Fair Values of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2019

Fair Values of Financial Instruments

Summary of the estimated fair value and the related carrying values of the Company’s financial instruments

	June 30,				December 31,
Dollars are in thousands	2019				2018
			Estimated				Estimated
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Financial assets:
Cash and due from banks	$	16,375	$	16,375	$	24,347	$	24,347
Interest bearing deposits		20,809		20,809		4,093		4,093
Federal funds sold		7,395		7,395		1,254		1,254
Securities:
Available for sale		50,917		50,917		51,300		51,300
Loans, net of allowance for credit losses		639,649		619,552		625,513		604,290
Accrued interest receivable		2,235		2,235		2,103		2,103
Federal Home Loan Bank stock		2,761		2,761		2,652		2,652
Atlantic Central Bankers stock		131		131		131		131
Other investments		1,559		1,559		1,537		1,537
Financial liabilities:
Deposits	$	639,516	$	606,769	$	614,925	$	570,509
Accrued interest payable		516		516		392		392
FHLB advances and note payable		55,660		56,267		56,989		56,979
Unrecognized financial instruments:
Commitments to extend credit	$	104,565	$	104,565	$	114,395	$	114,395
Standby letters of credit		2,644		2,644		3,276		3,276

Summary of carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments not disclosed elsewhere

Dollars are in thousands					Fair Value Hierarchy
	Carrying		Fair
	Amount		Value		Level 1		Level 2		Level 3
June 30, 2019
Financial assets:
Loans, net	$	639,649	$	619,552	$	—	$	—	$	619,552
Financial liabilities:
Deposits	$	639,516	$	606,769	$	—	$	606,769	$	—
FHLB advances and notes payable		55,660		56,267		—		56,267		—
December 31, 2018
Financial assets:
Loans, net	$	625,513	$	604,290	$	—	$	—	$	604,290
Financial liabilities:
Deposits	$	614,925	$	570,509	$	—	$	570,509	$	—
FHLB advances and notes payable		56,989		56,979		—		56,979		—