Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Measurement

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

The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The following tables present the balances of the assets and liabilities measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019:

	June 30, 2020
	Level 1		Level 2		Level 3		Total
Fair Value of Financial Assets:
Securities Available for Sale:
Municipal Bonds	$	—	$	100,722	$	—	$	100,722
Mortgage-Backed Securities		—		94,624		—		94,624
Corporate Securities		—		55,630		—		55,630
SBA Securities		—		44,054		—		44,054
Asset-Backed Securities		—		31,265		—		31,265
Interest Rate Swaps		—		3,749		—		3,749
Total Fair Value of Financial Assets	$	—	$	330,044	$	—	$	330,044
Fair Value of Financial Liabilities:
Interest Rate Swaps	$	—	$	7,969	$	—	$	7,969
Total Fair Value of Financial Liabilities	$	—	$	7,969	$	—	$	7,969

	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 June 30, 2020 and December 31, 2019:

	June 30, 2020
	Level 1		Level 2		Level 3		Loss
Impaired Loans	$	—	$	75	$	—	$	67
Totals	$	—	$	75	$	—	$	67

	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 June 30, 2020 and December 31, 2019:

	June 30, 2020
			Fair Value Hierarchy
	Carrying								Estimated
	Amount		Level 1		Level 2		Level 3		Fair Value
Financial Assets:
Cash and Due From Banks	$	178,428	$	178,428	$	—	$	—	$	178,428
Bank-Owned Certificates of Deposit		2,895		—		2,967		—		2,967
Securities Available for Sale		326,295		—		326,295		—		326,295
FHLB Stock, at Cost		8,617		—		8,617		—		8,617
Loans, Net		2,155,858		—		2,195,310				2,195,310
Accrued Interest Receivable		8,267		—		8,267		—		8,267
Interest Rate Swaps		3,749		—		3,749		—		3,749
Financial Liabilities:
Deposits	$	2,242,051	$	—	$	2,254,352	$	—	$	2,254,352
Notes Payable		12,000		—		12,001		—		12,001
FHLB Advances		147,500		—		154,519		—		154,519
Subordinated Debentures		73,658		—		74,840		—		74,840
Accrued Interest Payable		1,953		—		1,953		—		1,953
Interest Rate Swaps		7,969		—		7,969		—		7,969

	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