may retain a portion of certain sold SBA loans, its continuing involvement in the portion of the loan that was sold is limited to certain servicing responsibilities. These servicing assets amortize to noninterest expense in proportion to, and over the period of, the estimated future net servicing life of the underlying loans. The servicing assets are evaluated quarterly for impairment based upon the fair value of the rights as compared to their amortized cost. Impairment is recognized on the income statement to the extent the fair value is less than the capitalized amount of the servicing assets. (j) Other Real Estate Owned Other real estate owned (OREO) is comprised of property acquired through a foreclosure proceeding or acceptance of a deed-in-lieu of foreclosure. The Corporation acquires OREO through the wholly owned subsidiary of the Bank, Apex Realty. OREO is recorded at the lower of cost or fair value, or the loan amount net of estimated selling costs, at the date of foreclosure. The cost basis of OREO is its recorded value at the time of acquisition. After acquisition, valuations are periodically performed by management and subsequent changes in the valuation allowance are charged to OREO expense. Revenues, such as rental income, and holding expenses are included in other income and other expenses, respectively. The Corporation had $0 thousand of OREO at December 31, 2020 and $120 thousand for 2019. (k) Restricted Investment in Bank Stock Restricted bank stock is principally comprised of stock in the Federal Home Loan Bank of Pittsburgh (FHLB). Federal law requires a member institution of the FHLB to hold stock according to a predetermined formula. As of December 31, 2020, and 2019, the Corporation had an investment of $7.9 million and $8.1 million, respectively, related to the FHLB stock. Also included in restricted stock is secondary stock from a correspondent bank in the amount of $50 thousand as of December 31, 2020 and 2019. All restricted stock is carried at cost. Management’s determination of whether these investments are impaired is based on their assessment of the ultimate recoverability of their cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of their cost is influenced by criteria such as (1) significance of the decline in net assets of the banks as compared to the capital stock amount and the length of time this situation has persisted, (2) commitments by the banks to make payments required by law or regulation and the level of such payments in relation to the operating performance of the banks, and (3) the impact of legislative and regulatory changes on institutions and, accordingly, on the customer base of the banks. Management believes no impairment charge is necessary related to these bank restricted stocks as of December 31, 2020 or 2019. (l ) Transfers of Financial Assets Transfers of financial assets, including loan and loan participation sales, are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Corporation, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Corporation does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. (m) Bank Premises and Equipment Bank premises and equipment are stated at cost less accumulated depreciation. Land is carried at cost. Buildings and related components are depreciated using the straight-line method with useful lives ranging from 12 3 3 (n) Bank-Owned Life Insurance The Corporation invests in bank owned life insurance (“BOLI”) as a source of funding for employee benefit expenses. BOLI involves the purchasing of life insurance by the Corporation on a chosen group of employees. The Corporation is the owner and beneficiary of the policies. This life insurance investment is carried at the cash surrender value of the underlying policies. Earnings from the increase in cash surrender value of the policies are included in non-interest income on the consolidated statements of income. (o) Advertising Costs The Corporation follows the policy of charging the costs of advertising to expense as incurred. (p) Employee Benefit Plans The Corporation has a 401(k) Plan (the Plan) and an Employee Stock Ownership Plan (ESOP). All employees are eligible to participate in the Plan and ESOP after they have attained the age of 21 3 $636 thousand and $325 thousand, respectively for the year ended December 31, 2019. The expense recorded by the Corporation for the ESOP for the year ended December 31, 2020 included a $600 thousand one-time contribution approved by the Board of Directors. During the year ended December 31, 2020, 161,576 shares were purchased by the ESOP at an average market value of $15.06, while no shares were purchased by the ESOP for 2019. Shares in the ESOP that are committed to be released to employees are treated as outstanding shares in the Corporation’s computation of earnings per share. On August 31, 2020 the Corporation established a $2 million stock purchase authorization with the ESOP. By the end of 2020 the ESOP had fully utilized the $2 million loan to purchase 133,280 Corporation common shares and as of December 31, 2020, 13,328 of these common shares were released to the ESOP and such shares are included in the number of shares purchased in 2020 for the ESOP noted above, leaving 119,952 unallocated shares. There were 225,687 shares in the ESOP as of December 31, 2020. Shares in the ESOP would be impacted by any stock dividends and stock splits in the same manner as all other outstanding common shares of the Corporation. (q) Income Taxes Deferred income taxes are provided on the asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and net operating losses and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and net operating loss carry-forwards and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Corporation follows accounting guidance related to accounting for uncertainty in income taxes. Under the “more likely than not” threshold guidelines, the Corporation believes no significant uncertain tax positions exist, either individually or in the aggregate, that would give rise to the non-recognition of an existing tax benefit. As of December 31, 2020, and 2019, the Corporation had no material unrecognized tax benefits or accrued interest and penalties. The Corporation’s policy is to account for interest as a component of interest expense and penalties as a component of other expense. The Corporation is no longer subject to examination by federal, state and local taxing authorities for years before January 1, 2017. (r ) Stock Compensation Plans Stock compensation accounting guidance requires that the compensation cost relating to share-based payment transactions be recognized in financial statements. That cost will be measured based on the grant date fair value of the equity or liability instruments issued. The stock compensation accounting guidance covers a wide range of share-based compensation arrangements including stock options and restricted share plans. The stock compensation accounting guidance requires that compensation cost for all stock awards be calculated and recognized over the employees’ service period, generally defined as the vesting period. For awards with graded-vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. A Black-Scholes model is used to estimate the fair value of stock options, while the market price of the Corporation’s common stock at the date of grant is used for restricted stock awards. (s) Comprehensive Income Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of the equity section of the balance sheet, such items, along with net income, are components of comprehensive income. The components of other comprehensive income (loss) for the years ended December 31, 2020 and 2019 consist of unrealized holding gains and (losses) arising during the year on available-for-sale securities. (t ) Off-Balance Sheet Financial Instruments In the ordinary course of business, the Corporation has entered into off-balance sheet financial instruments consisting of commitments to extend credit and letters of credit. Such financial instruments are recorded in the balance sheet when they are funded. (u) Derivative Financial Instruments The Corporation recognizes all derivative financial instruments related to its mortgage banking activities on its balance sheet at fair value. The Corporation utilizes investor quotes to determine the fair value of interest rate lock commitment derivatives and market pricing to determine the fair value of forward security purchase commitment derivatives. All changes in fair value of derivative instruments are recognized in earnings. The Corporation enters into interest rate swaps that allow commercial loan customers to effectively convert a variable-rate commercial loan agreement to a fixed-rate commercial loan agreement. The interest rate swaps are recognized on the Corporation’s balance sheet at fair value. Under these agreements, the Corporation originates variable-rate loans with customers in addition to interest rate swap agreements, which serve to effectively swap the customers’ variable-rate loans into fixed-rate loans. The Corporation then enters into corresponding swap agreements with swap dealer counterparties to economically hedge its exposure on the variable and fixed components of the customer agreements. The interest rate swaps with both the customers and third parties are not designated as hedges under ASC 815 and are marked to market through earnings. As the interest rate swaps are structured to offset each other, changes to the underlying benchmark interest rates considered in the valuation of these instruments do not result in an impact to earnings; however, there may be fair value adjustments related to credit quality variations between counterparties, which may impact earnings as required by ASC 820. (v) Earnings per Common Share Basic earnings per common share excludes dilution and is computed by dividing income available to common shareholders by the weighted-average common shares outstanding during the period reduced by unearned ESOP Plan shares and treasury stock. Diluted earnings per common share takes into account the potential dilution that would occur if in the-money stock options were exercised and converted into shares of common stock and restricted stock awards and performance-based stock awards were vested. Proceeds assumed to have been received on options exercises are assumed to be used to purchase shares of the Corporation’s common stock at the average market price during the period, as required by the treasury stock method of accounting. The effects of stock options are excluded from the computation of diluted earnings per share in periods in which the effect would be antidilutive. (w) Revenue Recognition The Corporation recognizes all sources of income on the accrual method, with the exception of nonaccrual loans and leases. The Corporation earns wealth management fee income from investment advisory services provided to individual and 401k customers. Fees that are determined based on the market value of the assets held in their accounts are generally billed quarterly, in advance, based on the market value of assets at the end of the previous billing period. Other related services that are based on a fixed fee schedule are recognized when the services are rendered. Fees that are transaction based, including trade execution services, are recognized at the point in time that the transaction is executed, i.e. the trade date. Included in other assets on the balance sheet is a receivable for wealth management fees that have been earned but not yet collected. ​ ​ (x) Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there now are such matters that will have a material effect on the financial statements. ​ (y) Operating Segments While the chief decision-makers monitor the revenue streams of the various products and services, operations are managed and financial performance is evaluated on a Corporation-wide basis. The Corporation has identified three segments: a banking segment, a wealth management segment and a mortgage banking segment, as more fully disclosed in the Segment note to the consolidated financial statements. ​ (z) Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in the Fair Value Measurements and Disclosures note to the consolidated financial statements. Fair value estimates involve uncertainties and matters of significant judgment. Changes in assumptions or in market conditions could significantly affect the estimates. ​

Earnings per Common Share

Earnings per Common Share	12 Months Ended
	Dec. 31, 2020
Earnings per Common Share
Earnings per Common Share	(2) Earnings per Common Share Basic earnings per common share excludes dilution and is computed by dividing income available to common shareholders by the weighted-average common shares outstanding during the period reduced by unearned ESOP Plan shares and treasury shares. Diluted earnings per common share takes into account the potential dilution computed pursuant to the treasury stock method that could occur if stock options were exercised and converted into common stock and if restricted stock awards were vested. The effects of stock options are excluded from the computation of diluted earnings per share in periods in which the effect would be anti-dilutive. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, (dollars in thousands, except per share data) 2020 2019 Numerator: ​ ​ ​ ​ ​ ​ Net income available to common stockholders ​ $ 26,438 ​ ​ 10,481 Denominator for basic earnings per share ​ ​ ​ ​ ​ ​ Weighted average shares outstanding ​ ​ 6,159 ​ ​ 6,407 Average unearned ESOP shares ​ ​ (37) ​ ​ — Basic weighted averages shares outstanding ​ ​ 6,122 ​ ​ 6,407 Effect of dilutive common shares ​ ​ 65 ​ ​ 31 Denominator for diluted earnings per share - adjusted weighted average shares outstanding ​ ​ 6,187 ​ ​ 6,438 Basic earnings per share ​ $ 4.32 ​ ​ 1.64 Diluted earnings per share ​ $ 4.27 ​ ​ 1.63 Antidilutive shares excluded from computation of average dilutive earnings per share ​ ​ 275 ​ ​ 199 ​

Goodwill and Other Intangibles

Goodwill and Other Intangibles	12 Months Ended
	Dec. 31, 2020
Goodwill and Other Intangibles
Goodwill and Other Intangibles	(3) Goodwill and Other Intangibles The Corporation’s goodwill and intangible assets are detailed below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance ​ ​ ​ Balance ​ Amortization ​ ​ December 31, ​ Amortization ​ December 31, ​ Period (dollars in thousands) 2019 Expense 2020 (in years) Goodwill - Wealth ​ $ 899 ​ — ​ 899 ​ Indefinite Total Goodwill ​ ​ 899 ​ — ​ 899 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Intangible assets - trade name ​ ​ 266 ​ — ​ 266 ​ Indefinite Intangible assets - customer relationships ​ ​ 3,523 ​ (204) ​ 3,319 ​ 20 Intangible assets - non competition agreements ​ ​ 85 ​ (69) ​ 16 ​ 4 Total Intangible Assets ​ ​ 3,874 ​ (273) ​ 3,601 ​ ​ Total ​ $ 4,773 ​ (273) ​ 4,500 ​ ​ ​ Accumulated amortization of intangible assets was $1 million and $750 thousand as of December 31, 2020 and 2019, respectively. In accordance with ASC Topic 350, the Corporation performed a qualitative assessment of goodwill and identifiable intangible assets as of December 31, 2020 and determined it was more likely than not that the fair value of the Corporation, including the wealth reporting unit where the goodwill and identifiable intangible assets are held, was more than its carrying amount. ​ ​ ​ ​ ​ At December 31, 2020, the schedule of future intangible asset amortization is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ ​ ​ 221 2022 ​ ​ ​ ​ ​ ​ 204 2023 ​ ​ ​ ​ ​ ​ 204 2024 ​ ​ ​ ​ ​ ​ 204 2025 ​ ​ ​ ​ ​ ​ 204 Thereafter ​ ​ ​ ​ ​ ​ 2,298 ​ ​ ​ ​ ​ ​ $ 3,335 ​

Securities

Securities	12 Months Ended
	Dec. 31, 2020
Securities
Securities	(4) Securities The amortized cost and approximate fair value of securities as of December 31, 2020 and 2019 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ # of Securities ​ ​ Amortized ​ unrealized ​ unrealized ​ Fair ​ in unrealized (dollars in thousands) cost gains losses value ​ loss position Securities available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. asset backed securities ​ $ 25,303 ​ 364 ​ (75) ​ 25,592 ​ 8 U.S. government agency mortgage-backed securities ​ ​ 3,854 ​ 192 ​ — ​ 4,046 ​ — U.S. government agency collateralized mortgage obligations ​ ​ 23,010 ​ 916 ​ (17) ​ 23,909 ​ 1 State and municipal securities ​ ​ 63,848 ​ 2,025 ​ (63) ​ 65,810 ​ 3 Corporate bonds ​ ​ 4,200 ​ 7 ​ (2) ​ 4,205 ​ 2 Total securities available-for-sale ​ $ 120,215 ​ 3,504 ​ (157) ​ 123,562 ​ 14 Securities held-to-maturity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State and municipal securities ​ ​ 6,510 ​ 347 ​ — ​ 6,857 ​ — Total securities held-to-maturity ​ $ 6,510 ​ 347 ​ — ​ 6,857 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ # of Securities ​ ​ Amortized ​ unrealized ​ unrealized ​ Fair ​ in unrealized (dollars in thousands) cost gains losses value ​ loss position Securities available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. asset backed securities ​ $ 11,967 ​ — ​ (101) ​ 11,866 ​ 9 U.S. government agency mortgage-backed securities ​ ​ 5,457 ​ 66 ​ (26) ​ 5,497 ​ 1 U.S. government agency collateralized mortgage obligations ​ ​ 35,096 ​ 300 ​ (173) ​ 35,223 ​ 15 State and municipal securities ​ ​ 6,354 ​ — ​ (84) ​ 6,270 ​ 6 Total securities available-for-sale ​ $ 58,874 ​ 366 ​ (384) ​ 58,856 ​ 31 Securities held-to-maturity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State and municipal securities ​ ​ 8,780 ​ 223 ​ — ​ 9,003 ​ — Total securities held-to-maturity ​ $ 8,780 ​ 223 ​ — ​ 9,003 ​ — ​ Although the Corporation’s investment portfolio overall is in a net unrealized gain position at December 31, 2020, the temporary impairment in the above noted securities is primarily the result of changes in market interest rates subsequent to purchase and the Corporation does not intend to sell these securities prior to recovery and it is more likely than not that the Corporation will not be required to sell these securities prior to recovery to satisfy liquidity needs, and therefore, no securities are deemed to be other-than-temporarily impaired. As of December 31, 2020 and 2019, securities having a fair value of $55.9 million and $19.5 million, respectively, were specifically pledged as collateral for public funds, the FRB discount window program, FHLB borrowings and other purposes. The FHLB has a blanket lien on non-pledged, mortgage-related loans and securities as part of the Corporation’s borrowing agreement with the FHLB. ​ ​ The following table shows the Corporation’s investment gross unrealized losses and fair value aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position at December 31, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ Less than 12 Months ​ 12 Months or more ​ Total ​ ​ Fair ​ Unrealized ​ Fair ​ Unrealized ​ Fair ​ Unrealized (dollars in thousands) value losses value losses value losses Securities available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. asset backed securities ​ $ 2,884 ​ (4) ​ 7,443 ​ (71) ​ 10,327 ​ (75) U.S. government agency collateralized mortgage obligations ​ ​ 2,284 ​ (17) ​ — ​ — ​ 2,284 ​ (17) State and municipal securities ​ ​ 4,163 ​ (63) ​ — ​ — ​ 4,163 ​ (63) Corporate bonds ​ ​ 1,198 ​ (2) ​ — ​ — ​ 1,198 ​ (2) Total securities available-for-sale ​ $ 10,529 ​ (86) ​ 7,443 ​ (71) ​ 17,972 ​ (157) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ Less than 12 Months ​ 12 Months or more ​ Total ​ ​ Fair ​ Unrealized ​ Fair ​ Unrealized ​ Fair ​ Unrealized (dollars in thousands) value losses value losses value losses Securities available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. asset backed securities ​ $ 11,866 ​ (101) ​ — ​ — ​ 11,866 ​ (101) U.S. government agency mortgage-backed securities ​ ​ — ​ — ​ 1,636 ​ (26) ​ 1,636 ​ (26) U.S. government agency collateralized mortgage obligations ​ ​ 16,283 ​ (116) ​ 3,108 ​ (57) ​ 19,391 ​ (173) State and municipal securities ​ ​ 6,270 ​ (84) ​ — ​ — ​ 6,270 ​ (84) Total securities available-for-sale ​ $ 34,419 ​ (301) ​ 4,744 ​ (83) ​ 39,163 ​ (384) ​ The amortized cost and carrying value of securities at December 31, 2020 and 2019 are shown below by contractual maturities. Actual maturities may differ from contractual maturities as issuers may have the right to call or repay obligations with or without call or prepayment penalties. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ December 31, 2019 ​ ​ Available-for-sale ​ Held-to-maturity ​ Available-for-sale ​ Held-to-maturity ​ ​ Amortized ​ Fair ​ Amortized ​ Fair ​ Amortized ​ Fair ​ Amortized ​ Fair (dollars in thousands) cost value cost value cost value cost value Investment securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due in one year or less ​ $ — ​ — ​ — ​ — ​ $ — ​ — ​ — ​ — Due after one year through five years ​ ​ — ​ — ​ 3,181 ​ 3,288 ​ ​ — ​ — ​ 4,242 ​ 4,311 Due after five years through ten years ​ ​ 12,035 ​ 12,095 ​ 3,329 ​ 3,569 ​ ​ 1,329 ​ 1,324 ​ 4,538 ​ 4,692 Due after ten years ​ ​ 81,316 ​ 83,512 ​ — ​ — ​ ​ 16,992 ​ 16,812 ​ — ​ — Subtotal ​ ​ 93,351 ​ 95,607 ​ 6,510 ​ 6,857 ​ ​ 18,321 ​ 18,136 ​ 8,780 ​ 9,003 Mortgage-related securities ​ ​ 26,864 ​ 27,955 ​ — ​ — ​ ​ 40,553 ​ 40,720 ​ — ​ — Total ​ $ 120,215 ​ 123,562 ​ 6,510 ​ 6,857 ​ $ 58,874 ​ 58,856 ​ 8,780 ​ 9,003 ​ ​ ​ Proceeds from the sale of available for sale investment securities totaled $45.9 million for the year ended December 31, 2020, resulting in a gross gain on sale of $1.5 million and a gross loss on sale of $196 thousand for the year ended December 31, 2020. Proceeds from the sale of available for sale investment securities totaled $24.6 million for the year ended December 31, 2019, resulting in a gross gain on sale of $264 thousand and a gross loss on sale of $99 thousand for the year ended December 31, 2019.

Loans Receivable

Loans Receivable	12 Months Ended
	Dec. 31, 2020
Loans Receivable
Loans Receivable	(5) Loans Receivable Loans and leases outstanding at December 31, 2020 and 2019 are detailed by category as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, (dollars in thousands) 2020 2019 Mortgage loans held for sale ​ $ 229,199 ​ 33,704 Real estate loans: ​ ​ ​ ​ ​ Commercial mortgage ​ ​ 485,103 ​ 362,590 Home equity lines and loans ​ ​ 64,987 ​ 81,583 Residential mortgage (1) ​ ​ 52,454 ​ 53,665 Construction ​ ​ 140,246 ​ 172,044 Total real estate loans ​ ​ 742,790 ​ 669,882 ​ ​ ​ ​ ​ ​ Commercial and industrial ​ ​ 261,750 ​ 273,301 Small business loans ​ ​ 49,542 ​ 21,616 Paycheck Protection Program loans ("PPP") ​ ​ 203,543 ​ — Main Street Lending Program Loans ("MSLP") ​ ​ 580 ​ — Consumer ​ ​ 511 ​ 1,003 Leases, net ​ ​ 31,040 ​ 697 Total portfolio loans and leases ​ ​ 1,289,756 ​ 966,499 Total loans and leases ​ $ 1,518,955 ​ 1,000,203 ​ ​ ​ ​ ​ ​ Loans with predetermined rates ​ $ 658,458 ​ 293,114 Loans with adjustable or floating rates ​ ​ 860,497 ​ 707,089 Total loans and leases ​ $ 1,518,955 ​ 1,000,203 ​ ​ ​ ​ ​ ​ Net deferred loan origination (fees) costs ​ $ (4,992) ​ (1,789) ​ (1) Includes $12,182 and $10,546 of loans at fair value as of December 31, 2020 and 2019, respectively. ​ Components of the net investment in leases at December 31, 2020 and 2019 are detailed as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, (dollars in thousands) 2020 2019 Minimum lease payments receivable ​ $ 37,919 ​ 729 Unearned lease income ​ ​ (6,879) ​ (32) Total ​ $ 31,040 ​ 697 ​ ​ ​ ​ ​ Age Analysis of Past Due Loans and Leases The following table presents an aging of the Corporation’s loan and lease portfolio as of December 31, 2020 and 2019, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 90+ days ​ ​ ​ ​ ​ Accruing ​ Nonaccrual ​ Total loans ​ ​ ​ December 31, 2020 ​ 30-89 days ​ past due and ​ Total past ​ ​ ​ Loans and ​ loans and ​ portfolio ​ Delinquency ​ (dollars in thousands) past due still accruing due Current leases leases and leases percentage Commercial mortgage ​ $ — ​ — ​ — ​ 482,042 ​ 482,042 ​ 3,061 ​ 485,103 ​ 0.63 % Home equity lines and loans ​ ​ — ​ — ​ — ​ 64,128 ​ 64,128 ​ 859 ​ 64,987 ​ 1.32 ​ Residential mortgage (1) ​ ​ 3,595 ​ — ​ 3,595 ​ 46,134 ​ 49,729 ​ 2,725 ​ 52,454 ​ 12.05 ​ Construction ​ ​ — ​ — ​ — ​ 140,246 ​ 140,246 ​ — ​ 140,246 ​ — ​ Commercial and industrial ​ ​ — ​ — ​ — ​ 260,465 ​ 260,465 ​ 1,285 ​ 261,750 ​ 0.49 ​ Small business loans ​ ​ — ​ — ​ — ​ 49,542 ​ 49,542 ​ — ​ 49,542 ​ — ​ Paycheck Protection Program loans ​ ​ — ​ — ​ — ​ 203,543 ​ 203,543 ​ — ​ 203,543 ​ — ​ Main Street Lending Program loans ​ ​ — ​ — ​ — ​ 580 ​ 580 ​ — ​ 580 ​ — ​ Consumer ​ ​ — ​ — ​ — ​ 511 ​ 511 ​ — ​ 511 ​ — ​ Leases ​ ​ 109 ​ — ​ 109 ​ 30,931 ​ 31,040 ​ — ​ 31,040 ​ 0.35 ​ Total ​ $ 3,704 ​ — ​ 3,704 ​ 1,278,122 ​ 1,281,826 ​ 7,930 ​ 1,289,756 ​ 0.90 % (1) Includes $12,182 of loans at fair value as of December 31, 2020 ($10,314 of current, $958 of 30-89 days past due and $910 of nonaccrual). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 90+ days ​ ​ ​ ​ ​ Accruing ​ Nonaccrual ​ Total loans ​ ​ ​ December 31, 2019 ​ 30-89 days ​ past due and ​ Total past ​ ​ ​ Loans and ​ loans and ​ portfolio ​ Delinquency ​ (dollars in thousands) past due still accruing due Current leases leases and leases percentage Commercial mortgage ​ $ — ​ — ​ — ​ 361,857 ​ 361,857 ​ 733 ​ 362,590 ​ 0.20 % Home equity lines and loans ​ ​ — ​ — ​ — ​ 81,046 ​ 81,046 ​ 537 ​ 81,583 ​ 0.66 ​ Residential mortgage (1) ​ ​ 4,675 ​ — ​ 4,675 ​ 47,446 ​ 52,121 ​ 1,544 ​ 53,665 ​ 11.59 ​ Construction ​ ​ — ​ — ​ — ​ 172,044 ​ 172,044 ​ — ​ 172,044 ​ — ​ Commercial and industrial ​ ​ 206 ​ — ​ 206 ​ 272,674 ​ 272,880 ​ 421 ​ 273,301 ​ 0.23 ​ Small business loans ​ ​ — ​ — ​ — ​ 21,616 ​ 21,616 ​ — ​ 21,616 ​ — ​ Consumer ​ ​ — ​ — ​ — ​ 1,003 ​ 1,003 ​ — ​ 1,003 ​ — ​ Leases ​ ​ 162 ​ — ​ 162 ​ 535 ​ 697 ​ — ​ 697 ​ 23.24 ​ Total ​ $ 5,043 ​ — ​ 5,043 ​ 958,221 ​ 963,264 ​ 3,235 ​ 966,499 ​ 0.86 % (1) Includes $10,546 of loans at fair value as of December 31, 2019 ($9,056 of current, $786 of 30-89 days past due and $704 of nonaccrual).

