v3.19.1

Derivative Financial Instruments | 12 Months Ended
--- | ---
Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | As part of its mortgage banking activities, the Company enters into interest rate lock commitments, which are commitments to originate loans whereby the interest rate on the loan is determined prior to funding and the customers have locked into that interest rate. The Company then either locks the loan and rate in with an investor and commits to deliver the loan if settlement occurs (Best Efforts) or commits to deliver the locked loan to an investor in a binding (Mandatory) delivery program. Certain loans under rate lock commitments are covered under forward sales contracts. Forward sales contracts are recorded at fair value with changes in fair value recorded in mortgage banking revenue. Interest rate lock commitments and commitments to deliver loans to investors are considered derivatives. The market value of interest rate lock commitments and best efforts contracts are not readily ascertainable with precision because they are not actively traded in stand-alone markets. The Company determines the fair value of rate lock commitments and delivery contracts by measuring the fair value of the underlying asset, which is impacted by current interest rates and takes into consideration the probability that the rate lock commitments will close or will be funded. At December 31, 2018 and 2017, the Company had open forward sales agreements with notional values of $25.0 million and $41.0 million, respectively. At December 31, 2018 and 2017, the Company had open mandatory delivery commitments of $4.3 million and $12.6 million, respectively. The open forward delivery sales agreements are composed of forward sales of loans. The fair values of the open forward sales agreements were $(253) thousand and $(42) thousand at December 31, 2018 and 2017, respectively. The fair values of the open mandatory delivery commitments were $59 thousand and $18 thousand at December 31, 2018 and 2017, respectively. Interest rate lock commitments totaled $32.9 million and $56.9 million at December 31, 2018 and 2017, respectively and included $1.8 million and $6.2 million of commitments that were made on a best efforts basis at December 31, 2018 and 2017, respectively. The fair values of these best efforts commitments were $31 thousand and $102 thousand at December 31, 2018 and 2017, respectively. The remaining hedged interest rate lock commitments totaling $31.1 million and $50.7 million at December 31, 2018 and 2017, had fair values of $234 thousand and $108 thousand, respectively. Loans held for sale include the portion of fair value remaining for hedged interest rate lock commitments related to closed loans, the fair value of open mandatory delivery commitments, and the fair value of best efforts commitments. On January 7, 2015, the Company entered into an interest rate swap transaction with a notional amount of $2 million. The swap qualifies as a derivative and is designated as a hedging instrument. The swap fixes the interest rate the Company will pay on the floating rate junior subordinated debentures for four years beginning on March 16, 2015. Based on the notional amount, the Company pays the counter-party quarterly interest at a fixed rate of 3.493% and the counter-party pays the Company interest at a rate of three‑month LIBOR plus 1.87%. As of December 31, 2018 and 2017, the swap had a fair value of $5 thousand and $7 thousand, respectively. The unrealized loss, net of income tax, has been recorded in other comprehensive income. Management believes there is no hedge ineffectiveness as of December 31, 2018.

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

X
- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration