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FAIR VALUE MEASUREMENTS (Tables)
6 Months Ended
Jun. 30, 2020
FAIR VALUE MEASUREMENTS  
Schedule of fair value on a recurring basis

The following tables summarize quantitative disclosures about the fair value measurement for each category of assets carried at fair value on a recurring basis as of June 30, 2020 and December 31, 2019 (in thousands):

    

    

Quoted Prices in  

    

Significant 

    

Investment securities

Active Markets

Other

Significant

available for sale

for Identical

Observable

Unobservable

June 30, 2020

Fair value

Assets (Level 1)

Inputs (Level 2)

Inputs (Level 3)

U.S. government agencies – GSE’s

$

9,086

$

$

9,086

$

Mortgage-backed securities – GSE’s

 

39,533

 

 

39,533

 

Corporate Bonds

 

2,206

 

 

2,206

 

Municipal bonds

 

12,133

 

 

12,133

 

Total investment available for sale

$

62,958

$

$

62,958

$

    

    

Quoted Prices in  

    

Significant 

    

Investment securities

Active Markets

Other

Significant

available for sale

for Identical

Observable

Unobservable

December 31, 2019

Fair value

Assets (Level 1)

Inputs (Level 2)

Inputs (Level 3)

U.S. government agencies – GSE’s

$

9,996

$

$

9,996

$

Mortgage-backed securities – GSE’s

 

47,743

 

 

47,743

 

Corporate Bonds

 

2,299

 

 

2,299

 

Municipal bonds

 

12,329

 

 

12,329

 

Total investment available for sale

$

72,367

$

$

72,367

$

Schedule of fair value on a non-recurring basis

The following tables summarize quantitative disclosures about the fair value measurement for each category of assets carried at fair value on a non-recurring basis as of June 30, 2020 and December 31, 2019 (in thousands):

    

    

Quoted Prices in 

    

Significant 

    

Active Markets 

Other  

Significant 

for Identical 

Observable

Unobservable 

Asset Category June 30, 2020

Fair value

Assets (Level 1)

Inputs (Level 2)

Inputs (Level 3)

Impaired loans

$

7,979

$

$

$

7,979

Foreclosed real estate

 

3,561

 

 

 

3,561

Total

$

11,540

$

$

$

11,540

Quoted Prices in

Significant 

Active Markets

Other

Significant

for Identical

  Observable

Unobservable 

Asset Category December 31, 2019

    

Fair value

    

   Assets (Level 1)

    

  Inputs (Level 2)

    

 Inputs (Level 3)

Impaired loans

$

5,941

$

$

$

5,941

Foreclosed real estate

 

3,533

 

 

 

3,533

Total

$

9,474

$

$

$

9,474

Schedule of carrying and fair values

The following table presents the carrying values and estimated fair values of the Company’s financial instruments at June 30, 2020 and December 31, 2019:

June 30, 2020

Carrying

Estimated

    

Amount

    

Fair Value

    

Level 1

    

Level 2

    

Level 3

(dollars in thousands)

Financial assets:

Cash and due from banks

$

24,037

$

24,037

$

24,037

$

$

Interest-earning deposits in other banks

 

157,521

 

157,521

 

157,521

 

 

Federal funds sold

9,726

9,726

9,726

Investment securities available for sale

 

62,958

 

62,958

 

 

62,958

 

Loans held for sale

 

3,455

 

3,455

 

 

3,455

 

Loans, net

 

1,237,945

 

1,239,667

 

 

 

1,239,667

Accrued interest receivable

 

4,400

 

4,400

 

 

4,400

 

Stock in the FHLB

 

3,059

3,059

3,059

Other non-marketable securities

 

718

718

718

Financial liabilities:

 

 

 

  

 

  

 

  

Deposits

$

1,338,753

$

1,342,114

$

$

1,342,114

$

Short-term debt

 

20,000

 

20,000

 

 

20,000

 

Long-term debt

 

37,372

 

33,932

 

 

33,932

 

Accrued interest payable

 

457

 

457

 

 

457

 

December 31, 2019

Carrying

Estimated

    

Amount

    

Fair Value

    

Level 1

    

Level 2

    

Level 3

(dollars in thousands)

Financial assets:

Cash and due from banks

$

19,110

$

19,110

$

19,110

$

$

Interest-earning deposits in other banks

 

50,920

 

50,920

 

50,920

 

 

Federal funds sold

 

9,047

 

9,047

 

9,047

 

 

Investment securities available for sale

 

72,367

 

72,367

 

 

72,367

 

Loans held for sale

 

928

 

928

 

 

928

 

Loans, net

 

1,021,651

 

1,016,239

 

 

 

1,016,239

Accrued interest receivable

 

4,189

 

4,189

 

 

4,189

 

Stock in the FHLB

 

3,045

 

3,045

 

 

 

3,045

Other non-marketable securities

 

719

 

719

 

 

 

719

Financial liabilities:

 

  

 

  

 

  

 

  

 

  

Deposits

$

992,838

$

995,056

$

$

995,056

$

Long-term debt

 

57,372

 

55,729

 

 

55,729

 

Accrued interest payable

 

578

 

578

 

 

578