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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

The following table presents assets and liabilities measured at fair value on a recurring basis as of September 30, 2019 and December 31, 2018. There were no liabilities measured at fair value on a recurring basis as of December 31, 2018.

		Fair Value Measurements as of September 30, 2019 Using
		Totals At September 30, 2019				Quoted Prices in Active Markets For Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(Dollars in Thousands)
Investment securities, available-for-sale
Mortgage-backed securities:
Residential		$	47,108			$	—			$	47,108			$	—
Commercial			45,057				—				45,057				—
Obligations of states and political subdivisions			4,305				—				4,305				—
U.S. Treasury securities			80				—				80				—
Other liabilities - derivatives			298				—				298				—

		Fair Value Measurements as of December 31, 2018 Using
		Totals At December 31, 2018				Quoted Prices in Active Markets For Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(Dollars in Thousands)
Investment securities, available-for-sale
Mortgage-backed securities:
Residential		$	72,455			$	—			$	72,455			$	—
Commercial			54,289				—				54,289				—
Obligations of states and political subdivisions			5,664				—				5,664				—
U.S. Treasury securities			79				—				79				—

Fair Value Assets Measured on Nonrecurring Basis

The following table presents the balances of impaired loans, OREO and assets held-for-sale measured at fair value on a non-recurring basis as of September 30, 2019 and December 31, 2018:

		Fair Value Measurements as of September 30, 2019 Using
		Totals At September 30, 2019				Quoted Prices in Active Markets For Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(Dollars in Thousands)
Impaired loans		$	3,661			$	—			$	—			$	3,661
OREO			1,248				—				—				1,248
Assets held-for-sale			198				—				—				198

		Fair Value Measurements as of December 31, 2018 Using
		Totals At December 31, 2018				Quoted Prices in Active Markets For Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(Dollars in Thousands)
Impaired loans		$	665			$	—			$	—			$	665
OREO			1,505				—				—				1,505
Assets held-for-sale			198				—				—				198

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques

The following table presents information regarding assets and liabilities measured at fair value using significant unobservable inputs (Level 3) as of September 30, 2019. The table includes the valuation techniques and the significant unobservable inputs utilized. The range of each unobservable input and the weighted average within the range utilized as of September 30, 2019 are both included. Following the table is a description of the valuation technique and the sensitivity of the technique to changes in the significant unobservable input.

		Level 3 Significant Unobservable Input Assumptions
		Fair Value September 30, 2019				Valuation Technique		Unobservable Input		Quantitative Range of Unobservable Inputs (Weighted Average)
		(Dollars in Thousands)
Non-recurring fair value measurements:
Impaired loans		$	3,661			Multiple data points, including discount to appraised value of collateral based on recent market activity		Appraisal comparability adjustment (discount)		9%-10%		(9.5%)
OREO		$	1,248			Discount to appraised value of property based on recent market activity for sales of similar properties		Appraisal comparability adjustment (discount)		9%-10%		(9.5%)
Assets held-for-sale		$	198			Discount to appraised value of property based on recent market activity for sales of similar properties		Appraisal comparability adjustment (discount)		9%-10%		(9.5%)

Fair Value, by Balance Sheet Grouping

The estimated fair value and related carrying or notional amounts, as well as the level within the fair value hierarchy, of the Company’s financial instruments as of September 30, 2019 and December 31, 2018 were as follows:

		September 30, 2019
		Carrying Amount				Estimated Fair Value				Level 1				Level 2				Level 3
		(Dollars in Thousands)
Assets:
Cash and cash equivalents		$	35,435			$	35,435			$	35,435			$	—			$	—
Investment securities available-for-sale			96,550				96,550				—				96,550				—
Investment securities held-to-maturity			17,759				17,661				—				17,661				—
Federal funds sold			10,080				10,080				—				10,080				—
Federal Home Loan Bank stock			713				713				—				—				713
Loans, net of allowance for loan losses			544,519				561,998				—				—				561,998
Liabilities:
Deposits			677,640				678,370				—				678,370				—
Short-term borrowings			221				221				—				221				—
Other liabilities - derivatives			298				298				—				298				—

		December 31, 2018
		Carrying Amount				Estimated Fair Value				Level 1				Level 2				Level 3
		(Dollars in Thousands)
Assets:
Cash and cash equivalents		$	49,599			$	49,599			$	49,599			$	—			$	—
Investment securities available-for-sale			132,487				132,487				—				132,487				—
Investment securities held-to-maturity			21,462				20,852				—				20,852				—
Federal funds sold			8,354				8,354				—				8,354				—
Federal Home Loan Bank stock			703				703				—				—				703
Loans, net of allowance for loan losses			514,867				516,420				—				—				516,420
Liabilities:
Deposits			704,725				702,832				—				702,832				—
Short-term borrowings			527				527				—				527				—

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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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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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-Publisher FASB
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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

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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.

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