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Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2017
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, 2017.

 

($ in thousands)        
Description of Financial Instruments  Fair Value at
December 31,
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  $13,867    —    13,867    — 
Mortgage-backed securities   295,213    —    295,213    — 
Corporate bonds s   34,190    —    34,190    — 
Total available for sale securities  $343,270    —    343,270    — 
                     
Nonrecurring                    
     Impaired loans  $14,086    —    —    14,086 
     Foreclosed real estate   12,571    —    —    12,571 

 

 

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 December 31, 2017, the significant unobservable inputs used in the fair value measurements were as follows:

 

($ in thousands)       
Description  Fair Value at
December 31,
2017		   Valuation
Technique		  Significant Unobservable
Inputs		  General Range
of Significant
Unobservable
Input Values
Impaired loans  $14,086   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   12,571   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, 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%
               
Schedule of the carrying amounts and estimated fair values of financial instruments

As discussed in Note 1(p), the Company is required to disclose estimated fair values for its financial instruments. Fair value estimates as of December 31, 2017 and 2016 and limitations thereon are set forth below for the Company’s financial instruments. See Note 1(p) for a discussion of fair value methods and assumptions, as well as fair value information for off-balance sheet financial instruments.

 

      December 31, 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  $114,301   $114,301    71,645    71,645 
Due from banks, interest-bearing  Level 1   375,189    375,189    234,348    234,348 
Securities available for sale  Level 2   343,270    343,270    199,329    199,329 
Securities held to maturity  Level 2   118,503    118,998    129,713    130,195 
Presold mortgages in process of settlement  Level 1   12,459    12,459    2,116    2,116 
Total loans, net of allowance  Level 3   4,019,071    4,010,551    2,686,931    2,650,820 
Accrued interest receivable  Level 1   14,094    14,094    9,286    9,286 
Bank-owned life insurance  Level 1   99,162    99,162    74,138    74,138 
                        
Deposits  Level 2   4,406,955    4,401,757    2,947,353    2,944,968 
Borrowings  Level 2   407,543    397,903    271,394    263,255 
Accrued interest payable  Level 2   1,235    1,235    539    539