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Fair Value Disclosures (Tables)

3 Months Ended

Mar. 31, 2019

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 March 31, 2019				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)		$	38,828			$	—			$	38,828			$	—
Mortgage-backed securities		99,582				—				99,582				—
Other debt securities		935				—				935				—
Municipal securities		58,928				—				58,928				—
Total securities available-for-sale		$	198,273			$	—			$	198,273			$	—
Derivative financial instruments		$	2,063			$	—			$	2,063			$	—

		Balance as of December 31, 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)		$	43,503			$	—			$	43,503			$	—
Mortgage-backed securities		102,114				—				102,114				—
Other debt securities		910				—				910				—
Municipal securities		55,161				—				55,161				—
Total securities available-for-sale		$	201,688			$	—			$	201,688			$	—
Derivative financial instruments		$	1,174			—				$	1,174			—

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

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 March 31, 2019				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Other Unobservable Inputs (Level 3)
Impaired loans		$	3,860			$	—			$	—			$	3,860
Foreclosed assets		2,066				—				—				2,066

		Balance as of December 31, 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		$	671			$	—			$	—			$	671
Foreclosed assets		2,495				—				—				2,495

For Level 3 assets measured at fair value on a non-recurring basis as of March 31, 2019 and December 31, 2018, the significant unobservable inputs used in the fair value measurements are presented below (in thousands).

		Balance as of March 31, 2019				Valuation Technique		Significant Other Unobservable Input		Weighted Average of Input
Impaired loans		$	3,860			Appraisal and Cashflow		Appraisal and Cashflow Discounts		7	%
Foreclosed assets		2,066				Appraisal		Appraisal Discounts		20	%

		Balance as of December 31, 2018				Valuation Technique		Significant Other Unobservable Input		Weighted Average of Input
Impaired loans		$	671			Appraisal		Appraisal Discounts		44	%
Foreclosed assets		2,495				Appraisal		Appraisal Discounts		23	%

Fair Value, by Balance Sheet Grouping

The carrying amount and estimated fair value of the Company’s financial instruments at March 31, 2019 and December 31, 2018 are as follows (in thousands):

		March 31, 2019
						Fair Value Measurements Using
		Carrying Amount				Level 1			Level 2			Level 3			Estimated Fair Value
Assets:
Cash and cash equivalents		$	132,994			132,994			—			—			$	132,994
Securities available-for-sale		198,273				—			198,273			—			198,273
Restricted investments		12,398				N/A			N/A			N/A			N/A
Loans, net		1,831,865				—			—			1,824,680			1,824,680
Liabilities:
Noninterest-bearing demand deposits		329,095				—			329,095			—			329,095
Interest-bearing demand deposits		331,629				—			331,629			—			331,629
Money Market and Savings deposits		698,431				—			698,431			—			698,431
Time deposits		635,175				—			635,272			—			635,272
Securities sold under agreements to repurchase		7,070				—			7,070			—			7,070
Federal Home Loan Bank advances and other borrowings		8,605				—			8,605			—			8,605
Subordinated debt		39,198				—			—			37,606			37,606
Derivative financial instruments		2,063				—			2,063			—			2,063

Note 6. Fair Value Disclosures, Continued

Carrying value and estimated fair value (continued):

		December 31, 2018
						Fair Value Measurements Using
		Carrying Amount				Level 1			Level 2			Level 3			Estimated Fair Value
Assets:
Cash and cash equivalents		$	115,822			115,822			—			—			$	115,822
Securities available-for-sale		201,688				—			201,688			—			201,688
Restricted investments		11,499				N/A			N/A			N/A			N/A
Loans, net		1,768,964				—			—			1,766,838			1,766,838
Liabilities:
Noninterest-bearing demand deposits		319,861				—			319,861			—			319,861
Interest-bearing demand deposits		311,482				—			311,482			—			311,482
Money Market and Savings deposits		641,945				—			641,945			—			641,945
Time deposits		648,675				—			649,169			—			649,169
Securities sold under agreements to repurchase		11,756				—			11,756			—			11,756
Federal Home Loan Bank advances and other borrowings		11,243				—			11,243			—			11,243
Subordinated debt		39,177				—			—			39,190			39,190
Derivative financial instruments		1,174				—			1,174			—			1,174

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).

+ 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

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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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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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

Reference 1: 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

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