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Fair Value (Tables)
 9 Months Ended
Sep. 30, 2018
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 September 30, 2018.

 

($ in thousands)        
Description of Financial Instruments  Fair Value at
September
30, 2018		   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  $43,422    —    43,422    — 
        Mortgage-backed securities   276,474    —    276,474    — 
        Corporate bonds   33,172    —    33,172    — 
          Total available for sale securities  $353,068    —    353,068    — 
                     
Nonrecurring                    
     Impaired loans  $13,820    —    —    13,820 
     Foreclosed real estate   6,140    —    —    6,140 

 

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   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 

 

 
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 September 30, 2018, the significant unobservable inputs used in the fair value measurements were as follows:

 

($ in thousands)       
Description  Fair Value at
September
30, 2018		   Valuation
Technique		  Significant Unobservable
Inputs		  General Range
of Significant
Unobservable
Input Values
Impaired loans  $13,820   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   6,140   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, 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%

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

      September 30, 2018   December 31, 2017 

 

($ 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  $50,209    50,209    114,301    114,301 
Due from banks, interest-bearing  Level 1   460,520    460,520    375,189    375,189 
Securities available for sale  Level 2   353,068    353,068    343,270    343,270 
Securities held to maturity  Level 2   104,819    103,360    118,503    118,998 
Presold mortgages in process of settlement  Level 1   6,111    6,111    12,459    12,459 
Total loans, net of allowance  Level 3   4,170,082    4,126,000    4,019,071    4,010,551 
Accrued interest receivable  Level 1   14,982    14,982    14,094    14,094 
Bank-owned life insurance  Level 1   101,055    101,055    99,162    99,162 
                        
Deposits  Level 2   4,528,373    4,522,134    4,406,955    4,401,757 
Borrowings  Level 2   406,593    398,109    407,543    397,903 
Accrued interest payable  Level 2   1,916    1,916    1,235    1,235