Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

The tables below present the recorded amount of assets as of June 30, 2020 and December 31, 2019 measured at fair value on a recurring basis.

(dollars in thousands)	June 30, 2020
Description of Asset	Fair Value		Level 1		Level 2		Level 3
Available for sale securities
Asset-backed securities issued by GSEs and U.S. Agencies
MBS	$	30,931	$	—	$	30,931	$	—
CMOs	131,933		—		131,933		—
U.S. Agency	1,311		—		1,311		—
Asset-backed securities issued by Others:
Residential CMOs	320		—		320		—
Student Loan Trust CMOs	25,030		—		25,030		—
Callable GSE Agency Bonds	—		—		—		—
Certificates of Deposit Fixed	250		—		250		—
U.S. government obligations	1,498		—		1,498		—
Municipal bonds	43,709		—		43,709		—
Total available for sale securities	$	234,982	$	—	$	234,982	$	—
Equity securities carried at fair value through income
CRA investment fund	$	4,831	$	—	$	4,831	$	—
Non-marketable equity securities
Other equity securities	$	209	$	—	$	209	$	—

(dollars in thousands)	December 31, 2019
Description of Asset	Fair Value		Level 1		Level 2		Level 3
Available for sale securities
Asset-backed securities issued by GSEs and U.S. Agencies
MBS	$	36,092	$	—	$	36,092	$	—
CMOs	146,932		—		146,932		—
U.S. Agency	9,733		—		9,733		—
Asset-backed securities issued by others:
Residential CMOs	371		—		371		—
Callable GSE Agency Bonds	2,002		—		2,002		—
Certificates of Deposit Fixed	250		—		250		—
U.S. government obligations	1,489		—		1,489		—
Municipal bonds	11,318		—		11,318		—
Total available for sale securities	$	208,187	$	—	$	208,187	$	—
Equity securities carried at fair value through income
CRA investment fund	$	4,669	$	—	$	4,669	$	—
Non-marketable equity securities
Other equity securities	$	209	$	—	$	209	$	—

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis

(dollars in thousands)	June 30, 2020
Description of Asset	Fair Value		Level 1		Level 2		Level 3
Loans with impairment
Commercial real estate	$	782	$	—	$	—	$	782
Commercial loans	—		—		—		—
Total loans with impairment	$	782	$	—	$	—	$	782
Premises and equipment held for sale	$	430	$	—	$	—	$	430
Other real estate owned	$	3,695	$	—	$	—	$	3,695

(dollars in thousands)	December 31, 2019
Description of Asset	Fair Value		Level 1		Level 2		Level 3
Loans with impairment
Commercial real estate	$	4,371	$	—	$	—	$	4,371
Commercial loans	1,110		—		—		1,110
Commercial equipment	2		—		—		2
Total loans with impairment	$	5,483	$	—	$	—	$	5,483
Premises and equipment held for sale	$	430	$	—	$	—	$	430
Other real estate owned	$	7,773	$	—	$	—	$	7,773

Schedule of unobservable inputs used in Level 3 fair value measurements

The following tables provide information describing the unobservable inputs used in Level 3 fair value measurements at June 30, 2020 and December 31, 2019.

June 30, 2020	Fair Value		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
(dollars in thousands)
Description of Asset
Loans with impairment	$	782	Third party appraisals and in-house real estate evaluations of fair value	Management discount for property type and current market conditions	0% - 50% 12%
Premises and equipment held for sale	$	430	Third party appraisals, in-house real estate evaluations of fair value and contracts to sell.	Management discount for property type and current market conditions	0% - 25% 10%
Other real estate owned	$	3,695	Third party appraisals and in-house real estate evaluations of fair value	Management discount for property type and current market conditions	0% - 50% 40%

December 31, 2019	Fair Value		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
(dollars in thousands)
Description of Asset
Loans with impairment	$	5,483	Third party appraisals and in-house real estate evaluations of fair value	Management discount for property type and current market conditions	0% - 50% 13%
Premises and equipment held for sale	$	430	Third party appraisals, in-house real estate evaluations of fair value and contracts to sell.	Management discount for property type and current market conditions	0% - 25% 10%
Other real estate owned	$	7,773	Third party appraisals and in-house real estate evaluations of fair value	Management discount for property type and current market conditions	0% - 50% 18%