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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2019
Fair Value Measurements |
Schedule of financial assets and liabilities measured at fair value on a recurring basis |
|  |  |  |  | Fair Value Measurements at
|  |  |  |  | June 30, 2019 Using
|  |  |  |  | Quoted Prices |  |  |  |  |  |
|  |  |  |  | in Active |  | Significant |  |  |
|  |  |  |  | Markets for |  | Other |  | Significant
|  | Balance as of |  | Identical |  | Observable |  | Unobservable
(In thousands) |  | June 30, |  | Assets |  | Inputs |  | Inputs
Description |  | 2019 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |
Securities of U.S. government and federal agencies |  | $ | 994 |  | $ | — |  | $ | 994 |  | $ | —
Securities of state and local municipalities tax exempt |  |  | 3,733 |  |  | — |  |  | 3,733 |  |  | —
Securities of state and local municipalities taxable |  |  | 2,282 |  |  | — |  |  | 2,282 |  |  | —
Corporate bonds |  |  | 4,971 |  |  | — |  |  | 4,971 |  |  | —
Certificates of deposit |  |  | 245 |  |  | — |  |  | 245 |  |  | —
SBA pass-through securities |  |  | 175 |  |  | — |  |  | 175 |  |  | —
Mortgage-backed securities |  |  | 94,712 |  |  | — |  |  | 94,712 |  |  | —
Collateralized mortgage obligations |  |  | 27,359 |  |  | — |  |  | 27,359 |  |  | —
Total Available-for-Sale Securities |  | $ | 134,471 |  | $ | — |  | $ | 134,471 |  | $ | —
|  |  |  |  | Fair Value Measurements at
|  |  |  |  | December 31, 2018 Using
|  |  |  |  | Quoted Prices |  |  |  |  |  |
|  |  |  |  | in Active |  | Significant |  |  |
|  |  |  |  | Markets for |  | Other |  | Significant
|  | Balance as of |  | Identical |  | Observable |  | Unobservable
(In thousands) |  | December 31, |  | Assets |  | Inputs |  | Inputs
Description |  | 2018 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |
Securities of U.S. government and federal agencies |  | $ | 956 |  | $ | — |  | $ | 956 |  | $ | —
Securities of state and local municipalities tax exempt |  |  | 3,639 |  |  | — |  |  | 3,639 |  |  | —
Securities of state and local municipalities taxable |  |  | 2,308 |  |  | — |  |  | 2,308 |  |  | —
Corporate bonds |  |  | 5,013 |  |  | — |  |  | 5,013 |  |  | —
Certificates of deposit |  |  | 244 |  |  | — |  |  | 244 |  |  | —
SBA pass-through securities |  |  | 195 |  |  | — |  |  | 195 |  |  | —
Mortgage-backed securities |  |  | 88,037 |  |  | — |  |  | 88,037 |  |  | —
Collateralized mortgage obligations |  |  | 23,145 |  |  | — |  |  | 23,145 |  |  | —
Total Available-for-Sale Securities |  | $ | 123,537 |  | $ | — |  | $ | 123,537 |  | $ | —
Schedule of the Company's assets that were measured at fair value on a nonrecurring basis |
|  |  |  |  | Fair Value Measurements Using
|  |  |  |  | Quoted Prices |  |  |  |  |  |
|  |  |  |  | in Active |  | Significant |  |  |
|  |  |  |  | Markets for |  | Other |  | Significant
|  | Balance as of |  | Identical |  | Observable |  | Unobservable
(In thousands) |  | June 30, |  | Assets |  | Inputs |  | Inputs
Description |  | 2019 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans |  | $ | 1,751 |  | $ | — |  | $ | — |  | $ | 1,751
Other real estate owned |  | $ | 3,866 |  | $ | — |  | $ | — |  | $ | 3,866
|  |  |  |  | Fair Value Measurements Using
|  |  |  |  | Quoted Prices |  |  |  |  |  |
|  |  |  |  | in Active |  | Significant |  |  |
|  |  |  |  | Markets for |  | Other |  | Significant
|  | Balance as of |  | Identical |  | Observable |  | Unobservable
(In thousands) |  | December 31, |  | Assets |  | Inputs |  | Inputs
Description |  | 2018 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets |  |  |  |  |  |  |  |  |  |  |  |
Impaired Loans |  | $ | 1,602 |  | $ | — |  | $ | — |  | $ | 1,602
Other real estate owned |  | $ | 4,224 |  | $ | — |  | $ | 358 |  | $ | 3,866
Schedule of quantitative information about Level 3 Fair Value Measurements |
