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Note 13. Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

The table below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis as of September 30, 2019 and December 31, 2018.

The table below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis as of September 30, 2019 and December 31, 2018.

(dollars in thousands)		Quoted Prices (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Other Unobservable Inputs (Level 3)				Total (Fair Value)
September 30, 2019
Assets:
Investment securities available-for-sale:
U. S. agency securities		$	—			$	171,820			$	—			$	171,820
Residential mortgage backed securities			—				438,029				—				438,029
Municipal bonds			—				63,958				—				63,958
Corporate bonds			—				—				9,614				9,614
U.S. Treasury			—				24,926				—				24,926
Other equity investments			—				—				198				198
Loans held for sale			—				52,199				—				52,199
Interest Rate Caps			—				228				—				228
Mortgage banking derivatives			—				—				313				313
Total assets measured at fair value on a recurring basis as of September 30, 2019		$	—			$	751,160			$	10,125			$	761,285
Liabilities:
Interest rate swap derivatives		$	—			$	362			$	—			$	362
Derivative liability			—				117				—				117
Interest Rate Caps			—				235				—				235
Mortgage banking derivatives			—				—				3				3
Total liabilities measured at fair value on a recurring basis as of September 30, 2019		$	—			$	714			$	3			$	717

December 31, 2018
Assets:
Investment securities available-for-sale:
U. S. agency securities		$	—			$	256,345			$	—			$	256,345
Residential mortgage backed securities			—				472,231				—				472,231
Municipal bonds			—				45,769				—				45,769
Corporate bonds			—				—				9,576				9,576
Other equity investments			—				—				218				218
Loans held for sale			—				19,254				—				19,254
Mortgage banking derivatives			—				—				229				229
Interest rate swap derivatives			—				3,727				—				3,727
Total assets measured at fair value on a recurring basis as of December 31, 2018		$	—			$	797,326			$	10,023			$	807,349
Liabilities:
Mortgage banking derivatives		$	—			$	—			$	269			$	269
Total liabilities measured at fair value on a recurring basis as of December 31, 2018		$	—			$	—			$	269			$	269

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 September 30, 2019 and December 31, 2018.

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 September 30, 2019 and December 31, 2018.

		September 30, 2019
(dollars in thousands)		Fair Value				Aggregate Unpaid Principal Balance				Difference
Residential mortgage loans held for sale		$	52,199			$	51,291			$	908
FHA mortgage loans held for sale		$	—			$	—			$	—
		December 31, 2018
(dollars in thousands)		Fair Value				Aggregate Unpaid Principal Balance				Difference
Residential mortgage loans held for sale		$	19,254			$	18,797			$	457
FHA mortgage loans held for sale		$	—			$	—			$	—

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

(dollars in thousands)		Investment Securities				Mortgage Banking Derivatives				Total
Assets:
Beginning balance at January 1, 2019		$	9,794			$	229			$	10,023
Realized (loss) gain included in earnings			(20	)			84				64
Unrealized gain included in other comprehensive income			12				—				12
Purchases of available-for-sale securities			3,030				—				3,030
Principal redemption			(3,004	)			—				(3,004	)
Ending balance at September 30, 2019		$	9,812			$	313			$	10,125

Liabilities:
Beginning balance at January 1, 2019		$	—			$	269			$	269
Realized gain included in earnings			—				(266	)			(266	)
Principal redemption			—				—				—
Ending balance at September 30, 2019		$	—			$	3			$	3

(dollars in thousands)		Investment Securities				Mortgage Banking Derivatives				Total
Assets:
Beginning balance at January 1, 2018		$	1,718			$	43			$	1,761
Realized gain included in earnings			—				186				186
Purchases of available-for-sale securities			8,076				—				8,076
Principal redemption			—				—				—
Ending balance at December 31, 2018		$	9,794			$	229			$	10,023

Liabilities:
Beginning balance at January 1, 2018		$	—			$	10			$	10
Realized loss included in earnings			—				259				259
Principal redemption			—				—				—
Ending balance at December 31, 2018		$	—			$	269			$	269