Allowance for Loan Losses (the

Allowance for Loan Losses (the Allowance)	12 Months Ended
	Dec. 31, 2020
Allowance for Loan Losses (the Allowance)
Allowance for Loan Losses (the Allowance)	(6) Allowance for Loan and Lease Losses (the Allowance) The Allowance is established through provisions for loan and lease losses charged against income. Loans deemed to be uncollectible are charged against the Allowance, and subsequent recoveries, if any, are credited to the Allowance. The Allowance is maintained at a level considered adequate to provide for losses that are probable and estimable. Management’s periodic evaluation of the adequacy of the Allowance is based on known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is subjective as it requires material estimates that may be susceptible to significant revisions as more information becomes available. Roll-Forward of the Allowance by Portfolio Segment The following tables detail the roll-forward of the Corporation’s Allowance, by portfolio segment, as of December 31, 2020 and 2019, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, ​ ​ ​ ​ ​ ​ ​ Balance, (dollars in thousands) December 31, 2019 Charge-offs Recoveries Provision December 31, 2020 Commercial mortgage ​ $ 3,426 ​ — ​ — ​ 4,025 ​ 7,451 Home equity lines and loans ​ ​ 342 ​ (90) ​ 14 ​ 168 ​ 434 Residential mortgage ​ ​ 179 ​ — ​ 7 ​ 199 ​ 385 Construction ​ ​ 2,362 ​ — ​ — ​ 59 ​ 2,421 Commercial and industrial ​ ​ 2,684 ​ (31) ​ 58 ​ 2,720 ​ 5,431 Small business loans ​ ​ 509 ​ — ​ — ​ 750 ​ 1,259 Consumer ​ ​ 6 ​ (10) ​ 4 ​ 4 ​ 4 Leases ​ ​ 5 ​ — ​ — ​ 377 ​ 382 Total ​ $ 9,513 ​ (131) ​ 83 ​ 8,302 ​ 17,767 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, ​ ​ ​ ​ ​ ​ ​ Balance, (dollars in thousands) December 31, 2018 Charge-offs Recoveries Provision December 31, 2019 Commercial mortgage ​ $ 3,209 ​ — ​ 237 ​ (20) ​ 3,426 Home equity lines and loans ​ ​ 323 ​ — ​ 10 ​ 9 ​ 342 Residential mortgage ​ ​ 191 ​ — ​ 5 ​ (17) ​ 179 Construction ​ ​ 1,627 ​ — ​ — ​ 735 ​ 2,362 Commercial and industrial ​ ​ 2,612 ​ (30) ​ 333 ​ (231) ​ 2,684 Small business loans ​ ​ 78 ​ — ​ — ​ 431 ​ 509 Consumer ​ ​ 3 ​ — ​ 4 ​ (1) ​ 6 Leases ​ ​ 10 ​ — ​ — ​ (5) ​ 5 Total ​ $ 8,053 ​ (30) ​ 589 ​ 901 ​ 9,513 ​ ​ The Allowance Allocated by Portfolio Segment The following table details the allocation of the Allowance and the carrying value for loans and leases by portfolio segment based on the methodology used to evaluate the loans and leases for impairment as of December 31, 2020 respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance on loans and leases ​ Carrying value of loans and leases ​ ​ ​ Individually ​ Collectively ​ ​ ​ Individually ​ Collectively ​ ​ ​ December 31, 2020 ​ evaluated ​ evaluated ​ ​ ​ evaluated ​ evaluated ​ ​ ​ (dollars in thousands) for impairment for impairment Total for impairment for impairment Total ​ Commercial mortgage ​ $ — ​ 7,451 ​ 7,451 ​ $ 1,606 ​ 483,497 ​ 485,103 ​ Home equity lines and loans ​ ​ 9 ​ 425 ​ 434 ​ ​ 921 ​ 64,066 ​ 64,987 ​ Residential mortgage ​ ​ 73 ​ 312 ​ 385 ​ ​ 1,817 ​ 38,455 ​ 40,272 ​ Construction ​ ​ — ​ 2,421 ​ 2,421 ​ ​ 1,206 ​ 139,040 ​ 140,246 ​ Commercial and industrial ​ ​ 1,563 ​ 3,868 ​ 5,431 ​ ​ 4,645 ​ 257,105 ​ 261,750 ​ Small business loans ​ ​ — ​ 1,259 ​ 1,259 ​ ​ 185 ​ 49,357 ​ 49,542 ​ Paycheck Protection Program loans ​ ​ — ​ — ​ — ​ ​ — ​ 203,543 ​ 203,543 ​ Main Street Lending Program ​ ​ — ​ — ​ — ​ ​ — ​ 580 ​ 580 ​ Consumer ​ ​ — ​ 4 ​ 4 ​ ​ — ​ 511 ​ 511 ​ Leases ​ ​ — ​ 382 ​ 382 ​ ​ — ​ 31,040 ​ 31,040 ​ Total ​ $ 1,645 ​ 16,122 ​ 17,767 ​ $ 10,380 ​ 1,267,194 ​ 1,277,574 (1) ​ (1) Excludes deferred fees and loans carried at fair value. The following table details the allocation of the Allowance and the carrying value for loans and leases by portfolio segment based on the methodology used to evaluate the loans and leases for impairment as of December 31, 2019 respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance on loans and leases ​ Carrying value of loans and leases ​ ​ ​ Individually ​ Collectively ​ ​ ​ Individually ​ Collectively ​ ​ ​ December 31, 2019 ​ evaluated ​ evaluated ​ ​ ​ evaluated ​ evaluated ​ ​ ​ (dollars in thousands) for impairment for impairment Total for impairment for impairment Total ​ Commercial mortgage ​ $ — ​ 3,426 ​ 3,426 ​ $ 2,138 ​ 360,452 ​ 362,590 ​ Home equity lines and loans ​ ​ 46 ​ 296 ​ 342 ​ ​ 536 ​ 81,047 ​ 81,583 ​ Residential mortgage ​ ​ — ​ 179 ​ 179 ​ ​ 854 ​ 42,265 ​ 43,119 ​ Construction ​ ​ — ​ 2,362 ​ 2,362 ​ ​ 1,247 ​ 170,797 ​ 172,044 ​ Commercial and industrial ​ ​ 27 ​ 2,657 ​ 2,684 ​ ​ 1,288 ​ 272,013 ​ 273,301 ​ Small business loans ​ ​ 63 ​ 446 ​ 509 ​ ​ 1,244 ​ 20,372 ​ 21,616 ​ Consumer ​ ​ — ​ 6 ​ 6 ​ ​ — ​ 1,003 ​ 1,003 ​ Leases ​ ​ — ​ 5 ​ 5 ​ ​ — ​ 697 ​ 697 ​ Total ​ $ 136 ​ 9,377 ​ 9,513 ​ $ 7,307 ​ 948,646 ​ 955,953 (1) (1) Excludes deferred fees and loans carried at fair value. Loans and Leases by Credit Ratings As part of the process of determining the Allowance to the different segments of the loan and lease portfolio, Management considers certain credit quality indicators. For the commercial mortgage, construction and commercial and industrial loan segments, periodic reviews of the individual loans are performed by Management. The results of these reviews are reflected in the risk grade assigned to each loan. These internally assigned grades are as follows: ● Pass – Loans considered to be satisfactory with no indications of deterioration. ● Special mention – Loans classified as special mention have a potential weakness that deserves Management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. ● Substandard – Loans classified as substandard are inadequately protected by the current net worth and payment capacity of the obligor or of the collateral pledged, if any. Substandard loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. ● Doubtful – Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loan balances classified as doubtful have been reduced by partial charge-offs and are carried at their net realizable values. The following table details the carrying value of loans and leases by portfolio segment based on the credit quality indicators used to determine the Allowance as of December 31, 2020 and 2019, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ Special ​ ​ ​ (dollars in thousands) ​ Pass ​ mention ​ Substandard ​ Doubtful ​ Total Commercial mortgage ​ $ 449,545 ​ 32,059 ​ 3,499 ​ — ​ 485,103 Home equity lines and loans ​ ​ 63,923 ​ — ​ 1,064 ​ — ​ 64,987 Construction ​ ​ 132,286 ​ 7,960 ​ — ​ — ​ 140,246 Commercial and industrial ​ ​ 227,349 ​ 21,721 ​ 9,000 ​ 3,680 ​ 261,750 Small business loans ​ ​ 46,789 ​ — ​ 2,753 ​ — ​ 49,542 Paycheck Protection Program loans ​ ​ 203,543 ​ — ​ — ​ — ​ 203,543 Main Street Lending Program loans ​ ​ 580 ​ — ​ — ​ — ​ 580 Total ​ $ 1,124,015 ​ 61,740 ​ 16,316 ​ 3,680 ​ 1,205,751 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ Special ​ ​ ​ (dollars in thousands) ​ Pass ​ mention ​ Substandard ​ Doubtful ​ Total Commercial mortgage ​ $ 353,724 ​ 5,821 ​ 3,045 ​ — ​ 362,590 Home equity lines and loans ​ ​ 81,046 ​ — ​ 537 ​ — ​ 81,583 Construction ​ ​ 170,823 ​ 1,221 ​ — ​ — ​ 172,044 Commercial and industrial ​ ​ 251,320 ​ 9,648 ​ 12,333 ​ — ​ 273,301 Small business loans ​ ​ 20,351 ​ — ​ 1,265 ​ — ​ 21,616 Total ​ $ 877,264 ​ 16,690 ​ 17,180 ​ — ​ 911,134 ​ In addition to credit quality indicators as shown in the above tables, Allowance allocations for residential mortgages, consumer loans and leases are also applied based on their performance status as December 31, 2020 and 2019, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ December 31, 2019 (dollars in thousands) Performing Nonperforming Total Performing Nonperforming Total Residential mortgage ​ $ 38,457 ​ 1,815 ​ 40,272 ​ $ 42,265 ​ 854 ​ 43,119 Consumer ​ ​ 511 ​ — ​ 511 ​ ​ 1,003 ​ — ​ 1,003 Leases ​ ​ 31,040 ​ — ​ 31,040 ​ ​ 697 ​ — ​ 697 Total ​ $ 70,008 ​ 1,815 ​ 71,823 ​ $ 43,965 ​ 854 ​ 44,819 ​ There were five nonperforming residential mortgage loans at December 31, 2020 and five at December 31, 2019 with a combined outstanding principal balance of $910 thousand and $839 thousand, respectively, which were carried at fair value and not included in the table above. No TDR’s performing according to modified terms are included in performing residential mortgages above for the twelve months ended December 31, 2020 and 2019, respectively. Impaired Loans The following tables detail the recorded investment and principal balance of impaired loans by portfolio segment, their related Allowance and interest income recognized for the periods. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ As of December 31, 2019 ​ ​ Recorded ​ Principal ​ Related ​ Recorded ​ Principal ​ Related (dollars in thousands) investment balance allowance investment balance allowance Impaired loans with related allowance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and industrial ​ ​ 3,860 ​ 3,902 ​ 1,563 ​ 617 ​ 617 ​ 27 Small business loans ​ ​ — ​ — ​ — ​ 1,002 ​ 1,002 ​ 63 Home equity lines and loans ​ ​ 95 ​ 105 ​ 9 ​ 461 ​ 461 ​ 46 Residential mortgage ​ ​ 689 ​ 689 ​ 73 ​ — ​ — ​ — Total ​ ​ 4,644 ​ 4,696 ​ 1,645 ​ 2,080 ​ 2,080 ​ 136 Impaired loans without related allowance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial mortgage ​ $ 1,606 ​ 1,642 ​ — ​ 2,138 ​ 2,173 ​ — Commercial and industrial ​ ​ 785 ​ 862 ​ — ​ 671 ​ 718 ​ — Small business loans ​ ​ 185 ​ 185 ​ — ​ 242 ​ 242 ​ — Home equity lines and loans ​ ​ 826 ​ 839 ​ — ​ 75 ​ 75 ​ — Residential mortgage ​ ​ 1,128 ​ 1,128 ​ — ​ 854 ​ 854 ​ — Construction ​ ​ 1,206 ​ 1,206 ​ — ​ 1,247 ​ 1,248 ​ — Total ​ ​ 5,736 ​ 5,862 ​ — ​ 5,227 ​ 5,310 ​ — Grand Total ​ $ 10,380 ​ 10,558 ​ 1,645 ​ 7,307 ​ 7,390 ​ 136 ​ Interest income recognized on performing impaired loans amounted to $328 thousand and $206 thousand for the twelve months ended December 31, 2020 and 2019, respectively. Troubled Debt Restructuring (“TDR’s”) The restructuring of a loan is considered a TDR if both of the following conditions are met: (i) the borrower is experiencing financial difficulties, and (ii) the creditor has granted a concession. The most common concessions granted include one or more modifications to the terms of the debt, such as (a) a reduction in the interest rate for the remaining life of the debt, (b) an extension of the maturity date at an interest rate lower than the current market rate for new debt with similar risk, (c) a temporary period of interest-only payments, (d) a reduction in the contractual payment amount for either a short period or remaining term of the loan, and (e) for leases, a reduced lease payment. A less common concession granted is the forgiveness of a portion of the principal. The determination of whether a borrower is experiencing financial difficulties takes into account not only the current financial condition of the borrower, but also the potential financial condition of the borrower, were a concession not granted. The determination of whether a concession has been granted is very subjective in nature. For example, simply extending the term of a loan at its original interest rate or even at a higher interest rate could be interpreted as a concession unless the borrower could readily obtain similar credit terms from a different lender. The balance of TDRs at December 31, 2020 and 2019 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, (dollars in thousands) 2020 2019 TDRs included in nonperforming loans and leases ​ $ 244 319 TDRs in compliance with modified terms ​ 3,362 3,599 Total TDRs ​ $ 3,606 3,918 ​ There were no loan and lease modifications granted during the years ended December 31, 2020 and 2019 that were categorized as TDRs. No loan and lease modifications granted during the twelve months ended December 31, 2020 and 2019 subsequently defaulted during the same time period. ​ ​ COVID-19 Loan Modifications ​ The following table details the loan modifications excluding TDR’s that the Corporation provided to loan customers as of December 31, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ Portfolio ​ Total ​ Active Loan Portfolio ​ Balance ​ Modifications ​ Modifications Commercial mortgage $ 485,103 $ 96,712 $ 19,836 Commercial and industrial, including leases ​ 292,790 ​ 22,727 ​ — Construction & land development ​ 140,246 ​ 24,847 ​ 4,343 Home equity lines and loans ​ 64,987 ​ 1,488 ​ — Residential mortgage ​ 52,454 ​ 4,563 ​ — Small business loans ​ 49,542 ​ 5,958 ​ 2,726 Consumer ​ 511 ​ — ​ — Total $ 1,085,633 $ 156,295 $ 26,905 ​ In accordance with Section 4013 of the CARES Act, loan deferrals granted to customers that resulted from the impact of COVID-19 and who were not past due at the time of deferral were not considered trouble debt restructurings under ASC 310-40 as of December 31, 2020. This provision was extended to January 1, 2022 under the Consolidated Appropriations Act, 2021. Management continues to monitor these deferrals and has adequately considered these credits in the December 31, 2020 allowance for loan losses balance. These modified loans are classified as performing and are not considered past due. Loans are to be placed on non-accrual when it becomes apparent that payment of interest or recovery of all principal is questionable, and the COVID-19 related modification is no longer considered short-term or the modification is deemed ineffective.

Bank Premises and Equipment

Bank Premises and Equipment	12 Months Ended
	Dec. 31, 2020
Bank Premises and Equipment
Bank Premises and Equipment	(7) Bank Premises and Equipment The components of premises and equipment at December 31, 2020 and 2019 are as follows: ​ ​ ​ ​ ​ ​ ​ (dollars in thousands) 2020 2019 Building ​ $ 4,141 ​ 4,141 Leasehold improvements ​ ​ 3,202 ​ 3,156 Land ​ ​ 600 ​ 600 Land Improvements ​ ​ 218 ​ 215 Furniture, fixtures and equipment ​ ​ 2,700 ​ 2,574 Computer equipment and data processing software ​ ​ 7,034 ​ 6,360 Construction in process ​ ​ — ​ 102 Less: accumulated depreciation ​ ​ (10,118) ​ (8,512) Total ​ $ 7,777 ​ 8,636 ​ Total depreciation expense for the years ended December 31, 2020 and 2019 totaled $1.6 million and $1.7 million, respectively.

Deposits

Deposits	12 Months Ended
	Dec. 31, 2020
Deposits:
Deposits	(8) Deposits The components of deposits at December 31, 2020 and 2019 are as follows: ​ ​ ​ ​ ​ ​ ​ (dollars in thousands) 2020 2019 Demand, non-interest bearing ​ $ 203,843 ​ 139,450 Demand, interest bearing ​ ​ 206,573 ​ 94,416 Savings accounts ​ ​ 8,056 ​ 3,231 Money market accounts ​ ​ 564,566 ​ 302,242 Time deposits ​ ​ 258,297 ​ 311,829 Total ​ $ 1,241,335 ​ 851,168 ​ The aggregate amount of time deposits in denominations over $250 thousand were $233.1 million and $271.1 milllion as of December 31, 2020 and 2019, respectively. ​ At December 31, 2020, the scheduled maturities of time deposits are as follows (in thousands): ​ ​ ​ ​ ​ ​ 2021 ​ ​ $ 197,649 2022 ​ ​ ​ ​ 41,533 2023 ​ ​ ​ ​ 11,789 2024 ​ ​ ​ ​ 3,342 2025 ​ ​ ​ ​ 3,984 ​ ​ ​ ​ $ 258,297 ​

Short-Term Borrowings and Long

Short-Term Borrowings and Long -Term Debt	12 Months Ended
	Dec. 31, 2020
Short-Term Borrowings and Long-Term Debt
Short-Term Borrowings and Long-Term Debt	(9) Short-Term Borrowings and Long-Term Debt The Corporation’s short-term borrowings generally consist of federal funds purchased and short-term borrowings extended under agreements with Federal Home Loan Bank of Pittsburgh. The Corporation has two Federal Funds borrowing facilities with correspondent banks: one of $15 million and one of $24 million, respectively, which are both unsecured. Federal funds purchased generally represent one-day borrowings. The Corporation had $0 in Federal Funds purchased at December 31, 2020 and 2019, respectively. The Corporation also has a facility with the Federal Reserve discount window of $15.3 million that is fully secured by investment securities and loans. There were $10 million in borrowings under this facility at December 31, 2020. Short-term borrowings at December 31, 2020 and December 31, 2019 consisted of the following notes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of ​ ​ Maturity ​ Interest ​ December 31, ​ December 31, (dollars in thousands) ​ date rate 2020 2019 Open Repo Plus Weekly ​ 05/28/2021 ​ 0.41 % ​ 60,416 ​ 102,320 Federal Reserve Discount Window ​ 03/31/2021 ​ 0.25 ​ ​ 10,000 ​ — Mid-term Repo-fixed ​ 01/13/2021 ​ 0.36 ​ ​ 4,605 ​ — Mid-term Repo-fixed ​ 06/10/2021 ​ 0.10 ​ ​ 6,376 ​ — Mid-term Repo-fixed ​ 09/10/2021 ​ 0.11 ​ ​ 10,000 ​ — Mid-term Repo-fixed ​ 12/10/2021 ​ 0.16 ​ ​ 10,000 ​ — Mid-term Repo-fixed ​ 01/27/2021 ​ 0.23 ​ ​ 5,465 ​ — Mid-term Repo-fixed ​ 08/10/2020 ​ 2.76 ​ ​ — ​ 5,000 Mid-term Repo-fixed ​ 08/10/2020 ​ 1.59 ​ ​ — ​ 5,144 Mid-term Repo-fixed ​ 09/11/2020 ​ 1.59 ​ ​ — ​ 7,676 Mid-term Repo-fixed ​ 03/27/2020 ​ 2.03 ​ ​ — ​ 3,123 Acquisition Purchase Note ​ 04/01/2020 ​ 3.00 ​ ​ — ​ 413 Total ​ ​ ​ ​ ​ $ 106,862 ​ 123,676 ​ As part of the CARES Act, the FRB of Philadelphia offered secured discounted borrowings to banks who originated PPP loans through the Paycheck Protection Program Liquidity Facility or PPPLF program. At December 31, 2020, the Corporation pledged $153.3 million of PPP loans to the FRB of Philadelphia to borrow $153.3 million of funds at a rate of 0.35%. Long-term debt at December 31, 2020 and December 31, 2019 consisted of the following fixed rate notes with the FHLB of Pittsburgh: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of ​ ​ Maturity ​ Interest ​ December 31, ​ December 31, (dollars in thousands) date rate 2020 2019 PPPLF Advance ​ Various ​ 0.35 % ​ 153,269 ​ — Mid-term Repo-fixed ​ 06/29/2022 ​ 0.32 ​ ​ 7,392 ​ 3,123 Mid-term Repo-fixed ​ 09/12/2022 ​ 0.23 ​ ​ 4,885 ​ — Total ​ ` ​ ​ ​ $ 165,546 ​ 3,123 ​ The FHLB of Pittsburgh had issued $143.0 million of letters of credit to the Corporation for the benefit of the Corporation’s public deposit funds and loan customers. These letters of credit expire throughout 2021. The Corporation has a maximum borrowing capacity with the FHLB of Pittsburgh of $638.9 million and $507.3 million as of December 31, 2020 and 2019, respectively. All advances and letters of credit from the FHLB are secured by a blanket lien on non-pledged, mortgage-related loans and securities as part of the Corporation’s borrowing agreement with the FHLB.

Subordinated Debentures

Subordinated Debentures	12 Months Ended
	Dec. 31, 2020
Subordinated Debentures
Subordinated Debentures	(10) Subordinated Debentures In December 2008, the Bank issued $550 thousand of mandatory convertible unsecured subordinated debentures (2008 Debentures). The 2008 Debentures have a maturity date of December 18, 2023 and interest on the 2008 Debentures is paid quarterly at 6%. The 2008 Debentures are convertible into 1 In December 2011, the Bank issued $1.4 million of mandatory convertible unsecured subordinated debentures (2011 Debentures). The 2011 Debentures have a maturity date of December 31, 2026 and interest on the 2011 Debentures is paid quarterly at 6%. The 2011 Debentures are convertible into 1 In April 2013, the Bank issued $1.4 million of mandatory convertible unsecured subordinated debentures (2013 Debentures). The 2013 Debentures have a maturity date of December 31, 2028 and interest on the 2013 Debentures is paid quarterly at 6.5%. The 2013 Debentures are convertible into 1 In June, August and September 2014, the Bank issued $3 million, $100 thousand, and $7 million of non-convertible unsecured subordinated debentures (2014 Debentures). The 2014 Debentures have maturity dates of June 30, 2024, June 30, 2024 and September 30, 2024, respectively. Interest on all three tranches of the 2014 Debentures is paid quarterly at 7.25%. During 2019, the Corporation redeemed the remaining $7.1 million of 2014 Debentures and therefore there was $0 outstanding as of December 31, 2020 and 2019. Upon formation of the bank holding company, the Corporation assumed the 2008, 2011, 2013 and 2014 Debentures that were originally issued by the Bank. During December 2019, the Corporation issued $40 million of fixed-to-floating rate non-convertible unsecured subordinated debentures (2019 Debentures). The 2019 Debentures have a maturity date of December 30, 2029 and interest on the 2019 Debentures is paid semiannually at 5.375%. The debt issuance costs are included as a direct deduction from the debt liability and these costs are amortized to interest expense using the effective yield method. During 2020 the Corporation made interest payments of $2.2 million on the 2019 Debentures. The 2008, 2011, and 2013 Debentures are includable as Tier 2 capital for determining the Bank’s compliance with regulatory capital requirements (see footnote 19). The 2019 Debentures are included as Tier 2 capital for the Corporation and as Tier 1 capital for the Bank.

Servicing Assets

Servicing Assets	12 Months Ended
	Dec. 31, 2020
Servicing Assets
Servicing Assets	(11) Servicing Assets The Corporation sells certain residential mortgage loans and the guaranteed portion of certain SBA loans to third parties and retains servicing rights and receives servicing fees. All such transfers are accounted for as sales. When the Corporation sells a residential mortgage loan, it does not retain any portion of that loan and its continuing involvement in such transfers is limited to certain servicing responsibilities. While the Corporation may retain a portion of certain sold SBA loans, its continuing involvement in the portion of the loan that was sold is limited to certain servicing responsibilities. When the contractual servicing fees on loans sold with servicing retained are expected to be more than adequate compensation to a servicer for performing the servicing, a capitalized servicing asset is recognized. The Corporation accounts for the transfers and servicing of financial assets in accordance with ASC 860, Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities. Residential Mortgage Loans MSRs are amortized to non-interest expense in proportion to, and over the period of, the estimated future net servicing life of the underlying assets. MSR’s are evaluated quarterly for impairment based upon the fair value of the rights as compared to their amortized cost. Impairment is recognized on the income statement to the extent the fair value is less than the capitalized amount of the MSR. The Corporation serviced $506.0 million and $60.3 million of residential mortgage loans as of December 31, 2020 and 2019, respectively. During the twelve months ended December 31, 2020, the Corporation recognized servicing fee income of $498 thousand, compared to $91 thousand during the twelve months ended December 31, 2019, respectively. Changes in the MSR balance are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (dollars in thousands) ​ 2020 2019 Balance at beginning of the period ​ $ 446 ​ 232 Servicing rights capitalized ​ ​ 4,856 ​ 372 Amortization of servicing rights ​ ​ (318) ​ (60) Change in valuation allowance ​ ​ (337) ​ (98) Balance at end of the period ​ $ 4,647 ​ 446 ​ Activity in the valuation allowance for MSR’s was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (dollars in thousands) ​ 2020 2019 Valuation allowance, beginning of period ​ $ (98) ​ — Impairment ​ ​ (337) ​ (98) Recovery ​ ​ — ​ — Valuation allowance, end of period ​ $ (435) ​ (98) ​ The Corporation uses assumptions and estimates in determining the fair value of MSRs. These assumptions include prepayment speeds and discount rates. The assumptions used in the valuation were based on input from buyers, brokers and other qualified personnel, as well as market knowledge. At December 31, 2020, the key assumptions used to determine the fair value of the Corporation’s MSRs included a lifetime constant prepayment rate equal to 9.39% and a discount rate equal to 9.00%. At December 31, 2019, the key assumptions used to determine the fair value of the Corporation’s MSRs included a lifetime constant prepayment rate equal to 13.08% and a discount rate equal to 9.00%. At December 31, 2020 and 2019, the sensitivity of the current fair value of the residential mortgage servicing rights to immediate 10% and 20% unfavorable changes in key economic assumptions are included in the following table. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (dollars in thousands) ​ December 31, 2020 December 31, 2019 Fair value of residential mortgage servicing rights ​ $ 4,647 ​ $ 446 ​ ​ ​ ​ ​ ​ ​ Weighted average life (years) ​ ​ 5.0 ​ ​ 7.8 ​ ​ ​ ​ ​ ​ ​ Prepayment speed ​ ​ 9.39% ​ ​ 13.08% Impact on fair value: ​ ​ ​ ​ ​ ​ 10% adverse change ​ $ (183) ​ $ (19) 20% adverse change ​ ​ (354) ​ ​ (37) ​ ​ ​ ​ ​ ​ ​ Discount rate ​ ​ 9.00% ​ ​ 9.00% Impact on fair value: ​ ​ ​ ​ ​ ​ 10% adverse change ​ $ (168) ​ $ (14) 20% adverse change ​ ​ (329) ​ ​ (27) ​ The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. As indicated, changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in this table, the effect of an adverse variation in a particular assumption on the fair value of the MSRs is calculated without changing any other assumption; while in reality, changes in one factor may result in changes in another (for example, increases in market interest rates may result in lower prepayments), which may magnify or counteract the effect of the change. SBA Loans SBA loan servicing assets are amortized to non-interest expense in proportion to, and over the period of, the estimated future net servicing life of the underlying assets. SBA loan servicing assets are evaluated quarterly for impairment based upon the fair value of the rights as compared to their amortized cost. Impairment is recognized on the income statement to the extent the fair value is less than the capitalized amount of the SBA loan servicing asset. The Corporation serviced $55.9 million of SBA loans, as of December 31, 2020 and $18.0 million as of December 31, 2019. Changes in the SBA loan servicing asset balance are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (dollars in thousands) ​ 2020 2019 Balance at beginning of the period ​ $ 337 ​ — Servicing rights capitalized ​ ​ 794 ​ 383 Amortization of servicing rights ​ ​ (148) ​ (20) Change in valuation allowance ​ ​ (13) ​ (26) Balance at end of the period ​ $ 970 ​ 337 ​ Activity in the valuation allowance for SBA loan servicing assets was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (dollars in thousands) ​ 2020 2019 Valuation allowance, beginning of period ​ $ (26) ​ — Impairment ​ ​ (13) ​ (26) Recovery ​ ​ — ​ — Valuation allowance, end of period ​ $ (39) ​ (26) ​ The Corporation uses assumptions and estimates in determining the fair value of SBA loan servicing rights. These assumptions include prepayment speeds, discount rates, and other assumptions. The assumptions used in the valuation were based on input from buyers, brokers and other qualified personnel, as well as market knowledge. At December 31, 2020, the key assumptions used to determine the fair value of the Corporation’s SBA loan servicing rights included a lifetime constant prepayment rate equal to 12.73%, and a discount rate equal to 8.33%. At December 31, 2019, the key assumptions used to determine the fair value of the Corporation’s SBA loan servicing rights included a lifetime constant prepayment rate equal to 10.77%, and a discount rate equal to 11.28%. At December 31, 2020 and 2019, the sensitivity of the current fair value of the SBA loan servicing rights to immediate 10% and 20% unfavorable changes in key economic assumptions are included in the following table. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (dollars in thousands) ​ December 31, 2020 December 31, 2019 Fair value of SBA loan servicing rights ​ $ 1,010 ​ $ 337 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average life (years) ​ ​ 3.7 ​ ​ 4.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ Prepayment speed ​ ​ 12.73% ​ ​ 10.77% ​ Impact on fair value: ​ ​ ​ ​ ​ ​ ​ 10% adverse change ​ $ (37) ​ $ (12) ​ 20% adverse change ​ ​ (71) ​ ​ (23) ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount rate ​ ​ 8.33% ​ ​ 11.28% ​ Impact on fair value: ​ ​ ​ ​ ​ ​ ​ 10% adverse change ​ $ (25) ​ $ (9) ​ 20% adverse change ​ ​ (49) ​ ​ (18) ​ ​ The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. As indicated, changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in this table, the effect of an adverse variation in a particular assumption on the fair value of the SBA servicing rights is calculated without changing any other assumption; while in reality, changes in one factor may result in changes in another (for example, increases in market interest rates may result in lower prepayments), which may magnify or counteract the effect of the change.

Lease Commitments

Lease Commitments	12 Months Ended
	Dec. 31, 2020
Lease Commitments
Lease Commitments	(12) Lease Commitments The Corporation leases twenty-two offices from third parties under operating lease agreements expiring at different periods through March 2031. Under all current agreements, the Corporation is responsible for its portion of real estate taxes, utilities, insurance, and repairs and maintenance. Total rental expense for the years ended December 31, 2020 and 2019 was $1.9 million and $1.3 million, respectively. Future minimum lease payments by year and in the aggregate, under these lease agreements, are as follows: ​ ​ ​ ​ ​ Future minimum lease payments ​ ​ ​ ​ ​ ​ ​ (dollars in thousands) ​ ​ 2021 ​ $ 2,067 2022 ​ ​ 1,638 2023 ​ ​ 1,549 2024 ​ ​ 1,528 2025 ​ ​ 1,260 Thereafter ​ ​ 3,303 ​ ​ $ 11,345 ​

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2020
Stock-Based Compensation
Stock-Based Compensation	(13) Stock-Based Compensation The Corporation has issued stock options under the Meridian Bank 2004 Stock Option Plan (2004 Plan). The 2004 Plan authorized the Board of Directors to grant options up to an aggregate of 446,091 shares, as adjusted for the 5% stock dividends in 2012, 2014 and 2016 to officers, other employees and directors of the Corporation. No additional shares are available for future grants. The shares granted under the 2004 Plan to directors are nonqualified options. The shares granted under the 2004 Plan to officers and other employees are incentive stock options, and are subject to the limitations under Section 422 of the Internal Revenue Code. The Meridian Bank 2016 Equity Incentive Plan (2016 Plan) was amended on May 24, 2019 to authorize the Board of Directors to grant up to an aggregate of 686,900 stock awards that can take different forms, as adjusted for the 2016 5% stock dividend. A total of 296,100 stock options and 33,208 shares of restricted stock have been granted under the 2016 Plan through December 31, 2020. As of December 31, 2020 there were 355,992 stock awards remaining to be issued. Options granted under the 2016 Plan to directors are nonqualified options, while options granted to officers and other employees are incentive stock options, and are subject to the limitations under Section 422 of the Internal Revenue Code. Stock Options Stock-based compensation cost is measured at the grant date, based on the fair value of the award and is recognized as an expense over the vesting period. The fair value of stock option grants is determined using the Black-Scholes pricing model. The assumptions necessary for the calculation of the fair value are expected life of options, annual volatility of stock price, risk-free interest rate and annual dividend yield. Stock option awards granted under the 2016 Plan have a term that does not exceed ten years and vest according to each award’s specific vesting schedule. Currently, all option awards granted to date vest 25% upon grant and become fully exercisable after three years of service from the grant date. The following table provides information about stock options outstanding as of December 31, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ Average ​ Average ​ ​ ​ ​ Exercise ​ Grant Date ​ Shares Price Fair Value Outstanding at December 31, 2018 ​ 274,070 ​ $ 15.88 ​ $ 4.46 Exercised ​ (689) ​ ​ 11.79 ​ ​ 3.89 Granted ​ 73,000 ​ ​ 17.03 ​ ​ 4.90 Forfeited ​ — ​ ​ — ​ ​ — Outstanding at December 31, 2019 ​ 346,381 ​ ​ 16.13 ​ ​ 4.55 Exercised ​ (14,673) ​ ​ 13.64 ​ ​ 3.74 Granted ​ 94,650 ​ ​ 17.70 ​ ​ 5.07 Forfeited ​ (25,631) ​ ​ 17.03 ​ ​ 4.73 Outstanding at December 31, 2020 ​ 400,727 ​ ​ 16.53 ​ ​ 4.69 Exercisable at December 31, 2020 ​ 277,339 ​ ​ 16.10 ​ ​ 4.52 Nonvested at December 31, 2020 ​ 123,388 ​ $ 17.51 ​ $ 5.08 ​ The weighted average remaining contractual life of the outstanding stock options at December 31, 2020 is 7.1 years. At December 31, 2020 the range of exercise prices is $10.36 to $20.89. The aggregate intrinsic value of options outstanding and exercisable was $1.7 million and $1.3 million, respectively, as of December 31, 2020. The fair value of each option granted in 2020 was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: dividend yield of 0.0%, risk-free interest rate of between 0.47% and 1.68%, expected life of 5.75 years, and expected volatility of between 21.81% and 39.65% based on an average of the Corporation’s share price since going public and the expected volatility of similar public financial institutions in the Corporation’s market area for the period before the Corporation went public. The weighted average fair value of options granted in 2020 was $4.47 to $5.87 per share. The fair value of each option granted in 2019 was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: dividend yield of 0.0%, risk-free interest rate of between 1.95% and 2.61%, expected life of 5.75 years, and expected volatility of 22.44% and 22.48% based on an average of the Corporation’s share price since going public and the expected volatility of similar public financial institutions in the Corporation’s market area. The weighted average fair value of options granted in 2019 was $4.84 to $5.30 per share. Total stock compensation cost for the twelve months ended December 31, 2020 and December 31, 2019 was $451 thousand and $272 thousand, respectively. During the twelve months ended December 31, 2020 and December 31, 2019, the Corporation received $200 thousand and $128 thousand from the exercise of stock options, respectively. There were no tax benefits recognized related to stock compensation cost for the twelve months ended December 31, 2020 and 2019. In accordance with ASU 2016-09 – Compensation – Stock Compensation (ASU 2016-09), forfeitures are recognized as they occur instead of applying an estimated forfeiture rate to each grant. For purposes of the determination of stock-based compensation expense for the year ended December 31, 2020, we recognized the forfeiture of 25,631 of shares of stock options that were previously granted to officers and other employees. As of December 31, 2020, there was $401 thousand of unrecognized compensation cost related to nonvested stock options. This cost will be recognized over a weighted average period of 1.33 years. ​ ​ ​ Restricted Stock The restricted stock granted under the 2016 Plan vest according to each award’s specific vesting schedule. All awards granted in 2020 vest 50% one year from the grant date and the remaining 50% on the second anniversary of the grant date. The grant date fair value of the restricted stock is based on the closing price on the date prior to the grant. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ Average ​ Average ​ ​ ​ ​ Exercise ​ Grant Date ​ Shares Price Fair Value Outstanding at December 31, 2019 ​ — ​ ​ — ​ ​ — Granted ​ 33,208 ​ ​ 14.00 ​ ​ 14.00 Vested ​ — ​ ​ — ​ ​ — Forfeited ​ — ​ ​ — ​ ​ — Outstanding at December 31, 2020 ​ 33,208 ​ ​ 14.00 ​ ​ 14.00 Nonvested at December 31, 2020 ​ 33,208 ​ $ 14.00 ​ $ 14.00 ​ Compensation expense for restricted stock is measured based on the market price of the stock on the day prior to the grant date and is recognized on a straight-line basis over the vesting period. For the year ended December 31, 2020, the Corporation recognized $80 thousand of expense related to the restricted stock. As of December 31, 2020, there was $385 thousand in unrecognized compensation costs related to restricted stock. This cost will be recognized over a weighted average period of 0.62 years.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Taxes
Income Taxes	(14) Income Taxes The components of the federal and state income tax expense for the years ended December 31, 2020 and 2019 are as follows: ​ ​ ​ ​ ​ ​ (dollars in thousands) 2020 2019 Federal: ​ ​ ​ ​ Current $ 5,703 ​ 3,287 Deferred ​ 1,242 ​ (489) ​ ​ 6,945 ​ 2,798 State: ​ ​ ​ ​ Current ​ 1,141 ​ 249 Deferred ​ 12 ​ (14) ​ ​ 1,153 ​ 235 Totals $ 8,098 ​ 3,033 ​ A reconciliation of the statutory income tax at 21% to the income tax expense included in the statement of operations is as follows for 2020 and 2019, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (dollars in thousands) ​ 2020 2019 ​ Federal income tax at statutory rate $ 7,252 21.0 % 2,838 21.0 % State tax expense, net of federal benefit ​ 911 ​ 2.6 ​ 186 ​ 1.4 ​ Tax exempt interest ​ (153) ​ (0.4) ​ (65) ​ (0.5) ​ Bank owned life insurance ​ (59) ​ (0.2) ​ (61) ​ (0.5) ​ Incentive stock options ​ 74 ​ 0.2 ​ 66 ​ 0.5 ​ Other ​ 73 ​ 0.2 ​ 69 ​ 0.5 ​ Effective income tax rate $ 8,098 ​ 23.4 % 3,033 ​ 22.4 % ​ The components of the net deferred tax asset at December 31, 2020 and 2019 are as follows: ​ ​ ​ ​ ​ ​ ​ (dollars in thousands) 2020 2019 Deferred tax assets: ​ ​ ​ ​ ​ Allowance for loan and lease losses ​ $ 4,230 ​ 2,111 Litigation reserve ​ ​ — ​ 220 Intangibles ​ ​ 30 ​ 58 Accrued incentive compensation ​ ​ — ​ 176 Accrued retirement ​ ​ 528 ​ 432 Unrealized loss on available for sale securities ​ ​ — ​ 2 Deferred rent ​ ​ 180 ​ 142 Mortgage repurchase reserve ​ ​ 641 ​ 16 Other ​ ​ 122 ​ 78 Total deferred tax asset ​ ​ 5,731 ​ 3,235 Deferred tax liabilities: ​ ​ ​ ​ ​ Property and equipment ​ ​ (377) ​ (388) Loan servicing rights ​ ​ (1,337) ​ (183) Mortgage pipeline fair-value adjustment ​ ​ (1,156) ​ (77) Hedge instrument fair-value adjustment ​ ​ (1,252) ​ (41) Unrealized gain on available for sale securities ​ ​ (797) ​ — Prepaid expenses ​ ​ (340) ​ (152) Deferred loan costs ​ ​ (406) ​ (279) Other ​ ​ (4) ​ — Total deferred tax liability ​ ​ (5,669) ​ (1,120) Net deferred tax asset ​ $ 62 ​ 2,115 ​ The effective tax rates for the twelve-month periods ended December 31, 2020 and 2019 were 23.4% and 22.4% respectively. The increase in rate from 22.4% to 23.4% between 2019 and 2020 was primarily related to the increase in state income tax expense as Meridian’s mortgage division expanded into Maryland in 2020. Under ASC 740, Income Taxes, the effect of income tax law changes on deferred taxes should be recognized as a component of income tax expense related to continuing operations in the period in which the law is enacted. This requirement applies not only to items initially recognized in continuing operations, but also to items initially recognized in other comprehensive income. The CARES Act, enacted in March 2020 grants potential tax relief to businesses, including corporate tax provisions that: temporarily allow for the carryback of certain net operating losses, increase interest expense deduction limitations, and allow accelerated depreciation deductions on certain fixed asset improvements. The tax relief under the CARES Act had no material impact to the Corporation’s Consolidated Financial Statements. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that the Company will realize the benefits of these deferred tax assets. As of December 31, 2020, the Corporation had an investment in low income housing tax credits of $1.3 million on which it recognized tax credits of $161 thousand, amortization of $180 thousand and tax benefits from losses of $26 thousand during the year ended December 31, 2020. As of December 31, 2019, the Corporation had an investment in low income housing tax credits of $1.5 million on which it recognized tax credits of $224 thousand, amortization of $245 thousand and tax benefits from losses of $33 thousand during the year ended December 31, 2019. ​

Revenue from Contract with Cust

Revenue from Contract with Customers	12 Months Ended
	Dec. 31, 2020
Revenue from Contracts with Customers
Revenue from Contracts with Customers	(15) All of the Corporation’s revenue from contracts with customers in the scope of FASB ASU 2014-09 (Topic 606), “Revenue for Contracts with Customers” (ASC 606) is recognized within noninterest income. The following table presents the Corporation’s noninterest income by revenue stream and reportable segment for the year ended December 31, 2020 (in accordance with ASC 606), and for the year ended December 31, 2019 (in accordance with ASC 605 – Revenue Recognition) as the Corporation adopted ASC 606 as of December 31, 2020. Items for the year ended December 31, 2020 outside the scope of ASC 606 are noted as such. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 ​ Year Ended December 31, 2019 (Dollars in thousands) Bank Wealth Mortgage Total Bank Wealth Mortgage Total Non-interest Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage banking income (1) ​ $ 1,632 ​ — ​ 74,829 ​ 76,461 ​ $ 268 ​ — ​ 25,741 ​ 26,009 Wealth management income ​ ​ — ​ 3,854 ​ — ​ 3,854 ​ ​ 92 ​ 3,532 ​ — ​ 3,624 SBA income (1) ​ ​ 2,572 ​ — ​ — ​ 2,572 ​ ​ 1,401 ​ — ​ — ​ 1,401 Net change in fair values (1) ​ ​ (40) ​ — ​ 9,185 ​ 9,145 ​ ​ (29) ​ — ​ 518 ​ 489 Net gain (loss) on hedging activity (1) ​ ​ — ​ — ​ (9,400) ​ (9,400) ​ ​ (21) ​ ​ ​ (795) ​ (816) Earnings on investment in life insurance (1) ​ ​ 279 ​ — ​ — ​ 279 ​ ​ 290 ​ — ​ — ​ 290 Net gain on sale of securities (1) ​ ​ 1,345 ​ — ​ — ​ 1,345 ​ ​ 165 ​ — ​ — ​ 165 Dividends on FHLB stock (1) ​ ​ 325 ​ — ​ — ​ 325 ​ ​ 430 ​ — ​ — ​ 430 Service charges on deposit accounts ​ ​ 107 ​ — ​ — ​ 107 ​ ​ 110 ​ — ​ — ​ 110 Other (2) ​ ​ 1,468 ​ 14 ​ 748 ​ 2,230 ​ ​ 840 ​ — ​ 351 ​ 1,191 Non-interest income ​ $ 7,688 ​ 3,868 ​ 75,362 ​ 86,918 ​ $ 3,546 ​ 3,532 ​ 25,815 ​ 32,893 ​ (1) Not within the scope of ASC 606. (2) Within other non-interest income is $925 thousand and $621 thousand for the years ended December 31, 2020 and 2019, respectively, which are in the scope of ASC 606. These amounts include wire transfer fees, ATM/debit card commissions, and title fee income. ​ A description of the Corporation’s primary revenue streams accounted for under ASC 606 follows: Wealth Management Income: Service Charges on Deposit Accounts: Gains/Losses on Sales of OREO: in OREO for the year ended December 31, 2020, resulting in a gain on sale of $6 thousand. There were no such sales of OREO for the year ended December 31, 2019.

Transactions with Executive Off

Transactions with Executive Officers, Directors and Principal Stockholders	12 Months Ended
	Dec. 31, 2020
Transactions with Executive Officers, Directors and Principal Stockholders
Transactions with Executive Officers, Directors and Principal Stockholders	(16) The Corporation has had, and may be expected to have in the future, banking transactions in the ordinary course of business with its executive officers, directors, principal stockholders, their immediate families and affiliated companies (commonly referred to as related parties). Loans receivable from related parties totaled $3.3 million and $3.7 million at December 31, 2020 and 2019, respectively. Advances, repayments, and the effect of changes in composition of related parties during 2020 totaled $4.9 million, $3.8 million, and $1.5 million, respectively. Advances and repayments during 2019 totaled $8.7 million and $8.5 million respectively. Deposits of related parties totaled $25.6 million and $20.2 million at December 31, 2020 and 2019, respectively. Subordinated debt held by related parties totaled $485 thousand and $519 thousand at December 31, 2020 and 2019, respectively. The Corporation paid legal fees of $8 thousand and $16 thousand to a law firm of a director for the years ended December 31, 2020 and 2019, respectively.

Financial Instruments with Off-

Financial Instruments with Off-Balance Sheet Risk, Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Financial Instruments with Off-Balance Sheet Risk, Commitments and Contingencies
Financial Instruments with Off-Balance Sheet Risk, Commitments and Contingencies	(17) The Corporation is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and letters of credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the balance sheet. The Corporation’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Corporation uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. A summary of the Corporation’s financial instrument commitments at December 31, 2020 and 2019 is as follows: ​ ​ ​ ​ ​ ​ ​ (dollars in thousands) 2020 2019 Commitments to grant loans and commitments under lines of credit ​ $ 421,399 ​ 327,788 Letters of credit ​ ​ 8,928 ​ 9,750 ​ Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The Corporation evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Corporation upon extension of credit, is based on management’s credit evaluation. Collateral held varies but may include personal or commercial real estate, accounts receivable, inventory and equipment. Outstanding letters of credit written are conditional commitments issued by the Corporation to guarantee the performance of a customer to a third party. The majority of these standby letters of credit expire within the next twelve months. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending other loan commitments. The Corporation requires collateral supporting these letters of credit as deemed necessary. Management believes that the proceeds obtained through a liquidation of such collateral would be sufficient to cover the maximum potential amount of future payments required under the corresponding guarantees. The current amount of the liability as of December 31, 2020 and 2019 for guarantees under standby letters of credit issues is not material. Not included in commitments to grant loans in the table above are mortgage loan commitments of $428.8 million and $72.9 million in 2020 and 2019, respectively, which included interest rate lock commitments. These rate lock commitments represent an agreement to extend credit to a mortgage loan applicant whereby the interest rate on the loan is set prior to funding. The loan commitment binds the Corporation to lend funds to a potential borrower at the specified rate, regardless of whether interest rates change between the commitment date and the loan funding date. The Corporation’s loan commitments generally range between 30 Loans sold under FHA or investor programs are subject to repurchase or indemnification if they fail to meet the origination criteria of those programs. In addition, loans sold to investors may be subject to repurchase or indemnification if the loan is two

Recent Litigation

Recent Litigation	12 Months Ended
	Dec. 31, 2020
Recent Litigation
Recent Litigation	(18) In the ordinary course of business, the Corporation and its subsidiaries are routinely defendants in or parties to pending and threatened legal actions and proceedings, including actions brought on behalf of various classes of claimants. These actions and proceedings are generally based on alleged violations of banking, employment, contract and other laws. In some of these actions and proceedings, claims for substantial monetary damages are asserted against the Corporation and its subsidiaries. In the ordinary course of business, the Corporation and its subsidiaries are also subject to regulatory and governmental examinations, information gathering requests, inquiries, investigations, and threatened legal actions and proceedings. In connection with formal and informal inquiries by federal, state, and local agencies, the Corporation and its subsidiaries receive numerous requests, subpoenas and orders for documents, testimony and information in connection with various aspects of their activities. On November 21, 2017, three former employees of the mortgage-banking division of the Bank filed suit in the United States District Court for the Eastern District of Pennsylvania, Juan Jordan et al. v. Meridian Bank, Thomas Campbell and Christopher Annas ​

Regulatory Matters

Regulatory Matters	12 Months Ended
	Dec. 31, 2020
Regulatory Matters
Regulatory Matters	(19) The Bank and the Corporation are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet the minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Corporation’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank and the Corporation must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s and the Corporation’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk-weightings and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank and the Corporation to maintain minimum amounts and ratios (set forth below) of total and Tier 1 capital (as defined in the regulations) to risk-weighted assets, and of Tier 1 capital to average assets. Management believes, as of December 31, 2020, that the Bank and the Corporation meets all capital adequacy requirements to which it is subject. Community banks have long raised concerns with bank regulators about the regulatory burden, complexity, and costs associated with certain provisions of the Basel III Rule. In response, Congress provided an “off-ramp” for institutions, like us, with total consolidated assets of less than $10 billion. Section 201 of the Regulatory Relief Act instructed the federal banking regulators to establish a single "Community Bank Leverage Ratio" (“CBLR”) of between 8 and 10%. Under the final rule, a community banking organization is eligible to elect the new framework if it has: less than $10 billion in total consolidated assets, limited amounts of certain assets and off-balance sheet exposures, and a CBLR greater than 9%.The bank regulatory agencies temporarily lowered the CBLR to 8% as a result of the COVID-19 pandemic. As of December 31, 2020, the Federal Deposit Insurance Corporation categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Bank’s category. The Bank is subject to certain restrictions on the amount of dividends that it may declare and pay to the Corporation due to regulatory considerations. The Pennsylvania Banking Code provides that cash dividends may be declared and paid only out of accumulated net earnings. The Corporation’s and the Banks’s actual and required capital amounts and ratios under the CBLR rules at December 31, 2020 and the Basel III rules at December 31, 2019 are presented below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ To Be Well Capitalized ​ ​ Actual ​ Under CBLR Framework (dollars in thousands) Amount Ratio Amount Ratio Tier 1 capital (to average assets) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporation ​ $ 134,564 ​ 8.96% ​ $ 120,082 ​ 8.00% Bank ​ ​ 173,231 ​ 11.54% ​ ​ 120,080 ​ 8.00% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ To be well capitalized under ​ ​ ​ ​ ​ ​ ​ For capital adequacy ​ prompt corrective action ​ ​ Actual ​ purposes ​ provisions * (dollars in thousands): Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporation ​ $ 166,471 ​ 16.10% ​ $ 108,576 ​ 10.50% ​ $ 103,405 ​ 10.00% Bank ​ ​ 166,360 ​ 16.09% ​ ​ 108,571 ​ 10.50% ​ ​ 103,401 ​ 10.00% Common equity tier 1 capital (to risk-weighted assets) Corporation ​ ​ 115,934 ​ 11.21% ​ ​ 72,384 ​ 7.00% ​ ​ 67,214 ​ 6.50% Bank ​ ​ 154,881 ​ 14.98% ​ ​ 72,381 ​ 7.00% ​ ​ 67,211 ​ 6.50% Tier 1 capital (to risk-weighted assets) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporation ​ ​ 115,934 ​ 11.21% ​ ​ 87,895 ​ 8.50% ​ ​ 82,724 ​ 8.00% Bank ​ ​ 154,881 ​ 14.98% ​ ​ 87,891 ​ 8.50% ​ ​ 82,721 ​ 8.00% Tier 1 capital (to average assets) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporation ​ ​ 115,934 ​ 10.55% ​ ​ 43,973 ​ 4.00% ​ ​ 54,966 ​ 5.00% Bank ​ ​ 154,881 ​ 14.08% ​ ​ 44,013 ​ 4.00% ​ ​ 55,017 ​ 5.00% * Prompt corrective action requirements do not apply to Meridian Corporation but are included as information only

Fair Value Measurements and Dis

Fair Value Measurements and Disclosures	12 Months Ended
	Dec. 31, 2020
Fair Value Measurements and Disclosures
Fair Value Measurements and Disclosures	(20) The Corporation uses fair value measurements to record fair value adjustments to certain assets and liabilities. The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Corporation’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. The fair value guidance provides a consistent definition of fair value, which focuses on exit price in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation techniques or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is a reasonable point within the range that is most representative of fair value under current market conditions. In accordance with this guidance, the Corporation groups its financial assets and financial liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Level 1 – Valuation is based on quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 – Valuation is based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. The valuation may be based on quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. Level 3 – Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which determination of fair value requires significant management judgment or estimation. For financial assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at December 31, 2020 and 2019 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 (dollars in thousands) Total Level 1 Level 2 Level 3 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities available for sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. asset backed securities ​ $ 25,592 ​ — ​ 25,592 ​ — U.S. government agency mortgage-backed securities ​ ​ 4,046 ​ — ​ 4,046 ​ — U.S. government agency collateralized mortgage obligations ​ ​ 23,909 ​ — ​ 23,909 ​ — State and municipal securities ​ ​ 65,810 ​ — ​ 65,810 ​ — Corporate bonds ​ ​ 4,205 ​ — ​ 4,205 ​ — Equity investments ​ ​ 1,031 ​ — ​ 1,031 ​ — Mortgage loans held for sale ​ ​ 229,199 ​ — ​ 229,199 ​ — Mortgage loans held for investment ​ ​ 12,182 ​ — ​ 12,182 ​ — Interest rate lock commitments ​ ​ 6,932 ​ — ​ — ​ 6,932 Forward commitments ​ ​ — ​ — ​ — ​ — Customer derivatives - interest rate swaps ​ ​ 1,118 ​ — ​ 1,118 ​ — Total ​ $ 374,024 ​ — ​ 367,092 ​ 6,932 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ ​ 100 ​ — ​ — ​ 100 Forward commitments ​ ​ 1,572 ​ — ​ 1,572 ​ — Customer derivatives - interest rate swaps ​ ​ 1,219 ​ — ​ 1,219 ​ — ​ ​ $ 2,891 ​ — ​ 2,791 ​ 100 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 (dollars in thousands) Total Level 1 Level 2 Level 3 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities available for sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. asset backed securities ​ $ 11,866 ​ — ​ 11,866 ​ — U.S. government agency mortgage-backed securities ​ ​ 5,497 ​ — ​ 5,497 ​ — U.S. government agency collateralized mortgage obligations ​ ​ 35,223 ​ — ​ 35,223 ​ — State and municipal securities ​ ​ 6,270 ​ — ​ 6,270 ​ — Investments in mutual funds ​ ​ 1,009 ​ — ​ 1,009 ​ — Mortgage loans held for sale ​ ​ 33,704 ​ — ​ 33,704 ​ — Mortgage loans held for investment ​ ​ 10,546 ​ — ​ 10,546 ​ — Interest rate lock commitments ​ ​ 504 ​ — ​ — ​ 504 Forward commitments ​ ​ 6 ​ — ​ 6 ​ — Customer derivatives - interest rate swaps ​ ​ 382 ​ — ​ 382 ​ — Total ​ $ 105,007 ​ — ​ 104,503 ​ 504 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ ​ 157 ​ — ​ — ​ 157 Forward commitments ​ ​ 119 ​ — ​ 119 ​ — Customer derivatives - interest rate swaps ​ ​ 431 ​ — ​ 431 ​ — ​ ​ $ 707 ​ — ​ 550 ​ 157 ​ Assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at December 31, 2020 and 2019 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ December 31, 2019 (dollars in thousands) Fair Value Fair Value Mortgage servicing rights ​ $ 4,647 ​ ​ 446 SBA loan servicing rights ​ ​ 970 ​ ​ 337 Impaired loans (1) ​ ​ 2,998 ​ ​ 1,944 Other real estate owned (2) ​ ​ — ​ ​ 120 Total ​ $ 8,615 ​ ​ 2,847 ​ (1) Impaired loans are those in which the Corporation has measured impairment generally based on the fair value of the loan’s collateral. Fair value is generally determined based upon independent third-party appraisals of the properties, or discounted cash flows based upon the expected proceeds. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. ​ (2) Real estate properties acquired through, or in lieu of, foreclosure are to be sold and are carried at fair value less estimated cost to sell. Fair value is based upon independent market prices or appraised value of the property. These assets are included in Level 3 fair value based upon the lowest level of input that is significant to the fair value measurement. Appraised values may be discounted based on management’s expertise, historical knowledge, changes in market conditions from the time of valuation and/or estimated costs to sell. Below is management’s estimate of the fair value of all financial instruments, whether carried at cost or fair value on the Corporation’s balance sheet. The following information should not be interpreted as an estimate of the fair value of the entire Corporation since a fair value calculation is only provided for a limited portion of the Corporation’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Corporation’s disclosures and those of other companies may not be meaningful. The following methods and assumptions were used to estimate the fair value of the Corporation’s financial instruments: (a) Cash and Cash Equivalents The carrying amounts reported in the balance sheet for cash and short-term instruments approximate those assets’ fair values. (b) Securities The fair value of securities available-for-sale (carried at fair value) and held to maturity (carried at amortized cost) are determined by matrix pricing (Level 2), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted prices. (c) Mortgage Loans Held-for-Sale The fair value of loans held for sale is based on secondary market prices. (d) Loans Receivable The fair value of loans receivable is estimated using discounted cash flow analyses, using market rates at the balance sheet date that reflect the credit and interest rate-risk inherent in the loans. Projected future cash flows are calculated based upon contractual maturity or call dates, projected repayments and prepayments of principal. Generally, for variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. The fair value below is reflective of an exit price. (e) Mortgage Loans Held-for-Investment The fair value of mortgage loans held for investment is based on the price secondary markets are currently offering for similar loans using observable market data. (f) Loan Servicing Rights The Corporation estimates the fair value of mortgage servicing rights and SBA servicing rights using discounted cash flow models that calculate the present value of estimated future net servicing income. The model uses readily available prepayment speed assumptions for the interest rates of the portfolios serviced. These servicing rights are classified within Level 3 in the fair value hierarchy based upon management’s assessment of the inputs. The Corporation reviews the servicing rights portfolios on a quarterly basis for impairment. (g) Impaired Loans Impaired loans are those in which the Corporation has measured impairment generally based on the fair value of the loan’s collateral. Fair value is generally determined based upon independent third-party appraisals of the properties, or discounted cash flows based upon the expected proceeds. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. (h) Restricted Investment in Bank Stock The carrying amount of restricted investment in bank stock approximates fair value, and considers the limited marketability of such securities. (i) Accrued Interest Receivable and Payable The carrying amount of accrued interest receivable and accrued interest payable approximates its fair value. (j) Deposit Liabilities The fair values disclosed for demand deposits (e.g., interest and noninterest checking, passbook savings and money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market on certificates to a schedule of aggregated expected monthly maturities on time deposits. (k) Short-Term Borrowings The carrying amounts of short-term borrowings approximate their fair values. (l) Long-Term Debt Fair values of FHLB advances and the acquisition purchase note payable are estimated using discounted cash flow analysis, based on quoted prices for new FHLB advances with similar credit risk characteristics, terms and remaining maturity. These prices obtained from this active market represent a market value that is deemed to represent the transfer price if the liability were assumed by a third party. (m) Subordinated Debt Fair values of junior subordinated debt are estimated using discounted cash flow analysis, based on market rates currently offered on such debt with similar credit risk characteristics, terms and remaining maturity. (n) Off-Balance Sheet Financial Instruments Off-balance sheet instruments are primarily comprised of loan commitments, which are generally priced at market at the time of funding. Fees on commitments to extend credit and stand-by letters of credit are deemed to be immaterial and these instruments are expected to be settled at face value or expire unused. It is impractical to assign any fair value to these instruments and as a result they are not included in the table below. Fair values assigned to the notional value of interest rate lock commitments and forward sale contracts are based on market quotes. (o) Derivative Financial Instruments The fair value of forward commitments and interest rate swaps is based on market pricing and therefore are considered Level 2. Derivatives classified as Level 3 consist of interest rate lock commitments related to mortgage loan commitments. The determination of fair value includes assumptions related to the likelihood that a commitment will ultimately result in a closed loan, which is a significant unobservable assumption. A significant increase or decrease in the external market price would result in a significantly higher or lower fair value measurement. The estimated fair values of the Corporation’s financial instruments at December 31, 2020 and 2019 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ December 31, 2019 ​ ​ Fair Value ​ Carrying ​ ​ ​ Carrying ​ ​ (dollars in thousands) Hierarchy Level amount Fair value amount Fair value Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ Level 1 ​ $ 36,744 ​ 36,744 ​ 39,371 ​ 39,371 Securities available-for-sale ​ Level 2 ​ ​ 123,562 ​ 123,562 ​ 58,856 ​ 58,856 Securities held-to-maturity ​ Level 2 ​ ​ 6,510 ​ 6,857 ​ 8,780 ​ 9,003 Equity investments ​ Level 2 ​ ​ 1,031 ​ 1,031 ​ 1,009 ​ 1,009 Mortgage loans held for sale ​ Level 2 ​ ​ 229,199 ​ 229,199 ​ 33,704 ​ 33,704 Loans receivable, net of the allowance for loan and lease losses ​ Level 3 ​ ​ 1,272,582 ​ 1,289,776 ​ 954,164 ​ 973,057 Mortgage loans held for investment ​ Level 2 ​ ​ 12,182 ​ 12,182 ​ 10,546 ​ 10,546 Interest rate lock commitments ​ Level 3 ​ ​ 6,932 ​ 6,932 ​ 504 ​ 504 Forward commitments ​ Level 2 ​ ​ — ​ — ​ 6 ​ 6 Restricted investment in bank stock ​ NA ​ ​ 7,861 ​ NA ​ 8,072 ​ NA Accrued interest receivable ​ Level 3 ​ ​ 5,482 ​ 5,482 ​ 3,148 ​ 3,148 Customer derivatives - interest rate swaps ​ Level 2 ​ ​ 1,118 ​ 1,118 ​ 382 ​ 382 Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deposits ​ Level 2 ​ ​ 1,241,335 ​ 1,392,500 ​ 851,168 ​ 880,400 Short-term borrowings ​ Level 2 ​ ​ 106,862 ​ 106,862 ​ 123,676 ​ 123,678 Long-term debt ​ Level 2 ​ ​ 165,546 ​ 168,000 ​ 3,123 ​ 3,123 Subordinated debentures ​ Level 2 ​ ​ 40,671 ​ 38,375 ​ 40,962 ​ 40,962 Accrued interest payable ​ Level 2 ​ ​ 1,154 ​ 1,154 ​ 1,088 ​ 1,088 Interest rate lock commitments ​ Level 3 ​ ​ 100 ​ 100 ​ 157 ​ 157 Forward commitments ​ Level 2 ​ ​ 1,572 ​ 1,572 ​ 119 ​ 119 Customer derivatives - interest rate swaps ​ Level 2 ​ ​ 1,219 ​ 1,219 ​ 431 ​ 431 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ ​ ​ Notional ​ ​ Off-balance sheet financial instruments: ​ amount Fair value amount Fair value Commitments to extend credit ​ Level 2 ​ $ 421,399 ​ 6,932 ​ 327,788 ​ 504 Letters of credit ​ Level 2 ​ ​ 8,928 ​ — ​ 9,750 ​ — ​ ​ The following table includes a rollforward of interest rate lock commitments for which the Corporation utilized Level 3 inputs to determine fair value on a recurring basis for the years ended December 31, 2020 and 2019. ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 Balance at beginning of the period $ 504 ​ 310 Increase in value ​ 6,428 ​ 194 Balance at end of the period $ 6,932 ​ 504 ​ The following table details the valuation techniques for Level 3 interest rate lock commitments. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ ​ Unobservable ​ Range of ​ Weighted ​ ​ Level 3 Valuation Technique Input Inputs Average December 31, 2020 ​ $ 6,932 ​ Market comparable pricing ​ Pull through ​ 1 - 99 % 83.08 % December 31, 2019 ​ ​ 504 ​ Market comparable pricing ​ Pull through ​ 1 - 99 ​ 91.70 ​ ​ Net realized gains of $6.5 million and $78 thousand due to changes in the fair value of interest rate lock commitments which are classified as Level 3 assets and liabilities for the twelve months ended December 31, 2020 and 2019, respectively, are recorded in non-interest income as net change in the fair value of derivative instruments in the Corporation’s consolidated statements of income.

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2020
Derivative Financial Instruments
Derivative Financial Instruments	(21) Risk Management Objective of Using Derivatives The Corporation is exposed to certain risk arising from both its business operations and economic conditions. The Corporation principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Corporation manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Corporation enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Corporation’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Corporation’s known or expected cash receipts and its known or expected cash payments principally related to the Corporation’s loan portfolio. Mortgage Banking Derivatives In connection with its mortgage banking activities, the Corporation enters into commitments to originate certain fixed rate residential mortgage loans for customers, also referred to as interest rate locks. In addition, the Corporation enters into forward commitments for the future sales or purchases of mortgage-backed securities to or from third-party counterparties to hedge the effect of changes in interest rates on the values of both the interest rate locks and mortgage loans held for sale. Forward sales commitments may also be in the form of commitments to sell individual mortgage loans or interest rate locks at a fixed price at a future date. The amount necessary to settle each interest rate lock is based on the price that secondary market investors would pay for loans with similar characteristics, including interest rate and term, as of the date fair value is measured. Interest rate lock commitments and forward commitments are recorded within other assets/liabilities on the consolidated balance sheets, with changes in fair values during the period recorded within net change in the fair value of derivative instruments on the consolidated statements of income. ​ ​ Customer Derivatives – Interest Rate Swaps Derivatives not designated as hedges are not speculative and result from a service the Corporation provides to certain customers to swap a fixed rate product for a variable rate product, or vice versa. The Corporation executes interest rate derivatives with commercial banking customers to facilitate their respective risk management strategies. Those interest rate derivatives are simultaneously hedged by offsetting derivatives that the Corporation executes with a third party, such that the Corporation minimizes its net interest rate risk exposure resulting from such transactions. As the interest rate derivatives associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer derivatives and the offsetting derivatives are recognized directly in earnings. The following table presents a summary of the notional amounts and fair values of derivative financial instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ December 31, 2019 (dollars in thousands) Balance Sheet Line Item ​ Notional Asset Notional Asset Interest Rate Lock Commitments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Positive fair values Other assets ​ $ 406,422 ​ 6,932 ​ 47,660 ​ 504 Negative fair values Other liabilities ​ ​ 22,406 ​ (100) ​ 22,663 ​ (157) Total ​ ​ ​ 428,828 ​ 6,832 ​ 70,323 ​ 347 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forward Commitments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Positive fair values Other assets ​ ​ — ​ — ​ 4,500 ​ 6 Negative fair values Other liabilities ​ ​ 218,000 ​ (1,572) ​ 58,250 ​ (119) Total ​ ​ ​ 218,000 ​ (1,572) ​ 62,750 ​ (113) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer Derivatives - Interest Rate Swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Positive fair values Other assets ​ ​ 20,979 ​ 1,118 ​ 3,271 ​ 382 Negative fair values Other liabilities ​ ​ 20,979 ​ (1,219) ​ 3,271 ​ (431) Total ​ ​ ​ 41,958 ​ (101) ​ 6,542 ​ (49) Total derivative financial instruments ​ ​ $ 688,786 ​ 5,159 ​ 139,615 ​ 185 ​ Interest rate lock commitments are considered Level 3 in the fair value hierarchy, while the forward commitments and interest rate swaps are considered Level 2 in the fair value hierarchy. The following table presents a summary of the fair value gains and losses on derivative financial instruments: ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (dollars in thousands) 2020 2019 Interest Rate Lock Commitments $ 6,485 ​ 77 Forward Commitments ​ (1,459) ​ 63 Customer Derivatives - Interest Rate Swaps ​ (52) ​ (29) Net fair value gains (losses) on derivative financial instruments $ 4,974 ​ 111 ​ ​ ​ ​ ​ ​ ​ ​ Net realized losses on derivatives were $(9.4) million and $(816) thousand for the year ended December 31, 2020 and 2019, respectively, and are included in other non-interest income in the consolidated statements of income.