Quantitative information about Level 3 Fair Value Measurements for June 30, 2019 |
(In thousands) |  |  |  |  |  |  |  |  |  |
Assets |  | Fair Value |  | Valuation Technique(s) |  | Unobservable input |  | Range (Avg.) |
Impaired loans |  | $ | 1,751 |  | Discounted value |  | Marketability/Selling costs |  | 5% - 10% (7.95%) |
Other real estate owned |  | $ | 3,866 |  | Discounted appraised value |  | Selling costs |  | 10.51 | %
Quantitative information about Level 3 Fair Value Measurements for December 31, 2018 |
(In thousands) |  |  |  |  |  |  |  |  |  |
Assets |  | Fair Value |  | Valuation Technique(s) |  | Unobservable input |  | Range (Avg.) |
Impaired loans |  | $ | 1,602 |  | Discounted value |  | Marketability/Selling costs |  | 0.60% - 11% (10.89%) |
Other real estate owned |  | $ | 3,866 |  | Discounted appraised value |  | Selling costs |  | 10.51 | %
Schedule of carrying amount, fair value and placement in the fair value hierarchy of the Company's financial instruments |
|  |  |  |  | Fair Value Measurements as of June 30, 2019, using
|  |  |  |  | Quoted Prices |  |  |  |  |  |
|  |  |  |  | in Active |  |  |  |  |  |
|  |  |  |  | Markets for |  | Significant |  | Significant
|  |  |  |  | Identical |  | Unobservable |  | Unobservable
|  | Carrying |  | Assets |  | Inputs |  | Inputs
(In thousands) |  | Amount |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 15,201 |  | $ | 15,201 |  | $ | — |  | $ | —
Interest-bearing deposits at other institutions |  |  | 29,149 |  |  | 29,149 |  |  | — |  |  | —
Securities held-to-maturity |  |  | 1,761 |  |  | — |  |  | 1,769 |  |  | —
Securities available-for-sale |  |  | 134,471 |  |  | — |  |  | 134,471 |  |  | —
Restricted stock |  |  | 5,379 |  |  | — |  |  | 5,379 |  |  | —
Loans, net |  |  | 1,224,376 |  |  | — |  |  | — |  |  | 1,211,721
Bank owned life insurance |  |  | 26,621 |  |  | — |  |  | 26,621 |  |  | —
Accrued interest receivable |  |  | 4,653 |  |  | — |  |  | 4,653 |  |  | —
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Checking, savings and money market accounts |  | $ | 877,427 |  | $ | — |  | $ | 877,427 |  | $ | —
Time deposits |  |  | 391,947 |  |  | — |  |  | 392,234 |  |  | —
Subordinated notes |  |  | 24,447 |  |  | — |  |  | 25,003 |  |  | —
Accrued interest payable |  |  | 809 |  |  | — |  |  | 809 |  |  | —
|  |  |  |  | Fair Value Measurements as of December 31, 2018, using
|  |  |  |  | Quoted Prices |  |  |  |  |  |
|  |  |  |  | in Active |  |  |  |  |  |
|  |  |  |  | Markets for |  | Significant |  | Significant
|  |  |  |  | Identical |  | Unobservable |  | Unobservable
|  | Carrying |  | Assets |  | Inputs |  | Inputs
(In thousands) |  | Amount |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 9,435 |  | $ | 9,435 |  | $ | — |  | $ | —
Interest-bearing deposits at other institutions |  |  | 34,060 |  |  | 34,060 |  |  | — |  |  | —
Securities held-to-maturity |  |  | 1,761 |  |  | — |  |  | 1,735 |  |  |
Securities available-for-sale |  |  | 123,537 |  |  | — |  |  | 123,537 |  |  | —
Restricted stock |  |  | 5,299 |  |  | — |  |  | 5,299 |  |  | —
Loans, net |  |  | 1,127,584 |  |  | — |  |  | — |  |  | 1,116,012
Bank owned life insurance |  |  | 16,406 |  |  | — |  |  | 16,406 |  |  | —
Accrued interest receivable |  |  | 4,050 |  |  | — |  |  | 4,050 |  |  | —
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Checking, savings and money market accounts |  | $ | 817,054 |  | $ | — |  | $ | 817,054 |  | $ | —
Time deposits |  |  | 345,386 |  |  | — |  |  | 344,877 |  |  | —
Subordinated notes |  |  | 24,407 |  |  | — |  |  | 24,515 |  |  | —
Accrued interest payable |  |  | 811 |  |  | — |  |  | 811 |  |  | —

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- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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