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v3.19.3

Fair Value of Assets and Liabilities (Tables) | 9 Months Ended
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Sep. 30, 2019
Fair Value of Assets and Liabilities |
Summary of balances of the assets and liabilities measured at estimated fair value on a recurring basis |
|  | September 30, 2019
(dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Trading securities |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury and government agencies |  | $ | — |  | $ | — |  | $ | — |  | $ | —
Available-for-sale and equity securities |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury and government agencies |  | $ | — |  | $ | 21,602 |  | $ | — |  | $ | 21,602
Obligations of state and political agencies |  |  | — |  |  | 47,856 |  |  | — |  |  | 47,856
Mortgage backed securities |  |  |  |  |  |  |  |  |  |  |  |
Residential agency |  |  | — |  |  | 169,337 |  |  | — |  |  | 169,337
Commercial |  |  | — |  |  | 32,652 |  |  | — |  |  | 32,652
Asset backed securities |  |  | — |  |  | 157 |  |  | — |  |  | 157
Corporate bonds |  |  | — |  |  | 7,112 |  |  | — |  |  | 7,112
Equity securities |  |  | 2,675 |  |  | — |  |  | — |  |  | 2,675
Total available-for-sale and equity securities |  | $ | 2,675 |  | $ | 278,716 |  | $ | — |  | $ | 281,391
Other assets |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | — |  | $ | 2,483 |  | $ | — |  | $ | 2,483
Other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | — |  | $ | 104 |  | $ | — |  | $ | 104
|  | December 31, 2018
(dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Trading securities |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury and government agencies |  | $ | — |  | $ | 1,539 |  | $ | — |  | $ | 1,539
Available-for-sale and equity securities |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury and government agencies |  | $ | — |  | $ | 19,142 |  | $ | — |  | $ | 19,142
Obligations of state and political agencies |  |  | — |  |  | 66,387 |  |  | — |  |  | 66,387
Mortgage backed securities |  |  |  |  |  |  |  |  |  |  |  |
Residential agency |  |  | — |  |  | 126,998 |  |  | — |  |  | 126,998
Commercial |  |  | — |  |  | 28,767 |  |  | — |  |  | 28,767
Asset backed securities |  |  | — |  |  | 399 |  |  | — |  |  | 399
Corporate bonds |  |  | — |  |  | 8,481 |  |  | — |  |  | 8,481
Equity securities |  |  | 3,165 |  |  | — |  |  | — |  |  | 3,165
Total available-for-sale and equity securities |  | $ | 3,165 |  | $ | 250,174 |  | $ | — |  | $ | 253,339
Other assets |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | — |  | $ | 12 |  | $ | — |  | $ | 12
Other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | — |  | $ | 7 |  | $ | — |  | $ | 7
Schedule of net impairment losses related to nonrecurring estimated fair value measurements of certain assets |
|  | September 30, 2019
(dollars in thousands) |  | Level 2 |  | Level 3 |  | Total |  | Impairment
Loans held for sale |  | $ | 66,021 |  | $ | — |  | $ | 66,021 |  | $ | —
Loans held for branch sale |  |  | — |  |  | — |  |  | — |  |  | —
Impaired loans |  |  | — |  |  | 3,050 |  |  | 3,050 |  |  | 2,107
Foreclosed assets |  |  | — |  |  | 84 |  |  | 84 |  |  | —
Servicing rights |  |  | — |  |  | 4,146 |  |  | 4,146 |  |  | —
|  | December 31, 2018
(dollars in thousands) |  | Level 2 |  | Level 3 |  | Total |  | Impairment
Loans held for sale |  | $ | 14,486 |  | $ | — |  | $ | 14,486 |  | $ | —
Loans held for branch sale |  |  | — |  |  | 32,031 |  |  | 32,031 |  |  | —
Impaired loans |  |  | — |  |  | 4,022 |  |  | 4,022 |  |  | 2,538
Foreclosed assets |  |  | — |  |  | 204 |  |  | 204 |  |  | 245
Servicing rights |  |  | — |  |  | 4,623 |  |  | 4,623 |  |  | —
Schedule of valuation techniques and significant unobservable inputs used to measure Level 3 estimated fair values |
|  |  |  |  |  | September 30, 2019 |
(dollars in thousands) |  |  |  |  |  |  |  |  |  | Weighted |
Asset Type |  | Valuation Technique |  | Unobservable Input |  | Fair Value |  | Range |  | Average |
