Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Measurement [Abstract]

Fair Value Measurements by Level of Valuation Inputs

The following tables summarize financial assets and financial liabilities measured at fair value as of December 31, 2019 and December 31, 2018, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value.

			(Level 1)		(Level 2)		(Level 3)
			Quoted Prices in		Significant		Significant
			Active Markets		Other		Other
(Dollars in thousands)	December 31,		for Identical		Observable		Unobservable
	2019		Assets		Inputs		Inputs
Measured at fair value on a recurring basis:
Debt securities available for sale:
Obligations of U.S. Government agencies and corporations	$	20,920	$	—	$	20,920	$	—
Obligations of state and political subdivisions		4,575		—		4,575		—
Mortgage-backed securities		185,191		—		185,191		—
Equity securities		1,144		1,144		—		—
Mortgage servicing rights		180		—		—		180
Measured at fair value on a non-recurring basis:
Impaired loans	$	144	$	—	$	—	$	144

			(Level 1)		(Level 2)		(Level 3)
			Quoted Prices in		Significant		Significant
			Active Markets		Other		Other
(Dollars in thousands)	December 31,		for Identical		Observable		Unobservable
	2018		Assets		Inputs		Inputs
Measured at fair value on a recurring basis:
Debt securities available for sale:
Obligations of U.S. Government agencies and corporations	$	23,266	$	—	$	23,266	$	—
Obligations of state and political subdivisions		18,181		—		18,181		—
Mortgage-backed securities		100,506		—		100,506		—
Equity securities		1,118		1,118		—		—
Mortgage servicing rights		200		—		—		200
Measured at fair value on a non-recurring basis:
Impaired loans	$	1,104	$	—	$	—	$	1,104
Other real estate owned		149		—		—		149

Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of the Company’s financial instruments are as follows:

	Financial Instruments
(Dollars in thousands)	December 31, 2019				December 31, 2018
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Financial assets:
Cash and due from banks	$	12,658	$	12,658	$	15,617	$	15,617
Interest bearing deposits with banks		82		82		110		110
Federal funds sold		—		—		729		729
Interest bearing time deposits with banks		2,210		2,210		3,290		3,290
Securities		211,830		211,830		141,953		141,953
Restricted investment in bank stock		3,442		N/A		2,441		N/A
Loans, net of allowance for loan losses		397,629		403,359		414,597		415,195
Accrued interest receivable		1,607		1,607		1,681		1,681
Financial liabilities:
Non-interest bearing deposits	$	134,703	$	134,703	$	126,057		126,057
Interest bearing deposits		397,234		399,848		395,665		395,226
Securities sold under agreements to repurchase		3,429		N/A		2,911		N/A
Short-term borrowings		9,700		9,700		11,600		11,600
Long-term debt		45,000		45,809		15,000		14,958
Other interest bearing liabilities		1,603		1,603		1,596		1,597
Accrued interest payable		473		473		289		289
Off-balance sheet financial instruments:
Commitments to extend credit	$	—	$	—	$	—	$	—
Letters of credit		—		—		—		—

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present the carrying amount, fair value and placement in the fair value hierarchy of the Company’s financial instruments not previously disclosed as of December 31, 2019 and December 31, 2018. These tables exclude financial instruments for which the carrying amount approximates fair value.

					(Level 1)		(Level 2)		(Level 3)
					Quoted Prices in		Significant		Significant
(Dollars in thousands)					Active Markets		Other		Other
	Carrying				for Identical		Observable		Unobservable
	Amount		Fair Value		Assets or Liabilities		Inputs		Inputs
December 31, 2019
Financial instruments - Assets
Interest bearing time deposits with banks	$	2,210	$	2,210	$	—	$	2,210	$	—
Loans, net of allowance for loan losses		397,629		403,359		—		—		403,359
Financial instruments - Liabilities
Interest bearing deposits	$	397,234	$	399,848	$	—	$	399,848	$	—
Long-term debt		45,000		45,809		—		45,809		—
Other interest bearing liabilities		1,603		1,603		—		1,603		—

					(Level 1)		(Level 2)		(Level 3)
					Quoted Prices in		Significant		Significant
(Dollars in thousands)					Active Markets		Other		Other
	Carrying				for Identical		Observable		Unobservable
	Amount		Fair Value		Assets or Liabilities		Inputs		Inputs
December 31, 2018
Financial instruments - Assets
Interest bearing time deposits with banks	$	3,290	$	3,290	$	—	$	3,290	$	—
Loans, net of allowance for loan losses		414,597		415,195		—		—		415,195
Financial instruments - Liabilities
Interest bearing deposits	$	395,665	$	395,226	$	—	$	395,226	$	—
Long-term debt		15,000		14,958		—		14,958		—
Other interest bearing liabilities		1,596		1,597		—		1,597		—