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

9 Months Ended

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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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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