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Disclosures about Fair Value Measurements and Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2021
Disclosures about Fair Value Measurements and Financial Instruments |
Schedule of assets and liabilities measured and recorded at fair value on a recurring basis | The following table presents the assets and liabilities measured and reported on the Consolidated Balance Sheets on a recurring basis at their fair value as of March 31, 2021 and December 31, 2020, by level within the fair value hierarchy (in thousands).
|  | Fair Value Measurements at March 31, 2021
|  | TOTAL |  | (LEVEL 1) |  | (LEVEL 2) |  | (LEVEL 3)
Equity securities (1) |  | $ | 474 |  | $ | 474 |  | $ | — |  | $ | —
Available for sale securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Agency |  |  | 6,888 |  |  | — |  |  | 6,888 |  |  | —
U.S. Agency mortgage-backed securities |  |  | 76,875 |  |  | — |  |  | 76,875 |  |  | —
Municipal |  |  | 20,777 |  |  | — |  |  | 20,777 |  |  | —
Corporate bonds |  |  | 51,876 |  |  | — |  |  | 51,876 |  |  | —
Interest rate swap asset (1) |  |  | 1,158 |  |  | — |  |  | 1,158 |  |  | —
Interest rate swap liability (2) |  |  | (1,158) |  |  | — |  |  | (1,158) |  |  | —
Risk participation agreement (2) |  |  | (4) |  |  | — |  |  | (4) |  |  | —
|  | Fair Value Measurements at December 31, 2020
|  | TOTAL |  | (LEVEL 1) |  | (LEVEL 2) |  | (LEVEL 3)
Equity securities (1) |  | $ | 443 |  | $ | 443 |  | $ | — |  | $ | —
Available for sale securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Agency |  |  | 3,152 |  |  | — |  |  | 3,152 |  |  | —
U.S. Agency mortgage-backed securities |  |  | 67,913 |  |  | — |  |  | 67,913 |  |  | —
Municipal |  |  | 20,348 |  |  | — |  |  | 20,348 |  |  | —
Corporate bonds |  |  | 52,752 |  |  | — |  |  | 52,752 |  |  | —
Interest rate swap asset (1) |  |  | 3,320 |  |  | — |  |  | 3,320 |  |  | —
Interest rate swap liability (2) |  |  | (3,320) |  |  | — |  |  | (3,320) |  |  | —
| (1) |  | Included within other assets on the Consolidated Balance Sheets.
| (2) |  | Included within other liabilities on the Consolidated Balance Sheets.
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
March 31, 2021 |  | TOTAL |  | (LEVEL 1) |  | (LEVEL 2) |  | (LEVEL 3)
Impaired loans |  | $ | 258 |  | $ | — |  | $ | — |  | $ | 258
|  | Fair Value Measurements
December 31, 2020 |  | TOTAL |  | (LEVEL 1) |  | (LEVEL 2) |  | (LEVEL 3)
Impaired loans |  | $ | 258 |  | $ | — |  | $ | — |  | $ | 258
|  | Quantitative Information About Level 3 Fair Value Measurements |
|  |  |  | Valuation |  | Unobservable |  |  |
March 31, 2021 |  | Fair Value |  | Techniques |  | Input |  | Range (Wgtd Ave) |
Impaired loans |  | $ | 258 |  | Appraisal of |  | Appraisal |  | 0% to 100% (3%) |
|  |  |  |  | collateral (1) |  | adjustments(2) |  |  |
|  | Quantitative Information About Level 3 Fair Value Measurements |
|  |  |  | Valuation |  | Unobservable |  |  |
December 31, 2020 |  | Fair Value |  | Techniques |  | Input |  | Range (Wgtd Ave) |
Impaired loans |  | $ | 258 |  | Appraisal of |  | Appraisal |  | 0% to 100% (3%) |
|  |  |  |  | collateral (1) |  | adjustments(2) |  |  |
| (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.
Schedule of estimated fair value and recorded carrying value | The estimated fair values based on US GAAP measurements and recorded carrying values at March 31, 2021 and December 31, 2020, for the remaining financial instruments not required to be measured or reported at fair value were as follows:
|  | March 31, 2021
|  | Carrying |  |  |  |  |  |  |  |  |  |  |  |
|  | Value |  |  | Fair Value |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3)
|  |  | (IN THOUSANDS)
FINANCIAL ASSETS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities – HTM |  | $ | 47,777 |  | $ | 49,583 |  | $ | — |  | $ | 46,586 |  | $ | 2,997
Loans held for sale |  |  | 1,308 |  |  | 1,322 |  |  | 1,322 |  |  | — |  |  | —
Loans, net of allowance for loan loss and unearned income |  |  | 973,618 |  |  | 978,185 |  |  | — |  |  | — |  |  | 978,185
FINANCIAL LIABILITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits with stated maturities |  |  | 302,130 |  |  | 305,296 |  |  | — |  |  | — |  |  | 305,296
All other borrowings (1) |  |  | 75,663 |  |  | 79,657 |  |  | — |  |  | — |  |  | 79,657
|  | December 31, 2020
|  | Carrying |  |  |  |  |  |  |  |  |  |  |  |
|  | Value |  |  | Fair Value |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3)
|  |  | (IN THOUSANDS)
FINANCIAL ASSETS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities – HTM |  | $ | 44,222 |  | $ | 47,106 |  | $ | — |  | $ | 44,108 |  | $ | 2,998
Loans held for sale |  |  | 6,250 |  |  | 6,428 |  |  | 6,428 |  |  | — |  |  | —
Loans, net of allowance for loan loss and unearned income |  |  | 960,750 |  |  | 969,433 |  |  | — |  |  | — |  |  | 969,433
FINANCIAL LIABILITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits with stated maturities |  |  | 311,064 |  |  | 314,845 |  |  | — |  |  | — |  |  | 314,845
All other borrowings(1) |  |  | 85,493 |  |  | 90,907 |  |  | — |  |  | — |  |  | 90,907
| (1) |  | All other borrowings include advances from Federal Home Loan Bank, guaranteed junior subordinated deferrable interest debentures, and subordinated debt.

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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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