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Fair Value (Tables)
12 Months Ended
Dec. 31, 2018
Fair Value Disclosures [Abstract]  
Summary of Assets Measured at Fair Value on a Recurring Basis
Assets measured at fair value on a recurring basis are summarized below:
 
 
 
Recurring Fair Value Measurements Using
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
 
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available for sale securities:
 
 
 
 
 
 
 
 
Obligations of states and political subdivisions
 
$
 
 
$
11,169
 
 
$
 
 
$
11,169
 
Government-sponsored mortgage-backed securities
 
 
 
 
 
50,375
 
 
 
 
 
 
50,375
 
Corporate collateralized mortgage obligations
 
 
 
 
 
410
 
 
 
 
 
 
410
 
Asset-backed securities
 
 
 
 
 
3,531
 
 
 
 
 
 
3,531
 
Certificates of deposit
 
 
 
 
 
246
 
 
 
 
 
 
246
 
Total
 
$
 
 
$
65,731
 
 
$
 
 
$
65,731
 
 
 
 
Recurring Fair Value Measurements Using
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
 
December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available for sale securities:
 
 
 
 
 
 
 
 
Obligations of states and political subdivisions
 
$
 
 
$
20,630
 
 
$
 
 
$
20,630
 
Government-sponsored mortgage-backed securities
 
 
 
 
 
60,024
 
 
 
 
 
 
60,024
 
Corporate collateralized mortgage obligations
 
 
 
 
 
702
 
 
 
 
 
 
702
 
Asset-backed securities
 
 
 
 
 
4,832
 
 
 
 
 
 
4,832
 
Corporate bonds
 
 
 
 
 
1,251
 
 
 
 
 
 
1,251
 
Certificates of deposit
 
 
 
 
 
1,516
 
 
 
 
 
 
1,516
 
Total
 
$
 
 
$
88,955
 
 
$
 
 
$
88,955
 
Summary of Assets Measured at Fair Value on a Nonrecurring Basis
Information regarding the fair value of assets measured at fair value on a nonrecurring basis follows:
 
 
 
Recurring Fair Value Measurements Using
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
 
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans
 
$
 
 
$
 
 
$
85
 
 
$
85
 
December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans
 
$
 
 
$
 
 
$
148
 
 
$
148
 
Schedule of Quantitative Information about Nonrecurring Level 3 Fair Value Measurements
Quantitative information about nonrecurring Level 3 fair value measurements follows:
 
 
 
Fair Value
 
 
Valuation
Technique
 
 
Significant Unobservable
Input(s)
 
 
Range/Weighted

Average
 
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Impaired loans
 
$
85
 
 
 
Market and/or income approach
 
 
 
Management discount to appraised values
 
 
 
10-20%
 
December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Impaired loans
 
$
148
 
 
 
Market and/or income approach
 
 
 
Management discount to appraised values
 
 
 
10-20%
 
Summary of Carrying Values and Estimated Fair Values of Financial Instruments
The carrying value and estimated fair value of financial instruments follow:
 
 
 
December 31, 2018
 
 
 
Carrying

Value
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
Financial assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
7,923
 
 
$
7,923
 
 
$
 
 
$
 
Available for sale securities
 
 
65,731
 
 
 
 
 
 
65,731
 
 
 
 
Loans held for sale
 
 
771
 
 
 
 
 
 
771
 
 
 
 
Loans
 
 
369,830
 
 
 
 
 
 
 
 
 
362,233
 
Accrued interest receivable
 
 
1,106
 
 
 
1,106
 
 
 
 
 
 
 
Cash value of life insurance
 
 
13,400
 
 
 
 
 
 
 
 
 
13,400
 
FHLB stock
 
 
1,261
 
 
 
 
 
 
 
 
 
1,261
 
Financial liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits
 
 
406,137
 
 
 
223,860
 
 
 
 
 
 
180,703
 
Advance payments by borrowers for taxes and insurance
 
 
1,240
 
 
 
1,240
 
 
 
 
 
 
 
FHLB advances
 
 
30,010
 
 
 
 
 
 
 
 
 
29,499
 
Accrued interest payable
 
 
372
 
 
 
372
 
 
 
 
 
 
 
 
 
 
December 31, 2017
 
 
 
Carrying

Value
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
 
(in thousands)
 
Financial assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
12,497
 
 
$
12,497
 
 
$
 
 
$
 
Available for sale securities
 
 
88,955
 
 
 
 
 
 
88,955
 
 
 
 
Loans held for sale
 
 
217
 
 
 
 
 
 
217
 
 
 
 
Loans
 
 
331,206
 
 
 
 
 
 
 
 
 
328,526
 
Accrued interest receivable
 
 
1,214
 
 
 
1,214
 
 
 
 
 
 
 
Cash value of life insurance
 
 
13,732
 
 
 
 
 
 
 
 
 
13,732
 
FHLB stock
 
 
1,436
 
 
 
 
 
 
 
 
 
1,436
 
Financial liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits
 
 
389,291
 
 
 
203,048
 
 
 
 
 
 
185,758
 
Advance payments by borrowers for taxes and insurance
 
 
385
 
 
 
385
 
 
 
 
 
 
 
FHLB advances
 
 
34,693
 
 
 
 
 
 
 
 
 
34,229
 
Accrued interest payable
 
 
340
 
 
 
340