Fair Value Disclosures (Tables)

3 Months Ended

Mar. 31, 2016

There were no liabilities measured at fair value on a recurring basis at March 31, 2016 and December 31, 2015.

(Dollars in thousands)	Fair Value Measurements Using						Total
March 31, 2016	Level 1		Level 2		Level 3		Fair Value
Securities available for sale
U.S. Government agency obligations	$	—	$	91,968	$	—	$	91,968
Mortgage-backed securities-residential		—		27,177		—		27,177
Asset backed securities		—		12,843		—		12,843
State and municipal		—		1,327		—		1,327
Corporate bonds		—		28,023		—		28,023
SBA pooled securities		—		179		—		179
	$	—	$	161,517	$	—	$	161,517

Loans held for sale	$	—	$	3,043	$	—	$	3,043

(Dollars in thousands)	Fair Value Measurements Using						Total
December 31, 2015	Level 1		Level 2		Level 3		Fair Value
Securities available for sale
U.S. Government agency obligations	$	—	$	91,034	$	—	$	91,034
Mortgage-backed securities-residential		—		28,340		—		28,340
Asset backed securities		—		17,526		—		17,526
State and municipal		—		1,526		—		1,526
Corporate bonds		—		24,559		—		24,559
SBA pooled securities		—		184		—		184
	$	—	$	163,169	$	—	$	163,169

Loans held for sale	$	—	$	1,341	$	—	$	1,341

There were no liabilities measured at fair value on a non-recurring basis at March 31, 2016 and December 31, 2015.

(Dollars in thousands)	Fair Value Measurements Using						Total
March 31, 2016	Level 1		Level 2		Level 3		Fair Value
Impaired loans
Commercial real estate	$	—	$	—	$	432	$	432
1-4 family residential properties		—		—		12		12
Commercial		—		—		4,289		4,289
Factored receivables		—		—		2,861		2,861
PCI		—		—		982		982
Other real estate owned⁽¹⁾
1-4 family residential properties		—		—		124		124
	$	—	$	—	$	8,700	$	8,700

(Dollars in thousands)	Fair Value Measurements Using						Total
December 31, 2015	Level 1		Level 2		Level 3		Fair Value
Impaired loans
Commercial real estate	$	—	$	—	$	431	$	431
1-4 family residential properties		—		—		13		13
Commercial		—		—		695		695
Factored receivables		—		—		1,156		1,156
PCI		—		—		170		170
Other real estate owned⁽¹⁾
1-4 family residential properties		—		—		128		128
Construction, land development, land		—		—		1,377		1,377
	$	—	$	—	$	3,970	$	3,970

⁽¹⁾ Represents the fair value of OREO that was adjusted during the period and subsequent to its initial classification as OREO

The estimated fair values of the Company’s financial instruments not previously presented at March 31, 2016 and December 31, 2015 were as follows:

(Dollars in thousands)	Carrying		Fair Value Measurements Using						Total
March 31, 2016	Amount		Level 1		Level 2		Level 3		Fair Value
Financial assets:
Cash and cash equivalents	$	123,715	$	123,715	$	—	$	—	$	123,715
Securities - held to maturity		25,796		—		26,133		—		26,133
Loans not previously presented, net		1,225,171		—		—		1,231,620		1,231,620
FHLB stock		4,234	N/A		N/A		N/A		N/A
Accrued interest receivable		5,254		—		5,254		—		5,254

Financial liabilities:
Deposits		1,260,393		—		1,262,583		—		1,262,583
Customer repurchase agreements		9,641		—		9,641		—		9,641
Federal Home Loan Bank advances		110,000				110,000				110,000
Junior subordinated debentures		24,754		—		24,503		—		24,503
Accrued interest payable		1,272		—		1,272		—		1,272

(Dollars in thousands)	Carrying		Fair Value Measurements Using						Total
December 31, 2015	Amount		Level 1		Level 2		Level 3		Fair Value
Financial assets:
Cash and cash equivalents	$	105,277	$	105,277	$	—	$	—	$	105,277
Loans not previously presented, net		1,276,853		—		—		1,281,408		1,281,408
FHLB stock		3,818	N/A		N/A		N/A		N/A
Accrued interest receivable		4,832		—		4,832		—		4,832

Financial liabilities:
Deposits		1,248,950		—		1,249,751		—		1,249,751
Customer repurchase agreements		9,317		—		9,317		—		9,317
Federal Home Loan Bank advances		130,000		—		130,000		—		130,000
Junior subordinated debentures		24,687		—		23,153		—		23,153
Accrued interest payable		1,231		—		1,231		—		1,231