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

6 Months Ended

Jun. 30, 2018

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, 2018 and December 31, 2017, including methods and assumptions utilized, are set forth below:

(Dollars in thousands)		As of June 30, 2018
		Carrying
		amount				Level 1				Level 2				Level 3				Total
Financial assets:
Cash and cash equivalents		$	19,883			$	19,883			$	-			$	-			$	19,883
Investment securities available-for-sale			398,137				1,952				396,185				-				398,137
Bank stocks, at cost			6,034				n/a				n/a				n/a				n/a
Loans, net			461,396				-				-				480,331				480,331
Loans held for sale, net			11,764				-				11,764				-				11,764
Derivative financial instruments			695				-				695				-				695
Accrued interest receivable			4,459				20				2,279				2,160				4,459
Financial liabilities:
Non-maturity deposits		$	(642,106	)		$	(642,106	)		$	-			$	-			$	(642,106	)
Time deposits			(123,185	)			-				(120,775	)			-				(120,775	)
FHLB borrowings			(85,600	)			-				(85,613	)			-				(85,613	)
Subordinated debentures			(21,584	)			-				(19,522	)			-				(19,522	)
Other borrowings			(8,417	)			-				(8,417	)			-				(8,417	)
Derivative financial instruments			(97	)			-				(97	)			-				(97	)
Accrued interest payable			(349	)			-				(349	)			-				(349	)

		As of December 31, 2017
		Carrying
		amount				Level 1				Level 2				Level 3				Total
Financial assets:
Cash and cash equivalents		$	16,584			$	16,584			$	-			$	-			$	16,584
Investment securities available-for-sale			387,983				1,998				385,985				-				387,983
Bank stocks, at cost			5,423				n/a				n/a				n/a				n/a
Loans, net			433,743				-				-				436,910				436,910
Loans held for sale			6,535				-				6,535				-				6,535
Derivative financial instruments			395				-				395				-				395
Accrued interest receivable			4,409				20				2,234				2,155				4,409
Financial liabilities:
Non-maturity deposits			(642,281	)			(642,281	)			-				-				(642,281	)
Time deposits			(123,277	)			-				(121,298	)			-				(121,298	)
FHLB borrowings			(31,600	)			-				(31,706	)			-				(31,706	)
Subordinated debentures			(21,484	)			-				(19,134	)			-				(19,134	)
Other borrowings			(13,509	)			-				(13,509	)			-				(13,509	)
Accrued interest payable			(274	)			-				(274	)			-				(274	)

Schedule of Fair Value, Assets Measured on Recurring Basis

The following tables represent the Company’s financial instruments that are measured at fair value on a recurring basis at June 30, 2018 and December 31, 2017 allocated to the appropriate fair value hierarchy:

(Dollars in thousands)						As of June 30, 2018
						Fair value hierarchy
		Total				Level 1				Level 2				Level 3
Assets:
Available-for-sale investment securities:
U. S. treasury securities		$	1,952			$	1,952			$	-			$	-
U. S. federal agency obligations			13,677				-				13,677				-
Municipal obligations, tax exempt			179,539				-				179,539				-
Municipal obligations, taxable			54,640				-				54,640				-
Agency mortgage-backed securities			140,549				-				140,549				-
Certificates of deposit			7,780				-				7,780				-
Loans held for sale			11,764				-				11,764				-
Derivative financial instruments			695				-				695				-
Liability:
Derivative financial instruments			(97	)			-				(97	)			-

						As of December 31, 2017
						Fair value hierarchy
		Total				Level 1				Level 2				Level 3
Assets:
Available-for-sale investment securities:
U. S. treasury securities		$	1,990			$	1,990			$	-			$	-
U. S. federal agency obligations			16,492				-				16,492				-
Municipal obligations, tax exempt			184,738				-				184,738				-
Municipal obligations, taxable			57,976				-				57,976				-
Agency mortgage-backed securities			117,555				-				117,555				-
Certificates of deposit			9,224				-				9,224				-
Common stocks			8				8				-				-
Loans held for sale			6,535				-				6,535				-
Derivative financial instruments			395				-				395				-

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, 2018				December 31, 2017
Aggregate fair value		$	11,764			$	6,535
Contractual balance			11,484				6,420
Gain		$	280			$	115

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								Six months ended
		June 30,								June 30,
(Dollars in thousands)		2018				2017				2018				2017
Interest income		$	98			$	79			$	146			$	124
Change in fair value			264				60				165				169
Total change in fair value		$	362			$	139			$	311			$	293

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

The following tables represent the Company’s financial instruments that are measured at fair value on a non-recurring basis as of June 30, 2018 and December 31, 2017 allocated to the appropriate fair value hierarchy:

(Dollars in thousands)
						As of June 30, 2018												Total
						Fair value hierarchy												(losses)/
		Total				Level 1				Level 2				Level 3				gains
Assets:
Impaired loans:
One-to-four family residential real estate		$	171			$	-			$	-			$	171			$	(15	)
Commercial real estate			1,779				-				-				1,779				2
Commercial			1,301				-				-				1,301				(338	)
Agriculture			233				-				-				233				(1	)

						As of December 31, 2017												Total
						Fair value hierarchy												(losses)/
		Total				Level 1				Level 2				Level 3				gains
Assets:
Impaired loans:
One-to-four family residential real estate		$	171			$	-			$	-			$	171			$	(73	)
Construction and land			1,499				-				-				1,499				(102	)
Commercial real estate			33				-				-				33				12
Commercial			1,600				-				-				1,600				(304	)
Agriculture			264				-				-				264				65
Real estate owned:
One-to-four family residential real estate			325				-				-				325				(68	)
Commercial real estate			85				-				-				85				(50	)

Schedule of Fair Value Measurements on 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, 2018 and December 31, 2017.

(Dollars in thousands)
		Fair value				Valuation technique		Unobservable inputs		Range
As of June 30, 2018
Impaired loans:
One-to-four family residential real estate		$	171			Sales comparison		Adjustment to appraised value			7%-50	%
Commercial real estate			1,799			Sales comparison		Adjustment to appraised value			7%-25	%
Commercial			1,301			Sales comparison		Adjustment to comparable sales			10%-25	%
Agriculture			233			Sales comparison		Adjustment to appraised value			0%-50	%
As of December 31, 2017
Impaired loans:
One-to-four family residential real estate		$	171			Sales comparison		Adjustment to appraised value			16%-50	%
Construction and land			1,499			Sales comparison		Adjustment to appraised value			0%-25	%
Commercial real estate			33			Sales comparison		Adjustment to appraised value			0%-91	%
Commercial			1,600			Sales comparison		Adjustment to comparable sales			15%-50	%
Agriculture			264			Sales comparison		Adjustment to appraised value			0%-50	%
Real estate owned:
One-to-four family residential real estate			325			Sales comparison		Adjustment to appraised value			10	%
Commercial real estate			85			Sales comparison		Adjustment to appraised value			10	%

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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).

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