Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2019

Schedule of Available for Sale Securities Measured at Fair Value on a Recurring Basis

The following tables present the balances measured at fair value on a recurring basis as of June 30, 2019 and December 31, 2018 (dollars in thousands):

			Fair Value Measurements at June 30, 2019 Using:
			Quoted Prices in		Significant
			Active Markets		Other		Significant
			for Identical		Observable		Unobservable
			Assets		Inputs		Inputs
Description	Balance		(Level 1)		(Level 2)		(Level 3)
Assets:
U.S. Government agencies	$	19,461	$	-	$	19,461	$	-
Mortgage-backed securities/CMOs		26,465		-		26,465		-
Municipal bonds		10,922		-		10,922		-
Total securities available for sale	$	56,848	$	-	$	56,848	$	-

			Fair Value Measurements at December 31, 2018 Using:
			Quoted Prices in		Significant
			Active Markets		Other		Significant
			for Identical		Observable		Unobservable
			Assets		Inputs		Inputs
Description	Balance		(Level 1)		(Level 2)		(Level 3)
Assets:
U.S. Government agencies	$	18,974	$	-	$	18,974	$	-
Mortgage-backed securities/CMOs		25,063		-		25,063		-
Municipal bonds		17,355		-		17,355		-
Total securities available for sale	$	61,392	$	-	$	61,392	$	-

Schedule of the Carrying Values and Estimated Fair Values of the Bank's Financial Instruments

The carrying values and estimated fair values of the Company's financial instruments as of June 30, 2019 and December 31, 2018 are as follows (dollars in thousands):

			Fair Value Measurement at June 30, 2019 using:
			Quoted Prices		Significant
			in Active		Other		Significant
			Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
	Carrying value		Level 1		Level 2		Level 3		Fair Value
Assets
Cash and cash equivalent	$	24,794	$	24,794	$	-	$	-	$	24,794
Available for sale securities		56,848		-		56,848		-		56,848
Loans, net		516,946		-		-		501,483		501,483
Bank owned life insurance		16,190		-		16,190		-		16,190
Accrued interest receivable		2,264		-		278		1,986		2,264

Liabilities
Demand deposits and interest-bearing transaction, money market, and savings accounts	$	431,526	$	-	$	431,526	$	-	$	431,526
Certificates of deposit		121,993		-		122,730		-		122,730
Accrued interest payable		317		-		317		-		317

			Fair Value Measurement at December 31, 2018 using:
			Quoted Prices		Significant
			in Active		Other		Significant
			Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
	Carrying value		Level 1		Level 2		Level 3		Fair Value
Assets
Cash and cash equivalent	$	18,874	$	18,874	$	-	$	-	$	18,874
Available for sale securities		61,392		-		61,392		-		61,392
Loans, net		532,299		-		-		514,917		514,917
Bank owned life insurance		16,790		-		16,790		-		16,790
Accrued interest receivable		2,100		-		342		1,758		2,100

Liabilities
Demand deposits and interest-bearing transaction and money market accounts	$	464,002	$	-	$	464,002	$	-	$	464,002
Certificates of deposit		108,531		-		108,323		-		108,323
Accrued interest payable		243		-		243		-		243