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Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value of Assets and Liabilities

Schedule of balances of financial assets and liabilities measured at fair value on a recurring basis

		December 31, 2019
		Fair Value Measurements Using									Assets/Liabilities at
(Dollars in thousands)		Level 1			Level 2			Level 3			Fair Value
Assets:
Securities available for sale
U.S. government agencies and corporations		$	—		$	21,440		$	—		$	21,440
Mortgage-backed securities			—			86,585			—			86,585
Obligations of states and political subdivisions			—			81,708			—			81,708
Total securities available for sale			—			189,733			—			189,733
Loans held for sale			—			90,500			—			90,500
Derivatives
IRLC			—			1,083			—			1,083
Interest rate swaps on loans			—			2,462			—			2,462
Total assets		$	—		$	283,778		$	—		$	283,778
Liabilities:
Derivatives
Interest rate swaps on loans		$	—		$	2,462		$	—		$	2,462
Cash flow hedges			—			145			—			145
Forward sales of TBA securities			—			25			—			25
Total liabilities		$	—		$	2,632		$	—		$	2,632

		December 31, 2018
		Fair Value Measurements Using									Assets/Liabilities at
(Dollars in thousands)		Level 1			Level 2			Level 3			Fair Value
Assets:
Securities available for sale
U.S. government agencies and corporations		$	—		$	17,473		$	—		$	17,473
Mortgage-backed securities			—			104,983			—			104,983
Obligations of states and political subdivisions			—			92,454			—			92,454
Total securities available for sale			—			214,910			—			214,910
Loans held for sale			—			41,895			—			41,895
Derivatives
IRLC			—			636			—			636
Interest rate swaps on loans			—			1,607			—			1,607
Cash flow hedges			—			289			—			289
Total assets		$	—		$	259,337		$	—		$	259,337
Liabilities:
Derivatives - interest rate swaps on loans		$	—		$	1,607		$	—		$	1,607
Total liabilities		$	—		$	1,607		$	—		$	1,607

Schedule of balances of assets measured at fair value on a nonrecurring basis

		December 31, 2019
		Fair Value Measurements Using									Assets at Fair
(Dollars in thousands)		Level 1			Level 2			Level 3			Value
Impaired loans, net		$	—		$	—		$	102		$	102
Other real estate owned, net			—			—			268			268
Total		$	—		$	—		$	370		$	370

		December 31, 2018
		Fair Value Measurements Using									Assets at Fair
(Dollars in thousands)		Level 1			Level 2			Level 3			Value
Impaired loans, net		$	—		$	—		$	102		$	102
Other real estate owned, net			—			—			246			246
Total		$	—		$	—		$	348		$	348

Schedule of quantitative information about Level 3 fair value measurements for financial assets measured at fair value on a nonrecurring basis

		Fair Value Measurements at December 31, 2019
(Dollars in thousands)		Fair Value			Valuation Technique(s)		Unobservable Inputs		Range of Inputs
Impaired loans, net		$	102		Appraisals		Discount to reflect current market conditions and estimated selling costs		30%
Other real estate owned, net			268		Appraisals		Discount to reflect current market conditions and estimated selling costs		33%-75%
Total		$	370

Schedule of carrying amounts and estimated fair values of financial instruments

		Carrying			Fair Value Measurements at December 31, 2019 Using									Total Fair
(Dollars in thousands)		Value			Level 1			Level 2			Level 3			Value
Financial assets:
Cash and short-term investments		$	165,433		$	165,433		$	—		$	—		$	165,433
Securities available for sale			189,733			—			189,733			—			189,733
Loans, net			1,082,318			—			—			1,082,783			1,082,783
Loans held for sale			90,500			—			90,500			—			90,500
Derivatives
IRLC			1,083			—			1,083			—			1,083
Interest rate swaps on loans			2,462			—			2,462			—			2,462
Bank-owned life insurance			16,044			—			16,044			—			16,044
Accrued interest receivable			6,776			6,776			—			—			6,776
Financial liabilities:
Demand deposits			869,194			869,194			—			—			869,194
Time deposits			422,056			—			423,605			—			423,605
Borrowings			161,170			—			154,964			—			154,964
Derivatives
Cash flow hedges			145			—			145			—			145
Interest rate swaps on loans			2,462			—			2,462			—			2,462
Forward sales of TBA securities			25			—			25			—			25
Accrued interest payable			1,291			1,291			—			—			1,291

		Carrying			Fair Value Measurements at December 31, 2018 Using									Total Fair
(Dollars in thousands)		Value			Level 1			Level 2			Level 3			Value
Financial assets:
Cash and short-term investments		$	115,013		$	115,013		$	—		$	—		$	115,013
Securities available for sale			214,910			—			214,910			—			214,910
Loans, net			1,028,097			—			—			1,021,145			1,021,145
Loans held for sale			41,895			—			41,895			—			41,895
Derivatives
IRLC			636			—			636			—			636
Interest rate swaps on loans			1,607			—			1,607			—			1,607
Cash flow hedges			289			—			289			—			289
Bank-owned life insurance			16,065			—			16,065			—			16,065
Accrued interest receivable			7,436			7,436			—			—			7,436
Financial liabilities:
Demand deposits			835,101			835,101			—			—			835,101
Time deposits			346,560			—			343,507			—			343,507
Borrowings			159,691			—			152,015			—			152,015
Derivatives - interest rate swaps on loans			1,607			—			1,607			—			1,607
Accrued interest payable			920			920			—			—			920

X

- 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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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis.

+ 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.

+ References

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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
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