Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Measurement

Summary of balances of the assets and liabilities measured at fair value on a recurring basis

The following tables present the balances of the assets and liabilities measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019:

	March 31, 2020
	Level 1		Level 2		Level 3		Total
Fair Value of Financial Assets:
Securities Available for Sale:
Municipal Bonds	$	—	$	122,232	$	—	$	122,232
Mortgage-Backed Securities		—		62,793		—		62,793
Corporate Securities		—		49,940		—		49,940
SBA Securities		—		46,592		—		46,592
Asset-Backed Securities		—		25,760		—		25,760
Interest Rate Swaps		—		3,254		—		3,254
Total Fair Value of Financial Assets	$	—	$	310,571	$	—	$	310,571
Fair Value of Financial Liabilities:
Interest Rate Swaps	$	—	$	6,787	$	—	$	6,787
Total Fair Value of Financial Liabilities	$	—	$	6,787	$	—	$	6,787

	December 31, 2019
	Level 1		Level 2		Level 3		Total
Fair Value of Financial Assets:
Securities Available for Sale:
U.S. Treasury Securities	$	4,998	$	—	$	—	$	4,998
Municipal Bonds		—		105,743		—		105,743
Mortgage-Backed Securities		—		64,728		—		64,728
Corporate Securities		—		50,176		—		50,176
SBA Securities		—		49,559		—		49,559
Asset-Backed Securities		—		14,673		—		14,673
Interest Rate Swaps		—		284		—		284
Total Fair Value of Financial Assets	$	4,998	$	285,163	$	—	$	290,161
Fair Value of Financial Liabilities:
Interest Rate Swaps	$	—	$	902	$	—	$	902
Total Fair Value of Financial Liabilities	$	—	$	902	$	—	$	902

Summary of net impairment losses related to nonrecurring fair value measurements of certain asset

The following tables present net impairment losses related to nonrecurring fair value measurements of certain assets at March 31, 2020 and December 31, 2019:

	March 31, 2020
	Level 1		Level 2		Level 3		Loss
Impaired Loans	$	—	$	75	$	—	$	49
Totals	$	—	$	75	$	—	$	49

	December 31, 2019
	Level 1		Level 2		Level 3		Loss
Impaired Loans	$	—	$	75	$	—	$	206
Totals	$	—	$	75	$	—	$	206

Summary of carrying amount and estimated fair values of financial instruments

The following tables present the carrying amount and estimated fair values of financial instruments at March 31, 2020 and December 31, 2019:

	March 31, 2020
			Fair Value Hierarchy
	Carrying								Estimated
	Amount		Level 1		Level 2		Level 3		Fair Value
Financial Assets:
Cash and Due From Banks	$	61,526	$	61,526	$	—	$	—	$	61,526
Bank-Owned Certificates of Deposit		2,895		—		2,968		—		2,968
Securities Available for Sale		307,317		—		307,317		—		307,317
FHLB Stock, at Cost		11,017		—		11,017		—		11,017
Loans, Net		1,972,896		—		1,989,365		—		1,989,365
Accrued Interest Receivable		7,102		—		7,102		—		7,102
Interest Rate Swaps		3,254		—		3,254		—		3,254
Financial Liabilities:
Deposits	$	1,900,127	$	—	$	1,912,436	$	—	$	1,912,436
Notes Payable		12,500		—		12,525		—		12,525
FHLB Advances		207,500		—		218,362		—		218,362
Subordinated Debentures		24,759		—		26,630		—		26,630
Accrued Interest Payable		1,688		—		1,688		—		1,688
Interest Rate Swaps		6,787		—		6,787		—		6,787

	December 31, 2019
			Fair Value Hierarchy
	Carrying								Estimated
	Amount		Level 1		Level 2		Level 3		Fair Value
Financial Assets:
Cash and Due From Banks	$	31,935	$	31,935	$	—	$	—	$	31,935
Bank-Owned Certificates of Deposit		2,654		—		2,677		—		2,677
Securities Available for Sale		289,877		4,998		284,879		—		289,877
FHLB Stock, at Cost		7,824		—		7,824		—		7,824
Loans, Net		1,884,000		—		1,891,987		—		1,891,987
Accrued Interest Receivable		6,775		—		6,775		—		6,775
Interest Rate Swaps		284		—		284		—		284
Financial Liabilities:
Deposits	$	1,823,310	$	—	$	1,821,915	$	—	$	1,821,915
Notes Payable		13,000		—		13,022		—		13,022
FHLB Advances		136,500		—		141,152		—		141,152
Subordinated Debentures		24,733		—		25,309		—		25,309
Accrued Interest Payable		1,982		—		1,982		—		1,982
Interest Rate Swaps		902		—		902		—		902