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Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
The carrying amount and estimated fair value by classification level of the Company’s financial instruments as of June 30, 2020 and December 31, 2019 are as follows:

The carrying amount and estimated fair value by classification level of the Company’s financial instruments as of June 30, 2020 and December 31, 2019 are as follows:

 
FAIR VALUE MEASUREMENT
                                       
   June 30, 2020 
       Fair Value 
(Dollars in thousands)  Carrying
Amount		   Total   Level 1   Level 2   Level 3 
Financial Assets:                         
Cash and short term investments   $92,996   $92,996   $92,996   $—   $— 
Available-for-sale securities    295,919    295,919    3,106    291,257    1,556 
Other investments, at cost    2,053    2,053    —    —    2,053 
Loans held-for-sale    33,496    33,496    —    33,496    — 
Net loans receivable    808,436    795,991    —    —    795,991 
Accrued interest    4,968    4,968    4,968    —    — 
Financial liabilities:                         
Non-interest bearing demand   $371,585   $371,585   $—   $371,585   $— 
Interest bearing demand deposits and money market accounts    465,440    465,440    —    465,440    — 
Savings    116,353    116,353    —    116,353    — 
Time deposits    165,494    166,568    —    166,568    — 
Total deposits    1,118,872    986,645    —    986,645    — 
Short term borrowings    45,651    45,651    —    45,651    — 
Junior subordinated debentures    14,964    10,816    —    10,816    — 
Accrued interest payable    837    837    837    —    — 
The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of June 30, 2020 and December 31, 2019 that are measured on a recurring basis. There were no liabilities carried at fair value as of June 30, 2020 or December 31, 2019 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 June 30, 2020 and December 31, 2019 that are measured on a recurring basis. There were no liabilities carried at fair value as of June 30, 2020 or December 31, 2019 that are measured on a recurring basis.

 

(Dollars in thousands)
FAIR VALUE MEASUREMENT (Details 2)
Description  June 30,
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  $3,521   $—   $3,521   $— 
Government sponsored enterprises   1,013    —    1,013    — 
Mortgage-backed securities   180,335    1,119    177,660    1,556 
Small Business Administration pools   40,216    —    40,216    — 
State and local government   68,837    —    68,837    — 
Corporate and other securities   1,997    1,987    10    — 
Total   295,919    3,106    291,257    1,556 
Loans held-for-sale   33,496    —    33,496    — 
Total  $329,415   $3,106   $324,753   $1,556 
The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of June 30, 2020 and December 31, 2019 that are measured on a non-recurring basis. There were no Level 3 financial instruments for the six months ended June 30, 2020 and June 30, 2019 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 June 30, 2020 and December 31, 2019 that are measured on a non-recurring basis. There were no Level 3 financial instruments for the six months ended June 30, 2020 and June 30, 2019 measured on a recurring basis.

 
FAIR VALUE MEASUREMENT (Details 3)
(Dollars in thousands)                
Description  June 30,
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   333    —    —    333 
Mortgage-commercial   3,020    —    —    3,020 
Consumer:                    
Home equity   66    —    —    66 
Other   —    —    —    — 
Total impaired   3,419    —    —    3,419 
Other real estate owned:                    
Construction   826    —    —    826 
Mortgage-commercial   623    —    —    623 
Total other real estate owned   1,449    —    —    1,449 
Total  $4,864   $—   $—   $4,864 
For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of June 30, 2020 and December 31, 2019, the significant unobservable inputs used in the fair value measurements were as follows:

For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of June 30, 2020 and December 31, 2019, the significant unobservable inputs used in the fair value measurements were as follows:
FAIR VALUE MEASUREMENT (Details 4)
(Dollars in thousands)   Fair Value
as of
June 30,
2020		   Valuation Technique   Significant
Observable Inputs		   Significant
Unobservable Inputs
OREO   $    1,449   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   $    3,415   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