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Fair Value (Tables)
 6 Months Ended
Jun. 30, 2019
Fair Value  
Schedule Of Fair Value on a Recurring Basis

(in 000’s)

 

Fair Value Measurements at Reporting Date Using:

 

 

 

Assets Measured at

Fair Value at

June 30, 2019

 

 

Quoted Prices in Active

 Markets for Identical Assets

(Level 1)

 

 

Significant Other

Observable Inputs

 (Level 2)

 

 

Significant Unobservable

 Inputs

(Level 3)

 

Investment securities available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government agency securities

 

$2,342

 

 

$-

 

 

$2,342

 

 

$-

 

Government Sponsored Enterprises residential mortgage-backed securities

 

 

2,174

 

 

 

-

 

 

 

2,174

 

 

 

-

 

Total

 

$4,516

 

 

$-

 

 

$4,516

 

 

$-

 

Loans held for sale

 

$7,512

 

 

$-

 

 

$7,512

 

 

$-

 

Loans held at fair value

 

$6,116

 

 

$-

 

 

$-

 

 

$6,116

 

Servicing asset

 

$297

 

 

$-

 

 

$-

 

 

$297

 

 

(in 000’s)

 

Fair Value Measurements at Reporting Date Using:

 

 

 

Assets Measured at

Fair Value at

December 31, 2018

 

 

Quoted Prices in Active

Markets for Identical

Assets

(Level 1)

 

 

Significant Other Observable Inputs

(Level 2)

 

 

Significant

 Unobservable Inputs

 (Level 3)

 

Investment securities available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government agency securities

 

$2,277

 

 

$-

 

 

$2,277

 

 

$-

 

Government Sponsored Enterprises residential mortgage-backed securities

 

 

2,304

 

 

 

-

 

 

 

2,304

 

 

 

-

 

Total

 

$4,581

 

 

$-

 

 

$4,581

 

 

$-

 

Loans held for sale

 

$10,073

 

 

$-

 

 

$10,073

 

 

$-

 

Loans held at fair value

 

$5,420

 

 

$-

 

 

$-

 

 

$5,420

 

Servicing asset

 

$313

 

 

$-

 

 

$-

 

 

$313

 
Schedule of average projected default rate and discount rates

Assets measured at fair value

 

June 30,

2019

Fair value

 

 

December 31,

2018

Fair Value

 

 

Principal

valuation

techniques

 

Significant

observable inputs

 

June 30,

2019

Range of inputs

 

December 31,

2018

Range of inputs

 

Loans held at fair value:

 

$6,116

 

 

$5,420

 

 

Discounted cash flow

 

Constant prepayment rate

 

10.92% to 18.09%

 

0% to 16.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

8.80% to 12.49%

 

5.49% to 9.76%

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average life

 

1.85 yrs to 6.50 yrs

 

2.04 yrs. to 6.09 yrs.

 

 

 

 

 

 

 

 

 

 

 

 

 

Projected default rate

 

1.14% to 11.16%

 

1.07% to 10.12%

 

 

(in 000’s)

Assets measured at fair value

 

June 30,

2019

Fair value

 

 

December 31,

2018

Fair Value

 

 

Principal

valuation

techniques

 

Significant

observable inputs

 

June 30,

2019

Range of inputs

 

December 31,

2018

Range of inputs

 

Servicing asset

 

$297

 

 

$313

 

 

Discounted cash flow

 

Constant prepayment rate

 

6.94% to 18.59%

 

4.94% to 15.92 %

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

7.96% to 17.37%

 

11.38% to 19.61%

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average life

 

1.70 yrs to 6.01 yrs

 

2.04 yrs. to 6.77 yrs.

 
Schedule of fair value on a recurring basis June 30,2019

(in 000’s)

 

Loans held at fair value

 

 

Servicing Asset

 

Balance at December 31, 2018

 

$5,420

 

 

$313

 

Origination of loans/transfers

 

 

1,618

 

 

 

17

 

Principal repayments/amortization

 

 

(223)

 

 

(24)

Change in fair value of financial instruments

 

 

(700)

 

 

(9)

Balance at June 30, 2019

 

$6,116

 

 

$297

 
Schedule of fair value on a recurring basis June 30, 2018

(in 000’s)

 

Loans held at fair value

 

 

Servicing Asset

 

Balance at December 31, 2017

 

$4,451

 

 

$319

 

Origination of loans/additions

 

 

538

 

 

 

48

 

Principal repayments/amortization

 

 

(90)

 

 

(56)

Change in fair value of financial instruments

 

 

90

 

 

 

-

 

Balance at June 30, 2018

 

$4,989

 

 

$311

 
Schedule of Fair Value on a Nonrecurring Basis

(in 000’s)

 

Total

 

 

Quoted Prices in

Active markets for

 Identical Assets

(Level 1)

 

 

Significant Other

Observable Inputs

(Level 2)

 

 

Significant

 Unobservable Inputs

(Level 3)

 

Impaired loans

 

$269

 

 

$-

 

 

$-

 

 

$269

 

Other real estate owned (“OREO”)

 

$236

 

 

$-

 

 

$-

 

 

$236

 

 

Carrying Value at December 31, 2018:

(in 000’s)

 

Total

 

 

Quoted Prices in Active markets for Identical Assets

(Level 1)

 

 

Significant Other Observable Inputs

(Level 2)

 

 

Significant Unobservable Inputs

 (Level 3)

 

Impaired Loans

 

$324

 

 

$-

 

 

$-

 

 

$324

 

Other real estate owned (“OREO”)

 

$392

 

 

$-

 

 

$-

 

 

$392

 
Schedule of Fair Value of Financial Instruments

 

 

 

 

June 30, 2019

 

 

December 31, 2018

 

(in 000’s)

 

Level in

 

 

Carrying

 

 

Fair

 

 

Carrying

 

 

Fair

 

 

 

Value Hierarchy

 

 

Amount

 

 

Value

 

 

Amount

 

 

Value

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

Level 1

 

 

$9,418

 

 

$9,418

 

 

$8,438

 

 

$8,438

 

Loans, net of allowance for loan losses

 

 

(1)

 

 

18,158

 

 

 

18,211

 

 

 

20,265

 

 

 

21,979

 

Accrued interest receivable

 

Level 1

 

 

 

162

 

 

 

162

 

 

 

153

 

 

 

153

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

Level 1

 

 

 

27,737

 

 

 

27,737

 

 

 

29,816

 

 

 

29,816

 

Savings deposits

 

Level 1

 

 

 

10,491

 

 

 

10,491

 

 

 

10,589

 

 

 

10,589

 

Time deposits

 

 

(2)

 

 

5,347

 

 

 

5,283

 

 

 

7,867

 

 

 

7,757

 

Accrued interest payable

 

Level 1

 

 

 

8

 

 

 

8

 

 

 

17

 

 

 

17