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Fair Value (Tables)
 3 Months Ended
Mar. 31, 2019
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 March 31, 2019.

 

($ in thousands)        
Description of Financial Instruments  Fair Value at
March 31,
2019		   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  $78,887    —    78,887    — 
        Mortgage-backed securities   526,948    —    526,948    — 
        Corporate bonds   33,774    —    33,774    — 
          Total available for sale securities  $639,609    —    639,609    — 
                     
Nonrecurring                    
     Impaired loans  $10,820    —    —    10,820 
     Foreclosed real estate   6,390    —    —    6,390 

 

The following table summarizes the Company’s financial instruments that were measured at fair value on a recurring and nonrecurring basis at December 31, 2018.

 

($ in thousands)        
Description of Financial Instruments  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)		 
Recurring                    
Securities available for sale:                    
Government-sponsored enterprise securities  $82,662    —    82,662    — 
Mortgage-backed securities   385,551    —    385,551    — 
Corporate bonds   33,138    —    33,138    — 
Total available for sale securities  $501,351    —    501,351    — 
                     
Nonrecurring                    
     Impaired loans  $13,071    —    —    13,071 
     Foreclosed real estate   7,440    —    —    7,440 
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 March 31, 2019, the significant unobservable inputs used in the fair value measurements were as follows:

 

($ in thousands)       
Description  Fair Value at
March 31,
2019		   Valuation
Technique		  Significant Unobservable
Inputs		  Range
of Significant
Unobservable
Input Values
Impaired loans  $10,820   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   6,390   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, 2018, the significant unobservable inputs used in the fair value measurements were as follows:

 

($ in thousands)       
Description  Fair Value at
December 31,
2018		   Valuation
Technique		  Significant Unobservable
Inputs		  Range
of Significant
Unobservable
Input Values
Impaired loans  $13,071   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   7,440   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

The carrying amounts and estimated fair values of financial instruments at March 31, 2019 and December 31, 2018 are as follows:

 

      March 31, 2019   December 31, 2018 

 

($ 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  $80,620    80,620    56,050    56,050 
Due from banks, interest-bearing  Level 1   366,187    366,187    406,848    406,848 
Securities available for sale  Level 2   639,609    639,609    501,351    501,351 
Securities held to maturity  Level 2   90,903    90,280    101,237    99,906 
Presold mortgages in process of settlement  Level 1   3,318    3,318    4,279    4,279 
Total loans, net of allowance  Level 3   4,282,692    4,228,688    4,228,025    4,181,139 
Accrued interest receivable  Level 1   16,516    16,516    16,004    16,004 
Bank-owned life insurance  Level 1   102,524    102,524    101,878    101,878 
SBA Servicing Asset  Level 3   4,720    4,990    4,419    4,617 
                        
Deposits  Level 2   4,797,238    4,792,368    4,659,339    4,653,522 
Borrowings  Level 2   406,125    401,064    406,609    402,556 
Accrued interest payable  Level 2   2,341    2,341    1,976    1,972