Segments

Segments	12 Months Ended
	Dec. 31, 2020
Segments
Segments	(22) ASC Topic 280 – Segment Reporting identifies operating segments as components of an enterprise which are evaluated regularly by the Corporation’s Chief Operating Decision Maker, our Chief Executive Officer, in deciding how to allocate resources and assess performance. The Corporation has applied the aggregation criterion set forth in this codification to the results of its operations. Our Banking segment (“Bank”) consists of commercial and retail banking. The Banking segment generates interest income from its lending (including leasing) and investing activities and is dependent on the gathering of lower cost deposits from its branch network or borrowed funds from other sources for funding its loans, resulting in the generation of net interest income. The Banking segment also derives revenues from other sources including gains on the sale of available for sale investment securities, service charges on deposit accounts, cash sweep fees, overdraft fees, BOLI income, title insurance fees, and other less significant non-interest income. Meridian Wealth (“Wealth”), a registered investment advisor and wholly-owned subsidiary of the Bank, provides a comprehensive array of wealth management services and products and the trusted guidance to help its clients and our banking customers prepare for the future. The unit generates non-interest income through advisory fees. Meridian’s mortgage banking segment (“Mortgage”) consists of one central loan production facility and several retail and profit sharing loan production offices located throughout suburban Philadelphia and Maryland. The Mortgage segment originates 1 – 4 family residential mortgages and sells nearly all of its production to third party investors. The unit generates net interest income on the loans it originates and holds temporarily, then earns fee income (primarily gain on sales) at the time of the sale. The unit also recognizes income from document preparation fees, changes in portfolio pipeline fair values and related net hedging gains (losses). The table below summarizes income and expenses, directly attributable to each business line, which has been included in the statement of operations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 ​ Year Ended December 31, 2019 (Dollars in thousands) Bank Wealth Mortgage Total Bank Wealth Mortgage Total Net interest income ​ $ 46,997 ​ (48) ​ 2,047 ​ 48,996 ​ $ 36,019 ​ 65 ​ 252 ​ 36,336 Provision for loan losses ​ ​ 8,302 ​ — ​ — ​ 8,302 ​ ​ 901 ​ — ​ — ​ 901 Net interest income after provision ​ ​ 38,695 ​ (48) ​ 2,047 ​ 40,694 ​ ​ 35,118 ​ 65 ​ 252 ​ 35,435 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-interest Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage banking income ​ ​ 1,632 ​ — ​ 74,829 ​ 76,461 ​ ​ 268 ​ — ​ 25,741 ​ 26,009 Wealth management income ​ ​ — ​ 3,854 ​ — ​ 3,854 ​ ​ 92 ​ 3,532 ​ — ​ 3,624 SBA income ​ ​ 2,572 ​ — ​ — ​ 2,572 ​ ​ 1,401 ​ — ​ — ​ 1,401 Net change in fair values ​ ​ (40) ​ — ​ 9,185 ​ 9,145 ​ ​ (29) ​ — ​ 518 ​ 489 Net (loss) on hedging activity ​ ​ — ​ — ​ (9,400) ​ (9,400) ​ ​ (21) ​ — ​ (795) ​ (816) Other ​ ​ 3,524 ​ 14 ​ 748 ​ 4,286 ​ ​ 1,835 ​ — ​ 351 ​ 2,186 Non-interest income ​ ​ 7,688 ​ 3,868 ​ 75,362 ​ 86,918 ​ ​ 3,546 ​ 3,532 ​ 25,815 ​ 32,893 Non-interest expense ​ ​ 33,351 ​ 3,213 ​ 56,512 ​ 93,076 ​ ​ 27,884 ​ 3,266 ​ 23,664 ​ 54,814 Income before income taxes ​ $ 13,032 ​ 607 ​ 20,897 ​ 34,536 ​ $ 10,780 ​ 331 ​ 2,403 ​ 13,514 Total Assets ​ $ 1,488,312 ​ 5,479 ​ 226,406 ​ 1,720,197 ​ $ 1,112,862 ​ 5,234 ​ 31,923 ​ 1,150,019 ​

Recent Accounting Pronouncement

Recent Accounting Pronouncements	12 Months Ended
	Dec. 31, 2020
Recent Accounting Pronouncements
Recent Accounting Pronouncements	(23) As an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”), the Bank is permitted an extended transition period for complying with new or revised accounting standards affecting public companies. We will remain an emerging growth company until the earliest of (i) the end of the fiscal year during which we have total annual gross revenues of $1,070,000,000 or more, (ii) the end of the fiscal year following the fifth anniversary of the completion of our initial public offering (December 31, 2022), (iii) the date on which we have, during the previous three-year period, issued more than $1.0 billion in non-convertible debt and (iv) the end of the fiscal year in which the market value of our equity securities that are held by non-affiliates exceeds $700 million as of June 30 of that year. We have elected to take advantage of this extended transition period, which means that the financial statements included herein, as well as any financial statements that we file in the future, will not be subject to all new or revised accounting standards generally applicable to public companies for the transition period for so long as we remain an emerging growth company or until we affirmatively and irrevocably opt out of the extended transition period under the JOBS Act. If we do so, we will prominently disclose this decision in the first periodic report following our decision, and such decision is irrevocable. As a filer under the JOBS Act, we will implement new accounting standards subject to the effective dates required for non-public entities. Adopted Pronouncements in 2020: FASB ASU 2017-01 (Topic 805), “Business Combinations” Issued in January 2017, ASU 2017-01 clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. ASU 2017-01 is effective for public companies for annual periods beginning after December 15, 2017 including interim periods within those periods, while for non-public companies the ASU is effective for annual periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019. The adoption of this standard on January 1, 2020 did not have a material impact on the Corporation’s consolidated financial statements and related disclosures. FASB ASU 2018-07, “Improvements to Nonemployee Share-Based Payment Accounting” Issued in June 2018, ASU 2018-07: Compensation - Stock Compensation (Topic 718), “ Improvements to Nonemployee Share-Based Payment Accounting The amendments in this update became effective for us January 1, 2020. The adoption did not have an impact on our consolidated financial statements and related disclosures as the Corporation did not and has not historically granted share based payment awards to nonemployees other than to the Corporation’s Board of Directors, who are treated as employees for share-based payment accounting. FASB ASU 2018-13, "Fair Value Measurement Disclosure Framework" Issued in August 2018, ASU 2018-13 modifies, adds and removes certain disclosures aimed to improve the overall usefulness of the disclosure requirements for fair value measurements. ASU 2018-13 was effective for the Corporation on January 1, 2020. Adoption is required on both a prospective and retrospective basis depending on the amendment. The adoption of this ASU did not have a material impact on our consolidated financial statements and related disclosures. ​ FASB ASU 2017-08 (Subtopic 310-20), “Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities” Issued in March 2017, ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium. Specifically, the amendment requires the premium to be amortized to the earliest call date. The amendment does not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. For public business entities, the amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted, including adoption in an interim period. For non-public companies the ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within the fiscal years beginning after December 31, 2020. The adoption of ASU 2017-08 as of December 31, 2020 did not have a material impact on our consolidated financial statements and related disclosures as all debt securities are currently carried at par value with capitalized issuance costs. FASB ASU 2017-12 (Subtopic 815), “Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities” Issued in August 2017, ASU 2017-12 better aligns hedge accounting with an organization’s risk management activities in the financial statements. In addition, the ASU simplifies the application of hedge accounting guidance in areas where practice issues exist. Specifically, the proposed ASU eases the requirements for effectiveness testing, hedge documentation and application of the shortcut and the critical terms match methods. Entities would be permitted to designate contractually specified components as the hedged risk in a cash flow hedge involving the purchase or sale of nonfinancial assets or variable rate financial instruments. In addition, entities would no longer separately measure and report hedge ineffectiveness. Also, entities, may choose refined measurement techniques to determine the changes in fair value of the hedged item in fair value hedges of benchmark interest rate risk. For public business entities, the ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. For all other entities, the ASU is effective for fiscal years beginning after December 15, 2019, and interim periods beginning after December 15, 2020. Early application is permitted in any interim period after issuance of the ASU for existing hedging relationships on the date of adoption and the effect of adoption should be reflected as of the beginning of the fiscal year of adoption (that is, the initial application date). The Corporation has evaluated ASU 2017-12, and has determined it has no current hedging strategies applicable under the ASU but we will consider the impact of the ASU on future hedging strategies that may arise. The adoption of ASU 2017-12 as of December 31, 2020 did not have a material impact on our consolidated financial statements and related disclosures. Pronouncements Not Effective as of December 31, 2020: FASB ASU 2016-13 (Topic 326), “Measurement of Credit Losses on Financial Instruments” Issued in June 2016, ASU 2016-13 significantly changes how companies measure and recognize credit impairment for many financial assets. This ASU requires businesses and other organizations to measure the current expected credit losses (“CECL”) on financial assets, such as loans, net investments in leases, certain debt securities, bond insurance and other receivables. The amendments affect entities holding financial assets and net investments in leases that are not accounted for at fair value through net income. Current GAAP requires an incurred loss methodology for recognizing credit losses that delays recognition until it is probable a loss has been incurred. The amendments in this ASU replace the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonableness and supportable information to inform credit loss estimates. An entity should apply the amendments through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (modified retrospective approach). Acquired credit impaired loans for which the guidance in Accounting Standards Codification (ASC) Topic 310-30 has been previously applied should prospectively apply the guidance in this ASU. A prospective transition approach is required for debt securities for which an other-than-temporary impairment has been recognized before the effective date. In October 2019, the FASB approved a delay for the implementation of the ASU. Accordingly, as an emerging growth company, the Corporation’s effective date for the implementation of the ASU will be January 1, 2023. will adopt this ASU. The Corporation has assembled a cross-functional team from Finance, Credit, and IT that is leading the implementation efforts to evaluate the impact of this guidance on the Corporation's consolidated financial statements and related disclosures, internal systems, accounting policies, processes and related internal controls. At this time the Corporation cannot yet estimate the impact to the consolidated financial statements. ​ FASB ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments” Issued in April 2019, ASU 2019-04 clarifies certain aspects of accounting for credit losses, hedging activities, and financial instruments (addressed by ASUs 2016-13, 2017-12, and 2016-01, respectively). The amendments to estimating expected credit losses (ASU 2016-13), in particular, how a company considers recoveries and extension options when estimating expected credit losses, are the most relevant to the Corporation. The ASU clarifies that (1) the estimate of expected credit losses should include expected recoveries of financial assets, including recoveries of amounts expected to be written off and those previously written off, and (2) that contractual extension or renewal options that are not unconditionally cancellable by the lender are considered when determining the contractual term over which expected credit losses are measured. Management will consider the impact of ASU 2019-04 when considering the impact of ASU 2016-13 as discussed above. FASB ASU 2016-02 (Topic 842), “Leases” Issued in February 2016, ASU 2016-02 revises the accounting related to lessee accounting. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset for all leases. The new lease guidance also simplifies the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. In June 2020, the FASB approved a delay for the implementation of the ASU. Accordingly, the amendments in this update are effective for the Corporation for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Under ASU 2016-02, the Corporation will recognize a right-of-use asset and a lease obligation liability on the consolidated statement of financial condition, which will increase the Corporation’s assets and liabilities. The Corporation is evaluating other potential impacts of ASU 2016-02 on its consolidated financial statements. FASB ASU 2020-04 (Topic 848), “Reference Rate Reform (“ASC 848”): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” Issued in March 2020, ASU 2020-04 contains optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The Corporation does not have a significant concentration of loans, derivative contracts, borrowings or other financial instruments with attributes that are either directly or indirectly dependent on LIBOR. The guidance under ASC-848 will be available for a limited time, generally through December 31, 2022. The Corporation expects to adopt the LIBOR transition relief allowed under this standard. FASB ASU 2018-15 (Topic 350), "Intangibles - Goodwill and Other - Internal-Use Software" Issued in August 2018, ASU 2018-15 provides clarity on capitalizing and expensing implementation costs for cloud computing arrangements in a service contract. If an implementation cost is capitalized, the cost should be recognized over the noncancellable term and periodically assessed for impairment. The guidance is effective in annual and interim periods in fiscal years beginning after December 15, 2020 and interim periods within annual periods beginning after December 15, 2021. Adoption should be applied retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Corporation does not expect the adoption of this ASU to have a material impact on our consolidated financial statements and related disclosures. FASB ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” Issued in December 2019, ASU 2019-12 adds new guidance to simplify accounting for income taxes, changes the accounting for certain income tax transactions and makes minor improvements to the codification. The guidance is effective for annual periods beginning after December 15, 2020. Early adoption is permitted. Management has not yet determined what the impact of the adoption of this ASU will be on our consolidated financial statements and related disclosures. ​ FASB ASU 2020-06, “Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ” ​ This ASU clarifies the accounting for certain financial instruments with characteristics of liabilities and equity. The amendments in this update reduce the number of accounting models for convertible debt instruments and convertible preferred stock by removing the cash conversion model and the beneficial conversion feature models. For public business entities that meet the definition of an SEC filer (excluding smaller reporting entities), the amendments are effective for fiscal years beginning after Dec. 15, 2021, and interim periods within. For all other entities, the amendments are effective for fiscal years beginning after Dec. 15, 2023, and interim periods within. Early adoption is permitted, but no earlier than for fiscal years beginning after Dec. 15, 2020. ​ ​

Parent Company Financial Statem

Parent Company Financial Statements	12 Months Ended
	Dec. 31, 2020
Parent Company Financial Statements
Parent Company Financial Statements	(24) The condensed financial statements of the Corporation (parent company only) are presented below. These statements should be read in conjunction with the notes to the consolidated financial statements. A. Condensed Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, (dollars in thousands, except per share data) 2020 2019 Cash and due from banks ​ $ 213 ​ 148 Investments in subsidiaries ​ ​ 180,288 ​ 159,643 Other assets ​ ​ 360 ​ 40 Total assets ​ $ 180,861 ​ 159,831 ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ Subordinated debentures ​ ​ 38,904 ​ 39,058 Accrued interest payable ​ ​ 6 ​ 78 Other liabilities ​ ​ 329 ​ — Total liabilities ​ ​ 39,239 ​ 39,136 Stockholders’ equity: ​ ​ ​ ​ ​ Common stock, $1 par value. Authorized 10,000,000 shares; issued 6,455,566 ​ ​ 6,456 ​ 6,408 Surplus ​ ​ 81,196 ​ 80,196 Treasury Stock- 320,000 and 3,375 shares at December 31, 2020 and December 31, 2019, respectively ​ ​ (5,828) ​ (3) Unearned common stock held by employee stock ownership plan ​ ​ (1,768) ​ — Retained earnings ​ ​ 59,010 ​ 34,097 Accumulated other comprehensive loss ​ ​ 2,556 ​ (3) Total stockholders’ equity ​ ​ 141,622 ​ 120,695 Total liabilities and stockholders’ equity ​ $ 180,861 ​ 159,831 ​ B. Condensed Statements of Income ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, (dollars in thousands, except per share data) 2020 2019 Dividends from Bank ​ $ 11,512 ​ — Net interest and other income ​ ​ 10 ​ — Total operating income ​ ​ 11,522 ​ — Interest expense ​ ​ 2,202 ​ 81 Income before equity in undistributed income of subsidiaries ​ ​ 9,320 ​ (81) Equity in undistributed income of subsidiaries ​ ​ 17,118 ​ 10,562 Income before income taxes ​ ​ 26,438 ​ 10,481 Income tax expense ​ ​ — ​ — Net income ​ ​ 26,438 ​ 10,481 Total other comprehensive income ​ ​ 2,559 ​ 387 Total comprehensive income ​ $ 28,997 ​ 10,868 ​ C. Condensed Statements of Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, (dollars in thousands) 2020 2019 Net income ​ $ 26,438 ​ 10,481 Adjustments to reconcile net income to net cash provided by (used in) operating activities: ​ ​ ​ ​ ​ Equity in undistributed income of subsidiaries ​ ​ (17,181) ​ (10,562) Share-based compensation ​ ​ 232 ​ — (Decrease) increase in accrued interest payable ​ ​ (72) ​ 78 Increase in other assets ​ ​ (320) ​ (40) Increase in other liabilities ​ ​ 32 ​ — Net cash provided by (used in) operating activities ​ ​ 9,129 ​ (43) Cash flows from investing activities: ​ ​ ​ ​ ​ Investment in subsidiaries ​ ​ — ​ (38,804) Net cash used in investing activities ​ ​ — ​ (38,804) Cash flows from financing activities: ​ ​ ​ ​ ​ Net activity from subordinated debt ​ ​ (231) ​ 39,051 Net purchase of treasury stock through publicly announced plans ​ ​ (5,703) ​ (62) Dividends paid ​ ​ (1,525) ​ — Purchase of common shares for ESOP ​ ​ (2,000) ​ — Share based awards and exercises ​ ​ 395 ​ 6 Net cash (used in) provided by financing activities ​ ​ (9,064) ​ 38,995 Net change in cash and cash equivalents ​ ​ 65 ​ 148 Cash and cash equivalents at beginning of period ​ ​ 148 ​ — Cash and cash equivalents at end of period ​ $ 213 ​ 148 ​

Subsequent Event

Subsequent Event	12 Months Ended
	Dec. 31, 2020
Subsequent Events
Subsequent Events	(25) Special Dividend ​ On February 16, 2021, the Corporation’s Board of Directors declared a special dividend of $1.00 per share on its Common Stock, payable on March 15, 2021 to shareholders of record as of March 1, 2021.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Summary of Significant Accounting Policies
Nature of Operations	(a) Nature of Operations Meridian Corporation (“Meridian” or the “Corporation”) is a bank holding company engaged in banking activities through its wholly-owned subsidiary, Meridian Bank (the “Bank”), a full-service, state-chartered commercial bank with offices in the Delaware Valley tri-state market, which includes Pennsylvania, New Jersey and Delaware, and Maryland. We have a financial services business model with significant noninterest income streams from mortgage lending, small business (“SBA”) lending and wealth management services. We provide services to small and middle market businesses, professionals and retail customers throughout our market area. We have a modern, progressive, consultative approach to creating innovative solutions for our customers. We are technology driven, with a culture that incorporates significant use of customer preferred deliver channel and bank-to-bank ACH. The Corporation operates in a highly competitive market area that includes local, national and regional banks as competitors along with savings banks, credit unions, insurance companies, trust companies and registered investment advisors. The Corporation and its subsidiaries are regulated by many regulatory agencies including the Securities and Exchange Commission (“SEC”), Federal Deposit Insurance Corporation (“FDIC”), the Federal Reserve and the Pennsylvania Department of Banking. ​ The Bank was incorporated on March 16, 2004 under the laws of the Commonwealth of Pennsylvania and is a Pennsylvania state-chartered bank. The Bank commenced operations on July 8, 2004 and is a full-service bank providing personal and business lending and deposit services through 6 full-service banking offices in Pennsylvania, 9 mortgage loan production offices throughout the Delaware Valley, and 7 mortgage loan production offices in Maryland. The Bank and Corporation are headquartered in Malvern, Pennsylvania, located in the western suburbs of Philadelphia and serves southeastern Pennsylvania and the rest of the Delaware Valley. ​
Basis of Presentation	(b) Basis of Presentation The accounting policies of the Corporation conform to U.S. generally accepted accounting principles (“GAAP”). The consolidated financial statements include accounts of the Corporation and its wholly owned subsidiary, the Bank, and the wholly owned subsidiaries of the Bank: Meridian Land Settlement Services LLC; APEX Realty LLC; Meridian Wealth Partners LLC; and Meridian Equipment Finance LLC. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the current year’s presentation. Reclassifications had no effect on prior year net income or total stockholders’ equity. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Although our current estimates contemplate current conditions and how we expect them to change in the future, due to the continuing impact that the COVID-19 pandemic has had on financial markets and the economy both locally and nationally, it is reasonably possible that this could continue to materially affect these significant estimates and our results of operations and financial condition. ​ During the quarter-ended March 31, 2019, the Corporation identified and corrected an immaterial error related to Maryland state licensing requirements for mortgage loan originations by our Mortgage division. As the result of our mortgage operations not being fully compliant with Maryland licensing law, we agreed to reimburse consumers approximately $474 thousand in interest and certain fees on loans originated, in addition to paying a fine of $12 thousand to resolve the matter.
Significant Concentrations of Credit Risk	(c) Significant Concentrations of Credit Risk Most of the Corporation’s activities are with customers located in the Delaware Valley tri-state market and Maryland. Note 4 discusses the types of securities that the Corporation invests in. Note 5 discusses types of lending that the Corporation engages in. Although the Corporation has a diversified loan portfolio, its debtors’ ability to honor their contracts is influenced by the region’s economy. The Corporation does not have any significant concentrations to any one industry or customer, however there is significant concentration of commercial real estate-backed loans, amounting to 38% and 37% of total loans held for investment, as of December 31, 2020 and December 31, 2019, respectively.
Presentation of Cash Flows	(d) Presentation of Cash Flows For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks and federal funds sold. Generally, federal funds are purchased or sold for one day periods. The Federal Reserve Board removed cash minimum reserve requirements in March 2020. Net cash flows are reported for customer loan and deposit transactions, interest bearing depsoits in other financial institutions, and the federal funds purchased and repurchased agreements.
Securities	(e) Securities Management determines the appropriate classification of debt securities at the time of purchase and re-evaluates such designation as of each balance sheet date. Securities classified as available-for-sale are those securities that the Corporation intends to hold for an indefinite period of time but not necessarily to maturity. Securities available-for-sale are carried at fair value. Any decision to sell a security classified as available-for-sale would be based on various factors, including significant movement in interest rates, changes in maturity mix of the Corporation’s assets and liabilities, liquidity needs, regulatory capital considerations and other similar factors. Unrealized gains and losses are reported as increases or decreases in other comprehensive income. Gains or losses on disposition are based on the net proceeds and cost of the securities sold, adjusted for the amortization of premiums and accretion of discounts, using the specific identification method. Securities classified as held to maturity are those debt securities the Corporation has both the intent and ability to hold to maturity regardless of changes in market conditions, liquidity needs or changes in general economic conditions. These securities are carried at cost adjusted for the amortization of premium and accretion of discount, computed on a level yield basis. Investments in equity securities are recorded in accordance with ASC 321-10, Investments - Equity Securities. ​ The Corporation’s accounting policy specifies that (a) if the Corporation does not have the intent to sell a debt security prior to recovery and (b) it is more likely than not that it will not have to sell the debt security prior to recovery, the security would not be considered other-than-temporarily impaired, unless there is a credit loss. When the Corporation does not intend to sell the security, and it is more likely than not, the Corporation will not have to sell the security before recovery of its cost basis, it will recognize the credit component of an other-than-temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income. The Corporation did not recognize any other-than-temporary impairment charges during the years ended December 31, 2020 and 2019. ​
Loans Receivable	(f) Loans Receivable Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the yield (interest income) of the related loans. The Corporation generally amortizes these amounts over the contractual life of the loan. Loans that were originated by the Corporation and intended for sale in the secondary market to permanent investors, but were either repurchased or unsalable due to defect, are held for the foreseeable future or until maturity or payoff, are carried at fair value. The accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan is currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed and charged against current year income. Interest received on nonaccrual loans generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time and the ultimate collectability of the total contractual principal and interest is no longer in doubt.
Allowance for Loan and Lease Losses	(g) Allowance for Loan and Lease Losses The allowance for loan and lease losses (“Allowance”) is a valuation for probable incurred credit losses established through provisions for loan losses charged against income. Loans deemed to be uncollectible are charged against the Allowance, and subsequent recoveries, if any, are credited to the Allowance. All, or part, of the principal balance of loans receivable are charged off to the Allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. Charge-offs for retail consumer loans are generally made for any balance not adequately secured after 120 The Allowance is maintained at a level considered adequate to provide for probable incurred credit losses. Management’s periodic evaluation of the adequacy of the Allowance is based on known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is subjective as it requires material estimates that may be susceptible to significant revisions as more information becomes available. In addition, Federal regulatory agencies, as an integral part of their examination process, periodically review the Corporation’s Allowance and may require the Corporation to recognize additions to the Allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. The Allowance consists of general and specific components. The general component covers non-classified loans, as well as, non-impaired classified loans and is based on historical loss experience adjusted for qualitative factors. The specific component relates to loans that are classified as doubtful, substandard, and are on non-accrual and have been deemed impaired. Loan classifications are determined based on various assessments such as the borrower’s overall financial condition, payment history, repayment sources, guarantors and value of collateral. We apply historical loss rates to pools of loans with similar risk characteristics. Loss rates are calculated by historical charge-offs that have occurred within each pool of loans over the loss emergence period (“LEP”). The LEP is an estimate of the average amount of time from when an event happens that causes the borrower to be unable to pay on a loan until the loss is confirmed through a loan charge-off. ​ Another key assumption is the look-back period (“LBP”), which represents the historical data period utilized to calculate loss rates. We used 10 years for our LBP for all portfolio segments which encompasses our loss experience during the Financial Crisis, and our more recent improved loss experience. ​ After consideration of the historic loss calculations, management applies qualitative adjustments so that the Allowance is reflective of the inherent losses that exist in the loan portfolio at the balance sheet date. Qualitative adjustments are made based upon changes in lending policies and practices, economic conditions, changes in the loan portfolio, changes in lending management, results of internal loan reviews, asset quality trends, collateral values, concentrations of credit risk and other external factors. The evaluation of the various components of the Allowance requires considerable judgment in order to estimate inherent loss exposures. ​ A loan is considered impaired when, based on current information and events, it is probable that the Corporation will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement, or a troubled debt restructure (“TDR”). Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. For commercial and construction loans, impairment is measured on a loan by loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral adjusted for cost to sell, if the loan is collateral dependent. Large groups of smaller balance homogeneous residential mortgage and consumer loans are collectively evaluated for impairment. Accordingly, the Corporation does not separately identify individual loans of this nature for impairment disclosures, unless such loans become impaired or are troubled and the subject of a restructuring agreement. Loans whose terms are modified are classified as TDR’s if the Corporation grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a TDR generally involve a temporary reduction in interest rate or an extension of a loan’s stated maturity date. TDR’s are considered impaired loans No portion of the Allowance is restricted to any individual loan or groups of loans, and the entire Allowance is available to absorb any and all loan and lease losses.
Mortgage Banking Activities and Mortgage Loans Held for Sale	(h) Mortgage Banking Activities and Mortgage Loans Held for Sale The Corporation’s mortgage banking division operates 9 offices in the tri-state area of Pennsylvania, Delaware and New Jersey and another 7 offices in Maryland. The mortgage banking division originates conventional mortgages, FHA, VA, USDA, and other state insured mortgages. The loans are generally sold to various investors in the secondary market. Mortgage loans originated by the Corporation and intended for sale in the secondary market to permanent investors are classified as mortgage loans held for sale on the balance sheet as the Corporation has elected to measure loans held for sale at fair value. Fair value is based on outstanding investor commitments or, in the absence of such commitments, on current investor yield requirements based on third party models. Gains and losses on sales of these loans, as well as loan origination costs, are recorded as a component of noninterest income in the Consolidated Statements of Income. The Corporation’s current practice is to sell residential mortgage loans and retain the servicing rights, as discussed further below. Interest on loans held for sale is credited to income based on the principal amounts outstanding. ​ The Corporation enters into commitments to originate loans whereby the interest rate on the loan is determined prior to funding (interest rate lock commitments). Rate lock commitments on mortgage loans that are intended to be sold are considered to be derivatives. Time elapsing between the issuance of a loan commitment and closing and sale of the loan generally ranges from 30 ​ The Corporation utilizes a third-party model to determine the fair value of rate lock commitments or forward sale contracts. This model uses investor quotes while taking into consideration the probability that the rate lock commitments will close. Net derivative assets and liabilities are recorded within other assets or other liabilities, respectively, on the consolidated balance sheets, with changes in fair value during the period recorded within net change in the fair value of derivative instruments on the consolidated statements of income.
Loan Servicing Rights	(i) Loan Servicing Rights The Corporation sells substantially all of the residential mortgage loans originated for sale in the secondary market; however, the Corporation may retain the servicing rights related to some of these loans. A fee, usually based on a percentage of the outstanding principal balance of the loan, is received in return for these services. Mortgage servicing rights (“MSRs") are recognized when a loan’s servicing rights are retained upon sale of a loan. When mortgage loans are sold with servicing retained, MSR’s are initially recorded at fair value with the income effect recorded in non-interest income. The Corporation also sells the guaranteed portion of certain Small Business Administration (“SBA”) loans to third parties and retains servicing rights and receives servicing fees. All such transfers are accounted for as sales. While the Corporation may retain a portion of certain sold SBA loans, its continuing involvement in the portion of the loan that was sold is limited to certain servicing responsibilities. These servicing assets amortize to noninterest expense in proportion to, and over the period of, the estimated future net servicing life of the underlying loans. The servicing assets are evaluated quarterly for impairment based upon the fair value of the rights as compared to their amortized cost. Impairment is recognized on the income statement to the extent the fair value is less than the capitalized amount of the servicing assets.
Other Real Estate Owned	(j) Other Real Estate Owned Other real estate owned (OREO) is comprised of property acquired through a foreclosure proceeding or acceptance of a deed-in-lieu of foreclosure. The Corporation acquires OREO through the wholly owned subsidiary of the Bank, Apex Realty. OREO is recorded at the lower of cost or fair value, or the loan amount net of estimated selling costs, at the date of foreclosure. The cost basis of OREO is its recorded value at the time of acquisition. After acquisition, valuations are periodically performed by management and subsequent changes in the valuation allowance are charged to OREO expense. Revenues, such as rental income, and holding expenses are included in other income and other expenses, respectively. The Corporation had $0 thousand of OREO at December 31, 2020 and $120 thousand for 2019.
Restricted Investment in Bank Stock	(k) Restricted Investment in Bank Stock Restricted bank stock is principally comprised of stock in the Federal Home Loan Bank of Pittsburgh (FHLB). Federal law requires a member institution of the FHLB to hold stock according to a predetermined formula. As of December 31, 2020, and 2019, the Corporation had an investment of $7.9 million and $8.1 million, respectively, related to the FHLB stock. Also included in restricted stock is secondary stock from a correspondent bank in the amount of $50 thousand as of December 31, 2020 and 2019. All restricted stock is carried at cost. Management’s determination of whether these investments are impaired is based on their assessment of the ultimate recoverability of their cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of their cost is influenced by criteria such as (1) significance of the decline in net assets of the banks as compared to the capital stock amount and the length of time this situation has persisted, (2) commitments by the banks to make payments required by law or regulation and the level of such payments in relation to the operating performance of the banks, and (3) the impact of legislative and regulatory changes on institutions and, accordingly, on the customer base of the banks. Management believes no impairment charge is necessary related to these bank restricted stocks as of December 31, 2020 or 2019.
Transfers of Financial Assets	(l ) Transfers of Financial Assets Transfers of financial assets, including loan and loan participation sales, are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Corporation, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Corporation does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.
Bank Premises and Equipment	(m) Bank Premises and Equipment Bank premises and equipment are stated at cost less accumulated depreciation. Land is carried at cost. Buildings and related components are depreciated using the straight-line method with useful lives ranging from 12 3 3
Bank-Owned Life Insurance	(n) Bank-Owned Life Insurance The Corporation invests in bank owned life insurance (“BOLI”) as a source of funding for employee benefit expenses. BOLI involves the purchasing of life insurance by the Corporation on a chosen group of employees. The Corporation is the owner and beneficiary of the policies. This life insurance investment is carried at the cash surrender value of the underlying policies. Earnings from the increase in cash surrender value of the policies are included in non-interest income on the consolidated statements of income.
Advertising Costs	(o) Advertising Costs The Corporation follows the policy of charging the costs of advertising to expense as incurred.
Employee Benefit Plans	(p) Employee Benefit Plans The Corporation has a 401(k) Plan (the Plan) and an Employee Stock Ownership Plan (ESOP). All employees are eligible to participate in the Plan and ESOP after they have attained the age of 21 3 $636 thousand and $325 thousand, respectively for the year ended December 31, 2019. The expense recorded by the Corporation for the ESOP for the year ended December 31, 2020 included a $600 thousand one-time contribution approved by the Board of Directors. During the year ended December 31, 2020, 161,576 shares were purchased by the ESOP at an average market value of $15.06, while no shares were purchased by the ESOP for 2019. Shares in the ESOP that are committed to be released to employees are treated as outstanding shares in the Corporation’s computation of earnings per share. On August 31, 2020 the Corporation established a $2 million stock purchase authorization with the ESOP. By the end of 2020 the ESOP had fully utilized the $2 million loan to purchase 133,280 Corporation common shares and as of December 31, 2020, 13,328 of these common shares were released to the ESOP and such shares are included in the number of shares purchased in 2020 for the ESOP noted above, leaving 119,952 unallocated shares. There were 225,687 shares in the ESOP as of December 31, 2020. Shares in the ESOP would be impacted by any stock dividends and stock splits in the same manner as all other outstanding common shares of the Corporation.
Income Taxes	(q) Income Taxes Deferred income taxes are provided on the asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and net operating losses and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and net operating loss carry-forwards and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Corporation follows accounting guidance related to accounting for uncertainty in income taxes. Under the “more likely than not” threshold guidelines, the Corporation believes no significant uncertain tax positions exist, either individually or in the aggregate, that would give rise to the non-recognition of an existing tax benefit. As of December 31, 2020, and 2019, the Corporation had no material unrecognized tax benefits or accrued interest and penalties. The Corporation’s policy is to account for interest as a component of interest expense and penalties as a component of other expense. The Corporation is no longer subject to examination by federal, state and local taxing authorities for years before January 1, 2017.
Stock Compensation Plans	(r ) Stock Compensation Plans Stock compensation accounting guidance requires that the compensation cost relating to share-based payment transactions be recognized in financial statements. That cost will be measured based on the grant date fair value of the equity or liability instruments issued. The stock compensation accounting guidance covers a wide range of share-based compensation arrangements including stock options and restricted share plans. The stock compensation accounting guidance requires that compensation cost for all stock awards be calculated and recognized over the employees’ service period, generally defined as the vesting period. For awards with graded-vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. A Black-Scholes model is used to estimate the fair value of stock options, while the market price of the Corporation’s common stock at the date of grant is used for restricted stock awards.
Comprehensive Income	(s) Comprehensive Income Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of the equity section of the balance sheet, such items, along with net income, are components of comprehensive income. The components of other comprehensive income (loss) for the years ended December 31, 2020 and 2019 consist of unrealized holding gains and (losses) arising during the year on available-for-sale securities.
Off Balance Sheet Financial Instruments	(t ) Off-Balance Sheet Financial Instruments In the ordinary course of business, the Corporation has entered into off-balance sheet financial instruments consisting of commitments to extend credit and letters of credit. Such financial instruments are recorded in the balance sheet when they are funded.
Derivative Financial Instruments	(u) Derivative Financial Instruments The Corporation recognizes all derivative financial instruments related to its mortgage banking activities on its balance sheet at fair value. The Corporation utilizes investor quotes to determine the fair value of interest rate lock commitment derivatives and market pricing to determine the fair value of forward security purchase commitment derivatives. All changes in fair value of derivative instruments are recognized in earnings. The Corporation enters into interest rate swaps that allow commercial loan customers to effectively convert a variable-rate commercial loan agreement to a fixed-rate commercial loan agreement. The interest rate swaps are recognized on the Corporation’s balance sheet at fair value. Under these agreements, the Corporation originates variable-rate loans with customers in addition to interest rate swap agreements, which serve to effectively swap the customers’ variable-rate loans into fixed-rate loans. The Corporation then enters into corresponding swap agreements with swap dealer counterparties to economically hedge its exposure on the variable and fixed components of the customer agreements. The interest rate swaps with both the customers and third parties are not designated as hedges under ASC 815 and are marked to market through earnings. As the interest rate swaps are structured to offset each other, changes to the underlying benchmark interest rates considered in the valuation of these instruments do not result in an impact to earnings; however, there may be fair value adjustments related to credit quality variations between counterparties, which may impact earnings as required by ASC 820.
Earnings per Common Share	(v) Earnings per Common Share Basic earnings per common share excludes dilution and is computed by dividing income available to common shareholders by the weighted-average common shares outstanding during the period reduced by unearned ESOP Plan shares and treasury stock. Diluted earnings per common share takes into account the potential dilution that would occur if in the-money stock options were exercised and converted into shares of common stock and restricted stock awards and performance-based stock awards were vested. Proceeds assumed to have been received on options exercises are assumed to be used to purchase shares of the Corporation’s common stock at the average market price during the period, as required by the treasury stock method of accounting. The effects of stock options are excluded from the computation of diluted earnings per share in periods in which the effect would be antidilutive.
Revenue Recognition	(w) Revenue Recognition The Corporation recognizes all sources of income on the accrual method, with the exception of nonaccrual loans and leases. The Corporation earns wealth management fee income from investment advisory services provided to individual and 401k customers. Fees that are determined based on the market value of the assets held in their accounts are generally billed quarterly, in advance, based on the market value of assets at the end of the previous billing period. Other related services that are based on a fixed fee schedule are recognized when the services are rendered. Fees that are transaction based, including trade execution services, are recognized at the point in time that the transaction is executed, i.e. the trade date. Included in other assets on the balance sheet is a receivable for wealth management fees that have been earned but not yet collected.
Loss Contingencies	(x) Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there now are such matters that will have a material effect on the financial statements.
Operating Segments	(y) Operating Segments While the chief decision-makers monitor the revenue streams of the various products and services, operations are managed and financial performance is evaluated on a Corporation-wide basis. The Corporation has identified three segments: a banking segment, a wealth management segment and a mortgage banking segment, as more fully disclosed in the Segment note to the consolidated financial statements.
Fair Value of Financial Instruments	(z) Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in the Fair Value Measurements and Disclosures note to the consolidated financial statements. Fair value estimates involve uncertainties and matters of significant judgment. Changes in assumptions or in market conditions could significantly affect the estimates.

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	12 Months Ended
	Dec. 31, 2020
Earnings per Common Share
Schedule of basic and diluted earnings per common share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, (dollars in thousands, except per share data) 2020 2019 Numerator: ​ ​ ​ ​ ​ ​ Net income available to common stockholders ​ $ 26,438 ​ ​ 10,481 Denominator for basic earnings per share ​ ​ ​ ​ ​ ​ Weighted average shares outstanding ​ ​ 6,159 ​ ​ 6,407 Average unearned ESOP shares ​ ​ (37) ​ ​ — Basic weighted averages shares outstanding ​ ​ 6,122 ​ ​ 6,407 Effect of dilutive common shares ​ ​ 65 ​ ​ 31 Denominator for diluted earnings per share - adjusted weighted average shares outstanding ​ ​ 6,187 ​ ​ 6,438 Basic earnings per share ​ $ 4.32 ​ ​ 1.64 Diluted earnings per share ​ $ 4.27 ​ ​ 1.63 Antidilutive shares excluded from computation of average dilutive earnings per share ​ ​ 275 ​ ​ 199

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	12 Months Ended
	Dec. 31, 2020
Goodwill and Other Intangibles
Schedule of goodwill and intangibles assets related to acquisition	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance ​ ​ ​ Balance ​ Amortization ​ ​ December 31, ​ Amortization ​ December 31, ​ Period (dollars in thousands) 2019 Expense 2020 (in years) Goodwill - Wealth ​ $ 899 ​ — ​ 899 ​ Indefinite Total Goodwill ​ ​ 899 ​ — ​ 899 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Intangible assets - trade name ​ ​ 266 ​ — ​ 266 ​ Indefinite Intangible assets - customer relationships ​ ​ 3,523 ​ (204) ​ 3,319 ​ 20 Intangible assets - non competition agreements ​ ​ 85 ​ (69) ​ 16 ​ 4 Total Intangible Assets ​ ​ 3,874 ​ (273) ​ 3,601 ​ ​ Total ​ $ 4,773 ​ (273) ​ 4,500 ​ ​
Schedule of future amortization	At December 31, 2020, the schedule of future intangible asset amortization is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ ​ ​ 221 2022 ​ ​ ​ ​ ​ ​ 204 2023 ​ ​ ​ ​ ​ ​ 204 2024 ​ ​ ​ ​ ​ ​ 204 2025 ​ ​ ​ ​ ​ ​ 204 Thereafter ​ ​ ​ ​ ​ ​ 2,298 ​ ​ ​ ​ ​ ​ $ 3,335 ​

Securities (Tables)

Securities (Tables)	12 Months Ended
	Dec. 31, 2020
Securities
Schedule of amortized cost and fair value of securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ # of Securities ​ ​ Amortized ​ unrealized ​ unrealized ​ Fair ​ in unrealized (dollars in thousands) cost gains losses value ​ loss position Securities available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. asset backed securities ​ $ 25,303 ​ 364 ​ (75) ​ 25,592 ​ 8 U.S. government agency mortgage-backed securities ​ ​ 3,854 ​ 192 ​ — ​ 4,046 ​ — U.S. government agency collateralized mortgage obligations ​ ​ 23,010 ​ 916 ​ (17) ​ 23,909 ​ 1 State and municipal securities ​ ​ 63,848 ​ 2,025 ​ (63) ​ 65,810 ​ 3 Corporate bonds ​ ​ 4,200 ​ 7 ​ (2) ​ 4,205 ​ 2 Total securities available-for-sale ​ $ 120,215 ​ 3,504 ​ (157) ​ 123,562 ​ 14 Securities held-to-maturity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State and municipal securities ​ ​ 6,510 ​ 347 ​ — ​ 6,857 ​ — Total securities held-to-maturity ​ $ 6,510 ​ 347 ​ — ​ 6,857 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ # of Securities ​ ​ Amortized ​ unrealized ​ unrealized ​ Fair ​ in unrealized (dollars in thousands) cost gains losses value ​ loss position Securities available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. asset backed securities ​ $ 11,967 ​ — ​ (101) ​ 11,866 ​ 9 U.S. government agency mortgage-backed securities ​ ​ 5,457 ​ 66 ​ (26) ​ 5,497 ​ 1 U.S. government agency collateralized mortgage obligations ​ ​ 35,096 ​ 300 ​ (173) ​ 35,223 ​ 15 State and municipal securities ​ ​ 6,354 ​ — ​ (84) ​ 6,270 ​ 6 Total securities available-for-sale ​ $ 58,874 ​ 366 ​ (384) ​ 58,856 ​ 31 Securities held-to-maturity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ State and municipal securities ​ ​ 8,780 ​ 223 ​ — ​ 9,003 ​ — Total securities held-to-maturity ​ $ 8,780 ​ 223 ​ — ​ 9,003 ​ —
Schedule of investment gross unrealized loss in continuous unrealized loss position	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ Less than 12 Months ​ 12 Months or more ​ Total ​ ​ Fair ​ Unrealized ​ Fair ​ Unrealized ​ Fair ​ Unrealized (dollars in thousands) value losses value losses value losses Securities available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. asset backed securities ​ $ 2,884 ​ (4) ​ 7,443 ​ (71) ​ 10,327 ​ (75) U.S. government agency collateralized mortgage obligations ​ ​ 2,284 ​ (17) ​ — ​ — ​ 2,284 ​ (17) State and municipal securities ​ ​ 4,163 ​ (63) ​ — ​ — ​ 4,163 ​ (63) Corporate bonds ​ ​ 1,198 ​ (2) ​ — ​ — ​ 1,198 ​ (2) Total securities available-for-sale ​ $ 10,529 ​ (86) ​ 7,443 ​ (71) ​ 17,972 ​ (157) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ Less than 12 Months ​ 12 Months or more ​ Total ​ ​ Fair ​ Unrealized ​ Fair ​ Unrealized ​ Fair ​ Unrealized (dollars in thousands) value losses value losses value losses Securities available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. asset backed securities ​ $ 11,866 ​ (101) ​ — ​ — ​ 11,866 ​ (101) U.S. government agency mortgage-backed securities ​ ​ — ​ — ​ 1,636 ​ (26) ​ 1,636 ​ (26) U.S. government agency collateralized mortgage obligations ​ ​ 16,283 ​ (116) ​ 3,108 ​ (57) ​ 19,391 ​ (173) State and municipal securities ​ ​ 6,270 ​ (84) ​ — ​ — ​ 6,270 ​ (84) Total securities available-for-sale ​ $ 34,419 ​ (301) ​ 4,744 ​ (83) ​ 39,163 ​ (384)
Schedule of amortized cost and carrying value of held-to-maturity securities and available-for-sale securities by contractual maturity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ December 31, 2019 ​ ​ Available-for-sale ​ Held-to-maturity ​ Available-for-sale ​ Held-to-maturity ​ ​ Amortized ​ Fair ​ Amortized ​ Fair ​ Amortized ​ Fair ​ Amortized ​ Fair (dollars in thousands) cost value cost value cost value cost value Investment securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due in one year or less ​ $ — ​ — ​ — ​ — ​ $ — ​ — ​ — ​ — Due after one year through five years ​ ​ — ​ — ​ 3,181 ​ 3,288 ​ ​ — ​ — ​ 4,242 ​ 4,311 Due after five years through ten years ​ ​ 12,035 ​ 12,095 ​ 3,329 ​ 3,569 ​ ​ 1,329 ​ 1,324 ​ 4,538 ​ 4,692 Due after ten years ​ ​ 81,316 ​ 83,512 ​ — ​ — ​ ​ 16,992 ​ 16,812 ​ — ​ — Subtotal ​ ​ 93,351 ​ 95,607 ​ 6,510 ​ 6,857 ​ ​ 18,321 ​ 18,136 ​ 8,780 ​ 9,003 Mortgage-related securities ​ ​ 26,864 ​ 27,955 ​ — ​ — ​ ​ 40,553 ​ 40,720 ​ — ​ — Total ​ $ 120,215 ​ 123,562 ​ 6,510 ​ 6,857 ​ $ 58,874 ​ 58,856 ​ 8,780 ​ 9,003

Loans Receivable (Tables)

Loans Receivable (Tables)	12 Months Ended
	Dec. 31, 2020
Loans Receivable
Summary of loans and leases outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, (dollars in thousands) 2020 2019 Mortgage loans held for sale ​ $ 229,199 ​ 33,704 Real estate loans: ​ ​ ​ ​ ​ Commercial mortgage ​ ​ 485,103 ​ 362,590 Home equity lines and loans ​ ​ 64,987 ​ 81,583 Residential mortgage (1) ​ ​ 52,454 ​ 53,665 Construction ​ ​ 140,246 ​ 172,044 Total real estate loans ​ ​ 742,790 ​ 669,882 ​ ​ ​ ​ ​ ​ Commercial and industrial ​ ​ 261,750 ​ 273,301 Small business loans ​ ​ 49,542 ​ 21,616 Paycheck Protection Program loans ("PPP") ​ ​ 203,543 ​ — Main Street Lending Program Loans ("MSLP") ​ ​ 580 ​ — Consumer ​ ​ 511 ​ 1,003 Leases, net ​ ​ 31,040 ​ 697 Total portfolio loans and leases ​ ​ 1,289,756 ​ 966,499 Total loans and leases ​ $ 1,518,955 ​ 1,000,203 ​ ​ ​ ​ ​ ​ Loans with predetermined rates ​ $ 658,458 ​ 293,114 Loans with adjustable or floating rates ​ ​ 860,497 ​ 707,089 Total loans and leases ​ $ 1,518,955 ​ 1,000,203 ​ ​ ​ ​ ​ ​ Net deferred loan origination (fees) costs ​ $ (4,992) ​ (1,789) ​ (1) Includes $12,182 and $10,546 of loans at fair value as of December 31, 2020 and 2019, respectively. ​
Schedule of components of the net investment in leases	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, (dollars in thousands) 2020 2019 Minimum lease payments receivable ​ $ 37,919 ​ 729 Unearned lease income ​ ​ (6,879) ​ (32) Total ​ $ 31,040 ​ 697
Schedule of age analysis of past due loans and leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 90+ days ​ ​ ​ ​ ​ Accruing ​ Nonaccrual ​ Total loans ​ ​ ​ December 31, 2020 ​ 30-89 days ​ past due and ​ Total past ​ ​ ​ Loans and ​ loans and ​ portfolio ​ Delinquency ​ (dollars in thousands) past due still accruing due Current leases leases and leases percentage Commercial mortgage ​ $ — ​ — ​ — ​ 482,042 ​ 482,042 ​ 3,061 ​ 485,103 ​ 0.63 % Home equity lines and loans ​ ​ — ​ — ​ — ​ 64,128 ​ 64,128 ​ 859 ​ 64,987 ​ 1.32 ​ Residential mortgage (1) ​ ​ 3,595 ​ — ​ 3,595 ​ 46,134 ​ 49,729 ​ 2,725 ​ 52,454 ​ 12.05 ​ Construction ​ ​ — ​ — ​ — ​ 140,246 ​ 140,246 ​ — ​ 140,246 ​ — ​ Commercial and industrial ​ ​ — ​ — ​ — ​ 260,465 ​ 260,465 ​ 1,285 ​ 261,750 ​ 0.49 ​ Small business loans ​ ​ — ​ — ​ — ​ 49,542 ​ 49,542 ​ — ​ 49,542 ​ — ​ Paycheck Protection Program loans ​ ​ — ​ — ​ — ​ 203,543 ​ 203,543 ​ — ​ 203,543 ​ — ​ Main Street Lending Program loans ​ ​ — ​ — ​ — ​ 580 ​ 580 ​ — ​ 580 ​ — ​ Consumer ​ ​ — ​ — ​ — ​ 511 ​ 511 ​ — ​ 511 ​ — ​ Leases ​ ​ 109 ​ — ​ 109 ​ 30,931 ​ 31,040 ​ — ​ 31,040 ​ 0.35 ​ Total ​ $ 3,704 ​ — ​ 3,704 ​ 1,278,122 ​ 1,281,826 ​ 7,930 ​ 1,289,756 ​ 0.90 % (1) Includes $12,182 of loans at fair value as of December 31, 2020 ($10,314 of current, $958 of 30-89 days past due and $910 of nonaccrual). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 90+ days ​ ​ ​ ​ ​ Accruing ​ Nonaccrual ​ Total loans ​ ​ ​ December 31, 2019 ​ 30-89 days ​ past due and ​ Total past ​ ​ ​ Loans and ​ loans and ​ portfolio ​ Delinquency ​ (dollars in thousands) past due still accruing due Current leases leases and leases percentage Commercial mortgage ​ $ — ​ — ​ — ​ 361,857 ​ 361,857 ​ 733 ​ 362,590 ​ 0.20 % Home equity lines and loans ​ ​ — ​ — ​ — ​ 81,046 ​ 81,046 ​ 537 ​ 81,583 ​ 0.66 ​ Residential mortgage (1) ​ ​ 4,675 ​ — ​ 4,675 ​ 47,446 ​ 52,121 ​ 1,544 ​ 53,665 ​ 11.59 ​ Construction ​ ​ — ​ — ​ — ​ 172,044 ​ 172,044 ​ — ​ 172,044 ​ — ​ Commercial and industrial ​ ​ 206 ​ — ​ 206 ​ 272,674 ​ 272,880 ​ 421 ​ 273,301 ​ 0.23 ​ Small business loans ​ ​ — ​ — ​ — ​ 21,616 ​ 21,616 ​ — ​ 21,616 ​ — ​ Consumer ​ ​ — ​ — ​ — ​ 1,003 ​ 1,003 ​ — ​ 1,003 ​ — ​ Leases ​ ​ 162 ​ — ​ 162 ​ 535 ​ 697 ​ — ​ 697 ​ 23.24 ​ Total ​ $ 5,043 ​ — ​ 5,043 ​ 958,221 ​ 963,264 ​ 3,235 ​ 966,499 ​ 0.86 % (1) Includes $10,546 of loans at fair value as of December 31, 2019 ($9,056 of current, $786 of 30-89 days past due and $704 of nonaccrual).

Allowance for Loan Losses (th_2

Allowance for Loan Losses (the Allowance) (Tables)	12 Months Ended
	Dec. 31, 2020
Allowance for Loan Losses (the Allowance)
Roll-forward of allowance for loan and lease losses by portfolio segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, ​ ​ ​ ​ ​ ​ ​ Balance, (dollars in thousands) December 31, 2019 Charge-offs Recoveries Provision December 31, 2020 Commercial mortgage ​ $ 3,426 ​ — ​ — ​ 4,025 ​ 7,451 Home equity lines and loans ​ ​ 342 ​ (90) ​ 14 ​ 168 ​ 434 Residential mortgage ​ ​ 179 ​ — ​ 7 ​ 199 ​ 385 Construction ​ ​ 2,362 ​ — ​ — ​ 59 ​ 2,421 Commercial and industrial ​ ​ 2,684 ​ (31) ​ 58 ​ 2,720 ​ 5,431 Small business loans ​ ​ 509 ​ — ​ — ​ 750 ​ 1,259 Consumer ​ ​ 6 ​ (10) ​ 4 ​ 4 ​ 4 Leases ​ ​ 5 ​ — ​ — ​ 377 ​ 382 Total ​ $ 9,513 ​ (131) ​ 83 ​ 8,302 ​ 17,767 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, ​ ​ ​ ​ ​ ​ ​ Balance, (dollars in thousands) December 31, 2018 Charge-offs Recoveries Provision December 31, 2019 Commercial mortgage ​ $ 3,209 ​ — ​ 237 ​ (20) ​ 3,426 Home equity lines and loans ​ ​ 323 ​ — ​ 10 ​ 9 ​ 342 Residential mortgage ​ ​ 191 ​ — ​ 5 ​ (17) ​ 179 Construction ​ ​ 1,627 ​ — ​ — ​ 735 ​ 2,362 Commercial and industrial ​ ​ 2,612 ​ (30) ​ 333 ​ (231) ​ 2,684 Small business loans ​ ​ 78 ​ — ​ — ​ 431 ​ 509 Consumer ​ ​ 3 ​ — ​ 4 ​ (1) ​ 6 Leases ​ ​ 10 ​ — ​ — ​ (5) ​ 5 Total ​ $ 8,053 ​ (30) ​ 589 ​ 901 ​ 9,513 ​
Schedule of allocation of the allowance for loan and lease losses	The following table details the allocation of the Allowance and the carrying value for loans and leases by portfolio segment based on the methodology used to evaluate the loans and leases for impairment as of December 31, 2020 respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance on loans and leases ​ Carrying value of loans and leases ​ ​ ​ Individually ​ Collectively ​ ​ ​ Individually ​ Collectively ​ ​ ​ December 31, 2020 ​ evaluated ​ evaluated ​ ​ ​ evaluated ​ evaluated ​ ​ ​ (dollars in thousands) for impairment for impairment Total for impairment for impairment Total ​ Commercial mortgage ​ $ — ​ 7,451 ​ 7,451 ​ $ 1,606 ​ 483,497 ​ 485,103 ​ Home equity lines and loans ​ ​ 9 ​ 425 ​ 434 ​ ​ 921 ​ 64,066 ​ 64,987 ​ Residential mortgage ​ ​ 73 ​ 312 ​ 385 ​ ​ 1,817 ​ 38,455 ​ 40,272 ​ Construction ​ ​ — ​ 2,421 ​ 2,421 ​ ​ 1,206 ​ 139,040 ​ 140,246 ​ Commercial and industrial ​ ​ 1,563 ​ 3,868 ​ 5,431 ​ ​ 4,645 ​ 257,105 ​ 261,750 ​ Small business loans ​ ​ — ​ 1,259 ​ 1,259 ​ ​ 185 ​ 49,357 ​ 49,542 ​ Paycheck Protection Program loans ​ ​ — ​ — ​ — ​ ​ — ​ 203,543 ​ 203,543 ​ Main Street Lending Program ​ ​ — ​ — ​ — ​ ​ — ​ 580 ​ 580 ​ Consumer ​ ​ — ​ 4 ​ 4 ​ ​ — ​ 511 ​ 511 ​ Leases ​ ​ — ​ 382 ​ 382 ​ ​ — ​ 31,040 ​ 31,040 ​ Total ​ $ 1,645 ​ 16,122 ​ 17,767 ​ $ 10,380 ​ 1,267,194 ​ 1,277,574 (1) ​ (1) Excludes deferred fees and loans carried at fair value. The following table details the allocation of the Allowance and the carrying value for loans and leases by portfolio segment based on the methodology used to evaluate the loans and leases for impairment as of December 31, 2019 respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance on loans and leases ​ Carrying value of loans and leases ​ ​ ​ Individually ​ Collectively ​ ​ ​ Individually ​ Collectively ​ ​ ​ December 31, 2019 ​ evaluated ​ evaluated ​ ​ ​ evaluated ​ evaluated ​ ​ ​ (dollars in thousands) for impairment for impairment Total for impairment for impairment Total ​ Commercial mortgage ​ $ — ​ 3,426 ​ 3,426 ​ $ 2,138 ​ 360,452 ​ 362,590 ​ Home equity lines and loans ​ ​ 46 ​ 296 ​ 342 ​ ​ 536 ​ 81,047 ​ 81,583 ​ Residential mortgage ​ ​ — ​ 179 ​ 179 ​ ​ 854 ​ 42,265 ​ 43,119 ​ Construction ​ ​ — ​ 2,362 ​ 2,362 ​ ​ 1,247 ​ 170,797 ​ 172,044 ​ Commercial and industrial ​ ​ 27 ​ 2,657 ​ 2,684 ​ ​ 1,288 ​ 272,013 ​ 273,301 ​ Small business loans ​ ​ 63 ​ 446 ​ 509 ​ ​ 1,244 ​ 20,372 ​ 21,616 ​ Consumer ​ ​ — ​ 6 ​ 6 ​ ​ — ​ 1,003 ​ 1,003 ​ Leases ​ ​ — ​ 5 ​ 5 ​ ​ — ​ 697 ​ 697 ​ Total ​ $ 136 ​ 9,377 ​ 9,513 ​ $ 7,307 ​ 948,646 ​ 955,953 (1) (1) Excludes deferred fees and loans carried at fair value.
Schedule of carrying value of loans and leases by portfolio segment based on the credit quality indicators	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ Special ​ ​ ​ (dollars in thousands) ​ Pass ​ mention ​ Substandard ​ Doubtful ​ Total Commercial mortgage ​ $ 449,545 ​ 32,059 ​ 3,499 ​ — ​ 485,103 Home equity lines and loans ​ ​ 63,923 ​ — ​ 1,064 ​ — ​ 64,987 Construction ​ ​ 132,286 ​ 7,960 ​ — ​ — ​ 140,246 Commercial and industrial ​ ​ 227,349 ​ 21,721 ​ 9,000 ​ 3,680 ​ 261,750 Small business loans ​ ​ 46,789 ​ — ​ 2,753 ​ — ​ 49,542 Paycheck Protection Program loans ​ ​ 203,543 ​ — ​ — ​ — ​ 203,543 Main Street Lending Program loans ​ ​ 580 ​ — ​ — ​ — ​ 580 Total ​ $ 1,124,015 ​ 61,740 ​ 16,316 ​ 3,680 ​ 1,205,751 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ Special ​ ​ ​ (dollars in thousands) ​ Pass ​ mention ​ Substandard ​ Doubtful ​ Total Commercial mortgage ​ $ 353,724 ​ 5,821 ​ 3,045 ​ — ​ 362,590 Home equity lines and loans ​ ​ 81,046 ​ — ​ 537 ​ — ​ 81,583 Construction ​ ​ 170,823 ​ 1,221 ​ — ​ — ​ 172,044 Commercial and industrial ​ ​ 251,320 ​ 9,648 ​ 12,333 ​ — ​ 273,301 Small business loans ​ ​ 20,351 ​ — ​ 1,265 ​ — ​ 21,616 Total ​ $ 877,264 ​ 16,690 ​ 17,180 ​ — ​ 911,134
Schedule of allocations based on the credit quality indicators	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ December 31, 2019 (dollars in thousands) Performing Nonperforming Total Performing Nonperforming Total Residential mortgage ​ $ 38,457 ​ 1,815 ​ 40,272 ​ $ 42,265 ​ 854 ​ 43,119 Consumer ​ ​ 511 ​ — ​ 511 ​ ​ 1,003 ​ — ​ 1,003 Leases ​ ​ 31,040 ​ — ​ 31,040 ​ ​ 697 ​ — ​ 697 Total ​ $ 70,008 ​ 1,815 ​ 71,823 ​ $ 43,965 ​ 854 ​ 44,819
Schedule of recorded investment and principal balance of impaired loans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ As of December 31, 2019 ​ ​ Recorded ​ Principal ​ Related ​ Recorded ​ Principal ​ Related (dollars in thousands) investment balance allowance investment balance allowance Impaired loans with related allowance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and industrial ​ ​ 3,860 ​ 3,902 ​ 1,563 ​ 617 ​ 617 ​ 27 Small business loans ​ ​ — ​ — ​ — ​ 1,002 ​ 1,002 ​ 63 Home equity lines and loans ​ ​ 95 ​ 105 ​ 9 ​ 461 ​ 461 ​ 46 Residential mortgage ​ ​ 689 ​ 689 ​ 73 ​ — ​ — ​ — Total ​ ​ 4,644 ​ 4,696 ​ 1,645 ​ 2,080 ​ 2,080 ​ 136 Impaired loans without related allowance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial mortgage ​ $ 1,606 ​ 1,642 ​ — ​ 2,138 ​ 2,173 ​ — Commercial and industrial ​ ​ 785 ​ 862 ​ — ​ 671 ​ 718 ​ — Small business loans ​ ​ 185 ​ 185 ​ — ​ 242 ​ 242 ​ — Home equity lines and loans ​ ​ 826 ​ 839 ​ — ​ 75 ​ 75 ​ — Residential mortgage ​ ​ 1,128 ​ 1,128 ​ — ​ 854 ​ 854 ​ — Construction ​ ​ 1,206 ​ 1,206 ​ — ​ 1,247 ​ 1,248 ​ — Total ​ ​ 5,736 ​ 5,862 ​ — ​ 5,227 ​ 5,310 ​ — Grand Total ​ $ 10,380 ​ 10,558 ​ 1,645 ​ 7,307 ​ 7,390 ​ 136
Schedule of TDRs	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, (dollars in thousands) 2020 2019 TDRs included in nonperforming loans and leases ​ $ 244 319 TDRs in compliance with modified terms ​ 3,362 3,599 Total TDRs ​ $ 3,606 3,918
Schedule of loan modifications provided to loan customers	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ Portfolio ​ Total ​ Active Loan Portfolio ​ Balance ​ Modifications ​ Modifications Commercial mortgage $ 485,103 $ 96,712 $ 19,836 Commercial and industrial, including leases ​ 292,790 ​ 22,727 ​ — Construction & land development ​ 140,246 ​ 24,847 ​ 4,343 Home equity lines and loans ​ 64,987 ​ 1,488 ​ — Residential mortgage ​ 52,454 ​ 4,563 ​ — Small business loans ​ 49,542 ​ 5,958 ​ 2,726 Consumer ​ 511 ​ — ​ — Total $ 1,085,633 $ 156,295 $ 26,905

Bank Premises and Equipment (Ta

Bank Premises and Equipment (Tables)	12 Months Ended
	Dec. 31, 2020
Bank Premises and Equipment
Schedule of components of premises and equipment, net of depreciation	​ ​ ​ ​ ​ ​ ​ (dollars in thousands) 2020 2019 Building ​ $ 4,141 ​ 4,141 Leasehold improvements ​ ​ 3,202 ​ 3,156 Land ​ ​ 600 ​ 600 Land Improvements ​ ​ 218 ​ 215 Furniture, fixtures and equipment ​ ​ 2,700 ​ 2,574 Computer equipment and data processing software ​ ​ 7,034 ​ 6,360 Construction in process ​ ​ — ​ 102 Less: accumulated depreciation ​ ​ (10,118) ​ (8,512) Total ​ $ 7,777 ​ 8,636

Deposits (Tables)

Deposits (Tables)	12 Months Ended
	Dec. 31, 2020
Deposits:
Summary of components of deposits	​ ​ ​ ​ ​ ​ ​ (dollars in thousands) 2020 2019 Demand, non-interest bearing ​ $ 203,843 ​ 139,450 Demand, interest bearing ​ ​ 206,573 ​ 94,416 Savings accounts ​ ​ 8,056 ​ 3,231 Money market accounts ​ ​ 564,566 ​ 302,242 Time deposits ​ ​ 258,297 ​ 311,829 Total ​ $ 1,241,335 ​ 851,168
Scheduled maturities of time deposits	​ At December 31, 2020, the scheduled maturities of time deposits are as follows (in thousands): ​ ​ ​ ​ ​ ​ 2021 ​ ​ $ 197,649 2022 ​ ​ ​ ​ 41,533 2023 ​ ​ ​ ​ 11,789 2024 ​ ​ ​ ​ 3,342 2025 ​ ​ ​ ​ 3,984 ​ ​ ​ ​ $ 258,297

Short-Term Borrowings and Long-

Short-Term Borrowings and Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2020
Short-Term Borrowings and Long-Term Debt
Schedule of short term borrowings	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of ​ ​ Maturity ​ Interest ​ December 31, ​ December 31, (dollars in thousands) ​ date rate 2020 2019 Open Repo Plus Weekly ​ 05/28/2021 ​ 0.41 % ​ 60,416 ​ 102,320 Federal Reserve Discount Window ​ 03/31/2021 ​ 0.25 ​ ​ 10,000 ​ — Mid-term Repo-fixed ​ 01/13/2021 ​ 0.36 ​ ​ 4,605 ​ — Mid-term Repo-fixed ​ 06/10/2021 ​ 0.10 ​ ​ 6,376 ​ — Mid-term Repo-fixed ​ 09/10/2021 ​ 0.11 ​ ​ 10,000 ​ — Mid-term Repo-fixed ​ 12/10/2021 ​ 0.16 ​ ​ 10,000 ​ — Mid-term Repo-fixed ​ 01/27/2021 ​ 0.23 ​ ​ 5,465 ​ — Mid-term Repo-fixed ​ 08/10/2020 ​ 2.76 ​ ​ — ​ 5,000 Mid-term Repo-fixed ​ 08/10/2020 ​ 1.59 ​ ​ — ​ 5,144 Mid-term Repo-fixed ​ 09/11/2020 ​ 1.59 ​ ​ — ​ 7,676 Mid-term Repo-fixed ​ 03/27/2020 ​ 2.03 ​ ​ — ​ 3,123 Acquisition Purchase Note ​ 04/01/2020 ​ 3.00 ​ ​ — ​ 413 Total ​ ​ ​ ​ ​ $ 106,862 ​ 123,676
Schedule of long term debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of ​ ​ Maturity ​ Interest ​ December 31, ​ December 31, (dollars in thousands) date rate 2020 2019 PPPLF Advance ​ Various ​ 0.35 % ​ 153,269 ​ — Mid-term Repo-fixed ​ 06/29/2022 ​ 0.32 ​ ​ 7,392 ​ 3,123 Mid-term Repo-fixed ​ 09/12/2022 ​ 0.23 ​ ​ 4,885 ​ — Total ​ ` ​ ​ ​ $ 165,546 ​ 3,123 ​

Servicing Assets (Tables)

Servicing Assets (Tables)	12 Months Ended
	Dec. 31, 2020
Mortgage Servicing Rights
Servicing Assets at Fair Value [Line Items]
Schedule of servicing assets	​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (dollars in thousands) ​ 2020 2019 Balance at beginning of the period ​ $ 446 ​ 232 Servicing rights capitalized ​ ​ 4,856 ​ 372 Amortization of servicing rights ​ ​ (318) ​ (60) Change in valuation allowance ​ ​ (337) ​ (98) Balance at end of the period ​ $ 4,647 ​ 446
Schedule of valuation allowance for servicing assets	​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (dollars in thousands) ​ 2020 2019 Valuation allowance, beginning of period ​ $ (98) ​ — Impairment ​ ​ (337) ​ (98) Recovery ​ ​ — ​ — Valuation allowance, end of period ​ $ (435) ​ (98)
Schedule of sensitivity of fair value of servicing assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (dollars in thousands) ​ December 31, 2020 December 31, 2019 Fair value of residential mortgage servicing rights ​ $ 4,647 ​ $ 446 ​ ​ ​ ​ ​ ​ ​ Weighted average life (years) ​ ​ 5.0 ​ ​ 7.8 ​ ​ ​ ​ ​ ​ ​ Prepayment speed ​ ​ 9.39% ​ ​ 13.08% Impact on fair value: ​ ​ ​ ​ ​ ​ 10% adverse change ​ $ (183) ​ $ (19) 20% adverse change ​ ​ (354) ​ ​ (37) ​ ​ ​ ​ ​ ​ ​ Discount rate ​ ​ 9.00% ​ ​ 9.00% Impact on fair value: ​ ​ ​ ​ ​ ​ 10% adverse change ​ $ (168) ​ $ (14) 20% adverse change ​ ​ (329) ​ ​ (27)
SBA Loan Servicing Rights
Servicing Assets at Fair Value [Line Items]
Schedule of servicing assets	​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (dollars in thousands) ​ 2020 2019 Balance at beginning of the period ​ $ 337 ​ — Servicing rights capitalized ​ ​ 794 ​ 383 Amortization of servicing rights ​ ​ (148) ​ (20) Change in valuation allowance ​ ​ (13) ​ (26) Balance at end of the period ​ $ 970 ​ 337
Schedule of valuation allowance for servicing assets	​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (dollars in thousands) ​ 2020 2019 Valuation allowance, beginning of period ​ $ (26) ​ — Impairment ​ ​ (13) ​ (26) Recovery ​ ​ — ​ — Valuation allowance, end of period ​ $ (39) ​ (26)
Schedule of sensitivity of fair value of servicing assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (dollars in thousands) ​ December 31, 2020 December 31, 2019 Fair value of SBA loan servicing rights ​ $ 1,010 ​ $ 337 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average life (years) ​ ​ 3.7 ​ ​ 4.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ Prepayment speed ​ ​ 12.73% ​ ​ 10.77% ​ Impact on fair value: ​ ​ ​ ​ ​ ​ ​ 10% adverse change ​ $ (37) ​ $ (12) ​ 20% adverse change ​ ​ (71) ​ ​ (23) ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount rate ​ ​ 8.33% ​ ​ 11.28% ​ Impact on fair value: ​ ​ ​ ​ ​ ​ ​ 10% adverse change ​ $ (25) ​ $ (9) ​ 20% adverse change ​ ​ (49) ​ ​ (18) ​

