Fair Value (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Balances of Assets And Liabilities Measured at Fair Value on Recurring Basis

The tables below present the balances of assets and liabilities measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019:

	Fair Value Measurements at March 31, 2020 Using
(In thousands)	Assets/Liabilities Measured at Fair Value			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Measured on a recurring basis:
Assets:
Debt securities available for sale:
U.S. Government sponsored entities	$	5,781		$	—	$	5,781		$	—
State and political subdivisions	3,439			—		3,439			—
Residential mortgage-backed securities	23,850			—		23,850			—
Corporate and other securities	23,220			—		23,220			—
Total debt securities available for sale	$	56,290		$	—	$	56,290		$	—
Equity securities with readily determinable fair values	1,712			—		1,712			—
Total equity securities	$	1,712		$	—	$	1,712		$	—
Loans held for sale	11,658			—		11,658			—
Total loans held for sale	$	11,658		—		$	11,658		—
Interest rate swap agreements	(1,173		)	—		(1,173		)	—
Total swap agreements	$	(1,173	)	$	—	$	(1,173	)	$	—
	Fair value Measurements at December 31, 2019 Using
(In thousands)	Assets/Liabilities Measured at Fair Value			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Measured on a recurring basis:
Assets:
Debt securities available for sale:
U.S. Government sponsored entities	$	5,753		$	—	$	5,753		$	—
State and political subdivisions	5,154			—		5,154			—
Residential mortgage-backed securities	27,964			—		27,964			—
Corporate and other securities	25,404			—		25,404			—
Total debt securities available for sale	$	64,275		$	—	$	64,275		$	—
Equity securities with readily determinable fair values	2,289			—		2,289			—
Total equity securities	$	2,289		$	—	$	2,289		$	—
Loans held for sale	14,862					14,862
Total loans held for sale	$	14,862				$	14,862
Interest rate swap agreements	238			—		238			—
Total swap agreements	$	238		$	—	$	238		$	—

Assets and Liabilities Subject to Fair Value Adjustments (Impairment) on Non-Recurring Basis Carried on Balance Sheet by Caption and by Level within Hierarchy

The following tables present the assets and liabilities subject to fair value adjustments (impairment) on a non-recurring basis carried on the balance sheet by caption and by level within the hierarchy (as described above):

	Fair Value Measurements at March 31, 2020 Using
(In thousands)	Assets/Liabilities Measured at Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Net Credit During Period
Measured on a non-recurring basis:
Financial assets:
OREO	$	1,523	$	—	$	—	$	1,523	$	(200	)
Impaired collateral-dependent loans	2,323		—		—		2,323		(230		)
	Fair Value Measurements at December 31, 2019 Using
(In thousands)	Assets/Liabilities Measured at Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Net Credit During Period
Financial assets:
OREO	$	1,723	$	—	$	—	$	1,723	$	(231	)
Impaired collateral-dependent loans	1,925		—		—		1,925		(253		)

Carrying Amount and Estimated Fair Values of Financial Instruments

The table below presents the carrying amount and estimated fair values of the Company’s financial instruments presented as of March 31, 2020 and December 31, 2019:

		March 31, 2020				December 31, 2019
(In thousands)	Fair value level	Carrying amount		Estimated fair value		Carrying amount		Estimated fair value
Financial assets:
Cash and cash equivalents	Level 1	$	178,995	$	178,995	$	158,016	$	158,016
Securities	Level 2	58,002		58,002		66,564		66,564
SBA loans held for sale	Level 2	10,726		11,658		13,529		14,862
Loans, net of allowance for loan losses (1)	Level 2	1,411,543		1,427,787		1,395,634		1,398,997
FHLB stock	Level 2	9,054		9,054		14,184		14,184
Servicing assets	Level 3	2,138		2,138		2,026		2,026
Accrued interest receivable	Level 2	7,396		7,396		6,984		6,984
OREO	Level 3	1,523		1,523		1,723		1,723
Financial liabilities:
Deposits	Level 2	1,378,618		1,385,200		1,250,114		1,252,082
Borrowed funds and subordinated debentures	Level 2	179,310		180,911		293,310		292,766
Accrued interest payable	Level 2	237		237		455		455

(1) Includes collateral-dependent impaired loans that are considered Level 3 and reported separately in the tables under the “Fair Value on a Nonrecurring Basis” heading.  Collateral-dependent impaired loans, net of specific reserves totaled $2.3 million and $1.9 million at March 31, 2020 and December 31, 2019, respectively.