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

9 Months Ended

Sep. 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 September 30, 2017 and December 31, 2016, including methods and assumptions utilized, are set forth below:

(Dollars in thousands)		As of September 30, 2017
		Carrying
		amount				Level 1				Level 2				Level 3				Total
Financial assets:
Cash and cash equivalents		$	18,772			$	18,772			$	-			$	-			$	18,772
Investment securities available-for-sale			389,388				5,337				384,051				-				389,388
Bank stocks, at cost			5,384				n/a				n/a				n/a				n/a
Loans, net			428,439				-				-				426,935				426,935
Loans held for sale, net			8,583				-				8,583				-				8,583
Derivative financial instruments			583				-				583				-				583
Accrued interest receivable			4,406				16				2,034				2,356				4,406
Financial liabilities:
Non-maturity deposits		$	(605,759	)		$	(605,759	)		$	-			$	-				(605,759	)
Time deposits			(127,251	)			-				(125,676	)			-				(125,676	)
FHLB borrowings			(64,400	)			-				(64,646	)			-				(64,646	)
Subordinated debentures			(21,434	)			-				(19,156	)			-				(19,156	)
Other borrowings			(11,487	)			-				(11,487	)			-				(11,487	)
Derivative financial instruments			(32	)			-				(32	)			-				(32	)
Accrued interest payable			(270	)			-				(270	)			-				(270	)

		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 September 30, 2017 and December 31, 2016, allocated to the appropriate fair value hierarchy:

(Dollars in thousands)						As of September 30, 2017
						Fair value hierarchy
		Total				Level 1				Level 2				Level 3
Assets:
Available-for-sale investment securities:
U. S. treasury securities		$	5,014			$	5,014			$	-			$	-
U. S. federal agency obligations			20,343				-				20,343				-
Municipal obligations, tax exempt			180,571				-				180,571				-
Municipal obligations, taxable			60,154				-				60,154				-
Agency mortgage-backed securities			113,759				-				113,759				-
Certificates of deposit			9,224				-				9,224				-
Common stocks			323				323				-				-
Loans held for sale			8,583				-				8,583				-
Derivative financial instruments			583				-				583				-
Liabililty:
Derivative financial instruments			(32	)			-				(32	)			-

(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 gains on loans held for sale were as follows:

		As of				As of
		September 30,				December 31,
(Dollars in thousands)		2017				2016
Aggregate fair value		$	8,583			$	5,517
Contractual balance			8,463				5,480
Gain		$	120			$	37

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

The total amount of gains from changes in fair value of loans held for sale included in earnings were as follows:

		Three months ended								Nine months ended
		September 30,								September 30,
(Dollars in thousands)		2017				2016				2017				2016
Interest income		$	73			$	87			$	197			$	297
Change in fair value			(86	)			(126	)			83				(110	)
Total change in fair value		$	(13	)		$	(39	)		$	280			$	187

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 September 30, 2017 and December 31, 2016 allocated to the appropriate fair value hierarchy:

(Dollars in thousands)						As of September 30, 2017												Total
						Fair value hierarchy												gains/
		Total				Level 1				Level 2				Level 3				(losses)
Assets:
Impaired loans:
One-to-four family residential real estate		$	20			$	-			$	-			$	20			$	(15	)
Construction and land			162				-				-				162				(36	)
Commercial real estate			7				-				-				7				14
Commercial			172				-				-				172				52
Agriculture			286				-				-				286				(38	)
Real estate owned:
Commercial real estate			149				-				-				149				(26	)

						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 September 30, 2017 and December 31, 2016.

(Dollars in thousands)		Fair value				Valuation technique		Unobservable inputs		Range
As of September 30, 2017
Impaired loans:
One-to-four family residential real estate		$	20			Sales comparison		Adjustment to appraised value			7%-40	%
Construction and land			162			Sales comparison		Adjustment to appraised value			6%-35	%
Commercial real estate			7			Sales comparison		Adjustment to appraised value			5%-40	%
Commercial			172			Sales comparison		Adjustment to comparable sales			15%-20	%
Agriculture			286			Sales comparison		Adjustment to appraised value			10%-25	%
Real estate owned:
Commercial real estate			149			Sales comparison		Adjustment to comparable sales			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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