Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value of Financial Instruments

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

					June 30, 2020
					Fair Value Measurements
						Quoted Prices
					in Active				Net
					Markets for		Other		Significant
	June 30, 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	$	18,406	$	18,406	$	18,406	$	—	$	—
Federal funds sold and overnight interest-bearing deposits		116,255		116,255		116,255		—		—
Certificates of deposit in other banks		10,364		10,364		10,364		—		—
Available for sale securities		192,036		192,036		776		191,260		—
Other investment securities		6,976		6,976		14		6,962		—
Loans, net		1,263,993		1,283,400		—		—		1,283,400
Loans held for sale		9,041		9,352		—		—		9,352
Cash surrender value - life insurance		2,425		2,425		—		2,425		—
Accrued interest receivable		7,600		7,600		7,600		—		—
Total	$	1,627,096	$	1,646,814	$	153,415	$	200,647	$	1,292,752
Liabilities:
Deposits:
Non-interest bearing demand	$	367,828	$	367,828	$	367,828	$	—	$	—
Savings, interest checking and money market		652,429		652,429		652,429		—		—
Time deposits		307,376		310,395		—		—		310,395
Federal funds purchased and securities sold under agreements to repurchase		42,197		42,197		42,197		—		—
Federal Home Loan Bank advances and other borrowings		125,802		129,686		—		129,686		—
Subordinated notes		49,486		40,187		—		40,187		—
Operating lease liabilities		2,099		2,099				2,099
Accrued interest payable		901		901		901		—		—
Total	$	1,548,118	$	1,545,722	$	1,063,355	$	171,972	$	310,395

					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