Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value of Financial Instruments

Schedule of summary of the carrying amounts and fair values of financial instruments

					September 30, 2019
					Fair Value Measurements
						Quoted Prices
					in Active				Net
					Markets for		Other		Significant
	September 30, 2019				Identical		Observable		Unobservable
	Carrying		Fair		Assets		Inputs		Inputs
(in thousands)	amount		value		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash and due from banks	$	22,856	$	22,856	$	22,856	$	—	$	—
Federal funds sold and overnight interest-bearing deposits		21,559		21,559		21,559		—		—
Certificates of deposit in other banks		11,601		11,601		11,601		—		—
Available for sale securities		181,270		181,270		995		180,275		—
Other investment securities		6,210		6,210		13		6,197		—
Loans, net		1,139,340		1,132,835		—		—		1,132,835
Mortgage servicing rights		2,575		2,575		—		—		2,575
Cash surrender value - life insurance		2,385		2,385		—		2,385		—
Accrued interest receivable		6,215		6,215		6,215		—		—
	$	1,394,011	$	1,387,506	$	63,239	$	188,857	$	1,135,410
Liabilities:
Deposits:
Non-interest bearing demand	$	284,452	$	284,452	$	284,452	$	—	$	—
Savings, interest checking and money market		550,350		550,350		550,350		—		—
Time deposits		302,605		303,092		—		—		303,092
Federal funds purchased and securities sold under agreements to repurchase		27,191		27,191		27,191		—		—
Federal Home Loan Bank advances and other borrowings		106,980		93,751		—		93,751		—
Subordinated notes		49,486		43,393		—		43,393		—
Operating lease liabilities		2,285		2,285				2,285
Accrued interest payable		1,020		1,020		1,020		—		—
	$	1,324,369	$	1,305,534	$	863,013	$	139,429	$	303,092

					December 31, 2018
					Fair Value Measurements
					Quoted Prices
					in Active				Net
					Markets for		Other		Significant
	December 31, 2018				Identical		Observable		Unobservable
	Carrying		Fair		Assets		Inputs		Inputs
(in thousands)	amount		value		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash and due from banks	$	23,687	$	23,687	$	23,687	$	—	$	—
Federal funds sold and overnight interest-bearing deposits		18,396		18,396		18,396		—		—
Certificates of deposit in other banks		12,247		12,247		12,247		—		—
Available-for-sale securities		218,205		218,205		1,952		216,253		—
Other investment securities		5,675		5,675		12		5,663		—
Loans, net		1,134,975		1,115,003		—		—		1,115,003
Mortgage servicing rights		2,931		2,931		—		—		2,931
Cash surrender value - life insurance		2,542		2,542		—		2,542		—
Accrued interest receivable		6,162		6,162		6,162		—		—
	$	1,424,820	$	1,404,848	$	62,456	$	224,458	$	1,117,934
Liabilities:
Deposits:
Non-interest bearing demand	$	262,857	$	262,857	$	262,857	$	—	$	—
Savings, interest checking and money market		614,040		614,040		614,040		—		—
Time deposits		321,571		318,949		—		—		318,949
Federal funds purchased and securities sold under agreements to repurchase		24,647		24,647		24,647		—		—
Federal Home Loan Bank advances and other borrowings		95,153		94,326		—		94,326		—
Subordinated notes		49,486		45,749		—		45,749		—
Accrued interest payable		1,035		1,035		1,035		—		—
	$	1,368,789	$	1,361,603	$	902,579	$	140,075	$	318,949