XML 45 R34.htm IDEA: XBRL DOCUMENT v3.7.0.1
Fair Value (Tables)
 6 Months Ended
Jun. 30, 2017
Fair Value [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 June 30, 2017.

 

($ in thousands)        
Description of Financial Instruments  Fair Value at
June 30, 2017		   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  $16,498    —    16,498    — 
        Mortgage-backed securities   156,601    —    156,601    — 
        Corporate bonds   34,397    —    34,397    — 
          Total available for sale securities  $207,496    —    207,496    — 
                     
Nonrecurring                    
     Impaired loans  $15,848    —    —    15,848 
     Foreclosed real estate    11,196    —    —    11,196 

 

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 

 
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 June 30, 2017, the significant unobservable inputs used in the fair value measurements were as follows:

 

($ in thousands)       
Description  Fair Value at
June 30, 2017		   Valuation
Technique		  Significant Unobservable
Inputs		  General Range
of Significant
Unobservable
Input Values
Impaired loans  $15,848   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   11,196   Appraised value; List or contract price  Discounts to reflect current market conditions, abbreviated holding period 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, 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, abbreviated holding period and estimated costs to sell  0-10%
Schedule of the carrying amounts and estimated fair values of financial instruments

The carrying amounts and estimated fair values of financial instruments at June 30, 2017 and December 31, 2016 are as follows:

 

      June 30, 2017   December 31, 2016 

 

($ 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  $80,234    80,234    71,645    71,645 
Due from banks, interest-bearing  Level 1   337,326    337,326    234,348    234,348 
Securities available for sale  Level 2   207,496    207,496    199,329    199,329 
Securities held to maturity  Level 2   127,866    129,697    129,713    130,195 
Presold mortgages in process of settlement  Level 1   13,071    13,071    2,116    2,116 
Total loans, net of allowance  Level 3   3,351,951    3,293,944    2,686,931    2,650,820 
Accrued interest receivable  Level 1   10,830    10,830    9,286    9,286 
Bank-owned life insurance  Level 1   87,501    87,501    74,138    74,138 
                        
Deposits  Level 2   3,644,330    3,640,874    2,947,353    2,944,968 
Borrowings  Level 2   355,405    343,754    271,394    263,255 
Accrued interest payable  Level 2   1,014    1,014    539    539