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Fair Value Disclosures (Tables)

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Assets and liabilities recorded at fair value on a recurring basis are as follows (in thousands): 

		Balance as of September 30, 2018				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Other Unobservable Inputs (Level 3)
Debt securities available-for-sale:
U.S. Government-sponsored enterprises (GSEs)		$	27,984			$	—			$	27,984			$	—
Mortgage-backed securities		104,518				—				104,518				—
Other debt securities		924				—				924				—
Municipal securities		39,613				—				39,613				—
Total securities available-for-sale		$	173,039			$	—			$	173,039			$	—

Note 7. Fair Value Disclosures, Continued

Measurements of Fair Value (continued):

		Balance as of December 31, 2017				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Other Unobservable Inputs (Level 3)
Debt securities available-for-sale:
U.S. Government-sponsored enterprises (GSEs)		$	25,776			$	—			$	25,776			$	—
Mortgage-backed securities		116,215				—				116,215				—
Other debt securities		950				—				950				—
Municipal securities		9,003				—				9,003				—
Total securities available-for-sale		$	151,944			$	—			$	151,944			$	—

Fair Value, Assets and Liabilities Measured on Non-Recurring Basis

For Level 3 assets measured at fair value on a non-recurring basis as of September 30, 2018 and December 31, 2017, the significant unobservable inputs used in the fair value measurements are presented below (in thousands).

		Balance as of September 30, 2018				Valuation Technique		Significant Other Unobservable Input		Weighted Average of Input
Impaired loans		$	522			Appraisal and Cashflow		Appraisal and Cashflow Discounts		35	%
Foreclosed assets		4,230				Appraisal		Appraisal Discounts		12	%

		Balance as of December 31, 2017				Valuation Technique		Significant Other Unobservable Input		Weighted Average of Input
Impaired loans		$	769			Appraisal		Appraisal Discounts		36	%
Foreclosed assets		3,254				Appraisal		Appraisal Discounts		18	%

The following tables present the financial instruments carried on the consolidated balance sheets by caption and by level in the fair value hierarchy, for which a nonrecurring change in fair value has been recorded (in thousands):

		Balance as of September 30, 2018				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Other Unobservable Inputs (Level 3)
Impaired loans		$	522			$	—			$	—			$	522
Foreclosed assets		4,230				—				—				4,230

		Balance as of December 31, 2017				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Other Unobservable Inputs (Level 3)
Impaired loans		$	769			$	—			$	—			$	769
Foreclosed assets		3,254				—				—				3,254

Fair Value, by Balance Sheet Grouping

The carrying amount and estimated fair value of the Company’s financial instruments at September 30, 2018 and December 31, 2017 are as follows (in thousands):

		September 30, 2018
						Fair Value Measurements Using
		Carrying Amount				Level 1			Level 2			Level 3				Estimated Fair Value
Assets:
Cash and cash equivalents		$	130,104			130,104			—			—				$	130,104
Securities available-for-sale		173,039				—			173,039			—				173,039
Restricted investments		10,736				N/A			N/A			N/A				N/A
Loans, net		1,578,038				—			—			1,576,607				1,576,607
Liabilities:
Noninterest-bearing demand deposits		301,197				—			301,197			—				301,197
Interest-bearing demand deposits		267,146				—			267,146			—				267,146
Money Market and Savings deposits		570,172				—			570,172			—				570,172
Time deposits		568,796				—			570,407			—				570,407
Securities sold under agreements to repurchase		16,786				—			16,786			—				16,786
Federal Home Loan Bank advances and other borrowings		25,324				—			25,324			—				25,324
Subordinated debt		39,158				—			—			39,201		39,158		39,201

		December 31, 2017
						Fair Value Measurements Using
		Carrying Amount				Level 1			Level 2			Level 3			Estimated Fair Value
Assets:
Cash and cash equivalents		$	113,027			113,027			—			—			$	113,027
Securities available-for-sale		151,944				—			151,944			—			151,944
Restricted investments		6,431				N/A			N/A			N/A			N/A
Loans, net		1,317,398				—			—			1,292,303			1,292,303
Liabilities:
Noninterest-bearing demand deposits		220,520				—			220,520			—			250,520
Interest-bearing demand deposits		231,644				—			231,644			—			231,644
Money Market and Savings deposits		543,645				—			543,645			—			543,645
Time deposits		442,774				—			443,547			—			443,547
Securities sold under agreements to repurchase		24,055				—			24,055			—			24,055
Federal Home Loan Bank advances and other borrowings		43,600				—			43,600			—			43,600

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).

+ References

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-Topic 820
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