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Fair Value Measurements and Disclosures (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured on Recurring Basis

The following tables present the balances of assets and liabilities measured on a recurring basis as of December 31, 2019 and 2018 aggregated by the level in the fair value hierarchy in which these measurements fall.

(dollars in thousands)						December 31, 2019						Level 1						Level 2						Level 3
Available for sale securities:
U.S. agency mortgage-backed						$	95,172					$	—					$	95,172					$	—
Collateralized mortgage obligations						142,451						—						142,451						—
Municipal bonds						16,005						—						16,005						—
U.S. government agency						3,693						—						3,693						—
Total						$	257,321					$	—					$	257,321					$	—

(dollars in thousands)						December 31, 2018						Level 1						Level 2						Level 3
Available for sale securities:
U.S. agency mortgage-backed						$	85,909					$	—					$	85,909					$	—
Collateralized mortgage obligations						143,591						—						143,591						—
Municipal bonds						21,477						—						21,477						—
U.S. government agency						9,154						—						9,154						—
Total						$	260,131					$	—					$	260,131					$	—

Summary of Financial Assets and Liabilities Measured at Fair Value on Nonrecurring Basis

The Company has segregated all financial assets and liabilities that are measured at fair value on a nonrecurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date in the tables below.

												Fair Value Measurements Using
(dollars in thousands)						December 31, 2019						Level 1						Level 2						Level 3
Assets
Impaired loans						$	7,365					$	—					$	—					$	7,365
Foreclosed assets and ORE						4,156						—						—						4,156
Total						$	11,521					$	—					$	—					$	11,521

												Fair Value Measurements Using
(dollars in thousands)						December 31, 2018						Level 1						Level 2						Level 3
Assets
Impaired loans						$	8,723					$	—					$	—					$	8,723
Foreclosed assets and ORE						1,558						—						—						1,558
Total						$	10,281					$	—					$	—					$	10,281

Schedule of Significant Unobservable Inputs Used in Fair Value Measurement of Level 3 Assets

The following table shows significant unobservable inputs used in the fair value measurement of Level 3 assets.

(dollars in thousands)						Fair Value						Valuation Technique						Unobservable Inputs						Range of Discounts						Weighted Average Discount
As of December 31, 2019
Impaired loans						$	7,365					Third party appraisals and discounted cash flows						Collateral discounts and discount rates						0% - 84%						13		%
Foreclosed assets and ORE						$	4,156					Third party appraisals, sales contracts, Broker price opinions						Collateral discounts and estimated costs to sell						6% - 61%						14		%

(dollars in thousands)						Fair Value						Valuation Technique						Unobservable Inputs						Range of Discounts						Weighted Average Discount
As of December 31, 2018
Impaired loans						$	8,723					Third party appraisals and discounted cash flows						Collateral discounts and discount rates						0% - 100%						12		%
Foreclosed assets and ORE						$	1,558					Third party appraisals, sales contracts, Broker price opinions						Collateral discounts and estimated costs to sell						6% - 68%						20		%

Summary of Fair Values of Company's Financial Instruments

The fair value of off-balance sheet financial instruments as of December 31, 2019 and 2018 was immaterial.

												Fair Value Measurements at December 31, 2019
(dollars in thousands)						Carrying Amount						Total						Level 1						Level 2						Level 3
Financial Assets
Cash and cash equivalents						$	39,847					$	39,847					$	39,847					$	—					$	—
Interest-bearing deposits in banks						449						449						449						—						—
Investment securities available for sale						257,321						257,321						—						257,321						—
Investment securities held to maturity						7,149						7,194						—						7,194						—
Mortgage loans held for sale						6,990						6,990						—						6,990						—
Loans, net						1,696,493						1,690,308						—						1,682,943						7,365
Cash surrender value of BOLI						39,466						39,466						39,466						—						—
Financial Liabilities
Deposits						$	1,820,975					$	1,821,868					$	—					$	1,821,868					$	—
Other borrowings						5,539						5,895						—						5,895						—
Long-term FHLB advances						40,620						40,580						—						40,580						—

												Fair value Measurements at December 31, 2018
(dollars in thousands)						Carrying Amount						Total						Level 1						Level 2						Level 3
Financial Assets
Cash and cash equivalents						$	59,618					$	59,618					$	59,618					$	—					$	—
Interest-bearing deposits in banks						939						939						939						—						—
Investment securities available for sale						260,131						260,131						—						260,131						—
Investment securities held to maturity						10,872						10,841						—						10,841						—
Mortgage loans held for sale						2,086						2,086						—						2,086						—
Loans, net						1,633,406						1,623,920						—						1,615,197						8,723
Cash surrender value of BOLI						29,560						29,560						29,560						—						—
Financial Liabilities
Deposits						$	1,773,217					$	1,769,087					$	—					$	1,769,087					$	—
Other borrowings						5,539						5,542						—						5,542						—
Long-term FHLB advances						58,698						57,527						—						57,527						—

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

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-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
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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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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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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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