Fair Values of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Fair Values of Financial Instruments

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

	December 31,				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	$	36,295	$	36,295	$	24,347	$	24,347
Interest bearing deposits		27,586		27,586		4,093		4,093
Federal funds sold		31,230		31,230		1,254		1,254
Securities:
Available for sale		106,256		106,256		51,300		51,300
Loans, net of allowance for credit losses		990,239		976,636		625,513		604,290
Accrued interest receivable		3,138		3,138		2,103		2,103
Federal Home Loan Bank stock		5,180		5,180		2,652		2,652
Atlantic Central Bankers stock		131		131		131		131
Other investments		2,838		2,838		1,537		1,537
Financial liabilities:
Deposits	$	1,006,781	$	1,008,842	$	614,926	$	570,509
Accrued interest payable		572		572		392		392
FHLB advances, notes payable, and financing leases		106,270		109,260		56,989		56,979
Unrecognized financial instruments:
Commitments to extend credit	$	184,376	$	184,376	$	114,395	$	114,395
Standby letters of credit		4,045		4,045		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
December 31, 2019
Financial assets:
Loans, net	$	990,239	$	976,636	$	—	$	—	$	976,636
Financial liabilities:
Interest-bearing deposits	$	745,150	$	747,211	$	—	$	747,211	$	—
FHLB advances, notes payable, and financing leases		106,270		109,260		—		109,260		—
December 31, 2018
Financial assets:
Loans, net	$	625,513	$	604,290	$	—	$	—	$	604,290
Financial liabilities:
Interest bearing deposits	$	429,450	$	393,813	$	—	$	393,813	$	—
FHLB advances and notes payable		56,989		56,979		—		56,979		—