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Fair Value Disclosures (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

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

The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis are as follows (in thousands): 

Description						Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Other Unobservable Inputs (Level 3)
March 31, 2020:
Assets:
Securities available-for-sale:
U.S. Government-sponsored enterprises (GSEs)						$	17,045					$	—					$	17,045					$	—
Municipal securities						83,317						—						83,317						—
Other debt securities						5,462						—						5,462						—
Mortgage-backed securities (GSEs)						95,178						—						95,178						—
Total securities available-for-sale						$	201,002					$	—					$	201,002					$	—
Liabilities:
Derivative financial instruments						$	6,885					$	—					$	6,885					$	—

December 31, 2019:
Assets:
Securities available-for-sale:
U.S. Government-sponsored enterprises (GSEs)						$	19,000					$	—					$	19,000					$	—
Municipal securities						64,391						—						64,391						—
Other debt securities						3,470						—						3,470						—
Mortgage-backed securities (GSEs)						91,487						—						91,487						—
Total securities available-for-sale						$	178,348					$	—					$	178,348					$	—
Liabilities:
Derivative financial instruments						$	3,446					—						$	3,446					—

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): 

						Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Other Unobservable Inputs (Level 3)
March 31, 2020:
Impaired loans						$	2,262					$	—					$	—					$	2,262
Other real estate owned						5,894						—						—						5,894
December 31, 2019:
Impaired loans						$	2,185					$	—					$	—					$	2,185
Other real estate owned						1,757						—						—						1,757

Fair Value Measurement Inputs and Valuation Techniques

For Level 3 assets measured at fair value on a non-recurring basis, the significant unobservable inputs used in the fair value measurements are presented below (dollars in thousands):

						Fair Value						Valuation Technique						Significant Other Unobservable Input						Weighted Average of Input
March 31, 2020:
Impaired loans						$	2,262					Appraisal and cashflow						Appraisal and cashflow discounts						20		%
Other real estate owned						5,894						Appraisal						Appraisal discounts						27		%
December 31, 2019:
Impaired loans						$	2,185					Appraisal						Appraisal and cashflow discounts						22		%
Other real estate owned						1,757						Appraisal						Appraisal discounts						29		%

Fair Value, by Balance Sheet Grouping

The carrying amount and estimated fair value of the Company’s financial instruments are as follows (in thousands):

												Fair Value Measurements Using
						Carrying Amount						Level 1						Level 2						Level 3						Estimated Fair Value
March 31, 2020:
Assets:
Cash and cash equivalents						$	309,089					$	309,089					$	—					$	—					$	309,089
Securities available-for-sale						201,002						—						201,002						—						201,002
Other investments						14,113						N/A						N/A						N/A						N/A
Loans, net						2,131,861						—						—						2,115,550						2,115,550
Liabilities:
Noninterest-bearing demand deposits						431,781						—						431,781						—						431,781
Interest-bearing demand deposits						444,141						—						444,141						—						444,141
Money market and savings deposits						730,392						—						730,392						—						730,392
Time deposits						735,616						—						739,277						—						739,277
Securities sold under agreements to repurchase						6,164						—						6,164						—						6,164
Federal Home Loan Bank advances and other borrowings						125,439						—						124,797						—						124,797
Subordinated debt						39,283						—						—						34,379						34,379
Derivative financial instruments						6,885						—						6,885						—						6,885

December 31, 2019:
Assets:
Cash and cash equivalents						$	183,971					$	183,971					$	—					$	—					$	183,971
Securities available-for-sale						178,348						—						178,348						—						178,348
Other investments						12,913						N/A						N/A						N/A						N/A
Loans, net						1,893,005						—						—						1,879,825						1,879,825
Liabilities:
Noninterest-bearing demand deposits						364,155						—						364,155						—						364,155
Interest-bearing demand deposits						380,234						—						380,234						—						380,234
Money market and savings deposits						623,284						—						623,284						—						623,284
Time deposits						679,541						—						681,902						—						681,902
Securities sold under agreements to repurchase						6,184						—						6,184						—						6,184
Federal Home Loan Bank advances and other borrowings						25,439						—						24,845						—						24,845
Subordinated debt						39,261						—						—						35,868						35,868
Derivative financial instruments						3,446						—						3,446						—						3,446

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=117815213&loc=d3e19207-110258

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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=117815213&loc=d3e19207-110258

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-Publisher FASB
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-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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-Section 50
-Paragraph 2
-Subparagraph (a)
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- 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=118260190&loc=d3e13467-108611

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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://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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