Comparison of Carrying Amounts and Estimated Fair Value of Financial Instruments |
The following table reflects a comparison of carrying amounts and
the estimated fair value of the financial instruments as of June
30, 2016 and December 31, 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying
Value |
|
|
Estimated
Fair Value |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
|
(dollars in
thousands) |
|
FINANCIAL ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$ |
51,121 |
|
|
$ |
51,217 |
|
|
$ |
47,137 |
|
|
$ |
4,080 |
|
|
$ |
— |
|
Securities available for sale
|
|
|
93,023 |
|
|
|
93,023 |
|
|
|
4,067 |
|
|
|
88,956 |
|
|
|
— |
|
Securities held to maturity
|
|
|
12,145 |
|
|
|
12,444 |
|
|
|
— |
|
|
|
12,444 |
|
|
|
— |
|
Loans held for investment, net
|
|
|
327,589 |
|
|
|
325,420 |
|
|
|
— |
|
|
|
— |
|
|
|
325,420 |
|
Loans held for sale
|
|
|
2,270 |
|
|
|
2,270 |
|
|
|
— |
|
|
|
2,270 |
|
|
|
— |
|
Restricted stock
|
|
|
1,052 |
|
|
|
1,052 |
|
|
|
1,052 |
|
|
|
— |
|
|
|
— |
|
Accrued interest receivable
|
|
|
1,473 |
|
|
|
1,473 |
|
|
|
— |
|
|
|
— |
|
|
|
1,473 |
|
|
|
|
|
|
|
FINANCIAL LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$ |
462,069 |
|
|
$ |
442,305 |
|
|
$ |
— |
|
|
$ |
442,305 |
|
|
$ |
— |
|
Short-term borrowings
|
|
|
1,931 |
|
|
|
1,931 |
|
|
|
— |
|
|
|
1,931 |
|
|
|
— |
|
Long-term borrowings
|
|
|
7 |
|
|
|
7 |
|
|
|
— |
|
|
|
7 |
|
|
|
— |
|
Junior subordinated debt
|
|
|
9,534 |
|
|
|
9,681 |
|
|
|
— |
|
|
|
— |
|
|
|
9,681 |
|
Accrued interest payable
|
|
|
154 |
|
|
|
154 |
|
|
|
— |
|
|
|
— |
|
|
|
154 |
|
|
|
|
|
|
|
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying
Value |
|
|
Estimated
Fair Value |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
|
(dollars in
thousands) |
|
FINANCIAL ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$ |
68,933 |
|
|
$ |
68,973 |
|
|
$ |
65,198 |
|
|
$ |
3,775 |
|
|
$ |
— |
|
Securities available for sale
|
|
|
89,258 |
|
|
|
89,258 |
|
|
|
4,012 |
|
|
|
85,246 |
|
|
|
— |
|
Securities held to maturity
|
|
|
11,242 |
|
|
|
11,242 |
|
|
|
— |
|
|
|
11,242 |
|
|
|
— |
|
Loans held for investment, net
|
|
|
317,248 |
|
|
|
313,649 |
|
|
|
— |
|
|
|
— |
|
|
|
313,649 |
|
Loans held for sale
|
|
|
5,922 |
|
|
|
5,922 |
|
|
|
— |
|
|
|
5,922 |
|
|
|
— |
|
Restricted stock
|
|
|
1,040 |
|
|
|
1,040 |
|
|
|
1,040 |
|
|
|
— |
|
|
|
— |
|
Accrued interest receivable
|
|
|
1,564 |
|
|
|
1,564 |
|
|
|
— |
|
|
|
— |
|
|
|
1,564 |
|
|
|
|
|
|
|
FINANCIAL LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$ |
467,733 |
|
|
$ |
442,619 |
|
|
$ |
— |
|
|
$ |
442,619 |
|
|
$ |
— |
|
Short-term borrowings
|
|
|
5,758 |
|
|
|
5,758 |
|
|
|
— |
|
|
|
5,758 |
|
|
|
— |
|
Long-term borrowings
|
|
|
13 |
|
|
|
13 |
|
|
|
— |
|
|
|
13 |
|
|
|
|
|
Junior subordinated debt
|
|
|
9,534 |
|
|
|
9,688 |
|
|
|
— |
|
|
|
— |
|
|
|
9,688 |
|
Accrued interest payable
|
|
|
168 |
|
|
|
168 |
|
|
|
— |
|
|
|
— |
|
|
|
168 |
|
|