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Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2016
Fair Value of Financial Instruments [Abstract]  
Financial instruments that were measured at fair value on a recurring and nonrecurring basis

The following table summarizes the Company’s financial instruments that were measured at fair value on a recurring and nonrecurring basis at December 31, 2016.

($ in thousands)        
Description of Financial Instruments  Fair Value at
December 31,
2016		   Quoted Prices in
Active Markets
for Identical
Assets (Level 1)		   Significant
Other
Observable
Inputs
(Level 2)		   Significant
Unobservable
Inputs
(Level 3)		 
Recurring                    
Securities available for sale:                    
Government-sponsored enterprise securities  $17,490    —    17,490    — 
Mortgage-backed securities   148,065    —    148,065    — 
Corporate bonds   33,600    —    33,600    — 
Equity securities   174    —    174    — 
Total available for sale securities  $199,329    —    199,329    — 
                     
Nonrecurring                    
     Impaired loans  $12,284    —    —    12,284 
     Foreclosed real estate   9,532    —    —    9,532 

 

 

The following table summarizes the Company’s financial instruments that were measured at fair value on a recurring and nonrecurring basis at December 31, 2015.

($ in thousands)        
Description of Financial Instruments  Fair Value at
December 31,
2015		   Quoted Prices in
Active Markets
for Identical
Assets (Level 1)		   Significant
Other
Observable
Inputs
(Level 2)		   Significant
Unobservable
Inputs
(Level 3)		 
Recurring                    
Securities available for sale:                    
Government-sponsored enterprise securities  $18,972    —    18,972    — 
Mortgage-backed securities   121,553    —    121,553    — 
Corporate bonds   24,946    —    24,946    — 
Equity securities   143    —    143    — 
Total available for sale securities  $165,614    —    165,614    — 
                     
Nonrecurring                    
     Impaired loans  $20,645    —    —    20,645 
     Foreclosed real estate   9,994    —    —    9,994 
Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis

For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of December 31, 2016, the significant unobservable inputs used in the fair value measurements were as follows:

 

($ in thousands)       
Description  Fair Value at
December 31,
2016		   Valuation
Technique		  Significant Unobservable
Inputs		  General Range
of Significant
Unobservable
Input Values
Impaired loans  $12,284   Appraised value; PV of expected cash flows  Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell  0-10%
Foreclosed real estate   9,532   Appraised value; List or contract price  Discounts to reflect current market conditions and estimated costs to sell  0-10%
               

 

For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of December 31, 2015, the significant unobservable inputs used in the fair value measurements were as follows:

 

($ in thousands)       
Description  Fair Value at
December 31,
2015		   Valuation
Technique		  Significant Unobservable
Inputs		  General Range
of Significant
Unobservable
Input Values
Impaired loans  $20,645   Appraised value; PV of expected cash flows  Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell  0-10%
Foreclosed real estate   9,994   Appraised value; List or contract price  Discounts to reflect current market conditions and estimated costs to sell  0-10%
               

 
Schedule of the carrying amounts and estimated fair values of financial instruments

As discussed in Note 1(q), the Company is required to disclose estimated fair values for its financial instruments. Fair value estimates as of December 31, 2016 and 2015 and limitations thereon are set forth below for the Company’s financial instruments. See Note 1(q) for a discussion of fair value methods and assumptions, as well as fair value information for off-balance sheet financial instruments.

 

      December 31, 2016   December 31, 2015 

 

($ in thousands)

  Level in
Fair
Value
Hierarchy		  Carrying
Amount		   Estimated
Fair Value		   Carrying
Amount		   Estimated
Fair Value		 
                    
Cash and due from banks, noninterest-bearing  Level 1  $71,645   $71,645    53,285    53,285 
Due from banks, interest-bearing  Level 1   234,348    234,348    213,426    213,426 
Federal funds sold  Level 1   —    —    557    557 
Securities available for sale  Level 2   199,329    199,329    165,614    165,614 
Securities held to maturity  Level 2   129,713    130,195    154,610    157,146 
Presold mortgages in process of settlement  Level 1   2,116    2,116    4,323    4,323 
Total loans, net of allowance  Level 3   2,686,931    2,650,820    2,490,343    2,484,059 
Accrued interest receivable  Level 1   9,286    9,286    9,166    9,166 
FDIC indemnification asset  Level 3   —    —    8,439    8,256 
Bank-owned life insurance  Level 1   74,138    74,138    72,086    72,086 
                        
Deposits  Level 2   2,947,353    2,944,968    2,811,285    2,809,828 
Borrowings  Level 2   271,394    263,255    186,394    178,468 
Accrued interest payable  Level 2   539    539    585    585