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v3.20.2

Fair Value of Assets and Liabilities (Tables) | 6 Months Ended
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Jun. 30, 2020
Fair Value of Assets and Liabilities |
Summary of balances of the assets and liabilities measured at estimated fair value on a recurring basis |
|  | June 30, 2020
(dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Available-for-sale and securities |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury and government agencies |  | $ | — |  | $ | 16,252 |  | $ | — |  | $ | 16,252
Obligations of state and political agencies |  |  | — |  |  | 114,153 |  |  | — |  |  | 114,153
Mortgage backed securities |  |  |  |  |  |  |  |  |  |  |  |
Residential agency |  |  | — |  |  | 214,707 |  |  | — |  |  | 214,707
Commercial |  |  | — |  |  | 27,926 |  |  | — |  |  | 27,926
Asset backed securities |  |  | — |  |  | 135 |  |  | — |  |  | 135
Corporate bonds |  |  | — |  |  | 20,554 |  |  | — |  |  | 20,554
Total available-for-sale securities |  | $ | — |  | $ | 393,727 |  | $ | — |  | $ | 393,727
Other assets |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | — |  | $ | 7,111 |  | $ | — |  | $ | 7,111
Other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | — |  | $ | 1,321 |  | $ | — |  | $ | 1,321
|  | December 31, 2019
(dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Available-for-sale and equity securities |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury and government agencies |  | $ | — |  | $ | 21,240 |  | $ | — |  | $ | 21,240
Obligations of state and political agencies |  |  | — |  |  | 68,648 |  |  | — |  |  | 68,648
Mortgage backed securities |  |  |  |  |  |  |  |  |  |  |  |
Residential agency |  |  | — |  |  | 182,538 |  |  | — |  |  | 182,538
Commercial |  |  | — |  |  | 30,685 |  |  | — |  |  | 30,685
Asset backed securities |  |  | — |  |  | 144 |  |  | — |  |  | 144
Corporate bonds |  |  | — |  |  | 7,095 |  |  | — |  |  | 7,095
Equity securities |  |  | 2,808 |  |  | — |  |  | — |  |  | 2,808
Total available-for-sale and equity securities |  | $ | 2,808 |  | $ | 310,350 |  | $ | — |  | $ | 313,158
Other assets |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | — |  | $ | 1,621 |  | $ | — |  | $ | 1,621
Other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | — |  | $ | 109 |  | $ | — |  | $ | 109
Schedule of net impairment losses related to nonrecurring estimated fair value measurements of certain assets |
|  | June 30, 2020
(dollars in thousands) |  | Level 2 |  | Level 3 |  | Total |  | Impairment
Loans held for sale |  | $ | 101,751 |  | $ | — |  | $ | 101,751 |  | $ | —
Impaired loans |  |  | — |  |  | 5,670 |  |  | 5,670 |  |  | 549
Foreclosed assets |  |  | — |  |  | 26 |  |  | 26 |  |  | —
Servicing rights |  |  | — |  |  | 2,891 |  |  | 2,891 |  |  | —
|  | December 31, 2019
(dollars in thousands) |  | Level 2 |  | Level 3 |  | Total |  | Impairment
Loans held for sale |  | $ | 46,846 |  | $ | — |  | $ | 46,846 |  | $ | —
Impaired loans |  |  | — |  |  | 4,816 |  |  | 4,816 |  |  | 3,138
Foreclosed assets |  |  | — |  |  | 8 |  |  | 8 |  |  | —
Servicing rights |  |  | — |  |  | 3,845 |  |  | 3,845 |  |  | —
Schedule of valuation techniques and significant unobservable inputs used to measure Level 3 estimated fair values |
|  |  |  |  | June 30, 2020 |
(dollars in thousands) |  |  |  |  |  |  |  |  |  | Weighted |
Asset Type |  | Valuation Technique |  | Unobservable Input | Fair Value |  | Range |  | Average |
Impaired loans |  | Appraisal value |  | Property specific adjustment | $ | 5,670 |  | N/A |  | N/A |
Foreclosed assets |  | Appraisal value |  | Property specific adjustment |  | 26 |  | N/A |  | N/A |
Servicing rights |  | Discounted cash flows |  | Prepayment speed assumptions |  | 2,891 |  | 268-425 |  | 237 |
|  |  |  | Discount rate |  |  |  | 9.0 | % | 9.0 | %
|  |  |  |  | December 31, 2019 |
(dollars in thousands) |  |  |  |  |  |  |  |  |  | Weighted |
Asset Type |  | Valuation Technique |  | Unobservable Input | Fair Value |  | Range |  | Average |
Impaired loans |  | Appraisal value |  | Property specific adjustment | $ | 4,816 |  | N/A |  | N/A |
Foreclosed assets |  | Appraisal value |  | Property specific adjustment |  | 8 |  | N/A |  | N/A |
Servicing rights |  | Discounted cash flows |  | Prepayment speed assumptions |  | 3,845 |  | 123-267 |  | 194 |
|  |  |  | Discount rate |  |  |  | 9.4 | % | 9.4 | %
Summary of estimated fair values and related carrying or notional amounts, of the Company’s financial instruments |
|  | June 30, 2020
|  | Carrying |  | Estimated Fair Value
(dollars in thousands) |  | Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 210,437 |  | $ | 210,437 |  | $ | — |  | $ | — |  | $ | 210,437
Loans |  |  | 2,006,941 |  |  | — |  |  | — |  |  | 2,035,211 |  |  | 2,035,211
Accrued interest receivable |  |  | 7,975 |  |  | 7,975 |  |  | — |  |  | — |  |  | 7,975
Bank-owned life insurance |  |  | 31,959 |  |  | — |  |  | 31,959 |  |  | — |  |  | 31,959
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest-bearing deposits |  | $ | 700,892 |  | $ | — |  | $ | 700,892 |  | $ | — |  | $ | 700,892
Interest-bearing deposits |  |  | 1,548,530 |  |  | — |  |  | 1,548,530 |  |  | — |  |  | 1,548,530
Time deposits |  |  | 203,731 |  |  | — |  |  | — |  |  | 205,086 |  |  | 205,086
Long-term debt |  |  | 58,754 |  |  | — |  |  | 56,670 |  |  | — |  |  | 56,670
Accrued interest payable |  |  | 799 |  |  | 799 |  |  | — |  |  | — |  |  | 799
|  | December 31, 2019
|  | Carrying |  | Estimated Fair Value
(dollars in thousands) |  | Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 144,006 |  | $ | 144,006 |  | $ | — |  | $ | — |  | $ | 144,006
Loans |  |  | 1,697,355 |  |  | — |  |  | — |  |  | 1,693,824 |  |  | 1,693,824
Accrued interest receivable |  |  | 7,551 |  |  | 7,551 |  |  | — |  |  | — |  |  | 7,551
Bank-owned life insurance |  |  | 31,566 |  |  | — |  |  | 31,566 |  |  | — |  |  | 31,566
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest-bearing deposits |  | $ | 577,704 |  | $ | — |  | $ | 577,704 |  | $ | — |  | $ | 577,704
Interest-bearing deposits |  |  | 1,197,530 |  |  | — |  |  | 1,197,530 |  |  | — |  |  | 1,197,530
Time deposits |  |  | 196,082 |  |  | — |  |  | — |  |  | 196,182 |  |  | 196,182
Long-term debt |  |  | 58,769 |  |  | — |  |  | 58,239 |  |  | — |  |  | 58,239
Accrued interest payable |  |  | 1,038 |  |  | 1,038 |  |  | — |  |  | — |  |  | 1,038

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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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