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Fair Value of Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 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 September 30, 2018 and December 31, 2017, are set forth below:
(Dollars in thousands) |  | As of September 30, 2018 |
|  | Carrying |  |  | Fair Value |
|  | amount |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 16,286 |  |  | $ | 16,286 |  |  | $ | - |  |  | $ | - |  |  | $ | 16,286 |
Investment securities available-for-sale |  |  | 376,039 |  |  |  | 1,943 |  |  |  | 374,096 |  |  |  | - |  |  |  | 376,039 |
Bank stocks, at cost |  |  | 5,025 |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |
Loans, net |  |  | 475,497 |  |  |  | - |  |  |  | - |  |  |  | 481,975 |  |  |  | 481,975 |
Loans held for sale |  |  | 7,728 |  |  |  | - |  |  |  | 7,728 |  |  |  | - |  |  |  | 7,728 |
Derivative financial instruments |  |  | 680 |  |  |  | - |  |  |  | 680 |  |  |  | - |  |  |  | 680 |
Accrued interest receivable |  |  | 4,768 |  |  |  | 10 |  |  |  | 1,973 |  |  |  | 2,785 |  |  |  | 4,768 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-maturity deposits |  | $ | (620,869 | ) |  | $ | (620,869 | ) |  | $ | - |  |  | $ | - |  |  | $ | (620,869 | )
Time deposits |  |  | (146,407 | ) |  |  | - |  |  |  | (143,979 | ) |  |  | - |  |  |  | (143,979 | )
FHLB borrowings |  |  | (60,300 | ) |  |  | - |  |  |  | (60,304 | ) |  |  | - |  |  |  | (60,304 | )
Subordinated debentures |  |  | (21,634 | ) |  |  | - |  |  |  | (19,541 | ) |  |  | - |  |  |  | (19,541 | )
Other borrowings |  |  | (13,793 | ) |  |  | - |  |  |  | (13,793 | ) |  |  | - |  |  |  | (13,793 | )
Accrued interest payable |  |  | (402 | ) |  |  | - |  |  |  | (402 | ) |  |  | - |  |  |  | (402 | )
|  | As of December 31, 2017 |
|  | Carrying |  |  | Fair Value |
|  | 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 September 30, 2018 and December 31, 2017 allocated to the appropriate fair value hierarchy:
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  | As of September 30, 2018 |
|  |  |  |  | Fair value hierarchy |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale investment securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. treasury securities |  | $ | 1,943 |  |  | $ | 1,943 |  |  | $ | - |  |  | $ | - |
U. S. federal agency obligations |  |  | 15,089 |  |  |  | - |  |  |  | 15,089 |  |  |  | - |
Municipal obligations, tax exempt |  |  | 157,257 |  |  |  | - |  |  |  | 157,257 |  |  |  | - |
Municipal obligations, taxable |  |  | 52,991 |  |  |  | - |  |  |  | 52,991 |  |  |  | - |
Agency mortgage-backed securities |  |  | 140,979 |  |  |  | - |  |  |  | 140,979 |  |  |  | - |
Certificates of deposit |  |  | 7,780 |  |  |  | - |  |  |  | 7,780 |  |  |  | - |
Loans held for sale |  |  | 7,728 |  |  |  | - |  |  |  | 7,728 |  |  |  | - |
Derivative financial instruments |  |  | 680 |  |  |  | - |  |  |  | 680 |  |  |  | - |
|  |  |  |  | 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 |
|  | September 30, |  |  | December 31, |
(Dollars in thousands) |  | 2018 |  |  | 2017 |
Aggregate fair value |  | $ | 7,728 |  |  | $ | 6,535 |
Contractual balance |  |  | 7,633 |  |  |  | 6,420 |
Gain |  | $ | 95 |  |  | $ | 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 |  |  | Nine months ended |
|  | September 30, |  |  | September 30, |
(Dollars in thousands) |  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Interest income |  | $ | 100 |  |  | $ | 73 |  |  | $ | 246 |  |  | $ | 197 |
Change in fair value |  |  | (185 | ) |  |  | (86 | ) |  |  | (20 | ) |  |  | 83 |
Total change in fair value |  | $ | (85 | ) |  | $ | (13 | ) |  | $ | 226 |  |  | $ | 280 |
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 September 30, 2018 and December 31, 2017 allocated to the appropriate fair value hierarchy:
(Dollars in thousands) |  |  |
|  |  |  |  | As of September 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 |  | $ | 133 |  |  | $ | - |  |  | $ | - |  |  | $ | 133 |  |  | $ | (120 | )
Commercial real estate |  |  | 23 |  |  |  | - |  |  |  | - |  |  |  | 23 |  |  |  | (278 | )
Commercial |  |  | 1,345 |  |  |  | - |  |  |  | - |  |  |  | 1,345 |  |  |  | 3 |
Real estate owned: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential real estate |  |  | 51 |  |  |  | - |  |  |  | - |  |  |  | 51 |  |  |  | (12 | )
|  |  |  |  | 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 September 30, 2018 and December 31, 2017.
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |
|  | Fair value |  |  | Valuation technique |  | Unobservable inputs |  | Range |
As of September 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans: |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential real estate |  | $ | 133 |  |  | Sales comparison |  | Adjustment to appraised value |  |  | 0%-20 | %
Commercial real estate |  |  | 23 |  |  | Sales comparison |  | Adjustment to appraised value |  |  | 0 | %
Commercial |  |  | 1,345 |  |  | Sales comparison |  | Adjustment to comparable sales |  |  | 15%-90 | %
Real estate owned: |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential real estate |  |  | 51 |  |  | Sales comparison |  | Adjustment to appraised value |  |  | 6%-10 | %
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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