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DISCLOSURES ABOUT FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

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

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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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