Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value of Financial Instruments

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

					March 31, 2020
					Fair Value Measurements
						Quoted Prices
					in Active				Net
					Markets for		Other		Significant
	March 31, 2020				Identical		Observable		Unobservable
	Carrying		Fair		Assets		Inputs		Inputs
(in thousands)	amount		value		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash and due from banks	$	16,676	$	16,676	$	16,676	$	—	$	—
Federal funds sold and overnight interest-bearing deposits		58,619		58,619		58,619		—		—
Certificates of deposit in other banks		11,106		11,106		11,106		—		—
Available for sale securities		198,049		198,049		777		197,272		—
Other investment securities		7,296		7,296		12		7,284		—
Loans, net		1,164,829		1,180,815		—		—		1,180,815
Loans held for sale		4,286		4,322		—		—		4,322
Cash surrender value - life insurance		2,411		2,411		—		2,411		—
Accrued interest receivable		6,263		6,263		6,263		—		—
Total	$	1,469,535	$	1,485,557	$	93,453	$	206,967	$	1,185,137
Liabilities:
Deposits:
Non-interest bearing demand	$	272,578	$	272,578	$	272,578	$	—	$	—
Savings, interest checking and money market		596,294		596,294		596,294		—		—
Time deposits		310,699		313,690		—		—		313,690
Federal funds purchased and securities sold under agreements to repurchase		30,764		30,764		30,764		—		—
Federal Home Loan Bank advances and other borrowings		133,861		136,395		—		136,395		—
Subordinated notes		49,486		40,800		—		40,800		—
Operating lease liabilities		2,162		2,162				2,162
Accrued interest payable		780		780		780		—		—
Total	$	1,396,624	$	1,393,463	$	900,416	$	179,357	$	313,690

					December 31, 2019
					Fair Value Measurements
					Quoted Prices
					in Active				Net
					Markets for		Other		Significant
	December 31, 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	$	22,576	$	22,576	$	22,576	$	—	$	—
Federal funds sold and overnight interest-bearing deposits		55,545		55,545		55,545		—		—
Certificates of deposit in other banks		10,862		10,862		10,862		—		—
Available-for-sale securities		175,093		175,093		995		174,098		—
Other investment securities		5,808		5,808		13		5,795		—
Loans, net		1,156,320		1,148,339		—		—		1,148,339
Loans held for sale		428		435		—		—		435
Cash surrender value - life insurance		2,398		2,398		—		2,398		—
Accrued interest receivable		6,481		6,481		6,481		—		—
	$	1,435,511	$	1,427,537	$	96,472	$	182,291	$	1,148,774
Liabilities:
Deposits:
Non-interest bearing demand	$	261,166	$	261,166	$	261,166	$	—	$	—
Savings, interest checking and money market		614,331		614,331		614,331		—		—
Time deposits		311,024		311,489		—		—		311,489
Federal funds purchased and securities sold under agreements to repurchase		27,272		27,272		27,272		—		—
Federal Home Loan Bank advances and other borrowings		96,919		97,833		—		97,833		—
Subordinated notes		49,486		43,640		—		43,640		—
Operating lease liabilities		2,224		2,224		—		2,224		—
Accrued interest payable		1,136		1,136		1,136		—		—
	$	1,363,558	$	1,359,091	$	903,905	$	143,697	$	311,489