Impaired loans |  | Appraisal value |  | Property specific adjustment |  | 3,050 |  | N/A |  | N/A |
Foreclosed assets |  | Appraisal value |  | Property specific adjustment |  | 84 |  | N/A |  | N/A |
Servicing rights |  | Discounted cash flows |  | Prepayment speed assumptions |  | 4,146 |  | 154-270 |  | 194 |
|  |  |  | Discount rate |  |  |  | 9.5 | % | 9.5 | %
|  |  |  |  |  | December 31, 2018 |
(dollars in thousands) |  |  |  |  |  |  |  |  |  | Weighted |
Asset Type |  | Valuation Technique |  | Unobservable Input |  | Fair Value |  | Range |  | Average |
Loans held for branch sale |  | Discounted cash flows |  | Sales agreement |  | 32,031 |  | N/A |  | N/A |
Impaired loans |  | Appraisal value |  | Property specific adjustment |  | 4,022 |  | N/A |  | N/A |
Foreclosed assets |  | Appraisal value |  | Property specific adjustment |  | 204 |  | N/A |  | N/A |
Servicing rights |  | Discounted cash flows |  | Prepayment speed assumptions |  | 4,623 |  | 104 - 211 |  | 130 |
|  |  |  | Discount rate |  |  |  | 10.5 | % | 10.5 | %
Summary of estimated fair values and related carrying or notional amounts, of the Company’s financial instruments |
|  | September 30, 2019
|  | Carrying |  | Estimated Fair Value
(dollars in thousands) |  | Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 61,174 |  | $ | 61,174 |  | $ | — |  | $ | — |  | $ | 61,174
Loans |  |  | 1,663,103 |  |  | — |  |  | — |  |  | 1,658,151 |  |  | 1,658,151
Accrued interest receivable |  |  | 7,412 |  |  | 7,412 |  |  | — |  |  | — |  |  | 7,412
Bank-owned life insurance |  |  | 31,364 |  |  | — |  |  | 31,364 |  |  | — |  |  | 31,364
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest-bearing transaction |  | $ | 537,951 |  | $ | — |  | $ | 537,951 |  | $ | — |  | $ | 537,951
Interest-bearing transaction |  |  | 1,102,409 |  |  | — |  |  | 1,102,409 |  |  | — |  |  | 1,102,409
Time deposits |  |  | 192,753 |  |  | — |  |  | — |  |  | 192,869 |  |  | 192,869
Short-term borrowings |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Long-term debt |  |  | 58,775 |  |  | — |  |  | 58,285 |  |  | — |  |  | 58,285
Accrued interest payable |  |  | 1,879 |  |  | 1,879 |  |  | — |  |  | — |  |  | 1,879
|  | December 31, 2018
|  | Carrying |  | Estimated Fair Value
(dollars in thousands) |  | Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 40,651 |  | $ | 40,651 |  | $ | — |  | $ | — |  | $ | 40,651
Loans |  |  | 1,679,676 |  |  | — |  |  | — |  |  | 1,663,401 |  |  | 1,663,401
Accrued interest receivable |  |  | 7,645 |  |  | 7,645 |  |  | — |  |  | — |  |  | 7,645
Bank-owned life insurance |  |  | 30,763 |  |  | — |  |  | 30,763 |  |  | — |  |  | 30,763
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest-bearing transaction |  | $ | 550,640 |  | $ | — |  | $ | 550,640 |  | $ | — |  | $ | 550,640
Interest-bearing transaction |  |  | 1,053,869 |  |  | — |  |  | 1,053,869 |  |  | — |  |  | 1,053,869
Time deposits |  |  | 170,587 |  |  | — |  |  | — |  |  | 172,616 |  |  | 172,616
Deposits held for sale |  |  | 24,197 |  |  | — |  |  | — |  |  | 22,019 |  |  | 22,019
Short-term borrowings |  |  | 93,460 |  |  | 93,460 |  |  | — |  |  | — |  |  | 93,460
Long-term debt |  |  | 58,824 |  |  | — |  |  | 59,988 |  |  | — |  |  | 59,988
Accrued interest payable |  |  | 720 |  |  | 720 |  |  | — |  |  | — |  |  | 720

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- 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=117815213&loc=d3e19207-110258 Reference 2: 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 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring 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 + Details
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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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- Definition 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 + Details
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