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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities measured at fair value on recurring basis

The table below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis as of June 30, 2018 and December 31, 2017.

(dollars in thousands)		Quoted Prices (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Other Unobservable Inputs (Level 3)				Total (Fair Value)
June 30, 2018
Assets:
Investment securities available for sale:
U. S. agency securities		$	—			$	220,151			$	—			$	220,151
Residential mortgage backed securities			—				380,306				—				380,306
Municipal bonds			—				48,204				—				48,204
Corporate bonds			—				6,563				1,500				8,063
Other equity investments			—				—				218				218
Loans held for sale			—				30,493				—				30,493
Mortgage banking derivatives			—				—				52				52
Interest rate swap derivatives			—				5,792				—				5,792
Total assets measured at fair value on a recurring basis as of June 30, 2018		$	—			$	691,509			$	1,770			$	693,279
Liabilities:
Mortgage banking derivatives		$	—			$	—			$	94			$	94
Total liabilities measured at fair value on a recurring basis as of June 30, 2018		$	—			$	—			$	94			$	94
December 31, 2017
Assets:
Investment securities available for sale:
U. S. agency securities		$	—			$	195,984			$	—			$	195,984
Residential mortgage backed securities			—				317,836				—				317,836
Municipal bonds			—				62,057				—				62,057
Corporate bonds			—				11,673				1,500				13,173
Other equity investments			—				—				218				218
Loans held for sale			—				25,096				—				25,096
Mortgage banking derivatives			—				—				43				43
Interest rate swap derivatives			—				2,256				—				2,256
Total assets measured at fair value on a recurring basis as of December 31, 2017		$	—			$	614,902			$	1,761			$	616,663
Liabilities:
Mortgage banking derivatives		$	—			$	—			$	10			$	10
Total liabilities measured at fair value on a recurring basis as of December 31, 2017		$	—			$	—			$	10			$	10

Schedule of aggregate fair value and the aggregate unpaid principal balance for loans held for sale measured at fair value

The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for loans held for sale measured at fair value as of June 30, 2018 and December 31, 2017.

		June 30, 2018
							Aggregate Unpaid
(dollars in thousands)			Fair Value				Principal Balance				Difference
Residential mortgage loans held for sale		$	30,493			$	29,945			$	548
FHA mortgage loans held for sale		$	—			$	—			$	—

		December 31, 2017
							Aggregate Unpaid
(dollars in thousands)			Fair Value				Principal Balance				Difference
Residential mortgage loans held for sale		$	25,096			$	24,674			$	422
FHA mortgage loans held for sale		$	—			$	—			$	—

Schedule of reconciliation of activity of siginificant unobservable inputs (Level 3)

The following is a reconciliation of activity for assets and liabilities measured at fair value based on Significant Other Unobservable Inputs (Level 3):

		Investment				Mortgage Banking
(dollars in thousands)		Securities				Derivatives				Total
Assets:
Beginning balance at January 1, 2018		$	1,718			$	43			$	1,761
Realized gain included in earnings - net mortgage banking derivatives			—				9				9
Purchases of available-for-sale securities			—				—				—
Principal redemption			—				—				—
Ending balance at June 30, 2018		$	1,718			$	52			$	1,770
Liabilities:
Beginning balance at January 1, 2018		$	—			$	10			$	10
Realized loss included in earnings - net mortgage banking derivatives			—				84				84
Principal redemption			—				—				—
Ending balance at June 30, 2018		$	—			$	94			$	94

		Investment				Mortgage Banking
(dollars in thousands)		Securities				Derivatives				Total
Assets:
Beginning balance at January 1, 2017		$	1,718			$	114			$	1,832
Realized loss included in earnings - net mortgage banking derivatives			—				(71	)			(71	)
Purchases of available-for-sale securities			—				—				—
Principal redemption			—				—				—
Ending balance at December 31, 2017		$	1,718			$	43			$	1,761
Liabilities:
Beginning balance at January 1, 2017		$	—			$	55			$	55
Realized loss included in earnings - net mortgage banking derivatives			—				(45	)			(45	)
Principal redemption			—				—				—
Ending balance at December 31, 2017		$	—			$	10			$	10

Schedule of assets measured at fair value on nonrecurring basis

Assets measured at fair value on a nonrecurring basis are included in the table below: 