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

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)
September 30, 2019
Impaired loans:
Commercial		$	—			$	—			$	8,776			$	8,776
Income producing - commercial real estate			—				—				8,841				8,841
Owner occupied - commercial real estate			—				—				7,032				7,032
Real estate mortgage - residential			—				—				4,985				4,985
Construction - commercial and residential			—				—				9,148				9,148
Home equity			—				—				474				474
Other real estate owned			—				—				1,487				1,487
Total assets measured at fair value on a nonrecurring basis as of September 30, 2019		$	—			$	—			$	40,743			$	40,743
(dollars in thousands)		Quoted Prices (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Other Unobservable Inputs (Level 3)				Total (Fair Value)
December 31, 2018
Impaired loans:
Commercial		$	—			$	—			$	3,338			$	3,338
Income producing - commercial real estate			—				—				18,937				18,937
Owner occupied - commercial real estate			—				—				5,131				5,131
Real estate mortgage - residential			—				—				1,510				1,510
Construction - commercial and residential			—				—				1,981				1,981
Home equity			—				—				487				487
Other real estate owned			—				—				1,394				1,394
Total assets measured at fair value on a nonrecurring basis as of December 31, 2018		$	—			$	—			$	32,778			$	32,778

The estimated fair value of the Company’s financial instruments at September 30, 2019 and December 31, 2018 are as follows:

The estimated fair value of the Company’s financial instruments at September 30, 2019 and December 31, 2018 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)
September 30, 2019
Assets
Cash and due from banks		$	6,657			$	6,657			$	—			$	6,657			$	—
Federal funds sold			27,711				27,711				—				27,711				—
Interest bearing deposits with other banks			361,154				361,154				—				361,154				—
Investment securities			708,545				708,545				—				698,733				9,812
Federal Reserve and Federal Home Loan Bank stock			28,725				28,725				—				28,725				—
Loans held for sale			52,199				52,199				—				52,199				—
Loans			7,485,441				7,572,385				—				—				7,572,385
Bank owned life insurance			74,726				74,726				—				74,726				—
Annuity investment			12,103				12,103				—				12,103				—
Interest Rate Caps			228				228				—				228				—
Mortgage banking derivatives			313				313				—				—				313
Liabilities
Noninterest bearing deposits			2,051,106				2,051,106				—				2,051,106				—
Interest bearing deposits			3,952,541				3,952,541				—				3,952,541				—
Certificates of deposit			1,398,866				1,443,542				—				1,443,542				—
Customer repurchase agreements			30,297				30,297				—				30,297				—
Borrowings			317,589				328,330				—				328,330				—
Interest rate swap derivatives			362				362								362				—
Derivative liability			117				117				—				117				—
Interest Rate Caps			235				235				—				235				—
Mortgage banking derivatives			3				3				—				—				3
December 31, 2018
Assets
Cash and due from banks		$	6,773			$	6,773			$	—			$	6,773			$	—
Federal funds sold			11,934				11,934				—				11,934				—
Interest bearing deposits with other banks			303,157				303,157				—				303,157				—
Investment securities			784,139				784,139				—				774,345				9,794
Federal Reserve and Federal Home Loan Bank stock			23,506				23,506				—				23,506				—
Loans held for sale			19,254				19,254				—				19,254				—
Loans			6,921,503				6,921,048				—				—				6,921,048
Bank owned life insurance			73,441				73,441				—				73,441				—
Annuity investment			12,417				12,417				—				12,417				—
Mortgage banking derivatives			229				229				—				—				229
Interest rate swap derivatives			3,727				3,727				—				3,727				—
Liabilities
Noninterest bearing deposits			2,104,220				2,104,220				—				2,104,220				—
Interest bearing deposits			3,542,666				3,542,666				—				3,542,666				—
Certificates of deposit			1,327,400				1,325,209				—				1,325,209				—
Customer repurchase agreements			30,413				30,413				—				30,413				—
Borrowings			217,196				218,006				—				218,006				—
Mortgage banking derivatives			269				269				—				—				269

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

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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).

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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.

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