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, 2019 and December 31, 2018:
June 30, 2019 |
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Carrying
Value |
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Estimated
Fair Value |
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Level 1 |
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Level 2 |
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Level 3 |
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(dollars in thousands) |
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FINANCIAL ASSETS |
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Cash and cash equivalents |
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$ |
112,858 |
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$ |
112,853 |
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$ |
110,617 |
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$ |
2,236 |
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$ |
— |
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Securities available for sale |
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87,741 |
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87,741 |
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5,008 |
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82,733 |
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— |
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Securities held to maturity |
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10,639 |
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10,704 |
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— |
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10,704 |
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— |
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Loans held for investment, net |
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374,566 |
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373,442 |
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— |
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— |
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373,442 |
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Loans held for sale |
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2,517 |
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2,517 |
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— |
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2,517 |
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— |
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Restricted stock |
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1,144 |
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1,144 |
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1,144 |
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— |
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— |
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Loan servicing rights |
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1,657 |
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3,338 |
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— |
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3,338 |
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— |
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Accrued interest receivable |
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1,733 |
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1,733 |
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— |
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— |
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1,733 |
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FINANCIAL LIABILITIES |
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Deposits |
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$ |
556,916 |
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$ |
530,741 |
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$ |
— |
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$ |
530,741 |
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$ |
— |
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Short-term borrowings |
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|
839 |
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|
839 |
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— |
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|
839 |
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— |
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Long-term borrowings |
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9,974 |
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9,984 |
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— |
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— |
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9,984 |
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Accrued interest payable |
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47 |
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47 |
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— |
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— |
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47 |
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December 31, 2018 |
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Carrying
Value |
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Estimated
Fair Value |
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Level 1 |
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Level 2 |
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Level 3 |
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(dollars in thousands) |
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FINANCIAL ASSETS |
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Cash and cash equivalents |
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$ |
117,934 |
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$ |
117,901 |
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$ |
115,693 |
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$ |
2,208 |
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$ |
— |
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Securities available for sale |
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91,299 |
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91,299 |
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4,955 |
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86,344 |
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— |
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Securities held to maturity |
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10,837 |
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10,750 |
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— |
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10,750 |
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— |
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Loans held for investment, net |
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367,596 |
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364,636 |
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— |
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— |
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364,636 |
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Loans held for sale |
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4,800 |
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4,800 |
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— |
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4,800 |
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— |
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Restricted stock |
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1,094 |
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1,094 |
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1,094 |
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— |
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— |
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Mortgage servicing rights |
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1,850 |
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3,455 |
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— |
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3,455 |
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Accrued interest receivable |
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1,763 |
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1,763 |
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— |
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— |
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1,763 |
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FINANCIAL LIABILITIES |
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Deposits |
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566,901 |
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521,508 |
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— |
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521,508 |
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— |
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Short-term borrowings |
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1,190 |
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1,190 |
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— |
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1,190 |
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— |
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Long-term debt |
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9,974 |
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10,086 |
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— |
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— |
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10,086 |
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Accrued interest payable |
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16 |
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16 |
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— |
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— |
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16 |
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