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Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Assets recorded at fair value on a recurring basis are as follows, in thousands

		Balance as of December 31, 2018				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Other Unobservable Inputs (Level 3)
Securities available-for-sale:
U.S. Government-sponsored enterprises (GSEs)		$	43,503			$	—			$	43,503			$	—
Municipal securities		55,161				—				55,161				—
Other debt securities		910				—				910				—
Mortgage-backed securities		102,114				—				102,114				—
Total securities available-for-sale		$	201,688			$	—			$	201,688			$	—
Derivative financial instruments		$	1,174			$	—			$	1,174

		Balance as of December 31, 2017				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Other Unobservable Inputs (Level 3)
Securities available-for-sale:
U.S. Government-sponsored enterprises (GSEs)		$	25,776			$	—			$	25,776			$	—
Municipal securities		9,003				—				9,003				—
Other debt securities		950				—				950				—
Mortgage-backed securities		116,215				—				116,215				—
Total securities available-for-sale		$	151,944			$	—			$	151,944			$	—

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis

For Level 3 assets measured at fair value on a non-recurring basis as of December 31, 2018 and 2017, the significant unobservable inputs used in the fair value measurements are presented below.

		Balance as of December 31, 2018 (in thousands)				Valuation Technique		Significant Other Unobservable Input		Weighted Average of Input
Impaired loans		$	671			Third Party Appraisal		Appraisal Discounts		44.3	%
Foreclosed assets		2,495				Third Party Appraisal		Appraisal Discounts		23.3	%

		Balance as of December 31, 2017 (in thousands)				Valuation Technique		Significant Other Unobservable Input		Weighted Average of Input
Impaired loans		$	769			Cash Flow		Discounted Cash Flow / Appraisal Discounts		35.5	%
Foreclosed assets		3,254				Appraisal		Appraisal Discounts		17.8	%

The following tables present the financial instruments carried on the consolidated balance sheets by caption and by level in the fair value hierarchy, for which a nonrecurring change in fair value has been recorded (in thousands):

		Balance as of December 31, 2018				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Other Unobservable Inputs (Level 3)
Impaired loans		$	671			$	—			$	—			$	671
Foreclosed assets		2,495				—				—				2,495

		Balance as of December 31, 2017				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Other Unobservable Inputs (Level 3)
Impaired loans		$	769			$	—			$	—			$	769
Foreclosed assets		3,254				—				—				3,254

Fair Value, by Balance Sheet Grouping

The carrying amount and estimated fair value of the Company’s financial instruments at December 31, 2018 and December 31, 2017 are as follows (in thousands): 

		December 31, 2018
						Fair Value Measurements Using
		Carrying Amount				Level 1			Level 2			Level 3				Estimated Fair Value
Assets:
Cash and cash equivalents		$	115,822			115,822			—			—				$	115,822
Securities available-for-sale		201,688				—			201,688			—				201,688
Restricted investments		11,499				N/A			N/A			N/A				N/A
Loans, net		1,768,964				—			—			1,766,838				1,766,838
Liabilities:
Noninterest-bearing demand deposits		319,861				—			319,861			—				319,861
Interest-bearing demand deposits		311,482				—			311,482			—				311,482
Money Market and Savings deposits		641,945				—			641,945			—				641,945
Time deposits		648,675				—			649,169			—				649,169
Securities sold under agreements to repurchase		11,756				—			11,756			—				11,756
Federal Home Loan Bank advances and other borrowings		11,243				—			11,243			—				11,243
Subordinated debt		39,177				—			—			39,190		39,158		39,190
Derivative financial instruments		1,174				—			1,174			—				1,174

		December 31, 2017
						Fair Value Measurements Using
		Carrying Amount				Level 1			Level 2			Level 3			Estimated Fair Value
Assets:
Cash and cash equivalents		$	113,027			113,027			—			—			$	113,027
Securities available-for-sale		151,944				—			151,944			—			151,944
Restricted investments		6,431				N/A			N/A			N/A			N/A
Loans, net		1,317,398				—			—			1,292,303			1,292,303
Liabilities:
Noninterest-bearing demand deposits		220,520				—			220,520			—			220,520
Interest-bearing demand deposits		231,644				—			231,644			—			231,644
Money Market and Savings deposits		543,645				—			543,645			—			543,645
Time deposits		442,774				—			443,547			—			443,547
Securities sold under agreements to repurchase		24,055				—			24,055			—			24,055
Federal Home Loan Bank advances and other borrowings		43,600				—			43,600			—			43,600

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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-Publisher FASB
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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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