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Disclosures about Fair Value Measurements and Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2019

Disclosures about Fair Value Measurements and Financial Instruments

Schedule of assets and liability measured and recorded on the Consolidated Balance Sheets

The following table presents the assets and liability measured and recorded on the Consolidated Balance Sheets on a recurring basis at their fair value as of September 30, 2019 and December 31, 2018, by level within the fair value hierarchy (in thousands).

		Fair Value Measurements at September 30, 2019
		Total			(Level 1)			(Level 2)			(Level 3)
Equity securities		$	354		$	354		$	—		$	—
Available for sale securities:
US Agency			6,280			—			6,280			—
US Agency mortgage-backed securities			85,490			—			85,490			—
Municipal			14,415			—			14,415			—
Corporate bonds			37,215			—			37,215			—
Fair value swap asset			1,453			—			1,453			—
Fair value swap liability			(1,453)			—			(1,453)			—

		Fair Value Measurements at December 31, 2018
		Total			(Level 1)			(Level 2)			(Level 3)
Available for sale securities:
US Agency		$	7,529		$	—		$	7,529		$	—
US Agency mortgage-backed securities			89,527			—			89,527			—
Municipal			13,181			—			13,181			—
Corporate bonds			36,494			—			36,494			—
Fair value swap asset			257			—			257			—
Fair value swap liability			(257)			—			(257)			—

Schedule of assets measured and recorded at fair value on a non-recurring basis

Assets measured and recorded at fair value on a non-recurring basis are summarized below (in thousands, except range data):

		Fair Value Measurements at September 30, 2019
		Total			(Level 1)			(Level 2)			(Level 3)
Impaired loans		$	733		$	—		$	—		$	733
Other real estate owned			57			—			—			57

		Fair Value Measurements at December 31, 2018
		Total			(Level 1)			(Level 2)			(Level 3)
Impaired loans		$	—		$	—		$	—		$	—
Other real estate owned			157			—			—			157

		Quantitative Information About Level 3 Fair Value Measurements
		Fair Value			Valuation		Unobservable		Range
September 30, 2019		Estimate			Techniques		Input		(Wgtd Avg)
Impaired loans		$	674		Appraisal of collateral (1)		Appraisal adjustments(2)		0% to 100% (11%)
			59		Discounted cash flows		Probability of loss adjustment (3)		15% (15%)
Other real estate owned			57		Appraisal of collateral (1)		Appraisal adjustments (2) Liquidation expenses		0% to 44% (35%)  12% to 114% (28%)

		Quantitative Information About Level 3 Fair Value Measurements
		Fair Value			Valuation		Unobservable		Range
December 31, 2018		Estimate			Techniques		Input		(Wgtd Avg)
Impaired loans		$	—		Appraisal of collateral(1)		Appraisal adjustments(2)		100% (100%)
Other real estate owned			157		Appraisal of collateral (1)		Appraisal adjustments (2) Liquidation expenses		0% to 39% (8%)  21% to 195% (40%)

(1) Fair Value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not identifiable. Also includes qualitative adjustments by management and estimated liquidation expenses.

(2) Appraisals may be adjusted by management for qualitative factors such as economic conditions.

(3) Includes qualitative adjustments by management based on circumstances specific to each loan.

Schedule of estimated fair value and recorded carrying value

The estimated fair values based on US GAAP measurements and recorded carrying values at September 30, 2019 and December 31, 2018, for the remaining financial instruments not required to be measured or reported at fair value were as follows (in thousands):

		September 30, 2019
		Carrying			Fair
		Value			Value			(Level 1)			(Level 2)			(Level 3)
FINANCIAL ASSETS:
Investment securities – HTM		$	39,299		$	40,813		$	—		$	37,849		$	2,964
Loans held for sale			5,949			6,102			6,102			—			—
Loans, net of allowance for loan loss and unearned income			860,788			862,163			—			—			862,163
FINANCIAL LIABILITIES:
Deposits with no stated maturities		$	666,977		$	655,398		$	—		$	—		$	655,398
Deposits with stated maturities			303,012			304,249			—			—			304,249
All other borrowings (1)			76,086			76,664			—			—			76,664

		December 31, 2018
		Carrying			Fair
		Value			Value			(Level 1)			(Level 2)			(Level 3)
FINANCIAL ASSETS:
Investment securities – HTM		$	40,760		$	40,324		$	—		$	37,398		$	2,926
Loans held for sale			847			871			871			—			—
Loans, net of allowance for loan loss and unearned income			853,611			836,122			—			—			836,122
FINANCIAL LIABILITIES:
Deposits with no stated maturities		$	671,666		$	627,323		$	—		$	—		$	627,323
Deposits with stated maturities			277,505			277,010			—			—			277,010
All other borrowings (1)			67,148			69,692			—			—			69,692

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

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 (a)
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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

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

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-Topic 820
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-Section 50
-Paragraph 2
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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
-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 (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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