Fair Values of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Fair Values of Financial Instruments

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

	March 31,				December 31,
Dollars are in thousands	2020				2019
			Estimated				Estimated
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Financial assets:
Cash and due from banks	$	29,882	$	29,882	$	36,295	$	36,295
Interest bearing deposits		23,221		23,221		27,586		27,586
Federal funds sold		31,587		31,587		31,230		31,230
Securities:
Available for sale		104,652		104,652		106,256		106,256
Loans, net of allowance for credit losses		1,012,560		1,005,188		990,239		976,636
Accrued interest receivable		3,302		3,302		3,138		3,138
Federal Home Loan Bank stock		4,959		4,959		5,180		5,180
Atlantic Central Bankers stock		131		131		131		131
Other investments		2,849		2,849		2,838		2,838
Financial liabilities:
Deposits	$	1,020,724	$	1,028,956	$	1,006,781	$	1,008,842
Accrued interest payable		584		584		572		572
FHLB advances, notes payable, and financing leases		98,950		103,966		105,021		109,260
Unrecognized financial instruments:
Commitments to extend credit	$	185,758	$	185,758	$	184,376	$	184,376
Standby letters of credit		5,362		5,362		4,045		4,045

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
March 31, 2020
Financial assets:
Loans, net of allowance for credit losses	$	1,012,560	$	1,005,188	$	—	$	—	$	1,005,188
Financial liabilities:
Interest-bearing deposits	$	752,498	$	760,730	$	—	$	760,730	$	—
FHLB advances, notes payable, and financing leases		98,950		103,966		—		103,966		—
December 31, 2019
Financial assets:
Loans, net of allowance for credit losses	$	990,239	$	976,636	$	—	$	—	$	976,636
Financial liabilities:
Interest bearing deposits	$	745,150	$	747,211	$	—	$	747,211	$	—
FHLB advances, notes payable, and financing leases		105,021		109,260		—		109,260		—