(dollars in thousands)		Quoted Prices (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Other Unobservable Inputs (Level 3)				Total (Fair Value)
June 30, 2018
Impaired loans:
Commercial		$	—			$	—			$	3,491			$	3,491
Income producing - commercial real estate			—				—				5,781				5,781
Owner occupied - commercial real estate			—				—				5,618				5,618
Real estate mortgage - residential			—				—				1,975				1,975
Home equity			—				—				494				494
Other consumer			—				—				11				11
Other real estate owned			—				—				1,394				1,394
Total assets measured at fair value on a nonrecurring basis as of June 30, 2018		$	—			$	—			$	18,764			$	18,764

(dollars in thousands)		Quoted Prices (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Other Unobservable Inputs (Level 3)				Total (Fair Value)
December 31, 2017
Impaired loans:
Commercial		$	—			$	—			$	2,266			$	2,266
Income producing - commercial real estate			—				—				7,664				7,664
Owner occupied - commercial real estate			—				—				5,214				5,214
Real estate mortgage - residential			—				—				775				775
Construction - commercial and residential			—				—				1,552				1,552
Home equity			—				—				494				494
Other consumer			—				—				11				11
Other real estate owned			—				—				1,394				1,394
Total assets measured at fair value on a nonrecurring basis as of December 31, 2017		$	—			$	—			$	19,370			$	19,370

Schedule of estimated fair values of financial instruments

The estimated fair values of the Company’s financial instruments at June 30, 2018 and December 31, 2017 are as follows:

										Fair Value Measurements
(dollars in thousands)			Carrying Value				Fair Value				Quoted Prices (Level 1)				Significant Other Observable Inputs (Level 2)				Significant  Unobservable Inputs (Level 3)
June 30, 2018
Assets
Cash and due from banks		$	6,873			$	6,873			$	—			$	6,873			$	—
Federal funds sold			9,251				9,251				—				9,251				—
Interest bearing deposits with other banks			249,667				249,667				—				249,667				—
Investment securities			656,942				655,224				—				653,506				1,718
Federal Reserve and Federal Home Loan Bank stock			35,875				35,875				—				35,875				—
Loans held for sale			30,493				30,493				—				30,493				—
Loans (1)			6,585,095				6,618,626				—				—				6,618,626
Bank owned life insurance			62,647				62,647				—				62,647				—
Annuity investment			12,397				12,397				—				12,397				—
Mortgage banking derivatives			52				52				—				—				52
Interst rate swap derivatives			5,792				5,792				—				5,792				—
Liabilities
Noninterest bearing deposits			2,022,916				2,022,916				—				2,022,916				—
Interest bearing deposits			3,094,252				3,094,252				—				3,094,252				—
Certificates of deposit			1,151,590				1,148,242				—				1,148,242				—
Customer repurchase agreements			29,135				29,135				—				29,135				—
Borrowings			517,100				509,282				—				509,282				—
Mortgage banking derivatives			94				94				—				—				94
December 31, 2017
Assets
Cash and due from banks		$	7,445			$	7,445			$	—			$	7,445			$	—
Federal funds sold			15,767				15,767				—				15,767				—
Interest bearing deposits with other banks			167,261				167,261				—				167,261				—
Investment securities			589,268				589,268				—				587,550				1,718
Federal Reserve and Federal Home Loan Bank stock			36,324				36,324				—				36,324				—
Loans held for sale			25,096				25,096				—				25,096				—
Loans (2)			6,346,770				6,381,213				—				—				6,381,213
Bank owned life insurance			60,947				60,947				—				60,947				—
Annuity investment			11,632				11,632				—				11,632				—
Mortgage banking derivatives			43				43				—				—				43
Interst rate swap derivatives			2,256				2,256				—				2,256				—
Liabilities
Noninterest bearing deposits			1,982,912				1,982,912				—				1,982,912				—
Interest bearing deposits			3,041,563				3,041,563				—				3,041,563				—
Certificates of deposit			829,509				829,886				—				829,886				—
Customer repurchase agreements			76,561				76,561				—				76,561				—
Borrowings			541,905				533,162				—				533,162				—
Mortgage banking derivatives			10				10				—				—				10

(1) Carrying amount is net of unearned income and the allowance for credit losses. In accordance with the prospective adoption of ASU No. 2016-01, the fair value of loans was measured using an exit price notion.

(2) Carrying amount is net of unearned income and the allowance for credit losses. The fair value of loans was measured using an entry price notion.

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- Definition

Tabular disclosure for aggregate fari value and unpaid principal balance for loans held for sale.

+ References

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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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

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-Publisher FASB
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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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