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Fair Value Measurements (Tables)

6 Months Ended

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			—

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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-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

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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

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

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
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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

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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