Lease Commitments (Tables)

Lease Commitments (Tables)	12 Months Ended
	Dec. 31, 2020
Lease Commitments
Schedule of Future minimum lease payments	​ ​ ​ ​ ​ Future minimum lease payments ​ ​ ​ ​ ​ ​ ​ (dollars in thousands) ​ ​ 2021 ​ $ 2,067 2022 ​ ​ 1,638 2023 ​ ​ 1,549 2024 ​ ​ 1,528 2025 ​ ​ 1,260 Thereafter ​ ​ 3,303 ​ ​ $ 11,345

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2020
Stock-Based Compensation
Summary of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ Average ​ Average ​ ​ ​ ​ Exercise ​ Grant Date ​ Shares Price Fair Value Outstanding at December 31, 2018 ​ 274,070 ​ $ 15.88 ​ $ 4.46 Exercised ​ (689) ​ ​ 11.79 ​ ​ 3.89 Granted ​ 73,000 ​ ​ 17.03 ​ ​ 4.90 Forfeited ​ — ​ ​ — ​ ​ — Outstanding at December 31, 2019 ​ 346,381 ​ ​ 16.13 ​ ​ 4.55 Exercised ​ (14,673) ​ ​ 13.64 ​ ​ 3.74 Granted ​ 94,650 ​ ​ 17.70 ​ ​ 5.07 Forfeited ​ (25,631) ​ ​ 17.03 ​ ​ 4.73 Outstanding at December 31, 2020 ​ 400,727 ​ ​ 16.53 ​ ​ 4.69 Exercisable at December 31, 2020 ​ 277,339 ​ ​ 16.10 ​ ​ 4.52 Nonvested at December 31, 2020 ​ 123,388 ​ $ 17.51 ​ $ 5.08
Summary of restricted stock activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ Average ​ Average ​ ​ ​ ​ Exercise ​ Grant Date ​ Shares Price Fair Value Outstanding at December 31, 2019 ​ — ​ ​ — ​ ​ — Granted ​ 33,208 ​ ​ 14.00 ​ ​ 14.00 Vested ​ — ​ ​ — ​ ​ — Forfeited ​ — ​ ​ — ​ ​ — Outstanding at December 31, 2020 ​ 33,208 ​ ​ 14.00 ​ ​ 14.00 Nonvested at December 31, 2020 ​ 33,208 ​ $ 14.00 ​ $ 14.00

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Taxes
Summary of components of the federal and state income tax expense	​ ​ ​ ​ ​ ​ (dollars in thousands) 2020 2019 Federal: ​ ​ ​ ​ Current $ 5,703 ​ 3,287 Deferred ​ 1,242 ​ (489) ​ ​ 6,945 ​ 2,798 State: ​ ​ ​ ​ Current ​ 1,141 ​ 249 Deferred ​ 12 ​ (14) ​ ​ 1,153 ​ 235 Totals $ 8,098 ​ 3,033
Schedule of reconciliation of the statutory income tax	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (dollars in thousands) ​ 2020 2019 ​ Federal income tax at statutory rate $ 7,252 21.0 % 2,838 21.0 % State tax expense, net of federal benefit ​ 911 ​ 2.6 ​ 186 ​ 1.4 ​ Tax exempt interest ​ (153) ​ (0.4) ​ (65) ​ (0.5) ​ Bank owned life insurance ​ (59) ​ (0.2) ​ (61) ​ (0.5) ​ Incentive stock options ​ 74 ​ 0.2 ​ 66 ​ 0.5 ​ Other ​ 73 ​ 0.2 ​ 69 ​ 0.5 ​ Effective income tax rate $ 8,098 ​ 23.4 % 3,033 ​ 22.4 %
Summary of net deferred tax assets	​ ​ ​ ​ ​ ​ ​ (dollars in thousands) 2020 2019 Deferred tax assets: ​ ​ ​ ​ ​ Allowance for loan and lease losses ​ $ 4,230 ​ 2,111 Litigation reserve ​ ​ — ​ 220 Intangibles ​ ​ 30 ​ 58 Accrued incentive compensation ​ ​ — ​ 176 Accrued retirement ​ ​ 528 ​ 432 Unrealized loss on available for sale securities ​ ​ — ​ 2 Deferred rent ​ ​ 180 ​ 142 Mortgage repurchase reserve ​ ​ 641 ​ 16 Other ​ ​ 122 ​ 78 Total deferred tax asset ​ ​ 5,731 ​ 3,235 Deferred tax liabilities: ​ ​ ​ ​ ​ Property and equipment ​ ​ (377) ​ (388) Loan servicing rights ​ ​ (1,337) ​ (183) Mortgage pipeline fair-value adjustment ​ ​ (1,156) ​ (77) Hedge instrument fair-value adjustment ​ ​ (1,252) ​ (41) Unrealized gain on available for sale securities ​ ​ (797) ​ — Prepaid expenses ​ ​ (340) ​ (152) Deferred loan costs ​ ​ (406) ​ (279) Other ​ ​ (4) ​ — Total deferred tax liability ​ ​ (5,669) ​ (1,120) Net deferred tax asset ​ $ 62 ​ 2,115

Revenue from Contracts with Cus

Revenue from Contracts with Customers (Tables)	12 Months Ended
	Dec. 31, 2020
Revenue from Contracts with Customers
Schedule of revenue from contracts with customers in the scope of ASC 606	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 ​ Year Ended December 31, 2019 (Dollars in thousands) Bank Wealth Mortgage Total Bank Wealth Mortgage Total Non-interest Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage banking income (1) ​ $ 1,632 ​ — ​ 74,829 ​ 76,461 ​ $ 268 ​ — ​ 25,741 ​ 26,009 Wealth management income ​ ​ — ​ 3,854 ​ — ​ 3,854 ​ ​ 92 ​ 3,532 ​ — ​ 3,624 SBA income (1) ​ ​ 2,572 ​ — ​ — ​ 2,572 ​ ​ 1,401 ​ — ​ — ​ 1,401 Net change in fair values (1) ​ ​ (40) ​ — ​ 9,185 ​ 9,145 ​ ​ (29) ​ — ​ 518 ​ 489 Net gain (loss) on hedging activity (1) ​ ​ — ​ — ​ (9,400) ​ (9,400) ​ ​ (21) ​ ​ ​ (795) ​ (816) Earnings on investment in life insurance (1) ​ ​ 279 ​ — ​ — ​ 279 ​ ​ 290 ​ — ​ — ​ 290 Net gain on sale of securities (1) ​ ​ 1,345 ​ — ​ — ​ 1,345 ​ ​ 165 ​ — ​ — ​ 165 Dividends on FHLB stock (1) ​ ​ 325 ​ — ​ — ​ 325 ​ ​ 430 ​ — ​ — ​ 430 Service charges on deposit accounts ​ ​ 107 ​ — ​ — ​ 107 ​ ​ 110 ​ — ​ — ​ 110 Other (2) ​ ​ 1,468 ​ 14 ​ 748 ​ 2,230 ​ ​ 840 ​ — ​ 351 ​ 1,191 Non-interest income ​ $ 7,688 ​ 3,868 ​ 75,362 ​ 86,918 ​ $ 3,546 ​ 3,532 ​ 25,815 ​ 32,893 ​ (1) Not within the scope of ASC 606. (2) Within other non-interest income is $925 thousand and $621 thousand for the years ended December 31, 2020 and 2019, respectively, which are in the scope of ASC 606. These amounts include wire transfer fees, ATM/debit card commissions, and title fee income. ​

Financial Instruments with Off

Financial Instruments with Off Balance Sheet Risk, Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2020
Financial Instruments with Off-Balance Sheet Risk, Commitments and Contingencies
Schedule of financial instrument commitments	​ ​ ​ ​ ​ ​ ​ (dollars in thousands) 2020 2019 Commitments to grant loans and commitments under lines of credit ​ $ 421,399 ​ 327,788 Letters of credit ​ ​ 8,928 ​ 9,750

Regulatory Matters (Tables)

Regulatory Matters (Tables)	12 Months Ended
	Dec. 31, 2020
Regulatory Matters
Schedule of corporation's actual capital amounts and ratios.	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ To Be Well Capitalized ​ ​ Actual ​ Under CBLR Framework (dollars in thousands) Amount Ratio Amount Ratio Tier 1 capital (to average assets) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporation ​ $ 134,564 ​ 8.96% ​ $ 120,082 ​ 8.00% Bank ​ ​ 173,231 ​ 11.54% ​ ​ 120,080 ​ 8.00% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ To be well capitalized under ​ ​ ​ ​ ​ ​ ​ For capital adequacy ​ prompt corrective action ​ ​ Actual ​ purposes ​ provisions * (dollars in thousands): Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporation ​ $ 166,471 ​ 16.10% ​ $ 108,576 ​ 10.50% ​ $ 103,405 ​ 10.00% Bank ​ ​ 166,360 ​ 16.09% ​ ​ 108,571 ​ 10.50% ​ ​ 103,401 ​ 10.00% Common equity tier 1 capital (to risk-weighted assets) Corporation ​ ​ 115,934 ​ 11.21% ​ ​ 72,384 ​ 7.00% ​ ​ 67,214 ​ 6.50% Bank ​ ​ 154,881 ​ 14.98% ​ ​ 72,381 ​ 7.00% ​ ​ 67,211 ​ 6.50% Tier 1 capital (to risk-weighted assets) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporation ​ ​ 115,934 ​ 11.21% ​ ​ 87,895 ​ 8.50% ​ ​ 82,724 ​ 8.00% Bank ​ ​ 154,881 ​ 14.98% ​ ​ 87,891 ​ 8.50% ​ ​ 82,721 ​ 8.00% Tier 1 capital (to average assets) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporation ​ ​ 115,934 ​ 10.55% ​ ​ 43,973 ​ 4.00% ​ ​ 54,966 ​ 5.00% Bank ​ ​ 154,881 ​ 14.08% ​ ​ 44,013 ​ 4.00% ​ ​ 55,017 ​ 5.00% * Prompt corrective action requirements do not apply to Meridian Corporation but are included as information only

Fair Value Measurements and D_2

Fair Value Measurements and Disclosures (Tables)	12 Months Ended
	Dec. 31, 2020
Fair Value Measurements and Disclosures
Schedule of financial assets measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 (dollars in thousands) Total Level 1 Level 2 Level 3 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities available for sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. asset backed securities ​ $ 25,592 ​ — ​ 25,592 ​ — U.S. government agency mortgage-backed securities ​ ​ 4,046 ​ — ​ 4,046 ​ — U.S. government agency collateralized mortgage obligations ​ ​ 23,909 ​ — ​ 23,909 ​ — State and municipal securities ​ ​ 65,810 ​ — ​ 65,810 ​ — Corporate bonds ​ ​ 4,205 ​ — ​ 4,205 ​ — Equity investments ​ ​ 1,031 ​ — ​ 1,031 ​ — Mortgage loans held for sale ​ ​ 229,199 ​ — ​ 229,199 ​ — Mortgage loans held for investment ​ ​ 12,182 ​ — ​ 12,182 ​ — Interest rate lock commitments ​ ​ 6,932 ​ — ​ — ​ 6,932 Forward commitments ​ ​ — ​ — ​ — ​ — Customer derivatives - interest rate swaps ​ ​ 1,118 ​ — ​ 1,118 ​ — Total ​ $ 374,024 ​ — ​ 367,092 ​ 6,932 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ ​ 100 ​ — ​ — ​ 100 Forward commitments ​ ​ 1,572 ​ — ​ 1,572 ​ — Customer derivatives - interest rate swaps ​ ​ 1,219 ​ — ​ 1,219 ​ — ​ ​ $ 2,891 ​ — ​ 2,791 ​ 100 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 (dollars in thousands) Total Level 1 Level 2 Level 3 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities available for sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. asset backed securities ​ $ 11,866 ​ — ​ 11,866 ​ — U.S. government agency mortgage-backed securities ​ ​ 5,497 ​ — ​ 5,497 ​ — U.S. government agency collateralized mortgage obligations ​ ​ 35,223 ​ — ​ 35,223 ​ — State and municipal securities ​ ​ 6,270 ​ — ​ 6,270 ​ — Investments in mutual funds ​ ​ 1,009 ​ — ​ 1,009 ​ — Mortgage loans held for sale ​ ​ 33,704 ​ — ​ 33,704 ​ — Mortgage loans held for investment ​ ​ 10,546 ​ — ​ 10,546 ​ — Interest rate lock commitments ​ ​ 504 ​ — ​ — ​ 504 Forward commitments ​ ​ 6 ​ — ​ 6 ​ — Customer derivatives - interest rate swaps ​ ​ 382 ​ — ​ 382 ​ — Total ​ $ 105,007 ​ — ​ 104,503 ​ 504 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ ​ 157 ​ — ​ — ​ 157 Forward commitments ​ ​ 119 ​ — ​ 119 ​ — Customer derivatives - interest rate swaps ​ ​ 431 ​ — ​ 431 ​ — ​ ​ $ 707 ​ — ​ 550 ​ 157
Schedule of financial assets measured at fair value on non-recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ December 31, 2019 (dollars in thousands) Fair Value Fair Value Mortgage servicing rights ​ $ 4,647 ​ ​ 446 SBA loan servicing rights ​ ​ 970 ​ ​ 337 Impaired loans (1) ​ ​ 2,998 ​ ​ 1,944 Other real estate owned (2) ​ ​ — ​ ​ 120 Total ​ $ 8,615 ​ ​ 2,847 ​ (1) Impaired loans are those in which the Corporation has measured impairment generally based on the fair value of the loan’s collateral. Fair value is generally determined based upon independent third-party appraisals of the properties, or discounted cash flows based upon the expected proceeds. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. ​ (2) Real estate properties acquired through, or in lieu of, foreclosure are to be sold and are carried at fair value less estimated cost to sell. Fair value is based upon independent market prices or appraised value of the property. These assets are included in Level 3 fair value based upon the lowest level of input that is significant to the fair value measurement. Appraised values may be discounted based on management’s expertise, historical knowledge, changes in market conditions from the time of valuation and/or estimated costs to sell.
Schedule of estimated fair values of financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ December 31, 2019 ​ ​ Fair Value ​ Carrying ​ ​ ​ Carrying ​ ​ (dollars in thousands) Hierarchy Level amount Fair value amount Fair value Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ Level 1 ​ $ 36,744 ​ 36,744 ​ 39,371 ​ 39,371 Securities available-for-sale ​ Level 2 ​ ​ 123,562 ​ 123,562 ​ 58,856 ​ 58,856 Securities held-to-maturity ​ Level 2 ​ ​ 6,510 ​ 6,857 ​ 8,780 ​ 9,003 Equity investments ​ Level 2 ​ ​ 1,031 ​ 1,031 ​ 1,009 ​ 1,009 Mortgage loans held for sale ​ Level 2 ​ ​ 229,199 ​ 229,199 ​ 33,704 ​ 33,704 Loans receivable, net of the allowance for loan and lease losses ​ Level 3 ​ ​ 1,272,582 ​ 1,289,776 ​ 954,164 ​ 973,057 Mortgage loans held for investment ​ Level 2 ​ ​ 12,182 ​ 12,182 ​ 10,546 ​ 10,546 Interest rate lock commitments ​ Level 3 ​ ​ 6,932 ​ 6,932 ​ 504 ​ 504 Forward commitments ​ Level 2 ​ ​ — ​ — ​ 6 ​ 6 Restricted investment in bank stock ​ NA ​ ​ 7,861 ​ NA ​ 8,072 ​ NA Accrued interest receivable ​ Level 3 ​ ​ 5,482 ​ 5,482 ​ 3,148 ​ 3,148 Customer derivatives - interest rate swaps ​ Level 2 ​ ​ 1,118 ​ 1,118 ​ 382 ​ 382 Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deposits ​ Level 2 ​ ​ 1,241,335 ​ 1,392,500 ​ 851,168 ​ 880,400 Short-term borrowings ​ Level 2 ​ ​ 106,862 ​ 106,862 ​ 123,676 ​ 123,678 Long-term debt ​ Level 2 ​ ​ 165,546 ​ 168,000 ​ 3,123 ​ 3,123 Subordinated debentures ​ Level 2 ​ ​ 40,671 ​ 38,375 ​ 40,962 ​ 40,962 Accrued interest payable ​ Level 2 ​ ​ 1,154 ​ 1,154 ​ 1,088 ​ 1,088 Interest rate lock commitments ​ Level 3 ​ ​ 100 ​ 100 ​ 157 ​ 157 Forward commitments ​ Level 2 ​ ​ 1,572 ​ 1,572 ​ 119 ​ 119 Customer derivatives - interest rate swaps ​ Level 2 ​ ​ 1,219 ​ 1,219 ​ 431 ​ 431 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ ​ ​ Notional ​ ​ Off-balance sheet financial instruments: ​ amount Fair value amount Fair value Commitments to extend credit ​ Level 2 ​ $ 421,399 ​ 6,932 ​ 327,788 ​ 504 Letters of credit ​ Level 2 ​ ​ 8,928 ​ — ​ 9,750 ​ —
Schedule of level 3 inputs reconciliation	​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 Balance at beginning of the period $ 504 ​ 310 Increase in value ​ 6,428 ​ 194 Balance at end of the period $ 6,932 ​ 504
Schedule of measurement inputs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ ​ Unobservable ​ Range of ​ Weighted ​ ​ Level 3 Valuation Technique Input Inputs Average December 31, 2020 ​ $ 6,932 ​ Market comparable pricing ​ Pull through ​ 1 - 99 % 83.08 % December 31, 2019 ​ ​ 504 ​ Market comparable pricing ​ Pull through ​ 1 - 99 ​ 91.70 ​

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2020
Derivative Financial Instruments
Summary of the notional amounts and fair values of derivative financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ December 31, 2019 (dollars in thousands) Balance Sheet Line Item ​ Notional Asset Notional Asset Interest Rate Lock Commitments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Positive fair values Other assets ​ $ 406,422 ​ 6,932 ​ 47,660 ​ 504 Negative fair values Other liabilities ​ ​ 22,406 ​ (100) ​ 22,663 ​ (157) Total ​ ​ ​ 428,828 ​ 6,832 ​ 70,323 ​ 347 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forward Commitments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Positive fair values Other assets ​ ​ — ​ — ​ 4,500 ​ 6 Negative fair values Other liabilities ​ ​ 218,000 ​ (1,572) ​ 58,250 ​ (119) Total ​ ​ ​ 218,000 ​ (1,572) ​ 62,750 ​ (113) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer Derivatives - Interest Rate Swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Positive fair values Other assets ​ ​ 20,979 ​ 1,118 ​ 3,271 ​ 382 Negative fair values Other liabilities ​ ​ 20,979 ​ (1,219) ​ 3,271 ​ (431) Total ​ ​ ​ 41,958 ​ (101) ​ 6,542 ​ (49) Total derivative financial instruments ​ ​ $ 688,786 ​ 5,159 ​ 139,615 ​ 185
Summary of the fair value gains and losses on derivative financial instruments	​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (dollars in thousands) 2020 2019 Interest Rate Lock Commitments $ 6,485 ​ 77 Forward Commitments ​ (1,459) ​ 63 Customer Derivatives - Interest Rate Swaps ​ (52) ​ (29) Net fair value gains (losses) on derivative financial instruments $ 4,974 ​ 111

Segment (Tables)

Segment (Tables)	12 Months Ended
	Dec. 31, 2020
Segments
Schedule of business segment financial information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 ​ Year Ended December 31, 2019 (Dollars in thousands) Bank Wealth Mortgage Total Bank Wealth Mortgage Total Net interest income ​ $ 46,997 ​ (48) ​ 2,047 ​ 48,996 ​ $ 36,019 ​ 65 ​ 252 ​ 36,336 Provision for loan losses ​ ​ 8,302 ​ — ​ — ​ 8,302 ​ ​ 901 ​ — ​ — ​ 901 Net interest income after provision ​ ​ 38,695 ​ (48) ​ 2,047 ​ 40,694 ​ ​ 35,118 ​ 65 ​ 252 ​ 35,435 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-interest Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage banking income ​ ​ 1,632 ​ — ​ 74,829 ​ 76,461 ​ ​ 268 ​ — ​ 25,741 ​ 26,009 Wealth management income ​ ​ — ​ 3,854 ​ — ​ 3,854 ​ ​ 92 ​ 3,532 ​ — ​ 3,624 SBA income ​ ​ 2,572 ​ — ​ — ​ 2,572 ​ ​ 1,401 ​ — ​ — ​ 1,401 Net change in fair values ​ ​ (40) ​ — ​ 9,185 ​ 9,145 ​ ​ (29) ​ — ​ 518 ​ 489 Net (loss) on hedging activity ​ ​ — ​ — ​ (9,400) ​ (9,400) ​ ​ (21) ​ — ​ (795) ​ (816) Other ​ ​ 3,524 ​ 14 ​ 748 ​ 4,286 ​ ​ 1,835 ​ — ​ 351 ​ 2,186 Non-interest income ​ ​ 7,688 ​ 3,868 ​ 75,362 ​ 86,918 ​ ​ 3,546 ​ 3,532 ​ 25,815 ​ 32,893 Non-interest expense ​ ​ 33,351 ​ 3,213 ​ 56,512 ​ 93,076 ​ ​ 27,884 ​ 3,266 ​ 23,664 ​ 54,814 Income before income taxes ​ $ 13,032 ​ 607 ​ 20,897 ​ 34,536 ​ $ 10,780 ​ 331 ​ 2,403 ​ 13,514 Total Assets ​ $ 1,488,312 ​ 5,479 ​ 226,406 ​ 1,720,197 ​ $ 1,112,862 ​ 5,234 ​ 31,923 ​ 1,150,019

Parent Company Financial Stat_2

Parent Company Financial Statements (Tables)	12 Months Ended
	Dec. 31, 2020
Parent Company Financial Statements
Schedule of parent only consolidated balance sheets	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, (dollars in thousands, except per share data) 2020 2019 Cash and due from banks ​ $ 213 ​ 148 Investments in subsidiaries ​ ​ 180,288 ​ 159,643 Other assets ​ ​ 360 ​ 40 Total assets ​ $ 180,861 ​ 159,831 ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ Subordinated debentures ​ ​ 38,904 ​ 39,058 Accrued interest payable ​ ​ 6 ​ 78 Other liabilities ​ ​ 329 ​ — Total liabilities ​ ​ 39,239 ​ 39,136 Stockholders’ equity: ​ ​ ​ ​ ​ Common stock, $1 par value. Authorized 10,000,000 shares; issued 6,455,566 ​ ​ 6,456 ​ 6,408 Surplus ​ ​ 81,196 ​ 80,196 Treasury Stock- 320,000 and 3,375 shares at December 31, 2020 and December 31, 2019, respectively ​ ​ (5,828) ​ (3) Unearned common stock held by employee stock ownership plan ​ ​ (1,768) ​ — Retained earnings ​ ​ 59,010 ​ 34,097 Accumulated other comprehensive loss ​ ​ 2,556 ​ (3) Total stockholders’ equity ​ ​ 141,622 ​ 120,695 Total liabilities and stockholders’ equity ​ $ 180,861 ​ 159,831
Schedule of parent only consolidated statements of operations	​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, (dollars in thousands, except per share data) 2020 2019 Dividends from Bank ​ $ 11,512 ​ — Net interest and other income ​ ​ 10 ​ — Total operating income ​ ​ 11,522 ​ — Interest expense ​ ​ 2,202 ​ 81 Income before equity in undistributed income of subsidiaries ​ ​ 9,320 ​ (81) Equity in undistributed income of subsidiaries ​ ​ 17,118 ​ 10,562 Income before income taxes ​ ​ 26,438 ​ 10,481 Income tax expense ​ ​ — ​ — Net income ​ ​ 26,438 ​ 10,481 Total other comprehensive income ​ ​ 2,559 ​ 387 Total comprehensive income ​ $ 28,997 ​ 10,868
Schedule of parent only consolidated statements of cash flows	​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, (dollars in thousands) 2020 2019 Net income ​ $ 26,438 ​ 10,481 Adjustments to reconcile net income to net cash provided by (used in) operating activities: ​ ​ ​ ​ ​ Equity in undistributed income of subsidiaries ​ ​ (17,181) ​ (10,562) Share-based compensation ​ ​ 232 ​ — (Decrease) increase in accrued interest payable ​ ​ (72) ​ 78 Increase in other assets ​ ​ (320) ​ (40) Increase in other liabilities ​ ​ 32 ​ — Net cash provided by (used in) operating activities ​ ​ 9,129 ​ (43) Cash flows from investing activities: ​ ​ ​ ​ ​ Investment in subsidiaries ​ ​ — ​ (38,804) Net cash used in investing activities ​ ​ — ​ (38,804) Cash flows from financing activities: ​ ​ ​ ​ ​ Net activity from subordinated debt ​ ​ (231) ​ 39,051 Net purchase of treasury stock through publicly announced plans ​ ​ (5,703) ​ (62) Dividends paid ​ ​ (1,525) ​ — Purchase of common shares for ESOP ​ ​ (2,000) ​ — Share based awards and exercises ​ ​ 395 ​ 6 Net cash (used in) provided by financing activities ​ ​ (9,064) ​ 38,995 Net change in cash and cash equivalents ​ ​ 65 ​ 148 Cash and cash equivalents at beginning of period ​ ​ 148 ​ — Cash and cash equivalents at end of period ​ $ 213 ​ 148

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Nature of Operations (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)	Dec. 31, 2020Office
Business Acquisition [Line Items]
Mortgage interest and fees to be reimbursed | $	$ 474
Mortgage loan origination licensing error fine to Maryland | $	$ 12
PENNSYLVANIA
Business Acquisition [Line Items]
Number of full-service offices		6
Delaware Valley
Business Acquisition [Line Items]
Number of mortgage loan production offices		9
Maryland
Business Acquisition [Line Items]
Number of mortgage loan production offices		7

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Significant Concentrations of Credit Risk (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Assets Total | Credit Concentration Risk
Concentration Risk [Line Items]
Total loans (as a percent)	38.00%	37.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Cash Flows, Allowance for Loan Losses and Mortgage Banking Activities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)Office	Dec. 31, 2019USD ($)
Securities
Equity investments | $	$ 1,031	$ 1,009
Allowance for Loan Losses
Cumulative days past due for charge off for retail consumer loans	120 days
Look-back period	10 years
Other real estate owned
Other real estate owned | $	$ 0	$ 120
Minimum
Mortgage Banking Activities and Mortgage Loans Held for Sale
Loan commitment to sale duration	30 days
Maximum
Mortgage Banking Activities and Mortgage Loans Held for Sale
Loan commitment to sale duration	120 days
Pennsylvania, Delaware and New Jersey
Mortgage Banking Activities and Mortgage Loans Held for Sale
Number of mortgage loan production offices | Office	9
Maryland
Mortgage Banking Activities and Mortgage Loans Held for Sale
Number of mortgage loan production offices | Office	7

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Restricted Investment in Bank Stock (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Federal Home Loan Bank (FHLB)
Restricted Investment in Bank Stock
FHLB stock	$ 7,900	$ 8,100
Investment impairment	0	0
Atlantic Central Bankers Bank
Restricted Investment in Bank Stock
Investment	$ 50	$ 50

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Bank Premises and Equipment (Details)	12 Months Ended
	Dec. 31, 2020
Building | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life	12 years
Building | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life	20 years
Furniture, fixtures and equipment | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life	3 years
Furniture, fixtures and equipment | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life	7 years
Computer Software and Hardware | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life	3 years
Computer Software and Hardware | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life	5 years

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Employee Benefit Plans and Operating Segments (Details)	12 Months Ended
	Dec. 31, 2020USD ($)segmentshares	Dec. 31, 2019USD ($)shares	Aug. 31, 2020USD ($)
Employee Benefit Plans
Age	21 years
Minimum service term	3 months
Vesting period	3 years
Employer contribution under 401(k) plan | $	$ 1,100,000	$ 636,000
Employer contribution under ESOP | $	1,200,000	$ 325,000
One-time contribution under ESOP | $	$ 600,000
Shares purchased under ESOP | shares	161,576	0
Shares purchased under ESOP | shares	133,280
Shares committed to be released | shares	13,328
Unallocated shares | shares	119,952
Average market value of shares purchased under ESOP | $	$ 15.06
Shares held by ESOP | shares	225,687
Employee Stock Ownership Plan ESOP Value Shares Purchase Authorized Amount | $	$ 2,000,000		$ 2,000,000
Operating Segments
Number of Operating Segments | segment	3

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net income available to common stockholders	$ 26,438	$ 10,481
Denominator for basic earnings per share - weighted average shares issued	6,159	6,407
Average unearned ESOP shares	(37)
Basic weighted averages shares outstanding	6,122	6,407
Effect of dilutive common shares	65	31
Denominator for diluted earnings per share - adjusted weighted average shares outstanding	6,187	6,438
Basic earnings per share (in dollars per share)	$ 4.32	$ 1.64
Diluted earnings per share (in dollars per share)	$ 4.27	$ 1.63
Antidilutive shares excluded from computation of average dilutive earnings per share	275	199

Goodwill and Other Intangible_2

Goodwill and Other Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Goodwill and other intangibles rollforward
Goodwill, Beginning Balance	$ 899
Goodwill, Ending Balance	899
Amortization expense	(273)
Finite-Lived Intangible Assets, Ending Balance	3,335
Total Intangible Assets	3,601	$ 3,874
Total	4,500	4,773
Accumulated Amortization	1,000	$ 750
Customer relationships
Goodwill and other intangibles rollforward
Finite-Lived Intangible Assets, Beginning Balance	3,523
Amortization expense	(204)
Finite-Lived Intangible Assets, Ending Balance	$ 3,319
Amortization Period	20 years
Non competition agreements
Goodwill and other intangibles rollforward
Finite-Lived Intangible Assets, Beginning Balance	$ 85
Amortization expense	(69)
Finite-Lived Intangible Assets, Ending Balance	$ 16
Amortization Period	4 years
Trade name
Goodwill and other intangibles rollforward
Indefinite-lived Intangible Assets (Excluding Goodwill), Beginning Balance	$ 266
Indefinite-lived Intangible Assets (Excluding Goodwill), Ending Balance	$ 266

Goodwill and Other Intangible_3

Goodwill and Other Intangibles - Future Amortization (Details) $ in Thousands	Dec. 31, 2020USD ($)
Goodwill and Other Intangibles
2021	$ 221
2022	204
2023	204
2024	204
2025	204
Thereafter	2,298
Total future amortization	$ 3,335

Securities - Amortized cost and

Securities - Amortized cost and fair value (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)security	Dec. 31, 2019USD ($)security
Securities available-for-sale:
Amortized Cost	$ 120,215	$ 58,874
Available-for-sale, Gross Unrealized Gains	3,504	366
Available-for-sale, Gross Unrealized Losses	(157)	(384)
Fair value	123,562	58,856
Securities held to maturity:
Held-to-maturity, Amortized Cost	6,510	8,780
Held-to-maturity, Gross Unrealized Gains	347	223
Fair Value	$ 6,857	$ 9,003
Number of securities in unrealized loss positions	14	31
Number of securities deemed other-than-temporarily impaired | security	0	0
Securities pledged as collateral fair value	$ 55,900	$ 19,500
U.S. asset backed securities
Securities available-for-sale:
Amortized Cost	25,303	11,967
Available-for-sale, Gross Unrealized Gains	364
Available-for-sale, Gross Unrealized Losses	(75)	(101)
Fair value	$ 25,592	$ 11,866
Securities held to maturity:
Number of securities in unrealized loss positions | security	8	9
U.S. government agency mortgage-backed securities
Securities available-for-sale:
Amortized Cost	$ 3,854	$ 5,457
Available-for-sale, Gross Unrealized Gains	192	66
Available-for-sale, Gross Unrealized Losses		(26)
Fair value	4,046	$ 5,497
Securities held to maturity:
Number of securities in unrealized loss positions | security		1
U.S. government agency collateralized mortgage obligations
Securities available-for-sale:
Amortized Cost	23,010	$ 35,096
Available-for-sale, Gross Unrealized Gains	916	300
Available-for-sale, Gross Unrealized Losses	(17)	(173)
Fair value	$ 23,909	$ 35,223
Securities held to maturity:
Number of securities in unrealized loss positions | security	1	15
State and municipal securities
Securities available-for-sale:
Amortized Cost	$ 63,848	$ 6,354
Available-for-sale, Gross Unrealized Gains	2,025
Available-for-sale, Gross Unrealized Losses	(63)	(84)
Fair value	65,810	6,270
Securities held to maturity:
Held-to-maturity, Amortized Cost	6,510	8,780
Held-to-maturity, Gross Unrealized Gains	347	223
Fair Value	$ 6,857	$ 9,003
Number of securities in unrealized loss positions | security	3	6
Corporate bonds
Securities available-for-sale:
Amortized Cost	$ 4,200
Available-for-sale, Gross Unrealized Gains	7
Available-for-sale, Gross Unrealized Losses	(2)
Fair value	$ 4,205
Securities held to maturity:
Number of securities in unrealized loss positions | security	2

