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FAIR VALUE MEASUREMENT (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of carrying amount and estimated fair value by classification Level of the Company's financial instruments

The carrying amount and estimated fair value by classification level of the Company’s financial instruments as of March 31, 2020 and December 31, 2019 are as follows:

		March 31, 2020
						Fair Value
(Dollars in thousands)		Carrying Amount				Total				Level 1				Level 2				Level 3
Financial Assets:
Cash and short term investments		$	49,376			$	49,376			$	49,376			$	—			$	—
Available-for-sale securities			288,881				288,881				11,887				275,345				1,649
Other investments, at cost			2,062				2,062				—				—				2,062
Loans held-for-sale			11,937				11,937				—				11,937				—
Net loans receivable			741,835				717,881				—				—				717,881
Accrued interest			3,369				3,369				3,369				—				—
Financial liabilities:
Non-interest bearing demand		$	291,669			$	291,669			$	—			$	291,669			$	—
Interest bearing demand deposits and money market accounts			426,332				426,332				—				426,332				—
Savings			102,171				102,171				—				102,171				—
Time deposits			166,473				167,852				—				167,852				—
Total deposits			986,645				986,645				—				986,645				—
Short term borrowings			46,041				46,041				—				46,041				—
Junior subordinated debentures			14,964				12,166				—				12,166				—
Accrued interest payable			1,001				1,001				1,001				—				—

		December 31, 2019
						Fair Value
(Dollars in thousands)		Carrying Amount				Total				Level 1				Level 2				Level 3
Financial Assets:
Cash and short term investments		$	47,692			$	47,692			$	47,692			$	—			$	—
Available-for-sale securities			286,800				286,800				23,632				261,361				1,807
Other investments, at cost			1,992				1,992				—				—				1,992
Loans held-for-sale			11,155				11,155				—				11,155				—
Net loans receivable			730,401				728,745				—				—				728,745
Accrued interest			3,481				3,481				3,481				—				—
Financial liabilities:
Non-interest bearing demand		$	289,829			$	289,829			$	—			$	289,829			$	—
Interest bearing demand deposits and money market accounts			423,256				423,256				—				423,256				—
Savings			104,456				104,456				—				104,456				—
Time deposits			170,660				171,558				—				171,558				—
Total deposits			988,201				989,099				—				989,099				—
Federal Home Loan Bank advances			211				211				—				211				—
Short term borrowings			33,296				33,296				—				33,296				—
Junior subordinated debentures			14,964				13,161				—				13,161				—
Accrued interest payable			1,033				1,033				1,033				—				—

Schedule of fair value for each category of assets carried at fair value that are measured on a recurring basis

The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of March 31, 2020 and December 31, 2019 that are measured on a recurring basis. There were no liabilities carried at fair value as of March 31, 2020 or December 31, 2019 that are measured on a recurring basis.

(Dollars in thousands)

Description		March 31, 2020				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Available-for-sale securities
US treasury securities		$	3,534			$	—			$	3,534			$	—
Government sponsored enterprises			1,015				—				1,015				—
Mortgage-backed securities			180,830				—				179,181				1,649
Small Business Administration pools			41,727				—				41,727				—
State and local government			61,756				11,882				49,874				—
Corporate and other securities			19				9				10				—
			288,881				11,891				275,341				1,649
Loans held-for-sale			11,937				—				11,937				—
Total		$	300,818			$	11,891			$	287,278			$	1,649

(Dollars in thousands)

Description		December 31, 2019				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Available-for-sale securities
US treasury securities		$	7,203			$	—			$	7,203			$	—
Government sponsored enterprises			1,001				—				1,001				—
Mortgage-backed securities			183,586				18,435				163,344				1,807
Small Business Administration securities			45,343				—				45,343				—
State and local government			49,648				5,188				44,460				—
Corporate and other securities			19				9				10				—
			286,800				23,632				261,361				1,807
Loans held-for-sale			11,155				—				11,155				—
Total		$	297,955			$	23,632			$	272,516			$	1,807

Schedule of the fair value for each category of assets carried at fair value that are measured on a non-recurring basis

The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of March 31, 2020 and December 31, 2019 that are measured on a non-recurring basis. There were no Level 3 financial instruments for the three months ended March 31, 2020 and March 31, 2019 measured on a recurring basis.

(Dollars in thousands)
Description		March 31, 2020				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Impaired loans:
Commercial & Industrial		$	—			$	—			$	—			$	—
Real estate:
Mortgage-residential			340				—				—				340
Mortgage-commercial			2,961				—				—				2,961
Consumer:
Home equity			68				—				—				68
Other			—				—				—				—
Total impaired			3,369				—				—				3,369
Other real estate owned:
Construction			826				—				—				826
Mortgage-residential			655				—				—				655
Total other real estate owned			1,481				—				—				1,481
Total		$	4,850			$	—			$	—			$	4,850

(Dollars in thousands)
Description		December 31, 2019				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Impaired loans:
Commercial & Industrial		$	400			$	—			$	—			$	400
Real estate:
Mortgage-residential			392				—				—				392
Mortgage-commercial			3,129				—				—				3,129
Consumer:
Home equity			70				—				—				70
Other			—				—				—				—
Total impaired			3,991				—				—				3,991
Other real estate owned:
Construction			826				—				—				826
Mortgage-residential			584				—				—				584
Total other real estate owned			1,410				—				—				1,410
Total		$	5,401			$	—			$	—			$	5,401

Schedule of significant unobservable inputs used in the fair value measurements

For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of March 31, 2020 and December 31, 2019, the significant unobservable inputs used in the fair value measurements were as follows:

(Dollars in thousands)		Fair Value as of March 31, 2020		Valuation Technique		Significant Observable Inputs		Significant Unobservable Inputs
OREO		$    1,481		Appraisal Value/Comparison Sales/Other estimates		Appraisals and or sales of comparable properties		Appraisals discounted 6% to 16% for sales commissions and other holding cost
Impaired loans		$    3,369		Appraisal Value		Appraisals and or sales of comparable properties		Appraisals discounted 6% to 16% for sales commissions and other holding cost
(Dollars in thousands)		Fair Value as of December 31, 2019		Valuation Technique		Significant Observable Inputs		Significant Unobservable Inputs
OREO		$    1,410		Appraisal Value/Comparison Sales/Other estimates		Appraisals and or sales of comparable properties		Appraisals discounted 6% to 16% for sales commissions and other holding cost
Impaired loans		$    3,991		Appraisal Value		Appraisals and or sales of comparable properties		Appraisals discounted 6% to 16% for sales commissions and other holding cost

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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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

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-Name Accounting Standards Codification
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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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
-Paragraph 2
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-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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-Publisher FASB
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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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