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Fair Value Measurements and Disclosure (Tables)

6 Months Ended

Jun. 30, 2017

Fair Value Disclosures [Abstract]

Fair value of financial instruments

The table below is a summary of fair value estimates for financial instruments and the level of the fair value hierarchy within which the fair value measurements are categorized at the periods indicated:

June 30, 2017
(in 000's)	Carrying Amount				Estimated Fair Value				Quoted Prices In Active Markets for Identical Assets Level 1				Significant Other Observable Inputs Level 2				Significant Unobservable Inputs Level 3
Financial Assets:
Cash and cash equivalents	$	109,508			$	109,508			$	109,508			$	—			$	—
Interest-bearing deposits	652				652				—				652				—
Investment securities	53,461				53,461				3,780				49,681				—
Loans	559,156				549,386				—				—				549,386
Accrued interest receivable	5,086				5,086				—				5,086				—
Financial Liabilities:
Deposits:
Noninterest-bearing	287,003				287,003				287,003				—				—
NOW and money market	230,981				230,981				230,981				—				—
Savings	80,539				80,539				80,539				—				—
Time deposits	67,788				67,433				—				—				67,433
Total deposits	666,311				665,956				598,523								67,433
Junior subordinated debt	9,441				9,441				—				—				9,441
Accrued interest payable	33				33				—				33				—

December 31, 2016
(in 000's)	Carrying Amount				Estimated Fair Value				Quoted Prices In Active Markets for Identical Assets Level 1				Significant Other Observable Inputs Level 2				Significant Unobservable Inputs Level 3
Financial Assets:
Cash and cash equivalents	$	113,032			$	113,032			$	113,032			$	—			$	—
Interest-bearing deposits	650				650				—				650				—
Investment securities	57,491				57,491				3,716				53,775				—
Loans	561,932				557,914				—				—				557,914
Accrued interest receivable	3,895				3,895				—				3,895				—
Financial Liabilities:
Deposits:
Noninterest-bearing	262,697				262,697				262,697				—				—
NOW and money market	235,873				235,873				235,873				—				—
Savings	75,068				75,068				75,068				—				—
Time deposits	102,991				102,743				—				—				102,743
Total deposits	676,629				676,381				573,638				—				102,743
Junior subordinated debt	8,832				8,832				—				—				8,832
Accrued interest payable	76				76				—				76				—

Description of the valuation technique, unobservable input, and qualitative information about the unobservable inputs for the company's assets and liabilities classified as level 3 and measured at fair value on a recurring basis

The following table provides a description of the valuation technique, unobservable input, and qualitative information about the unobservable inputs for the Company’s assets and liabilities classified as Level 3 and measured at fair value on a recurring basis at June 30, 2017 and December 31, 2016:

June 30, 2017					December 31, 2016
Financial Instrument	Valuation Technique	Unobservable Input	Weighted Average		Financial Instrument	Valuation Technique	Unobservable Input	Weighted Average
Junior Subordinated Debt	Discounted cash flow	Discount Rate	5.86%		Junior Subordinated Debt	Discounted cash flow	Discount Rate	6.46%

Assets and liabilities measured at fair value on recurring and non-recurring basis

The following tables summarize the Company’s assets and liabilities that were measured at fair value on a recurring and non-recurring basis as of June 30, 2017 (in 000’s):

Description of Assets	June 30, 2017				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
AFS Securities (2):
U.S. Government agencies	$	21,659			$	—			$	21,659			$	—
U.S. Government collateralized mortgage obligations	28,022				—				28,022				—
Mutual Funds	3,780				3,780				—				—
Total AFS securities	$	53,461			$	3,780			$	49,681			$	—
Impaired loans (1):
Commercial and industrial	—				—				—				—
Real estate mortgage	—				—				—				—
RE construction & development	—				—				—				—
Agricultural	—				—				—				—
Installment/Other	—				—				—				—
Total impaired loans	$	—			$	—			$	—			$	—
Other real estate owned (1)	—				—				—				—
Total	$	53,461			$	3,780			$	49,681			$	—

Description of Liabilities	June 30, 2017				Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Junior subordinated debt (2)	$	9,441			—			—			$	9,441
Total	$	9,441			—			—			$	9,441

(1)Nonrecurring

(2)Recurring

The following tables summarize the Company’s assets and liabilities that were measured at fair value on a recurring and non-recurring basis as of December 31, 2016 (in 000’s):

Description of Assets	December 31, 2016				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
AFS Securities (2):
U.S. Government agencies	$	23,203			$	—			$	23,203			$	—
U.S. Government collateralized mortgage obligations	30,572				—				30,572				—
Mutual Funds	3,716				3,716				—				—
Total AFS securities	57,491				3,716				53,775				$	—
Impaired Loans (1):
Commercial and industrial	301				—				—				301
Real estate mortgage	—				—				—				—
RE construction & development	—				—				—				—
Agricultural	—				—				—				—
Installment/Other	—				—				—				—
Total impaired loans	$	301			$	—			$	—			$	301
Other real estate owned (1)	—				—				—				—
Total	$	57,792			$	3,716			$	53,775			$	301

Description of Liabilities	December 31, 2016				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Junior subordinated debt (2)	$	8,832			$	—			$	—			$	8,832
Total	$	8,832			$	—			$	—			$	8,832

(1)Nonrecurring

(2)Recurring

Fair value inputs, assets, quantitative information

The following table presents quantitative information about Level 3 fair value measurements for the Company's assets measured at fair value on a non-recurring basis at December 31, 2016 (in 000's). There were no assets measured at fair value on a non-recurring basis as of June 30, 2017.

December 31, 2016
Financial Instrument	Fair Value			Valuation Technique	Unobservable Input	Range, Weighted Average
Impaired Loans:
Commercial and industrial	$	301		Sales Comparison Approach	Adjustment for difference between comparable sales	7% - 29%, 19.1%

Significant unobservable inputs (level 3) on a recurring basis

The following tables provide a reconciliation of assets and liabilities at fair value using significant unobservable inputs (Level 3) on a recurring basis during the three and six months ended June 30, 2017 and 2016 (in 000’s):

	Three Months Ended June 30, 2017				Three Months Ended June 30, 2016				Six Months Ended June 30, 2017				Six Months Ended June 30, 2016
Reconciliation of Liabilities:	Junior Subordinated Debt				Junior Subordinated Debt				Junior Subordinated Debt				Junior Subordinated Debt
Beginning balance	$	9,171			$	7,948			$	8,832			$	8,300
Total loss (gain) included in earnings	264				(113		)		601				(471		)
Other accrued interest	6				2				8				8
Ending balance	$	9,441			$	7,837			$	9,441			$	7,837
The amount of total loss (gains) for the period included in earnings attributable to the change in unrealized gains or losses relating to liabilities still held at the reporting date	$	264			$	(113	)		$	601			$	(471	)

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- Definition

Tabular disclosure of the fair value measurement of assets and liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset and liabilities.

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Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis.

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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
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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.

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