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DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended
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Dec. 31, 2019
DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS |
DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS | 16. DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS For the Company, as for most financial institutions, approximately 90% of its assets and liabilities are considered financial instruments. Many of the Company’s financial instruments, however, lack an available trading market characterized by a willing buyer and willing seller engaging in an exchange transaction. Therefore, significant estimates and present value calculations were used by the Company for the purpose of this disclosure. Fair values have been determined by the Company using independent third party valuations that use the best available data (Level 2) and an estimation methodology (Level 3) the Company believes is suitable for each category of financial instruments. Management believes that cash and cash equivalents, bank owned life insurance, regulatory stock, accrued interest receivable and payable, and short term borrowings have fair values which approximate the recorded carrying values. The fair value measurements for all of these financial instruments are Level 1 measurements. The estimated fair values based on US GAAP measurements and recorded carrying values at December 31, 2019 and 2018, for the remaining financial instruments not required to be measured or reported at fair value were as follows:
|  |  | AT DECEMBER 31, 2019
|  |  | Carrying |  |  |  |  |  |  |  |  |  |  |  |
|  | Value |  |  | Fair Value |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3)
|  |  | (IN THOUSANDS)
FINANCIAL ASSETS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities – HTM |  | $ | 39,936 |  | $ | 41,082 |  | $ | — |  | $ | 38,129 |  | $ | 2,953
Loans held for sale |  |  | 4,868 |  |  | 4,970 |  |  | 4,970 |  |  | — |  |  | —
Loans, net of allowance for loan loss and unearned income |  |  | 873,427 |  |  | 873,908 |  |  | — |  |  | — |  |  | 873,908
FINANCIAL LIABILITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits with no stated maturities |  |  | 651,469 |  |  | 631,023 |  |  | — |  |  | — |  |  | 631,023
Deposits with stated maturities |  |  | 309,044 |  |  | 310,734 |  |  | — |  |  | — |  |  | 310,734
All other borrowings (1) |  |  | 74,134 |  |  | 76,323 |  |  | — |  |  | — |  |  | 76,323
|  |  | AT DECEMBER 31, 2018
|  |  | Carrying |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Value |  |  | Fair Value |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3)
|  |  | (IN THOUSANDS)
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
| (1) |  | All other borrowings include advances from Federal Home Loan Bank, guaranteed junior subordinated deferrable interest debentures, and subordinated debt.
Changes in assumptions or estimation methodologies may have a material effect on these estimated fair values. The Company’s remaining assets and liabilities which are not considered financial instruments have not been valued differently than has been customary under historical cost accounting.

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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- References No definition available. + Details
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