Table of Contents The following table shows the changes in Level 3 assets and liabilities measured at fair value on a recurring basis. There were no gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at December 31, 2020 or 2019. The following table shows the valuation methodology and unobservable inputs for Level 3 assets and liabilities measured at fair value on a recurring basis. The Company may be required, from time to time, to measure certain other financial assets at fair value on a non-recurring basis in accordance with GAAP. These adjustments to fair value usually result from application of lower of cost or market accounting or impairment charges of individual assets. Financial Instruments on Non-recurring Basis: 83 (Dollars in thousands) Fair value Valuation Methodology Unobservable Inputs Range of Inputs Weighted Average December 31, 2020 Debt securities available-for-sale Direct placement municipal securities $ 2,152 Discounted cash flows Credit spread assumption 0.04% - 2.30% 1.55 % December 31, 2019 Debt securities available-for-sale Direct placement municipal securities $ 2,292  Discounted cash flows Credit spread assumption 0.12% - 2.85% (Dollars in thousands) U.S. States and political subdivisions securities Beginning balance January 1, 2020 $ 2,292 Total gains or losses (realized/unrealized): Included in earnings — Included in other comprehensive income 58 Purchases 3,100 Issuances — Sales — Settlements — Maturities (3,298) Transfers into Level 3 — Transfers out of Level 3 — Ending balance December 31, 2020 $ 2,152 Beginning balance January 1, 2019 $ 1,025  Total gains or losses (realized/unrealized): Included in earnings —  Included in other comprehensive income (35) Purchases 5,600  Issuances —  Sales —  Settlements —  Maturities (4,298) Transfers into Level 3 —  Transfers out of Level 3 —  Ending balance December 31, 2019 $ 2,292 