FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2020

FAIR VALUE

Schedule presenting information for financial instruments

The following table presents information for financial instruments at March 31, 2020 and December 31, 2019 (dollars in thousands):

		March 31, 2020				December 31, 2019
	Level in Fair	Carrying		Estimated		Carrying		Estimated
	Value Hierarchy	Amount		Fair Value		Amount		Fair Value
Financial assets:
Cash and cash equivalents	Level 1	$	97,072	$	97,072	$	49,826	$	49,826
Interest-bearing deposits	Level 2		8,825		8,825		10,295		10,295
Securities available for sale	Level 2		113,331		113,331		106,569		106,569
Securities available for sale	Level 3		1,403		1,403		1,403		1,403
Federal Home Loan Bank stock	Level 2		4,924		4,924		4,924		4,924
Net loans	Level 3		1,038,885		1,042,604		1,053,468		1,055,985
Accrued interest receivable	Level 3		4,047		4,047		3,751		3,751
Total financial assets		$	1,268,487	$	1,272,206	$	1,230,236	$	1,232,753
Financial liabilities:
Deposits	Level 2	$	1,095,381	$	1,095,819	$	1,075,677	$	1,044,267
Borrowings	Level 2		67,120		64,952		64,551		64,403
Accrued interest payable	Level 3		595		595		569		569
Total financial liabilities		$	1,163,096	$	1,161,366	$	1,140,797	$	1,109,239

Schedule of investment securities measured at fair value on a recurring basis

The table below shows investment securities measured at fair value on a recurring basis (dollars in thousands):

			Quoted Prices		Significant		Significant		Total (Gains)
			in Active Markets		Other Observable		Unobservable		Losses for
	Balance at		for Identical Assets		Inputs		Inputs		Three Months Ended
(dollars in thousands)	March 31, 2020		(Level 1)		(Level 2)		(Level 3)		March 31, 2020
Assets
Corporate	$	20,024	$	—	$	19,524	$	500	$	—
US Agencies		9,611		—		9,611		—		—
US Agencies - MBS		36,715		—		36,715		—		—
Obligations of state and political subdivisions		48,384		—		40,874		903		—
	$	114,734							$	—

			Quoted Prices		Significant		Significant
			in Active Markets		Other Observable		Unobservable		Total (Gains) Losses for
	Balance at		for Identical Assets		Inputs		Inputs		Twelve months ended
(dollars in thousands)	December 31, 2019		(Level 1)		(Level 2)		(Level 3)		December 31, 2019
Assets
Corporate	$	20,938	$	—	$	20,438	$	500	$	—
US Agencies		14,496		—		14,496		—		—
US Agencies - MBS		34,526		—		34,526		—		—
Obligations of state and political subdivisions		38,012		—		37,024		903		—
	$	107,972							$	—

Schedule of assets measured at fair value on a non-recurring basis

Assets Measured at Fair Value on a Nonrecurring Basis at March 31, 2020

			Quoted Prices		Significant		Significant		Total (Gains)
			in Active Markets		Other Observable		Unobservable		Losses for
	Balance at		for Identical Assets		Inputs		Inputs		Three Months Ended
(dollars in thousands)	March 31, 2020		(Level 1)		(Level 2)		(Level 3)		March 31, 2020
Assets
Impaired loans	$	9,063	$	—	$	—	$	9,063	$	48
Other real estate owned		2,228		—		—		2,228		3
									$	51

Assets Measured at Fair Value on a Nonrecurring Basis at December 31, 2019

			Quoted Prices		Significant		Significant
			in Active Markets		Other Observable		Unobservable		Total Losses for
	Balance at		for Identical Assets		Inputs		Inputs		Twelve months ended
(dollars in thousands)	December 31, 2019		(Level 1)		(Level 2)		(Level 3)		December 31, 2019
Assets
Impaired loans	$	12,823	$	—	$	—	$	12,823	$	280
Other real estate held for sale		2,194		—		—		2,194		212
									$	492