Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Measurement [Abstract]

Fair Value Measurements by Level of Valuation Inputs

The following tables summarize financial assets and financial liabilities measured at fair value as of March 31, 2020 and December 31, 2019 segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value. There were no transfers of assets between fair value Level 1 and Level 2 during the three months ended March 31, 2020 or 2019.

			(Level 1)		(Level 2)		(Level 3)
			Quoted Prices in		Significant		Significant
			Active Markets		Other		Other
(Dollars in thousands)	March 31,		for Identical		Observable		Unobservable
	2020		Assets		Inputs		Inputs
Measured at fair value on a recurring basis:
Debt securities available for sale:
Obligations of U.S. Government agencies and corporations	$	10,045	$	—	$	10,045	$	—
Obligations of state and political subdivisions		6,612		—		6,612		—
Corporate debt securities		1,035		—		1,035		—
Mortgage-backed securities		182,946		—		182,946		—
Equity securities		971		971		—		—
Mortgage servicing rights		176		—		—		176
Measured at fair value on a non-recurring basis:
Impaired loans	$	123	$	—	$	—	$	123

			(Level 1)		(Level 2)		(Level 3)
			Quoted Prices in		Significant		Significant
			Active Markets		Other		Other
(Dollars in thousands)	December 31,		for Identical		Observable		Unobservable
	2019		Assets		Inputs		Inputs
Measured at fair value on a recurring basis:
Debt securities available for sale:
Obligations of U.S. Government agencies and corporations	$	20,920	$	—	$	20,920	$	—
Obligations of state and political subdivisions		4,575		—		4,575		—
Mortgage-backed securities		185,191		—		185,191		—
Equity securities		1,144		1,144		—		—
Mortgage servicing rights		180		—		—		180
Measured at fair value on a non-recurring basis:
Impaired loans	$	144	$	—	$	—	$	144

Estimated Fair Values of Financial Instruments

The estimated fair values of the Company’s financial instruments are as follows:

	Financial Instruments
(Dollars in thousands)	March 31, 2020				December 31, 2019
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Financial assets:
Cash and due from banks	$	16,826	$	16,826	$	12,658	$	12,658
Interest bearing deposits with banks		10,998		10,998		82		82
Federal funds sold		10,000		10,000		—		—
Interest bearing time deposits with banks		1,720		1,720		2,210		2,210
Securities		201,609		201,609		211,830		211,830
Restricted investment in bank stock		3,036		N/A		3,442		N/A
Loans, net of allowance for loan losses		386,681		388,228		397,629		403,359
Accrued interest receivable		1,537		1,537		1,607		1,607
Financial liabilities:
Non-interest bearing deposits	$	139,205	$	139,205	$	134,703	$	134,703
Interest bearing deposits		402,724		406,156		397,234		399,848
Securities sold under agreements to repurchase		2,783		N/A		3,429		N/A
Short-term borrowings		—		—		9,700		9,700
Long-term debt		45,000		47,355		45,000		45,809
Other interest bearing liabilities		1,574		1,576		1,603		1,603
Accrued interest payable		466		466		473		473
Off-balance sheet financial instruments:
Commitments to extend credit	$	—	$	—	$	—	$	—
Letters of credit		—		—		—		—

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The tables exclude financial instruments for which the carrying amount approximates fair value.

					(Level 1)		(Level 2)		(Level 3)
					Quoted Prices in		Significant		Significant
(Dollars in thousands)					Active Markets		Other		Other
	Carrying				for Identical		Observable		Unobservable
	Amount		Fair Value		Assets or Liabilities		Inputs		Inputs
March 31, 2020
Financial instruments - Assets
Interest bearing time deposits with banks	$	1,720	$	1,720	$	—	$	1,720	$	—
Loans, net of allowance for loan losses		386,681		388,228		—		—		388,228
Financial instruments - Liabilities
Interest bearing deposits	$	402,724	$	406,156	$	—	$	406,156	$	—
Long-term debt		45,000		47,355		—		47,355		—
Other interest bearing liabilities		1,574		1,576		—		1,576		—

					(Level 1)		(Level 2)		(Level 3)
					Quoted Prices in		Significant		Significant
(Dollars in thousands)					Active Markets		Other		Other
	Carrying				for Identical		Observable		Unobservable
	Amount		Fair Value		Assets or Liabilities		Inputs		Inputs
December 31, 2019
Financial instruments - Assets
Interest bearing time deposits with banks	$	2,210	$	2,210	$	—	$	2,210	$	—
Loans, net of allowance for loan losses		397,629		403,359		—		—		403,359
Financial instruments - Liabilities
Interest bearing deposits	$	397,234	$	399,848	$	—	$	399,848	$	—
Long-term debt		45,000		45,809		—		45,809		—
Other interest bearing liabilities		1,603		1,603		—		1,603		—