Securities - Continuous Unreali

Securities - Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Securities
Proceeds from Sale of Debt Securities, Available-for-sale	$ 45,927	$ 24,627
Gross gain on sale of available for sale investments	1,500	264
Gross loss on sale of available for sale investments	196	99
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Less than 12 Months	10,529	34,419
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, 12 Months or Longer	7,443	4,744
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total	17,972	39,163
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Less than 12 Months	(86)	(301)
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, 12 Months or Longer	(71)	(83)
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total	(157)	(384)
U.S. asset backed securities
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Less than 12 Months	2,884	11,866
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, 12 Months or Longer	7,443
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total	10,327	11,866
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Less than 12 Months	(4)	(101)
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, 12 Months or Longer	(71)
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total	(75)	(101)
U.S. government agency mortgage-backed securities
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, 12 Months or Longer		1,636
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total		1,636
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, 12 Months or Longer		(26)
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total		(26)
U.S. government agency collateralized mortgage obligations
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Less than 12 Months	2,284	16,283
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, 12 Months or Longer		3,108
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total	2,284	19,391
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Less than 12 Months	(17)	(116)
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, 12 Months or Longer		(57)
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total	(17)	(173)
State and municipal securities
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Less than 12 Months	4,163	6,270
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total	4,163	6,270
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Less than 12 Months	(63)	(84)
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total	(63)	$ (84)
Corporate bonds
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Less than 12 Months	1,198
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total	1,198
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Less than 12 Months	(2)
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total	$ (2)

Securities - Contractual Maturi

Securities - Contractual Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Contractual Maturities, Available-for-sale, Amortized Cost
Amortized Cost	$ 120,215	$ 58,874
Contractual Maturities, Available-for-sale, Fair Value
Fair Value	123,562	58,856
Contractual Maturities, Held-to-maturity, Amortized Cost
Amortized Cost	6,510	8,780
Contractual Maturities, Held-to-maturity, Fair Value
Fair Value	6,857	9,003
U.S. Asset Backed And State And Municipal Securities
Contractual Maturities, Available-for-sale, Amortized Cost
Due after five years through ten years	12,035	1,329
Due after ten years	81,316	16,992
Amortized Cost	93,351	18,321
Contractual Maturities, Available-for-sale, Fair Value
Due after five years through ten year	12,095	1,324
Due after ten years	83,512	16,812
Fair Value	95,607	18,136
Contractual Maturities, Held-to-maturity, Amortized Cost
Due after one year through five years	3,181	4,242
Due after five years through ten years	3,329	4,538
Amortized Cost	6,510	8,780
Contractual Maturities, Held-to-maturity, Fair Value
Due after one year through five years	3,288	4,311
Due after five years through ten years	3,569	4,692
Fair Value	6,857	9,003
Mortgage-related securities
Contractual Maturities, Available-for-sale, Amortized Cost
Amortized Cost	26,864	40,553
Contractual Maturities, Available-for-sale, Fair Value
Fair Value	$ 27,955	$ 40,720

Loans Receivable - Loans and le

Loans Receivable - Loans and leases outstanding by category (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Loans Receivable
Mortgage loans held for sale	$ 229,199	$ 33,704
Total portfolio loans and leases	1,289,756	966,499
Total loans and leases	1,518,955	1,000,203
Loans at fair value	12,182	10,546
Real estate loans
Loans Receivable
Total portfolio loans and leases	742,790	669,882
Commercial mortgage
Loans Receivable
Total portfolio loans and leases	485,103	362,590
Home equity lines and loans
Loans Receivable
Total portfolio loans and leases	64,987	81,583
Residential mortgage
Loans Receivable
Total portfolio loans and leases	52,454	53,665
Loans at fair value	12,182	10,546
Construction
Loans Receivable
Total portfolio loans and leases	140,246	172,044
Commercial and industrial, including leases
Loans Receivable
Total portfolio loans and leases	261,750	273,301
Small business loans
Loans Receivable
Total portfolio loans and leases	49,542	21,616
Paycheck Protection Program loans
Loans Receivable
Total loans and leases	203,543
MainStreet Lending Program Loans
Loans Receivable
Total portfolio loans and leases	580
Total loans and leases	580
Consumer
Loans Receivable
Total portfolio loans and leases	511	1,003
Leases
Loans Receivable
Total portfolio loans and leases	31,040	$ 697
Paycheck Protection Program loans
Loans Receivable
Total portfolio loans and leases	$ 203,543

Loans Receivable - Loans and _2

Loans Receivable - Loans and leases outstanding by rate type (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Loans Receivable
Loans with predetermined rates	$ 658,458	$ 293,114
Loans with adjustable or floating rates	860,497	707,089
Total loans and leases	1,518,955	1,000,203
Net deferred loan origination (fees) costs	$ (4,992)	$ (1,789)

Loans Receivable - Components o

Loans Receivable - Components of the net investment in leases (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Loans Receivable
Minimum lease payments receivable	$ 37,919	$ 729
Unearned income	6,879	32
Total	$ 31,040	$ 697

Loans Receivable - Age analysis

Loans Receivable - Age analysis of past due loans and leases (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Age Analysis of Past Due Loans and Leases
Total past due	$ 3,704	$ 5,043
Current	1,278,122	958,221
Total Accruing Loans and leases	1,281,826	963,264
Nonaccrual loans and leases	7,930	3,235
Loans and Leases Receivable, Gross, Total	$ 1,289,756	$ 966,499
Delinquency percentage	0.90%	0.86%
Loans at fair value	$ 12,182	$ 10,546
Commercial mortgage
Age Analysis of Past Due Loans and Leases
Current	482,042	361,857
Total Accruing Loans and leases	482,042	361,857
Nonaccrual loans and leases	3,061	733
Loans and Leases Receivable, Gross, Total	$ 485,103	$ 362,590
Delinquency percentage	0.63%	0.20%
Home equity lines and loans
Age Analysis of Past Due Loans and Leases
Current	$ 64,128	$ 81,046
Total Accruing Loans and leases	64,128	81,046
Nonaccrual loans and leases	859	537
Loans and Leases Receivable, Gross, Total	$ 64,987	$ 81,583
Delinquency percentage	1.32%	0.66%
Residential mortgage
Age Analysis of Past Due Loans and Leases
Total past due	$ 3,595	$ 4,675
Current	46,134	47,446
Total Accruing Loans and leases	49,729	52,121
Nonaccrual loans and leases	2,725	1,544
Loans and Leases Receivable, Gross, Total	$ 52,454	$ 53,665
Delinquency percentage	12.05%	11.59%
Loans at fair value	$ 12,182	$ 10,546
Construction
Age Analysis of Past Due Loans and Leases
Current	140,246	172,044
Total Accruing Loans and leases	140,246	172,044
Loans and Leases Receivable, Gross, Total	140,246	172,044
Commercial and industrial, including leases
Age Analysis of Past Due Loans and Leases
Total past due		206
Current	260,465	272,674
Total Accruing Loans and leases	260,465	272,880
Nonaccrual loans and leases	1,285	421
Loans and Leases Receivable, Gross, Total	$ 261,750	$ 273,301
Delinquency percentage	0.49%	0.23%
Small business loans
Age Analysis of Past Due Loans and Leases
Current	$ 49,542	$ 21,616
Total Accruing Loans and leases	49,542	21,616
Loans and Leases Receivable, Gross, Total	49,542	21,616
MainStreet Lending Program Loans
Age Analysis of Past Due Loans and Leases
Current	580
Total Accruing Loans and leases	580
Loans and Leases Receivable, Gross, Total	580
Paycheck Protection Program loans
Age Analysis of Past Due Loans and Leases
Current	203,543
Total Accruing Loans and leases	203,543
Loans and Leases Receivable, Gross, Total	203,543
Consumer
Age Analysis of Past Due Loans and Leases
Current	511	1,003
Total Accruing Loans and leases	511	1,003
Loans and Leases Receivable, Gross, Total	511	1,003
Leases
Age Analysis of Past Due Loans and Leases
Total past due	109	162
Current	30,931	535
Total Accruing Loans and leases	31,040	697
Loans and Leases Receivable, Gross, Total	$ 31,040	$ 697
Delinquency percentage	0.35%	23.24%
Current | Residential mortgage
Age Analysis of Past Due Loans and Leases
Loans at fair value	$ 10,314	$ 9,056
30-89 days past due
Age Analysis of Past Due Loans and Leases
Total past due	3,704	5,043
30-89 days past due | Residential mortgage
Age Analysis of Past Due Loans and Leases
Total past due	3,595	4,675
Loans at fair value	958	786
30-89 days past due | Commercial and industrial, including leases
Age Analysis of Past Due Loans and Leases
Total past due		206
30-89 days past due | Leases
Age Analysis of Past Due Loans and Leases
Total past due	109	162
Nonaccrual | Residential mortgage
Age Analysis of Past Due Loans and Leases
Loans at fair value	$ 910	$ 704

Allowance for Loan Losses (th_3

Allowance for Loan Losses (the Allowance) - Roll-forward of allowance by portfolio segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Roll-Forward of Allowance for Loan and Lease Losses by Portfolio Segment
Balance at beginning of period	$ 9,513	$ 8,053
Charge-offs	(131)	(30)
Recoveries	83	589
Provision	8,302	901
Balance at end of period	17,767	9,513
Commercial mortgage
Roll-Forward of Allowance for Loan and Lease Losses by Portfolio Segment
Balance at beginning of period	3,426	3,209
Recoveries		237
Provision	4,025	(20)
Balance at end of period	7,451	3,426
Home equity lines and loans
Roll-Forward of Allowance for Loan and Lease Losses by Portfolio Segment
Balance at beginning of period	342	323
Charge-offs	(90)
Recoveries	14	10
Provision	168	9
Balance at end of period	434	342
Residential mortgage
Roll-Forward of Allowance for Loan and Lease Losses by Portfolio Segment
Balance at beginning of period	179	191
Recoveries	7	5
Provision	199	(17)
Balance at end of period	385	179
Construction
Roll-Forward of Allowance for Loan and Lease Losses by Portfolio Segment
Balance at beginning of period	2,362	1,627
Provision	59	735
Balance at end of period	2,421	2,362
Commercial and industrial, including leases
Roll-Forward of Allowance for Loan and Lease Losses by Portfolio Segment
Balance at beginning of period	2,684	2,612
Charge-offs	(31)	(30)
Recoveries	58	333
Provision	2,720	(231)
Balance at end of period	5,431	2,684
Small business loans
Roll-Forward of Allowance for Loan and Lease Losses by Portfolio Segment
Balance at beginning of period	509	78
Provision	750	431
Balance at end of period	1,259	509
Consumer
Roll-Forward of Allowance for Loan and Lease Losses by Portfolio Segment
Balance at beginning of period	6	3
Charge-offs	(10)
Recoveries	4	4
Provision	4	(1)
Balance at end of period	4	6
Leases
Roll-Forward of Allowance for Loan and Lease Losses by Portfolio Segment
Balance at beginning of period	5	10
Provision	377	(5)
Balance at end of period	$ 382	$ 5

Allowance for Loan Losses (th_4

Allowance for Loan Losses (the Allowance) - Allowance allocated by portfolio segment (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Impaired Loans
Allowance on loans and leases individually evaluated for impairment	$ 1,645	$ 136
Allowance on loans and leases collectively evaluated for impairment	16,122	9,377
Total	17,767	9,513	$ 8,053
Carrying value of loans and leases individually evaluated for impairment	10,380	7,307
Carrying value of loans and leases collectively evaluated for impairment	1,267,194	948,646
Total	1,277,574	955,953
Commercial mortgage
Impaired Loans
Allowance on loans and leases collectively evaluated for impairment	7,451	3,426
Total	7,451	3,426	3,209
Carrying value of loans and leases individually evaluated for impairment	1,606	2,138
Carrying value of loans and leases collectively evaluated for impairment	483,497	360,452
Total	485,103	362,590
Home equity lines and loans
Impaired Loans
Allowance on loans and leases individually evaluated for impairment	9	46
Allowance on loans and leases collectively evaluated for impairment	425	296
Total	434	342	323
Carrying value of loans and leases individually evaluated for impairment	921	536
Carrying value of loans and leases collectively evaluated for impairment	64,066	81,047
Total	64,987	81,583
Residential mortgage
Impaired Loans
Allowance on loans and leases individually evaluated for impairment	73
Allowance on loans and leases collectively evaluated for impairment	312	179
Total	385	179	191
Carrying value of loans and leases individually evaluated for impairment	1,817	854
Carrying value of loans and leases collectively evaluated for impairment	38,455	42,265
Total	40,272	43,119
Construction
Impaired Loans
Allowance on loans and leases collectively evaluated for impairment	2,421	2,362
Total	2,421	2,362	1,627
Carrying value of loans and leases individually evaluated for impairment	1,206	1,247
Carrying value of loans and leases collectively evaluated for impairment	139,040	170,797
Total	140,246	172,044
Commercial and industrial, including leases
Impaired Loans
Allowance on loans and leases individually evaluated for impairment	1,563	27
Allowance on loans and leases collectively evaluated for impairment	3,868	2,657
Total	5,431	2,684	2,612
Carrying value of loans and leases individually evaluated for impairment	4,645	1,288
Carrying value of loans and leases collectively evaluated for impairment	257,105	272,013
Total	261,750	273,301
Small business loans
Impaired Loans
Allowance on loans and leases individually evaluated for impairment		63
Allowance on loans and leases collectively evaluated for impairment	1,259	446
Total	1,259	509	78
Carrying value of loans and leases individually evaluated for impairment	185	1,244
Carrying value of loans and leases collectively evaluated for impairment	49,357	20,372
Total	49,542	21,616
Paycheck Protection Program loans
Impaired Loans
Carrying value of loans and leases collectively evaluated for impairment	203,543
Total	203,543
MainStreet Lending Program Loans
Impaired Loans
Carrying value of loans and leases collectively evaluated for impairment	580
Total	580
Consumer
Impaired Loans
Allowance on loans and leases collectively evaluated for impairment	4	6
Total	4	6	3
Carrying value of loans and leases collectively evaluated for impairment	511	1,003
Total	511	1,003
Leases
Impaired Loans
Allowance on loans and leases collectively evaluated for impairment	382	5
Total	382	5	$ 10
Carrying value of loans and leases collectively evaluated for impairment	31,040	697
Total	$ 31,040	$ 697

Allowance for Loan Losses (th_5

Allowance for Loan Losses (the Allowance) - Carrying value based on credit quality indicators (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Loans and Leases by Credit Ratings
Carry value of loans and leases excluding residential mortgage, consumer and leases	$ 1,205,751	$ 911,134
Pass
Loans and Leases by Credit Ratings
Carry value of loans and leases excluding residential mortgage, consumer and leases	1,124,015	877,264
Special mention
Loans and Leases by Credit Ratings
Carry value of loans and leases excluding residential mortgage, consumer and leases	61,740	16,690
Substandard
Loans and Leases by Credit Ratings
Carry value of loans and leases excluding residential mortgage, consumer and leases	16,316	17,180
Doubtful
Loans and Leases by Credit Ratings
Carry value of loans and leases excluding residential mortgage, consumer and leases	3,680
Commercial mortgage
Loans and Leases by Credit Ratings
Carry value of loans and leases excluding residential mortgage, consumer and leases	485,103	362,590
Commercial mortgage | Pass
Loans and Leases by Credit Ratings
Carry value of loans and leases excluding residential mortgage, consumer and leases	449,545	353,724
Commercial mortgage | Special mention
Loans and Leases by Credit Ratings
Carry value of loans and leases excluding residential mortgage, consumer and leases	32,059	5,821
Commercial mortgage | Substandard
Loans and Leases by Credit Ratings
Carry value of loans and leases excluding residential mortgage, consumer and leases	3,499	3,045
Home equity lines and loans
Loans and Leases by Credit Ratings
Carry value of loans and leases excluding residential mortgage, consumer and leases	64,987	81,583
Home equity lines and loans | Pass
Loans and Leases by Credit Ratings
Carry value of loans and leases excluding residential mortgage, consumer and leases	63,923	81,046
Home equity lines and loans | Substandard
Loans and Leases by Credit Ratings
Carry value of loans and leases excluding residential mortgage, consumer and leases	1,064	537
Construction
Loans and Leases by Credit Ratings
Carry value of loans and leases excluding residential mortgage, consumer and leases	140,246	172,044
Construction | Pass
Loans and Leases by Credit Ratings
Carry value of loans and leases excluding residential mortgage, consumer and leases	132,286	170,823
Construction | Special mention
Loans and Leases by Credit Ratings
Carry value of loans and leases excluding residential mortgage, consumer and leases	7,960	1,221
Commercial and industrial, including leases
Loans and Leases by Credit Ratings
Carry value of loans and leases excluding residential mortgage, consumer and leases	261,750	273,301
Commercial and industrial, including leases | Pass
Loans and Leases by Credit Ratings
Carry value of loans and leases excluding residential mortgage, consumer and leases	227,349	251,320
Commercial and industrial, including leases | Special mention
Loans and Leases by Credit Ratings
Carry value of loans and leases excluding residential mortgage, consumer and leases	21,721	9,648
Commercial and industrial, including leases | Substandard
Loans and Leases by Credit Ratings
Carry value of loans and leases excluding residential mortgage, consumer and leases	9,000	12,333
Commercial and industrial, including leases | Doubtful
Loans and Leases by Credit Ratings
Carry value of loans and leases excluding residential mortgage, consumer and leases	3,680
Small business loans
Loans and Leases by Credit Ratings
Carry value of loans and leases excluding residential mortgage, consumer and leases	49,542	21,616
Small business loans | Pass
Loans and Leases by Credit Ratings
Carry value of loans and leases excluding residential mortgage, consumer and leases	46,789	20,351
Small business loans | Substandard
Loans and Leases by Credit Ratings
Carry value of loans and leases excluding residential mortgage, consumer and leases	2,753	$ 1,265
Paycheck Protection Program loans
Loans and Leases by Credit Ratings
Carry value of loans and leases excluding residential mortgage, consumer and leases	203,543
Paycheck Protection Program loans | Pass
Loans and Leases by Credit Ratings
Carry value of loans and leases excluding residential mortgage, consumer and leases	203,543
MainStreet Lending Program Loans
Loans and Leases by Credit Ratings
Carry value of loans and leases excluding residential mortgage, consumer and leases	580
MainStreet Lending Program Loans | Pass
Loans and Leases by Credit Ratings
Carry value of loans and leases excluding residential mortgage, consumer and leases	$ 580

Allowance for Loan Losses (th_6

Allowance for Loan Losses (the Allowance) - Carrying value based on performance status (Details) $ in Thousands	Dec. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)loan
Loans and Leases by Credit Ratings
Troubled debt restructurings	$ 3,606	$ 3,918
Carrying value of residential mortgage, consumer and leases	71,823	44,819
Performing
Loans and Leases by Credit Ratings
Carrying value of residential mortgage, consumer and leases	70,008	43,965
Nonperforming
Loans and Leases by Credit Ratings
Carrying value of residential mortgage, consumer and leases	1,815	854
Residential mortgage
Loans and Leases by Credit Ratings
Carrying value of residential mortgage, consumer and leases	40,272	43,119
Residential mortgage | Performing
Loans and Leases by Credit Ratings
Troubled debt restructurings	0	0
Carrying value of residential mortgage, consumer and leases	38,457	42,265
Residential mortgage | Nonperforming
Loans and Leases by Credit Ratings
Carrying value of residential mortgage, consumer and leases	$ 1,815	$ 854
Number of loans | loan	5	5
Loans receivable, net of the allowance and lease losses	$ 910	$ 839
Consumer
Loans and Leases by Credit Ratings
Carrying value of residential mortgage, consumer and leases	511	1,003
Consumer | Performing
Loans and Leases by Credit Ratings
Carrying value of residential mortgage, consumer and leases	511	1,003
Leases
Loans and Leases by Credit Ratings
Carrying value of residential mortgage, consumer and leases	31,040	697
Leases | Performing
Loans and Leases by Credit Ratings
Carrying value of residential mortgage, consumer and leases	$ 31,040	$ 697

Allowance for Loan Losses (th_7

Allowance for Loan Losses (the Allowance) - Impaired loans (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Impaired loans with related allowance:
Recorded investment	$ 4,644	$ 2,080
Principal balance	4,696	2,080
Related allowance	1,645	136
Impaired loans without related allowance:
Recorded investment	5,736	5,227
Principal balance	5,862	5,310
Grand Total
Recorded investment	10,380	7,307
Principal balance	10,558	7,390
Related allowance	1,645	136
Commercial mortgage
Impaired loans without related allowance:
Recorded investment	1,606	2,138
Principal balance	1,642	2,173
Commercial and industrial, including leases
Impaired loans with related allowance:
Recorded investment	3,860	617
Principal balance	3,902	617
Related allowance	1,563	27
Impaired loans without related allowance:
Recorded investment	785	671
Principal balance	862	718
Small business loans
Impaired loans with related allowance:
Recorded investment		1,002
Principal balance		1,002
Related allowance		63
Impaired loans without related allowance:
Recorded investment	185	242
Principal balance	185	242
Home equity lines and loans
Impaired loans with related allowance:
Recorded investment	95	461
Principal balance	105	461
Related allowance	9	46
Impaired loans without related allowance:
Recorded investment	826	75
Principal balance	839	75
Residential mortgage
Impaired loans with related allowance:
Recorded investment	689
Principal balance	689
Related allowance	73
Impaired loans without related allowance:
Recorded investment	1,128	854
Principal balance	1,128	854
Construction
Impaired loans without related allowance:
Recorded investment	1,206	1,247
Principal balance	$ 1,206	$ 1,248

Allowance for Loan Losses (th_8

Allowance for Loan Losses (the Allowance) - Impaired Loan Average Recorded Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Allowance for Loan Losses (the Allowance)
Interest income recognized on performing impaired loans	$ 328	$ 206

Allowance for Loan Losses (th_9

Allowance for Loan Losses (the Allowance) - Troubled debt restructuring (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Allowance for Loan Losses (the Allowance)
TDRs included in nonperforming loans and leases	$ 244	$ 319
TDRs in compliance with modified terms	3,362	3,599
Total TDRs	$ 3,606	$ 3,918

Allowance for Loan Losses (t_10

Allowance for Loan Losses (the Allowance) - Loan and lease modifications granted categorized as TDRs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)contract	Dec. 31, 2019USD ($)contract
Allowance for Loan Losses (the Allowance)
Number of Contracts | contract	0	0
Loan and lease modifications granted and subsequently defaulted | $	$ 0	$ 0

Allowance for Loan Losses (t_11

Allowance for Loan Losses (the Allowance) - COVID-19 Loan modifications Programs (Details) $ in Thousands	Dec. 31, 2020USD ($)
COVID-19 Loan Modification Programs
Portfolio Balance	$ 1,085,633
Total Modifications	156,295
Active Modifications	26,905
Commercial mortgage
COVID-19 Loan Modification Programs
Portfolio Balance	485,103
Total Modifications	96,712
Active Modifications	19,836
Commercial and industrial, including leases
COVID-19 Loan Modification Programs
Portfolio Balance	292,790
Total Modifications	22,727
Construction & land development
COVID-19 Loan Modification Programs
Portfolio Balance	140,246
Total Modifications	24,847
Active Modifications	4,343
Home equity lines and loans
COVID-19 Loan Modification Programs
Portfolio Balance	64,987
Total Modifications	1,488
Residential mortgage
COVID-19 Loan Modification Programs
Portfolio Balance	52,454
Total Modifications	4,563
Small business loans
COVID-19 Loan Modification Programs
Portfolio Balance	49,542
Total Modifications	5,958
Active Modifications	2,726
Consumer
COVID-19 Loan Modification Programs
Portfolio Balance	$ 511

Bank Premises and Equipment (De

Bank Premises and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Bank Premises and Equipment
Less: accumulated depreciation	$ (10,118)	$ (8,512)
Total	7,777	8,636
Depreciation	1,600	1,700
Building
Bank Premises and Equipment
Property, Plant and Equipment, Gross	4,141	4,141
Leasehold improvements
Bank Premises and Equipment
Property, Plant and Equipment, Gross	3,202	3,156
Land
Bank Premises and Equipment
Property, Plant and Equipment, Gross	600	600
Land Improvements
Bank Premises and Equipment
Property, Plant and Equipment, Gross	218	215
Furniture, fixtures and equipment
Bank Premises and Equipment
Property, Plant and Equipment, Gross	2,700	2,574
Computer equipment and data processing software
Bank Premises and Equipment
Property, Plant and Equipment, Gross	$ 7,034	6,360
Construction in process
Bank Premises and Equipment
Property, Plant and Equipment, Gross		$ 102

Deposits - Components of deposi

Deposits - Components of deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deposits:
Demand, non-interest bearing	$ 203,843	$ 139,450
Demand, interest-bearing	206,573	94,416
Savings accounts	8,056	3,231
Money market accounts	564,566	302,242
Time Deposits	258,297	311,829
Total deposits	1,241,335	851,168
Time deposits over FDIC Insurance Limit	$ 233,100	$ 271,100

Deposits - Scheduled maturities

Deposits - Scheduled maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Scheduled maturities
2021	$ 197,649
2022	41,533
2023	11,789
2024	3,342
2025	3,984
Time Deposits, Total	$ 258,297	$ 311,829

Short-Term Borrowings and Lon_2

Short-Term Borrowings and Long-Term Debt - Short-term borrowings (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)
Short-Term Borrowings
Short term borrowings	$ 106,862	$ 123,676
Federal funds purchased | Federal Home Loan Bank of Pittsburgh
Short-Term Borrowings
Number of borrowing facilities | item	2
Short term borrowings	$ 0	0
Federal funds purchased, facility one | Federal Home Loan Bank of Pittsburgh
Short-Term Borrowings
Maximum borrowing capacity	15,000
Federal funds purchased, facility two | Federal Home Loan Bank of Pittsburgh
Short-Term Borrowings
Maximum borrowing capacity	24,000
Open Repo Plus Weekly 0.39%, Maturing On 05/28/2020
Short-Term Borrowings
Short term borrowings	$ 60,416	102,320
Interest rate (as a percent)	0.41%
Federal Reserve discount window
Short-Term Borrowings
Short term borrowings	$ 10,000
Interest rate (as a percent)	0.25%
Federal Reserve discount window | Federal Home Loan Bank of Pittsburgh
Short-Term Borrowings
Maximum borrowing capacity	$ 15,300
Short term borrowings	10,000
Mid-term Repo-fixed 0.36%, Maturing On 01/13/2021
Short-Term Borrowings
Short term borrowings	$ 4,605
Interest rate (as a percent)	0.36%
Mid-term Repo-fixed 0.10%, Maturing On 06/10/2021
Short-Term Borrowings
Short term borrowings	$ 6,376
Interest rate (as a percent)	0.10%
Mid-term Repo-fixed 0.11%, Maturing On 09/10/2021
Short-Term Borrowings
Short term borrowings	$ 10,000
Interest rate (as a percent)	0.11%
Mid-term Repo-fixed 0.16%, Maturing On 12/10/2021
Short-Term Borrowings
Short term borrowings	$ 10,000
Interest rate (as a percent)	0.16%
Mid-term Repo-fixed 0.23%, Maturing On 01/27/2021
Short-Term Borrowings
Short term borrowings	$ 5,465
Interest rate (as a percent)	0.23%
Mid-term Repo-fixed 2.76%, Maturing On 08/10/2020
Short-Term Borrowings
Short term borrowings		5,000
Interest rate (as a percent)	2.76%
Mid-term Repo-fixed 1.59%, Maturing On 08/10/2020
Short-Term Borrowings
Short term borrowings		5,144
Interest rate (as a percent)	1.59%
Mid-Term Repo-fixed Rate 1.59%, Maturing On 09/11/2020
Short-Term Borrowings
Short term borrowings		7,676
Interest rate (as a percent)	1.59%
Mid-term Repo-fixed 2.03%, Maturing On 03/27/2020
Short-Term Borrowings
Short term borrowings		3,123
Interest rate (as a percent)	2.03%
Acquisition Purchase Note 3.00%, Maturing On 04/01/2020
Short-Term Borrowings
Short term borrowings		$ 413
Interest rate (as a percent)	3.00%

Short-Term Borrowings and Lon_3

Short-Term Borrowings and Long-Term Debt - Long-term debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Long Term Debt
Long-term debt	$ 165,546	$ 3,123
PPPLF Advance
Long Term Debt
Fixed interest rate (as a percent)	0.35%
Long-term debt	$ 153,269
Mid-term Repo-fixed Maturing On 06/29/2022
Long Term Debt
Fixed interest rate (as a percent)	0.32%
Long-term debt	$ 7,392	3,123
Mid-term Repo-fixed Maturing On 09/12/2022
Long Term Debt
Fixed interest rate (as a percent)	0.23%
Long-term debt	$ 4,885
Federal Home Loan Bank of Pittsburgh | Letters of credit
Long Term Debt
Proceeds from long term debt	143,000
Maximum borrowing capacity	$ 638,900	$ 507,300

Subordinated Debentures (Detail

Subordinated Debentures (Details) $ in Thousands	1 Months Ended				12 Months Ended
	Dec. 31, 2019USD ($)installment	Apr. 30, 2013USD ($)	Dec. 31, 2011USD ($)	Dec. 31, 2008USD ($)installment	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2014tranche	Sep. 30, 2014USD ($)	Aug. 31, 2014USD ($)	Jun. 30, 2014USD ($)
Subordinated Borrowing [Line Items]
Debenture outstanding	$ 40,962				$ 40,671	$ 40,962
Repayments of debt					172	7,432
Interest payments					231	942
2008 Debentures
Subordinated Borrowing [Line Items]
Debt issued				$ 550
Conversion ratio				0.0667
Interest rate				6.00%
Debenture outstanding					169
Repayments of debt					56	119
Number of equal principal installments | installment				8
2011 Debentures
Subordinated Borrowing [Line Items]
Debt issued			$ 1,400
Conversion ratio			0.0588
Interest rate			6.00%
Debenture outstanding					693
Repayments of debt					116	116
Number of equal principal installments | installment	8
2013 Debentures
Subordinated Borrowing [Line Items]
Debt issued		$ 1,400
Conversion ratio		0.0455
Interest rate		6.50%
Debenture outstanding	$ 870				870	870
Repayments of debt					0	0
2014 Debentures
Subordinated Borrowing [Line Items]
Debt issued								$ 7,000	$ 100	$ 3,000
Interest rate							7.25%
Debenture outstanding	0				0	0
Repayments of debt						7,100
Number of tranches | tranche							3
2019 Debentures
Subordinated Borrowing [Line Items]
Debt issued	$ 40,000					$ 40,000
Interest rate	5.375%
Interest payments					$ 2,200

Servicing Assets - Residential

Servicing Assets - Residential Mortgage Loans (Details) - Mortgage Servicing Rights - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Servicing Assets at Fair Value [Line Items]
Loans serviced	$ 506,000	$ 60,300
Servicing fee income	498	91
Servicing Asset at Amortized Cost, Balance [Roll Forward]
Balance at beginning of the period	446	232
Servicing rights capitalized	4,856	372
Amortization of servicing rights	(318)	(60)
Change in valuation allowance	(337)	(98)
Balance at end of the period	4,647	446
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward]
Valuation allowance, beginning of period	98
Impairment	(337)	(98)
Valuation allowance, end of the period	$ 435	$ 98

Servicing Assets - MSR Sensitiv

Servicing Assets - MSR Sensitivity Analysis (Details) - Mortgage Servicing Rights - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Fair value of residential mortgage servicing rights	$ 4,647	$ 446
Weighted average life (years)	5 years	7 years 9 months 18 days
Prepayment speed	9.39%	13.08%
Impact on fair value of a 10% adverse change in prepayment speed	$ (183)	$ (19)
Impact on fair value of a 20% adverse change in prepayment speed	$ (354)	$ (37)
Discount rate	9.00%	9.00%
Impact on fair value of a 10% adverse change in the discount rate	$ (168)	$ (14)
Impact on fair value of a 20% adverse change in the discount rate	$ (329)	$ (27)

