FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

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

(dollars in thousands)	September 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	$	33,176	$	—	$	33,176	$	—
CMOs	124,525		—		124,525		—
U.S. Agency	1,257		—		1,257		—
Asset-backed securities issued by Others:
Residential CMOs	299		—		299		—
Student Loan Trust CLOs	30,410		—		30,410		—
U.S. government obligations	1,500		—		1,500		—
Municipal bonds	38,453		—		38,453		—
Total available for sale securities	$	229,620	$	—	$	229,620	$	—
Equity securities carried at fair value through income
CRA investment fund	$	4,851	$	—	$	4,851	$	—
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)	September 30, 2020
Description of Asset	Fair Value		Level 1		Level 2		Level 3
Loans with impairment
Commercial real estate	$	1,680	$	—	$	—	$	1,680
Total loans with impairment	$	1,680	$	—	$	—	$	1,680
Premises and equipment held for sale	$	430	$	—	$	—	$	430
Other real estate owned	$	3,998	$	—	$	—	$	3,998

(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 September 30, 2020 and December 31, 2019.

September 30, 2020	Fair Value		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
(dollars in thousands)
Description of Asset
Loans with impairment	$	1,680	Third party appraisals and in-house real estate evaluations of fair value	Management discount for property type and current market conditions	0% - 50% 23%
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	$	3,998	Third party appraisals and in-house real estate evaluations of fair value	Management discount for property type and current market conditions	0% - 50% 37%

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%