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Fair Value Disclosures (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized in the table below.

(Dollars in thousands)		Fair Value Measurements Using												Total
December 31, 2018		Level 1				Level 2				Level 3				Fair Value
Assets measured at fair value on a recurring basis
Securities available for sale
U.S. Government agency obligations		$	—			$	92,648			$	—			$	92,648
U.S. Treasury notes			—				1,932				—				1,932
Mortgage-backed securities, residential			—				39,736				—				39,736
Asset backed securities			—				10,145				—				10,145
State and municipal			—				118,451				—				118,451
Corporate bonds			—				68,787				—				68,787
SBA pooled securities			—				4,724				—				4,724
		$	—			$	336,423			$	—			$	336,423
Equity securities
Mutual fund		$	5,044			$	—			$	—			$	5,044
Loans held for sale		$	—			$	2,106			$	—			$	2,106
Liabilities measured at fair value on a recurring basis
ICC Contingent consideration		$	—			$	—			$	20,745			$	20,745

(Dollars in thousands)		Fair Value Measurements Using												Total
December 31, 2017		Level 1				Level 2				Level 3				Fair Value
Securities available for sale
U.S. Government agency obligations		$	—			$	109,890			$	—			$	109,890
U.S. Treasury notes			—				1,934				—				1,934
Mortgage-backed securities, residential			—				33,663				—				33,663
Asset backed securities			—				11,845				—				11,845
State and municipal			—				74,391				—				74,391
Corporate bonds			—				15,320				—				15,320
SBA pooled securities			—				3,560				—				3,560
		$	—			$	250,603			$	—			$	250,603
Equity securities
Mutual fund		$	5,006			$	—			$	—			$	5,006

Fair Value of Assets Measured on Non-recurring Basis

Assets measured at fair value on a non-recurring basis are summarized in the table below. There were no liabilities measured at fair value on a non-recurring basis at December 31, 2018 and 2017.

(Dollars in thousands)		Fair Value Measurements Using												Total
December 31, 2018		Level 1				Level 2				Level 3				Fair Value
Impaired loans
Commercial real estate		$	—			$	—			$	5,123			$	5,123
Construction, land development, land			—				—				70				70
1-4 family residential properties			—				—				100				100
Farmland			—				—				842				842
Commercial			—				—				3,277				3,277
Factored receivables			—				—				4,791				4,791
Consumer			—				—				41				41
PCI			—				—				67				67
Other real estate owned (1):
Commercial			—				—				1,095				1,095
		$	—			$	—			$	15,406			$	15,406
(Dollars in thousands)		Fair Value Measurements Using												Total
December 31, 2017		Level 1				Level 2				Level 3				Fair Value
Impaired loans
Commercial real estate		$	—			$	—			$	42			$	42
1-4 family residential properties			—				—				85				85
Commercial			—				—				7,785				7,785
Factored receivables			—				—				3,777				3,777
Consumer			—				—				191				191
Other real estate owned (1):
Commercial			—				—				138				138
Construction, land development, land			—				—				202				202
		$	—			$	—			$	12,220			$	12,220

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

Estimated Fair Value of Company's Financial Assets and Financial Liabilities

The estimated fair values of the Company’s financial instruments not measured at fair value on a recurring or non-recurring basis were as follows:

		December 31, 2018
		Carrying				Fair Value Measurements Using												Total
(Dollars in thousands)		Amount				Level 1				Level 2				Level 3				Fair Value
Financial assets:
Cash and cash equivalents		$	234,939			$	234,939			$	—			$	—			$	234,939
Securities - held to maturity			8,487				—				—				7,326				7,326
Loans not previously presented, gross			3,589,676				—				—				3,505,724				3,505,724
FHLB stock			15,943			N/A				N/A				N/A				N/A
Accrued interest receivable			19,094				19,094				—				—				19,094
Financial liabilities:
Deposits			3,450,349				—				3,440,570				—				3,440,570
Customer repurchase agreements			4,485				—				4,485				—				4,485
Federal Home Loan Bank advances			330,000				—				330,000				—				330,000
Subordinated notes			48,929				—				50,500				—				50,500
Junior subordinated debentures			39,083				—				40,808				—				40,808
Accrued interest payable			6,722				6,722				—				—				6,722
		December 31, 2017
		Carrying				Fair Value Measurements Using												Total
(Dollars in thousands)		Amount				Level 1				Level 2				Level 3				Fair Value
Financial assets:
Cash and cash equivalents		$	134,129			$	134,129			$	—			$	—			$	134,129
Securities - held to maturity			8,557				—				—				7,527				7,527
Loans not previously presented, net			2,780,228				—				—				2,800,362				2,800,362
Loans included in assets held for sale, net			68,668				—				—				69,268				69,268
FHLB stock			16,006			N/A				N/A				N/A				N/A
Accrued interest receivable			15,517				15,517				—				—				15,517
Financial liabilities:
Deposits			2,621,348				—				2,616,034				—				2,616,034
Customer repurchase agreements			11,488				—				11,488				—				11,488
Federal Home Loan Bank advances			365,000				—				365,000				—				365,000
Subordinated notes			48,828				—				52,310				—				52,310
Junior subordinated debentures			38,623				—				41,563				—				41,563
Accrued interest payable			3,323				3,323				—				—				3,323

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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