XML 101 R42.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2

Disclosures of Fair Values of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Assets Measured at Fair Value on Recurring Basis

The following table presents the Company’s assets that are measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall as of December 31, 2019 and 2018 (in thousands):

					Fair Value Measurements Using:
	Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
December 31, 2019
Available-for-sale securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	107,320			$	—			$	107,320			$	—
Obligations of states and political subdivisions	178,433				—				177,460				973
Mortgage-backed securities	396,126				—				396,126				—
Other securities	4,169				219				3,950				—
Total available-for-sale securities	$	686,048			$	219			$	684,856			$	973
December 31, 2018
Available-for-sale securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	198,649			$	—			$	198,649			$	—
Obligations of states and political subdivisions	192,579				—				191,612				967
Mortgage-backed securities	298,672				—				298,672				—
Other securities	2,374				364				2,010				—
Total available-for-sale securities	$	692,274			$	364			$	690,943			$	967

Fair Value of Assets Measured on a Recurring Basis Using Significant Unobservable Inputs

The change in fair value of assets measured on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2019 and 2018 is summarized as follows (in thousands):

		Obligations of State and Political Subdivisions								Trust Preferred Securities
		December 31, 2019				December 31, 2018				December 31, 2019				December 31, 2018
Beginning balance		$	967			$	—			$	—			$	2,548
Transfers into Level 3		—				967				—				—
Transfers out of Level 3		—				—				—				—
Total gains or losses
Included in net income		6				—				—				—
Included in other comprehensive income (loss)		—				—				—				18
Purchases, issuances, sales and settlements
Purchases		—				—				—				—
Issuances		—				—				—				—
Sales		—				—				—				(2,522		)
Settlements		—				—				—				(44		)
Ending balance		$	973			$	967			$	—			$	—
Total gains or losses for the period included in net income attributable to the change in unrealized gains or losses related to assets and liabilities still held at the reporting date		$	—			$	—			$	—			$	—

Assets Measured at Fair Value on a Nonrecurring Basis

The following table presents the fair value measurement of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at December 31, 2019 and 2018 (in thousands):

	Fair Value Measurements Using
	Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
December 31, 2019
Impaired loans (collateral dependent)	$	12,727			$	—			$	—			$	12,727
Foreclosed assets held for sale	935				—				—				935
Mortgage servicing rights	1,444,000				—				—				1,444
December 31, 2018
Impaired loans (collateral dependent)	$	16,437			$	—			$	—			$	16,437
Foreclosed assets held for sale	836				—				—				836

Significant Assumptions Used in Valuation of Level 3 Financial Instruments

The following table presents quantitative information about unobservable inputs used in Level 3 fair value measurements other than goodwill at December 31, 2019.

	Fair Value (in thousands)			Valuation Technique		Unobservable Inputs		Range (Weighted Average)
Impaired loans (collateral dependent)	12,727			Third party valuations		Discount to reflect realizable value		0	%	-	40%		(	20	%	)
Foreclosed assets held for sale	935			Third party valuations		Discount to reflect realizable value less estimated selling costs		0	%	-	40%		(	35	%	)
Mortgage servicing rights	1,444			Third party valuations		Discounts to reflect realizable value		9.50	%	-	12.50	%	(	9.7	%	)

Carrying Amounts and Estimated Fair Values of Financial Instruments Not Carried at Fair Value

he following tables present estimated fair values of the Company’s financial instruments at December 31, 2019 and 2018 in accordance with FAS 107-1 and APB 28-1, codified with ASC 820 (in thousands):

	Carrying Amount				Fair Value				Level 1				Level 2				Level 3
December 31, 2019
Financial Assets
Cash and due from banks	$	84,154			$	84,154			$	84,154			$	—			$	—
Federal funds sold	926				926				926				—				—
Certificates of deposit investments	4,625				4,625				—				4,625				—
Available-for-sale securities	686,048				686,048				219				684,856				973
Held-to-maturity securities	69,542				69,572				—				69,572				—
Loans held for sale	1,820				1,820				—				1,820				—
Loans net of allowance for loan losses	2,666,616				2,622,053				—				—				2,622,053
Interest receivable	15,577				15,577				—				15,577				—
Federal Reserve Bank stock	9,401				9,401				—				9,401				—
Federal Home Loan Bank stock	4,105				4,105				—				4,105				—
Financial Liabilities
Deposits	2,917,336				2,924,144				—				2,332,866				591,278
Securities sold under agreements to repurchase	208,109				208,016				—				208,016				—
Interest payable	2,261				2,261				—				2,261				—
Federal Home Loan Bank borrowings	113,895				114,510				—				114,510				—
Other borrowings	5,000				5,000				5,000				—				—
Junior subordinated debentures	18,858				15,596				—				15,596				—

December 31, 2018
Financial Assets
Cash and due from banks	$	140,735			$	140,735			$	140,735			$	—			$	—
Federal funds sold	665				665				665				—				—
Certificates of deposit investments	7,569				7,569				—				7,569				—
Available-for-sale securities	692,274				692,274				364				690,943				967
Held-to-maturity securities	69,436				67,909				—				67,909				—
Loans held for sale	1,508				1,508				—				1,508				—
Loans net of allowance for loan losses	2,616,822				2,541,037				—				—				2,541,037
Interest receivable	16,881				16,881				—				16,881				—
Federal Reserve Bank stock	7,390				7,390				—				7,390				—
Federal Home Loan Bank stock	3,095				3,095				—				3,095				—
Financial Liabilities
Deposits	2,988,686				2,991,177				—				2,396,917				594,260
Securities sold under agreements to repurchase	192,330				192,179				—				192,179				—
Interest payable	1,758				1,758				—				1,758				—
Federal Home Loan Bank borrowings	119,745				119,704				—				119,704				—
Other borrowings	7,724				7,724				—				7,724				—
Junior subordinated debentures	29,000				24,418				—				24,418				—

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19279-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109250915&loc=d3e13467-108611

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration