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Fair Value Measurements and Disclosures (Tables)

9 Months Ended

Sep. 30, 2017

Fair Value Disclosures [Abstract]

Summary of Assets Measured on Recurring Basis

The following tables present the balances of assets measured for fair value on a recurring basis as of September 30, 2017 and December 31, 2016.

						Fair Value Measurements Using
(dollars in thousands)		September 30, 2017				Level 1				Level 2				Level 3
Available for sale securities:
U.S. agency mortgage-backed		$	75,254			$	—			$	75,254			$	—
Collateralized mortgage obligations			99,873				—				99,873				—
Municipal bonds			18,493				—				18,493				—
U.S. government agency			8,576				—				8,576				—
Total		$	202,196			$	—			$	202,196			$	—
						Fair Value Measurements Using
(dollars in thousands)		December 31, 2016				Level 1				Level 2				Level 3
Available for sale securities:
U.S. agency mortgage-backed		$	78,931			$	—			$	78,931			$	—
Collateralized mortgage obligations			74,330				—				74,330				—
Municipal bonds			21,428				—				21,428				—
U.S. government agency			9,041				—				9,041				—
Total		$	183,730			$	—			$	183,730			$	—

Summary of Financial Assets Measured at Fair Value on Nonrecurring Basis

The Company has segregated all financial assets that are measured at fair value on a nonrecurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date in the table below.

						Fair Value Measurements Using
(dollars in thousands)		September 30, 2017				Level 1				Level 2				Level 3
Repossessed assets		$	454			$	—			$	—			$	454
Impaired loans			4,682				—				—				4,682
Total		$	5,136			$	—			$	—			$	5,136
						Fair Value Measurements Using
(dollars in thousands)		December 31, 2016				Level 1				Level 2				Level 3
Repossessed assets		$	2,893			$	—			$	—			$	2,893
Impaired loans			4,763				—				—				4,763
Total		$	7,656			$	—			$	—			$	7,656

Schedule of Significant Observable Inputs Used in Fair Value Measurement of Level 3 Assets

The following table shows significant observable inputs used in the fair value measurement of Level 3 assets.

(dollars in thousands)		Fair Value				Valuation Technique		Unobservable Inputs		Range of Discounts				Weighted Average Discount
As of September 30, 2017
Repossessed assets		$	454			Third party appraisals, sales contracts, broker price opinions		Collateral discounts and estimated costs to sell			6% - 100%				41	%
Impaired loans		$	4,682			Third party appraisals and discounted cash flows		Collateral discounts and discount rates			0% - 100%				20	%
As of December 31, 2016
Repossessed assets		$	2,893			Third party appraisals, sales contracts, Broker price opinions		Collateral discounts and estimated costs to sell			6% - 96%				19	%
Impaired loans		$	4,763			Third party appraisals and discounted cash flows		Collateral discounts and discount rates			0% - 100%				15	%

Summary of Estimated Fair Values of Company's Financial Instruments

The following table presents estimated fair values of the Company’s financial instruments as of the dates indicated.

						Fair Value Measurements at September 30, 2017
(dollars in thousands)		Carrying Amount				Total				Level 1				Level 2				Level 3
Financial Assets
Cash and cash equivalents		$	51,626			$	51,626			$	51,626			$	—			$	—
Interest-bearing deposits in banks			1,191				1,191				1,191				—				—
Investment securities available for sale			202,196				202,196				—				202,196				—
Investment securities held to maturity			13,118				13,246				—				13,246				—
Mortgage loans held for sale			5,617				5,617				—				5,617				—
Loans, net			1,213,969				1,214,156				—				1,209,474				4,682
Cash surrender value of BOLI			20,510				20,510				20,510				—				—
Financial Liabilities
Deposits		$	1,319,713			$	1,319,692			$	—			$	1,319,692			$	—
Short-term FHLB advances			—				—				—				—				—
Long-term FHLB advances			64,804				64,498				—				64,498				—

						Fair Value Measurements at December 31, 2016
(dollars in thousands)		Carrying Amount				Total				Level 1				Level 2				Level 3
Financial Assets
Cash and cash equivalents		$	29,315			$	29,315			$	29,315			$	—			$	—
Interest-bearing deposits in banks			1,884				1,884				1,884				—				—
Investment securities available for sale			183,730				183,730				—				183,730				—
Investment securities held to maturity			13,365				13,362				—				13,362				—
Mortgage loans held for sale			4,156				4,156				—				4,156				—
Loans, net			1,215,323				1,205,538				—				1,200,775				4,763
Cash surrender value of BOLI			20,150				20,150				20,150				—				—
Financial Liabilities
Deposits		$	1,248,072			$	1,247,526			$	—			$	1,247,526			$	—
Short-term FHLB advances			40,000				40,000				40,000				—				—
Long-term FHLB advances			78,533				78,039				—				78,039				—

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs.

+ References

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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

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