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Fair Value of Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2017

Fair Value Disclosures [Abstract]

Schedule of Fair Value, by Balance Sheet Grouping

Fair value estimates of the Company’s financial instruments as of June 30, 2017 and December 31, 2016, including methods and assumptions utilized, are set forth below:

(Dollars in thousands)		As of June 30, 2017
		Carrying
		amount				Level 1				Level 2				Level 3				Total
Financial assets:
Cash and cash equivalents		$	10,594			$	10,594			$	-			$	-			$	10,594
Investment securities available-for-sale			389,842				5,375				384,467				-				389,842
Bank stocks, at cost			5,350				n/a				n/a				n/a				n/a
Loans, net			422,739				-				-				420,935				420,935
Loans held for sale, net			9,758				-				9,758				-				9,758
Derivative financial instruments			711				-				711				-				711
Accrued interest receivable			4,089				2				2,219				1,868				4,089
Financial liabilities:
Non-maturity deposits		$	(613,126	)		$	(613,126	)		$	-			$	-				(613,126	)
Time deposits			(131,896	)			-				(130,377	)			-				(130,377	)
FHLB borrowings			(31,000	)			-				(31,358	)			-				(31,358	)
Subordinated debentures			(21,384	)			-				(19,215	)			-				(19,215	)
Other borrowings			(11,447	)			-				(11,447	)			-				(11,447	)
Derivative financial instruments			(28	)			-				(28	)			-				(28	)
Accrued interest payable			(253	)			-				(253	)			-				(253	)

		As of December 31, 2016
		Carrying
		amount				Level 1				Level 2				Level 3				Total
Financial assets:
Cash and cash equivalents		$	19,996			$	19,996			$	-			$	-			$	19,996
Investment securities available-for-sale			385,563				7,123				378,440				-				385,563
Bank stocks, at cost			5,299				n/a				n/a				n/a				n/a
Loans, net			420,461				-				-				417,957				417,957
Loans held for sale			5,517				-				5,517				-				5,517
Derivative financial instruments			662				-				662				-				662
Accrued interest receivable			4,240				21				2,104				2,115				4,240
Financial liabilities:
Non-maturity deposits		$	(601,683	)		$	(601,683	)		$	-			$	-			$	(601,683	)
Time deposits			(139,838	)			-				(138,623	)			-				(138,623	)
FHLB borrowings			(39,100	)			-				(35,695	)			-				(35,695	)
Subordinated debentures			(21,284	)			-				(18,608	)			-				(18,608	)
Other borrowings			(12,483	)			-				(12,483	)			-				(12,483	)
Accrued interest payable			(268	)			-				(268	)			-				(268	)

Schedule of Fair Value, Assets Measured On Recurring Basis

The following table represents the Company’s financial instruments that are measured at fair value on a recurring basis at June 30, 2017 and December 31, 2016, allocated to the appropriate fair value hierarchy:

(Dollars in thousands)						As of June 30, 2017
						Fair value hierarchy
		Total				Level 1				Level 2				Level 3
Assets:
Available-for-sale investment securities:
U. S. treasury securities		$	5,016			$	5,016			$	-			$	-
U. S. federal agency obligations			21,382				-				21,382				-
Municipal obligations, tax exempt			179,243				-				179,243				-
Municipal obligations, taxable			62,778				-				62,778				-
Agency mortgage-backed securities			111,840				-				111,840				-
Certificates of deposit			9,224				-				9,224				-
Common stocks			359				359				-				-
Loans held for sale			9,758				-				9,758				-
Derivative financial instruments			711				-				711				-
Liabililty:
Derivative financial instruments			(28	)			-				(28	)			-

(Dollars in thousands)						As of December 31, 2016
						Fair value hierarchy
			Total				Level 1				Level 2				Level 3
Assets:
Available-for-sale investment securities:
U. S. treasury securities		$	6,015			$	6,015			$	-			$	-
U. S. federal agency obligations			27,139				-				27,139				-
Municipal obligations, tax exempt			161,662				-				161,662				-
Municipal obligations, taxable			71,563				-				71,563				-
Agency mortgage-backed securities			108,376				-				108,376				-
Certificates of deposit			9,700				-				9,700				-
Common stocks			1,108				1,108				-				-
Loans held for sale			5,517				-				5,517				-
Derivative financial instruments			662				-				662				-

Schedule of Fair Value Contractual Balance and Gain Loss On Loans Held for Sale

The aggregate fair value, contractual balance (including accrued interest), and gain on loans held for sale were as follows:

		As of				As of
(Dollars in thousands)		June 30, 2017				December 31, 2016
Aggregate fair value		$	9,758			$	5,517
Contractual balance			9,553				5,480
Gain		$	205			$	37

Schedule of Gains and Losses from Changes in Fair Value of Loans Held for Sale

		Three months ended								Six months ended
		June 30,								June 30,
(Dollars in thousands)		2017				2016				2017				2016
Interest income		$	79			$	210			$	124			$	315
Change in fair value			60				(63	)			169				(67	)
Total change in fair value		$	139			$	147			$	293			$	248

Schedule of Fair Value, Assets and Liabilities Measured On Nonrecurring Basis, Valuation Techniques

The following table represents the Company’s financial instruments that are measured at fair value on a non-recurring basis as of June 30, 2017 and December 31, 2016 allocated to the appropriate fair value hierarchy:

(Dollars in thousands)
						As of June 30, 2017												Total
						Fair value hierarchy												gains
		Total				Level 1				Level 2				Level 3				(losses)
Assets:
Impaired loans:
Commercial		$	177			$	-			$	-			$	177			$	11
Agriculture			670				-				-				670				(60	)
Real estate owned:
One-to-four family residential real estate			302				-				-				302				(67	)

						As of December 31, 2016												Total
						Fair value hierarchy												(losses)/
		Total				Level 1				Level 2				Level 3				gains
Assets:
Impaired loans:
Commercial real estate		$	219			$	-			$	-			$	219			$	(81	)
Commercial			222				-				-				222				(87	)
Agriculture			645				-				-				645				(89	)
Real estate owned:
One-to-four family residential real estate			142				-				-				142				(34	)

Schedule of Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques

The following table presents quantitative information about Level 3 fair value measurements for impaired loans measured at fair value on a non-recurring basis as of June 30, 2017 and December 31, 2016.

(Dollars in thousands)

Fair value

Valuation technique

Unobservable inputs

Range

As of June 30, 2017

Impaired loans:

Commercial

177

Sales comparison

Adjustment to comparable sales

0%-50%

Agriculture

670

Sales comparison

Adjustment to appraised value

10%-50%

Real estate owned:

One-to-four family residential real estate

302

Sales comparison

Adjustment to appraised value

10%

As of December 31, 2016

Impaired loans:

Commercial real estate

$

219

Sales comparison

Adjustment to appraised value

2%-15%

Commercial

222

Sales comparison

Adjustment to comparable sales

7%-80%

Agriculture

645

Sales comparison

Adjustment to appraised value

8%-80%

Real estate owned:

One-to-four family residential real estate

142

Sales comparison

Adjustment to appraised value

10%

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