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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis

The following table presents balances of financial assets and liabilities measured at fair value on a recurring basis at June 30, 2020 and December 31, 2019:

					Fair Value Measurements at
					June 30, 2020
					Using
	Balance as of				Quoted Prices in  Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
	June 30, 2020				(Level 1)				(Level 2)				(Level 3)
	(in thousands)
Assets:
Securities available for sale
Obligations of U.S. government corporations and agencies	$	18,099			$	—			$	18,099			$	—
Mortgage-backed securities	95,872				—				95,872				—
Obligations of states and political subdivisions	31,146				—				31,146				—
Corporate securities	500				—				500				—
Total assets at fair value	$	145,617			$	—			$	145,617			$	—
					Fair Value Measurements at
					December 31, 2019
					Using
	Balance as of				Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
	December 31, 2019				(Level 1)				(Level 2)				(Level 3)
	(in thousands)
Assets:
Securities available for sale
Obligations of U.S. government corporations and agencies	$	22,186			$	—			$	22,186			$	—
Mortgage-backed securities	108,161				—				108,161				—
Obligations of states and political subdivisions	34,656				—				34,656				—
Total assets at fair value	$	165,003			$	—			$	165,003			$	—

Quantitative Information About Level 3 Fair Value Measurements For Certain Financial Assets

The following table displays quantitative information about Level 3 Fair Value Measurements for certain financial assets measured at fair value on a nonrecurring basis at June 30, 2020 and December 31, 2019:

 

	Quantitative information about Level 3 Fair Value Measurements for
	June 30, 2020
	Valuation Technique(s)		Unobservable Input		Range		Weighted Average (1)
Assets:
Impaired loans	Discounted appraised value		Selling cost		12%		12%
Impaired loans	Present value of cash flows		Discount rate		5% - 6%		5%
Other real estate owned	Discounted appraised value		Discount for current market conditions and selling costs		6%		6%
	December 31, 2019
	Valuation Technique(s)		Unobservable Input		Range		Weighted Average
Impaired loans	Discounted appraised value		Selling cost		12%		12%
Impaired loans	Present value of cash flows		Discount rate		4% - 6%		5%
Other real estate owned	Discounted appraised value		Discount for current market conditions and selling costs		6%		6%

Financial And Nonfinancial Assets Measured At Fair Value On A Nonrecurring Basis

The following table summarizes the Company’s financial and nonfinancial assets that were measured at fair value on a nonrecurring basis at June 30, 2020 and December 31, 2019:

					Fair Value at
					June 30, 2020
	Balance as of				Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
	June 30, 2020				(Level 1)				(Level 2)				(Level 3)
	(in thousands)
Financial Assets:
Impaired loans	$	2,940			$	—			$	—			$	2,940
Nonfinancial Assets:
Other real estate owned	442				—				—				442
					Fair Value at
					December 31, 2019
	Balance as of				Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
	December 31, 2019				(Level 1)				(Level 2)				(Level 3)
	(in thousands)
Financial Assets:
Impaired loans	$	3,075			$	—			$	—			$	3,075
Nonfinancial Assets:
Other real estate owned	183				—				—				183

Company's Financial Instruments

The carrying value and fair value of the Company’s financial instruments at June 30, 2020 and December 31, 2019 were as follows:

	Fair Value Measurements at
	June 30, 2020
	Using
	Carrying Value as of				Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs				Fair Value as of
	June 30, 2020				(Level 1)				(Level 2)				(Level 3)				June 30, 2020
	(in thousands)
Financial Assets:
Cash and short-term investments	$	38,363			$	38,363			$	—			$	—			$	38,363
Securities	145,617				—				145,617				—				145,617
Restricted Investments	1,268				—				1,268				—				1,268
Loans, net	782,569				—				—				775,128				775,128
Bank owned life insurance	12,541				—				12,541				—				12,541
Accrued interest receivable	3,237				—				3,237				—				3,237
Financial Liabilities:
Deposits	$	907,910			$	—			$	908,480			$	—			$	908,480
Accrued interest payable	100				—				100				—				100

	Fair Value Measurements at
	December 31, 2019
	Using
	Carrying Value as of				Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs				Fair Value as of
	December 31, 2019				(Level 1)				(Level 2)				(Level 3)				December 31, 2019
	(in thousands)
Financial assets:
Cash and short-term investments	$	33,659			$	33,659			$	—			$	—			$	33,659
Securities	165,003				—				165,003				—				165,003
Restricted Investments	1,197				—				1,197				—				1,197
Loans, net	639,787				—				—				633,476				633,476
Bank owned life insurance	398				—				398				—				398
Accrued interest receivable	2,237				—				2,237				—				2,237
Financial liabilities:
Deposits	$	771,544			$	—			$	772,111			$	—			$	772,111
Accrued interest payable	142				—				142				—				142

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

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

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=118260190&loc=d3e13467-108611

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-Publisher FASB
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-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
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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

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