XML 55 R44.htm IDEA: XBRL DOCUMENT
v3.20.2

Fair Value of Assets and Liabilities (Tables) | 9 Months Ended
--- | ---
Sep. 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 |
|  | September 30, 2020
(dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Available-for-sale and securities |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury and government agencies |  | $ | — |  | $ | 16,092 |  | $ | — |  | $ | 16,092
Obligations of state and political agencies |  |  | — |  |  | 147,216 |  |  | — |  |  | 147,216
Mortgage backed securities |  |  |  |  |  |  |  |  |  |  |  |
Residential agency |  |  | — |  |  | 211,700 |  |  | — |  |  | 211,700
Commercial |  |  | — |  |  | 87,542 |  |  | — |  |  | 87,542
Asset backed securities |  |  | — |  |  | 131 |  |  | — |  |  | 131
Corporate bonds |  |  | — |  |  | 32,733 |  |  | — |  |  | 32,733
Total available-for-sale securities |  | $ | — |  | $ | 495,414 |  | $ | — |  | $ | 495,414
Other assets |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | — |  | $ | 14,678 |  | $ | — |  | $ | 14,678
Other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | — |  | $ | 1,960 |  | $ | — |  | $ | 1,960
|  | 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 |
|  | September 30, 2020
(dollars in thousands) |  | Level 2 |  | Level 3 |  | Total |  | Impairment
Loans held for sale |  | $ | 111,311 |  | $ | — |  | $ | 111,311 |  | $ | —
Impaired loans |  |  | — |  |  | 5,301 |  |  | 5,301 |  |  | 407
Foreclosed assets |  |  | — |  |  | 10 |  |  | 10 |  |  | —
Servicing rights |  |  | — |  |  | 2,579 |  |  | 2,579 |  |  | —
|  | 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 |
|  |  |  |  | September 30, 2020 |
(dollars in thousands) |  |  |  |  |  |  |  |  |  | Weighted |
Asset Type |  | Valuation Technique |  | Unobservable Input | Fair Value |  | Range |  | Average |
Impaired loans |  | Appraisal value |  | Property specific adjustment | $ | 5,301 |  | N/A |  | N/A |
Foreclosed assets |  | Appraisal value |  | Property specific adjustment |  | 10 |  | N/A |  | N/A |
Servicing rights |  | Discounted cash flows |  | Prepayment speed assumptions |  | 2,579 |  | 315-485 |  | 396 |
|  |  |  | 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 |
|  | September 30, 2020
|  | Carrying |  | Estimated Fair Value
(dollars in thousands) |  | Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 95,751 |  | $ | 95,751 |  | $ | — |  | $ | — |  | $ | 95,751
Loans |  |  | 2,027,082 |  |  | — |  |  | — |  |  | 2,075,044 |  |  | 2,075,044
Accrued interest receivable |  |  | 9,199 |  |  | 9,199 |  |  | — |  |  | — |  |  | 9,199
Bank-owned life insurance |  |  | 32,161 |  |  | — |  |  | 32,161 |  |  | — |  |  | 32,161
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest-bearing deposits |  | $ | 693,450 |  | $ | — |  | $ | 693,450 |  | $ | — |  | $ | 693,450
Interest-bearing deposits |  |  | 1,561,498 |  |  | — |  |  | 1,561,498 |  |  | — |  |  | 1,561,498
Time deposits |  |  | 207,422 |  |  | — |  |  | — |  |  | 208,990 |  |  | 208,990
Long-term debt |  |  | 58,745 |  |  | — |  |  | 56,219 |  |  | — |  |  | 56,219
Accrued interest payable |  |  | 1,408 |  |  | 1,408 |  |  | — |  |  | — |  |  | 1,408
|  | 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

X
- 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
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration