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DISCLOSURES ABOUT FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
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Dec. 31, 2019
DISCLOSURES ABOUT FAIR VALUE MEASUREMENTS |
Schedule of assets and liabilities measured and recorded at fair value on a recurring basis | The following table presents the assets and liability measured and reported on the Consolidated Balance Sheets on a recurring basis at their fair value as of December 31, 2019 and 2018, by level within the fair value hierarchy (in thousands).
|  | FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2019 USING
|  | TOTAL |  | (LEVEL 1) |  | (LEVEL 2) |  | (LEVEL 3)
Equity securities |  | $ | 366 |  | $ | 366 |  | $ | — |  | $ | —
Available for sale securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Agency |  |  | 5,116 |  |  | — |  |  | 5,116 |  |  | —
Municipal |  |  | 15,170 |  |  | — |  |  | 15,170 |  |  | —
Corporate bonds |  |  | 39,830 |  |  | — |  |  | 39,830 |  |  | —
U.S. Agency mortgage-backed securities |  |  | 81,633 |  |  | — |  |  | 81,633 |  |  | —
Fair value swap asset |  |  | 959 |  |  | — |  |  | 959 |  |  | —
Fair value swap liability |  |  | (959) |  |  | — |  |  | (959) |  |  | —
|  | FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2018 USING
|  | TOTAL |  | (LEVEL 1) |  | (LEVEL 2) |  | (LEVEL 3)
Available for sale securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Agency |  | $ | 7,529 |  | $ | — |  | $ | 7,529 |  | $ | —
Municipal |  |  | 13,181 |  |  | — |  |  | 13,181 |  |  | —
Corporate bonds |  |  | 36,494 |  |  | — |  |  | 36,494 |  |  | —
U.S. Agency mortgage-backed securities |  |  | 89,527 |  |  | — |  |  | 89,527 |  |  | —
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 DECEMBER 31, 2019 USING
|  | TOTAL |  | (LEVEL 1) |  | (LEVEL 2) |  | (LEVEL 3)
Impaired loans |  | $ | 255 |  | $ | — |  | $ | — |  | $ | 255
Other real estate owned |  |  | 37 |  |  | — |  |  | — |  |  | 37
|  | FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2018 USING
|  | TOTAL |  | (LEVEL 1) |  | (LEVEL 2) |  | (LEVEL 3)
Impaired loans |  | $ | — |  | $ | — |  | $ | — |  | $ | —
Other real estate owned |  |  | 157 |  |  | — |  |  | — |  |  | 157
December 31, 2019 |  | Quantitative Information About Level 3 Fair Value Measurements |
|  |  |  | Valuation |  | Unobservable |  |  |
|  | Fair Value |  | Techniques |  | Input |  | Range (Wgtd Ave) |
Impaired loans |  | $ | 255 |  | Appraisal of |  | Appraisal |  | 0% to 100% (3) | %
|  |  |  |  | collateral (1) |  | adjustments(2) |  |  |
Other real estate owned |  |  | 37 |  | Appraisal of |  | Appraisal |  | 0% to 57% (38) | %
|  |  |  |  | collateral (1) |  | adjustments(2) |  |  |
|  |  |  |  |  |  | Liquidation |  | 21% to 134% (30) | %
|  |  |  |  |  |  | expenses |  |  |
December 31, 2018 |  | Quantitative Information About Level 3 Fair Value Measurements |
|  |  |  | Valuation |  | Unobservable |  |  |
|  | Fair Value |  | Techniques |  | Input |  | Range (Wgtd Ave) |
Impaired loans |  | $ | — |  | Appraisal of |  | Appraisal |  | 100% (100) | %
|  |  |  |  | collateral (1) |  | adjustments(2) |  |  |
Other real estate owned |  |  | 157 |  | Appraisal of |  | Appraisal |  | 0% to 39% (8) | %
|  |  |  |  | collateral (1) |  | adjustments(2) |  |  |
|  |  |  |  |  |  | Liquidation |  | 21% to 195% (40) | %
|  |  |  |  |  |  | expenses |  |  |
| (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.

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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 Reference 2: 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 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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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 + Details
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