Servicing Assets - SBA Loans (D

Servicing Assets - SBA Loans (Details) - SBA Loan Servicing Rights - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Servicing Assets at Fair Value [Line Items]
Loans serviced	$ 55,900	$ 18,000
Servicing Asset at Amortized Cost, Balance [Roll Forward]
Balance at beginning of the period	337
Servicing rights capitalized	794	383
Amortization of servicing rights	(148)	(20)
Change in valuation allowance	(13)	(26)
Balance at end of the period	970	337
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward]
Valuation allowance, beginning of period	(26)
Impairment	(13)	(26)
Valuation allowance, end of the period	$ (39)	$ (26)

Servicing Assets - SBA Sensitiv

Servicing Assets - SBA Sensitivity Analysis (Details) - SBA Loan Servicing Rights - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Fair value of SBA loan servicing rights	$ 1,010	$ 337
Weighted average life (years)	3 years 8 months 12 days	4 years 3 months 18 days
Prepayment speed	12.73%	10.77%
Impact on fair value of a 10% adverse change in prepayment speed	$ (37)	$ (12)
Impact on fair value of a 20% adverse change in prepayment speed	$ (71)	$ (23)
Discount rate	8.33%	11.28%
Impact on fair value of a 10% adverse change in the discount rate	$ (25)	$ (9)
Impact on fair value of a 20% adverse change in the discount rate	$ (49)	$ (18)

Lease Commitments (Details)

Lease Commitments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)
Lease Commitments
Number of branch spaces leased | item	22
Operating Leases, Rent Expense	$ 1,900	$ 1,300
Future minimum lease payments
2021	2,067
2022	1,638
2023	1,549
2024	1,528
2025	1,260
Thereafter	3,303
Total	$ 11,345

Stock-Based Compensation - 2016

Stock-Based Compensation - 2016 Plan (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Stock-Based Compensation
Granted	94,650	73,000
Restricted Stock
Stock-Based Compensation
Granted	33,208
2016 Plan
Stock-Based Compensation
Shares authorized	686,900
Stock dividend percentage	5.00%
Number of shares available for future grants	355,992
Term of award	10 years
Vesting percentage	25.00%
Vesting period	3 years
2016 Plan | Employee stock option
Stock-Based Compensation
Granted	296,100
2016 Plan | Restricted Stock
Stock-Based Compensation
Granted	33,208
2004 Plan
Stock-Based Compensation
Shares authorized	446,091
Stock dividend percentage	5.00%
Number of shares available for future grants	0

Stock-Based Compensation - Opti

Stock-Based Compensation - Options outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Shares
Outstanding, at the beginning of the period	346,381	274,070
Exercised	(14,673)	(689)
Granted	94,650	73,000
Forfeited	(25,631)
Outstanding, at the end of the period	400,727	346,381
Exercisable at the end of the period	277,339
Nonvested at the end of the period	123,388
Weighted Average Exercise Price
Outstanding, at the beginning of the period	$ 16.13	$ 15.88
Exercised	13.64	11.79
Granted	17.70	17.03
Forfeited	17.03
Outstanding, at the end of the period	16.53	16.13
Exercisable at the end of the period	16.10
Nonvested at the end of the period	17.51
Weighted Average Grant Date Fair Value
Outstanding, at the beginning of the period	4.55	4.46
Exercised	3.74	3.89
Granted	5.07	4.90
Forfeited	4.73
Outstanding, at the end of the period	4.69	$ 4.55
Exercisable at December 31, 2018	4.52
Nonvested at December 31, 2018	$ 5.08
Weighted average remaining contractual life	7 years 1 month 6 days
Range of exercise prices, lower limit	$ 10.36
Range of exercise prices, upper limit	$ 20.89
Aggregate intrinsic value of options outstanding	$ 1,700
Aggregate intrinsic value of options exercisable	1,300
Employee stock option
Weighted Average Grant Date Fair Value
Allocated Share-based Compensation Expense	$ 451	$ 272

Stock-Based Compensation - Weig

Stock-Based Compensation - Weighted average assumptions (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Stock-based compensation fair value assumptions
Weighted average fair value of options granted	$ 5.07	$ 4.90
Proceeds from exercise of stock options	$ 200	$ 128
Forfeited	25,631
ASU 2016-09
Stock-based compensation fair value assumptions
Forfeited	25,631
Employee stock option
Stock-based compensation fair value assumptions
Expected dividends	0.00%	0.00%
Risk-free rate, minimum	0.47%	1.95%
Risk-free rate, maximum	1.68%	2.61%
Expected life	5 years 9 months	5 years 9 months
Expected volatility, minimum	21.81%	22.44%
Expected volatility, maximum	39.65%	22.48%
Tax benefits recognized related to stock compensation cost	$ 0	$ 0
Unrecognized compensation cost	$ 401
Weighted average period in which the unrecognized compensation cost will be recognized	1 year 3 months 29 days
Employee stock option | Minimum
Stock-based compensation fair value assumptions
Weighted average fair value of options granted	$ 4.47	$ 4.84
Employee stock option | Maximum
Stock-based compensation fair value assumptions
Weighted average fair value of options granted	$ 5.87	$ 5.30

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock outstanding (Details) - Restricted Stock $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares
Shares
Granted | shares	33,208
Outstanding, at the end of the period | shares	33,208
Nonvested | shares	33,208
Weighted Average Exercise Price
Granted	$ 14
Outstanding, at the end of the period	14
Nonvested	14
Weighted Average Grant Date Fair Value
Granted	14
Outstanding, at the end of the period	14
Nonvested	$ 14
Compensation cost | $	$ 80
Unrecognized compensation cost | $	$ 385
Weighted average period in which the unrecognized compensation cost will be recognized	7 months 13 days
Awards Vesting in one year
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50.00%
Vesting period	1 year
Awards Vesting on second anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50.00%

Income Taxes - federal and stat

Income Taxes - federal and state (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Federal:
Current	$ 5,703	$ 3,287
Deferred	1,242	(489)
Total	6,945	2,798
State:
Current	1,141	249
Deferred	12	(14)
Total	1,153	235
Totals	$ 8,098	$ 3,033

Income Taxes - Reconciliation (

Income Taxes - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Federal income tax at statutory rate	$ 7,252	$ 2,838
State tax expense, net of federal benefit	911	186
Tax exempt interest	(153)	(65)
Bank owned life insurance	(59)	(61)
Incentive stock options	74	66
Other	73	69
Totals	$ 8,098	$ 3,033
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Federal income tax at statutory rate (as a percent)	21.00%	21.00%
State tax expense, net of federal benefit (as a percent)	2.60%	1.40%
Tax exempt interest (as a percent)	(0.40%)	(0.50%)
Bank owned life insurance (as a percent)	(0.20%)	(0.50%)
Incentive stock options (as a percent)	0.20%	0.50%
Other (as a percent)	0.20%	0.50%
Effective income tax rate (as a percent)	23.40%	22.40%

Income Taxes - Deferred tax ass

Income Taxes - Deferred tax asset (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Allowance for loan and lease losses	$ 4,230	$ 2,111
Litigation reserve		220
Intangibles	30	58
Accrued incentive compensation		176
Accrued retirement	528	432
Unrealized loss on available for sale securities		2
Deferred rent	180	142
Mortgage repurchase reserve	641	16
Other	122	78
Total deferred tax asset	5,731	3,235
Deferred tax liabilities:
Property and equipment	(377)	(388)
Loan servicing rights	(1,337)	(183)
Mortgage pipeline fair-value adjustment	(1,156)	(77)
Hedge instrument fair-value adjustment	(1,252)	(41)
Unrealized gain on available for sale securities	(797)
Prepaid expenses	(340)	(152)
Deferred loan costs	(406)	(279)
Other	(4)
Total deferred tax liability	(5,669)	(1,120)
Net deferred tax asset	$ 62	$ 2,115
Effective income tax rate (as a percent)	23.40%	22.40%
Investment in low income housing tax credits	$ 1,300	$ 1,500
Tax credit recognized	161	224
Tax credit, amortization	180	245
Tax benefit from losses	$ 26	$ 33

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Non-Interest Income:
Mortgage banking income	$ 76,461	$ 26,009
SBA income	2,572	1,401
Net change in fair values	9,145	489
Net (loss) on hedging activity	(9,400)	(816)
Earnings on investment in life insurance	279	290
Net gain on sale of securities	1,345	165
Dividends on FHLB stock	325	430
Other	2,230	1,191
Total non-interest income	86,918	32,893
Sales of OREO	120	0
Gain on sale of OREO	6
Wealth Management Income
Non-Interest Income:
Revenue from contracts with customers	3,854	3,624
Service Charges
Non-Interest Income:
Revenue from contracts with customers	107	110
ATM/Debit Card Commissions and Title Fee Income
Non-Interest Income:
Revenue from contracts with customers	925	621
Bank
Non-Interest Income:
Mortgage banking income	1,632	268
SBA income	2,572	1,401
Net change in fair values	(40)	(29)
Net (loss) on hedging activity		(21)
Earnings on investment in life insurance	279	290
Net gain on sale of securities	1,345	165
Dividends on FHLB stock	325	430
Other	1,468	840
Total non-interest income	7,688	3,546
Bank | Wealth Management Income
Non-Interest Income:
Revenue from contracts with customers		92
Bank | Service Charges
Non-Interest Income:
Revenue from contracts with customers	107	110
Wealth
Non-Interest Income:
Other	14
Total non-interest income	3,868	3,532
Wealth | Wealth Management Income
Non-Interest Income:
Revenue from contracts with customers	3,854	3,532
Mortgage
Non-Interest Income:
Mortgage banking income	74,829	25,741
Net change in fair values	9,185	518
Net (loss) on hedging activity	(9,400)	(795)
Other	748	351
Total non-interest income	$ 75,362	$ 25,815

Transactions with Executive O_2

Transactions with Executive Officers, Directors and Principal Stockholders (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Transactions with Executive Officers, Directors and Principal Stockholders
Loans receivable from related parties	$ 3,300	$ 3,700
Payments for advances for related parties	4,900	8,700
Proceeds repayments from related party	3,800	8,500
Effect of changes in composition of related parties	1,500
Deposits of related parties	25,600	20,200
Subordinated debt held by related parties	485	519
Legal fees paid	$ 8	$ 16

Financial Instruments with Of_2

Financial Instruments with Off Balance Sheet Risk, Commitments and Contingencies (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Notional Amount	$ 688,786	$ 139,615
Indemnification or Repurchase of loan	0
Provision for loan losses	$ 2,700	71
Number of loans receivable repurchased | loan	1
Loan receivables repurchased	$ 153
Minimum
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Repurchase or Indemnification Term of Loan	2 months
Delinquency period of loan	6 months
Maximum
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Repurchase or Indemnification Term of Loan	3 months
Commitments to extend credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Off-balance sheet financial instruments	$ 421,399	327,788
Mortgage Loans Commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Off-balance sheet financial instruments	$ 428,800	72,900
Mortgage Loans Commitments | Minimum
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Commitment term	30 days
Mortgage Loans Commitments | Maximum
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Commitment term	90 days
Letters of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Off-balance sheet financial instruments	$ 8,928	9,750
Commitment term	12 months
Forward Commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Commitment term	90 days
Notional Amount	$ 218,000	62,750
Forward Sale Of Mortgage Backed Securities
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Notional Amount	230,100	62,800
Forward Best Effort Sale Commitment
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Notional Amount	$ 198,700	$ 18,600

Recent Litigation (Details)

Recent Litigation (Details) $ in Thousands	Feb. 29, 2020USD ($)	Jul. 24, 2019USD ($)	Nov. 21, 2017employee	Dec. 31, 2019USD ($)
Recent Litigation
Number of employees filed suit | employee			3
Litigation reserve				$ 990
Litigation settlement agreed amount		$ 990
Payments for Legal Settlements	$ 1,000

Regulatory Matters (Details)

Regulatory Matters (Details) $ in Thousands	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Total capital (to risk-weighted assets)
Actual, Amount		$ 166,471
For capital adequacy purpose, Amount		108,576
To be well capitalized under prompt corrective action provisions, Amount		$ 103,405
Actual, Ratio		0.1610
For capital adequacy purpose, Ratio		0.1050
To be well capitalized under prompt corrective action provisions, Ratio		0.1000
Common equity tier 1 capital (to risk-weighted assets)
Actual, Amount		$ 115,934
For capital adequacy purpose, Amount		72,384
To be well capitalized under prompt corrective action provisions, Amount		$ 67,214
Actual, Ratio		0.1121
For capital adequacy purpose, Ratio		0.0700
To be well capitalized under prompt corrective action provisions, Ratio		0.0650
Tier 1 capital (to risk-weighted assets)
Actual, Amount	$ 134,564	$ 115,934
For capital adequacy purpose, Amount		87,895
To be well capitalized under prompt corrective action provisions, Amount	$ 120,082	$ 82,724
Actual, Ratio	8.96	0.1121
For capital adequacy purpose, Ratio		0.0850
To be well capitalized under prompt corrective action provisions, Ratio	8	0.0800
Tier 1 capital (to average assets)
Actual, Amount		$ 115,934
For capital adequacy purpose, Amount		43,973
To be well capitalized under prompt corrective action provisions, Amount		$ 54,966
Actual, Ratio		0.1055
For capital adequacy purpose, Ratio		0.0400
To be well capitalized under prompt corrective action provisions, Ratio		0.0500
Meridian Bank
Total capital (to risk-weighted assets)
Actual, Amount		$ 166,360
For capital adequacy purpose, Amount		108,571
To be well capitalized under prompt corrective action provisions, Amount		$ 103,401
Actual, Ratio		0.1609
For capital adequacy purpose, Ratio		0.1050
To be well capitalized under prompt corrective action provisions, Ratio		0.1000
Common equity tier 1 capital (to risk-weighted assets)
Actual, Amount		$ 154,881
For capital adequacy purpose, Amount		72,381
To be well capitalized under prompt corrective action provisions, Amount		$ 67,211
Actual, Ratio		0.1498
For capital adequacy purpose, Ratio		0.0700
To be well capitalized under prompt corrective action provisions, Ratio		0.0650
Tier 1 capital (to risk-weighted assets)
Actual, Amount		$ 154,881
For capital adequacy purpose, Amount		87,891
To be well capitalized under prompt corrective action provisions, Amount		$ 82,721
Actual, Ratio		0.1498
For capital adequacy purpose, Ratio		0.0850
To be well capitalized under prompt corrective action provisions, Ratio		0.0800
Tier 1 capital (to average assets)
Actual, Amount	$ 173,231	$ 154,881
For capital adequacy purpose, Amount		44,013
To be well capitalized under prompt corrective action provisions, Amount	$ 120,080	$ 55,017
Actual, Ratio	11.54	0.1408
For capital adequacy purpose, Ratio		0.0400
To be well capitalized under prompt corrective action provisions, Ratio	8	0.0500

Fair Value Measurements and D_3

Fair Value Measurements and Disclosures - Financial assets measured at fair value on a recurring basis (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets
Securities available-for-sale	$ 123,562	$ 58,856
Equity investments	1,031	1,009
Mortgage loans held-for-investment	12,182	10,546
U.S. asset backed securities
Assets
Securities available-for-sale	25,592	11,866
U.S. government agency mortgage-backed securities
Assets
Securities available-for-sale	4,046	5,497
U.S. government agency collateralized mortgage obligations
Assets
Securities available-for-sale	23,909	35,223
State and municipal securities
Assets
Securities available-for-sale	65,810	6,270
Corporate bonds
Assets
Securities available-for-sale	4,205
Level 3 | Interest rate lock commitments
Assets
Derivative assets, Fair value	6,932	504
Recurring
Assets
Securities available-for-sale	1,031
Mortgage loans held-for-sale	229,199	33,704
Mortgage loans held-for-investment	12,182	10,546
Total	374,024	105,007
Liabilities
Total	2,891	707
Recurring | U.S. asset backed securities
Assets
Securities available-for-sale	25,592	11,866
Recurring | U.S. government agency mortgage-backed securities
Assets
Securities available-for-sale	4,046	5,497
Recurring | U.S. government agency collateralized mortgage obligations
Assets
Securities available-for-sale	23,909	35,223
Recurring | State and municipal securities
Assets
Securities available-for-sale	65,810	6,270
Recurring | Corporate bonds
Assets
Securities available-for-sale	4,205
Recurring | Investments in mutual funds
Assets
Securities available-for-sale		1,009
Recurring | Interest rate lock commitments
Assets
Derivative assets, Fair value	6,932	504
Liabilities
Derivative Liability	100	157
Recurring | Forward Commitments
Assets
Securities available-for-sale		6
Liabilities
Derivative Liability	1,572	119
Recurring | Customer derivatives - interest rate swaps
Assets
Derivative assets, Fair value	1,118	382
Liabilities
Derivative Liability	1,219	431
Recurring | Level 2
Assets
Securities available-for-sale	1,031
Mortgage loans held-for-sale	229,199	33,704
Mortgage loans held-for-investment	12,182	10,546
Total	367,092	104,503
Liabilities
Total	2,791	550
Recurring | Level 2 | U.S. asset backed securities
Assets
Securities available-for-sale	25,592	11,866
Recurring | Level 2 | U.S. government agency mortgage-backed securities
Assets
Securities available-for-sale	4,046	5,497
Recurring | Level 2 | U.S. government agency collateralized mortgage obligations
Assets
Securities available-for-sale	23,909	35,223
Recurring | Level 2 | State and municipal securities
Assets
Securities available-for-sale	65,810	6,270
Recurring | Level 2 | Corporate bonds
Assets
Securities available-for-sale	4,205
Recurring | Level 2 | Investments in mutual funds
Assets
Securities available-for-sale		1,009
Recurring | Level 2 | Forward Commitments
Assets
Securities available-for-sale		6
Liabilities
Derivative Liability	1,572	119
Recurring | Level 2 | Customer derivatives - interest rate swaps
Assets
Derivative assets, Fair value	1,118	382
Liabilities
Derivative Liability	1,219	431
Recurring | Level 3
Assets
Total	6,932	504
Liabilities
Total	100	157
Recurring | Level 3 | Interest rate lock commitments
Assets
Derivative assets, Fair value	6,932	504
Liabilities
Derivative Liability	$ 100	$ 157

Fair Value Measurements and D_4

Fair Value Measurements and Disclosures - Financial assets measured at fair value on non-recurring basis (Details) - Nonrecurring - Level 3 - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Financial assets measured at fair value on a nonrecurring basis
Mortgage servicing rights	$ 4,647	$ 446
SBA loan servicing rights	970	337
Impaired loans	2,998	1,944
Other real estate owned		120
Total	$ 8,615	$ 2,847

Fair Value Measurements and D_5

Fair Value Measurements and Disclosures - Estimated fair values of financial instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Financial assets:
Securities available-for-sale	$ 123,562	$ 58,856
Securities held-to-maturity	6,857	9,003
Equity investments	1,031	1,009
Mortgage loans held-for-investment	12,182	10,546
Carrying amount
Financial assets:
Restricted investment in bank stock	7,861	8,072
Level 1 | Carrying amount
Financial assets:
Cash and cash equivalents	36,744	39,371
Level 1 | Fair value
Financial assets:
Cash and cash equivalents	36,744	39,371
Level 2 | Carrying amount
Financial assets:
Securities available-for-sale	123,562	58,856
Securities held-to-maturity	6,510	8,780
Equity investments	1,031	1,009
Mortgage loans held-for-sale	229,199	33,704
Mortgage loans held-for-investment	12,182	10,546
Financial liabilities:
Deposits	1,241,335	851,168
Short-term borrowings	106,862	123,676
Long-term debt	165,546	3,123
Subordinated debentures	40,671	40,962
Accrued interest payable	1,154	1,088
Level 2 | Carrying amount | Forward Commitments
Financial assets:
Derivative asset		6
Financial liabilities:
Derivatives	1,572	119
Level 2 | Carrying amount | Customer derivatives - interest rate swaps
Financial assets:
Derivative asset	1,118	382
Financial liabilities:
Derivatives	1,219	431
Level 2 | Fair value
Financial assets:
Securities available-for-sale	123,562	58,856
Securities held-to-maturity	6,857	9,003
Equity investments	1,031	1,009
Mortgage loans held-for-sale	229,199	33,704
Mortgage loans held-for-investment	12,182	10,546
Financial liabilities:
Deposits	1,392,500	880,400
Short-term borrowings	106,862	123,678
Long-term debt	168,000	3,123
Subordinated debentures	38,375	40,962
Accrued interest payable	1,154	1,088
Level 2 | Fair value | Forward Commitments
Financial assets:
Derivative asset		6
Financial liabilities:
Derivatives	1,572	119
Level 2 | Fair value | Customer derivatives - interest rate swaps
Financial assets:
Derivative asset	1,118	382
Financial liabilities:
Derivatives	1,219	431
Level 3 | Interest rate lock commitments
Financial assets:
Derivative asset	6,932	504
Level 3 | Carrying amount
Financial assets:
Loans receivable, net of the allowance and lease losses	1,272,582	954,164
Accrued interest receivable	5,482	3,148
Level 3 | Carrying amount | Interest rate lock commitments
Financial assets:
Derivative asset	6,932	504
Financial liabilities:
Derivatives	100	157
Level 3 | Fair value
Financial assets:
Loans receivable, net of the allowance and lease losses	1,289,776	973,057
Accrued interest receivable	5,482	3,148
Level 3 | Fair value | Interest rate lock commitments
Financial assets:
Derivative asset	6,932	504
Financial liabilities:
Derivatives	$ 100	$ 157

Fair Value Measurements and D_6

Fair Value Measurements and Disclosures - Off-balance sheet financial instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Commitments to extend credit
Off-balance sheet financial instruments:
Off-balance sheet financial instruments	$ 421,399	$ 327,788
Letters of credit
Off-balance sheet financial instruments:
Off-balance sheet financial instruments	8,928	9,750
Carrying amount | Level 2 | Commitments to extend credit
Off-balance sheet financial instruments:
Off-balance sheet financial instruments	421,399	327,788
Carrying amount | Level 2 | Letters of credit
Off-balance sheet financial instruments:
Off-balance sheet financial instruments	8,928	9,750
Fair value | Level 2 | Commitments to extend credit
Off-balance sheet financial instruments:
Off-balance sheet financial instruments	$ 6,932	$ 504

Fair Value Measurements and D_7

Fair Value Measurements and Disclosures - Fair value on a recurring basis (Details) - Interest rate lock commitments - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning of the period	$ 504	$ 310
Increase in value	6,428	194
Balance at end of the period	$ 6,932	$ 504

Fair Value Measurements and D_8

Fair Value Measurements and Disclosures - Valuation Techniques for Level 3 interest rate lock (Details) - Interest rate lock commitments - Level 3 $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset	$ 6,932	$ 504
Valuation technique extensible list	us-gaap:ValuationTechniqueConsensusPricingModelMember	us-gaap:ValuationTechniqueConsensusPricingModelMember
Measurement input extensible list	mrbk:LoanOriginationSucessRateMember	mrbk:LoanOriginationSucessRateMember
Net realized gains (losses)	$ 6,500	$ 78
Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.01	0.01
Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.99	0.99
Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.8308	0.9170

Derivative Financial Instrume_3

Derivative Financial Instruments - Notional amounts and fair values of derivative financial instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Derivative Financial Instruments
Notional Amount	$ 688,786	$ 139,615
Asset (Liability) Fair Value	5,159	185
Interest rate lock commitments
Derivative Financial Instruments
Notional Amount	428,828	70,323
Asset (Liability) Fair Value	6,832	347
Interest rate lock commitments | Other Assets
Derivative Financial Instruments
Notional Amount	406,422	47,660
Asset (Liability) Fair Value	6,932	504
Interest rate lock commitments | Other Liabilities
Derivative Financial Instruments
Notional Amount	22,406	22,663
Asset (Liability) Fair Value	(100)	(157)
Forward Commitments
Derivative Financial Instruments
Notional Amount	218,000	62,750
Asset (Liability) Fair Value	(1,572)	(113)
Forward Commitments | Other Assets
Derivative Financial Instruments
Notional Amount		4,500
Asset (Liability) Fair Value		6
Forward Commitments | Other Liabilities
Derivative Financial Instruments
Notional Amount	218,000	58,250
Asset (Liability) Fair Value	(1,572)	(119)
Customer derivatives - interest rate swaps
Derivative Financial Instruments
Notional Amount	41,958	6,542
Asset (Liability) Fair Value	(101)	(49)
Customer derivatives - interest rate swaps | Other Assets
Derivative Financial Instruments
Notional Amount	20,979	3,271
Asset (Liability) Fair Value	1,118	382
Customer derivatives - interest rate swaps | Other Liabilities
Derivative Financial Instruments
Notional Amount	20,979	3,271
Asset (Liability) Fair Value	$ (1,219)	$ (431)

Derivative Financial Instrume_4

Derivative Financial Instruments - Fair value gains and losses on derivative financial instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Summary of the fair value gains and losses on derivative financial instruments
Net fair value gains (losses) on derivative financial instruments	$ 4,974	$ 111
Realized losses on derivatives	(9,400)	(816)
Interest rate lock commitments
Summary of the fair value gains and losses on derivative financial instruments
Net fair value gains (losses) on derivative financial instruments	6,485	77
Forward Commitments
Summary of the fair value gains and losses on derivative financial instruments
Net fair value gains (losses) on derivative financial instruments	(1,459)	63
Customer derivatives - interest rate swaps
Summary of the fair value gains and losses on derivative financial instruments
Net fair value gains (losses) on derivative financial instruments	$ (52)	$ (29)

Segments (Details)

Segments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)loanfacility	Dec. 31, 2019USD ($)
Segments
Number of central loan production | loanfacility	1
Net-interest Income:
Net interest income	$ 48,996	$ 36,336
Provision for loan losses	8,302	901
Net interest income after provision for loan losses	40,694	35,435
Non-Interest Income:
Mortgage banking income	76,461	26,009
SBA income	2,572	1,401
Net change in fair values	9,145	489
Net (loss) on hedging activity	(9,400)	(816)
Other	4,286	2,186
Total non-interest income	86,918	32,893
Non-interest expenses:
Total non-interest expenses	93,076	54,814
Income before income taxes	34,536	13,514
Total Assets	1,720,197	1,150,019
Bank
Net-interest Income:
Net interest income	46,997	36,019
Provision for loan losses	8,302	901
Net interest income after provision for loan losses	38,695	35,118
Non-Interest Income:
Mortgage banking income	1,632	268
SBA income	2,572	1,401
Net change in fair values	(40)	(29)
Net (loss) on hedging activity		(21)
Other	3,524	1,835
Total non-interest income	7,688	3,546
Non-interest expenses:
Total non-interest expenses	33,351	27,884
Income before income taxes	13,032	10,780
Total Assets	1,488,312	1,112,862
Wealth
Net-interest Income:
Net interest income	(48)	65
Net interest income after provision for loan losses	(48)	65
Non-Interest Income:
Other	14
Total non-interest income	3,868	3,532
Non-interest expenses:
Total non-interest expenses	3,213	3,266
Income before income taxes	607	331
Total Assets	5,479	5,234
Mortgage
Net-interest Income:
Net interest income	2,047	252
Net interest income after provision for loan losses	2,047	252
Non-Interest Income:
Mortgage banking income	74,829	25,741
Net change in fair values	9,185	518
Net (loss) on hedging activity	(9,400)	(795)
Other	748	351
Total non-interest income	75,362	25,815
Non-interest expenses:
Total non-interest expenses	56,512	23,664
Income before income taxes	20,897	2,403
Total Assets	226,406	31,923
Wealth Management Income
Non-Interest Income:
Revenue from contracts with customers	3,854	3,624
Wealth Management Income | Bank
Non-Interest Income:
Revenue from contracts with customers		92
Wealth Management Income | Wealth
Non-Interest Income:
Revenue from contracts with customers	$ 3,854	$ 3,532

Parent Company Financial Stat_3

Parent Company Financial Statements - Condensed Balance Sheets (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and due from banks	$ 34,190	$ 19,106
Other assets	18,334	14,379
Total assets	1,720,197	1,150,019
Liabilities:
Subordinated debentures	40,671	40,962
Accrued interest payable	1,154	1,088
Other liabilities	23,007	9,307
Total liabilities	1,578,575	1,029,324
Stockholders' equity:
Common stock, $1 par value. Authorized 10,000,000 shares; issued 6,455,566 and 6,407,685 as of December 31, 2020 and December 31, 2019	6,456	6,408
Surplus	81,196	80,196
Treasury stock - 320,000 and 3,375 shares at December 31, 2020 and December 31, 2019, respectively	(5,828)	(3)
Unearned common stock held by employee stock ownership plan	(1,768)
Retained earnings	59,010	34,097
Accumulated other comprehensive income (loss)	2,556	(3)
Total stockholders' equity	141,622	120,695
Total liabilities and stockholders' equity	$ 1,720,197	$ 1,150,019
Common stock, par value	$ 1	$ 1
Common stock, Authorized shares	10,000,000	10,000,000
Common Stock, Shares, Issued	6,455,566	6,407,685
Treasury stock shares held	320,000	3,375
Parent Company
Stockholders' equity:
Treasury stock shares held	320,000	3,375
Parent Company | Reportable Legal Entities
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and due from banks	$ 213	$ 148
Investment in subsidiaries	180,288	159,643
Other assets	360	40
Total assets	180,861	159,831
Liabilities:
Subordinated debentures	38,904	39,058
Accrued interest payable	6	78
Other liabilities	329
Total liabilities	39,239	39,136
Stockholders' equity:
Common stock, $1 par value. Authorized 10,000,000 shares; issued 6,455,566 and 6,407,685 as of December 31, 2020 and December 31, 2019	6,456	6,408
Surplus	81,196	80,196
Treasury stock - 320,000 and 3,375 shares at December 31, 2020 and December 31, 2019, respectively	(5,828)	(3)
Unearned common stock held by employee stock ownership plan	(1,768)
Retained earnings	59,010	34,097
Accumulated other comprehensive income (loss)	2,556	(3)
Total stockholders' equity	141,622	120,695
Total liabilities and stockholders' equity	$ 180,861	$ 159,831
Common stock, par value	$ 1	$ 1
Common stock, Authorized shares	10,000,000	10,000,000
Common Stock, Shares, Issued	6,455,566	6,407,685

Parent Company Financial Stat_4

Parent Company Financial Statements - Condensed Statements of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Condensed Income Statements, Captions [Line Items]
Total operating income	$ 62,656	$ 52,863
Interest expense	13,660	16,527
Income before income taxes	34,536	13,514
Income tax (benefit) expense	8,098	3,033
Net income	26,438	10,481
Total other comprehensive income	2,559	387
Total comprehensive income	28,997	10,868
Parent Company | Reportable Legal Entities
Condensed Income Statements, Captions [Line Items]
Dividends from subsidiaries	11,512
Net interest and other income	10
Total operating income	11,522
Interest expense	2,202	81
Income before equity in undistributed income of subsidiaries	9,320	(81)
Equity in undistributed income of subsidiaries	17,118	10,562
Income before income taxes	26,438	10,481
Net income	26,438	10,481
Total other comprehensive income	2,559	387
Total comprehensive income	$ 28,997	$ 10,868

Parent Company Financial Stat_5

Parent Company Financial Statements - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Condensed Cash Flow Statements, Captions [Line Items]
Net income	$ 26,438	$ 10,481
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Share-based compensation	763	272
(Decrease) increase in accrued interest payable	66	783
(Decrease) increase in other assets	3,346	276
Increase in other liabilities	11,047	2,382
Net cash (used in) provided by operating activities	(158,142)	21,569
Cash flows from investing activities:
Net cash used in investing activities	(371,025)	(143,077)
Cash flows from financing activities:
Dividends paid	(1,525)
Purchase of common shares for ESOP	(2,000)
Share based awards and exercises	395	6
Net cash provided by financing activities	526,540	136,927
Net change in cash and cash equivalents	(2,627)	15,419
Cash and cash equivalents at beginning of period	39,371	23,952
Cash and cash equivalents at end of period	36,744	39,371
Parent Company | Reportable Legal Entities
Condensed Cash Flow Statements, Captions [Line Items]
Net income	26,438	10,481
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Equity in undistributed income of subsidiaries	(17,181)	(10,562)
Share-based compensation	232
(Decrease) increase in accrued interest payable	(72)	78
(Decrease) increase in other assets	(320)	(40)
Increase in other liabilities	32
Net cash (used in) provided by operating activities	9,129	(43)
Cash flows from investing activities:
Investment in subsidiaries		(38,804)
Net cash used in investing activities		(38,804)
Cash flows from financing activities:
Net activity from subordinated debt	(231)	39,051
Net purchase of treasury stock through publicly announced plans	(5,703)	(62)
Dividends paid	(1,525)
Purchase of common shares for ESOP	(2,000)
Share based awards and exercises	395	6
Net cash provided by financing activities	(9,064)	38,995
Net change in cash and cash equivalents	65	148
Cash and cash equivalents at beginning of period	148
Cash and cash equivalents at end of period	$ 213	$ 148

Subsequent Events (Details)

Subsequent Events (Details)	Feb. 16, 2021$ / shares
Subsequent event
Subsequent Event [Line Items]
Common Stock, Special Dividends, Per Share, Declared	$ 1