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

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Schedule of Fair Value, by Balance Sheet Grouping

Fair value estimates of the Company’s financial instruments as of December 31, 2018 and 2017, including methods and assumptions utilized, are set forth below:

		As of December 31, 2018
		Carrying
(Dollars in thousands)		amount				Level 1				Level 2				Level 3				Total
Financial assets:
Cash and cash equivalents		$	19,114			$	19,114			$	-			$	-			$	19,114
Investment securities available for sale			388,345				1,971				386,374				-				388,345
Bank stocks, at cost			4,776				n/a				n/a				n/a				n/a
Loans, net			489,373				-				-				494,473				494,473
Loans held for sale			4,743				-				4,743				-				4,743
Derivative financial instruments			522				-				522				-				522
Accrued interest receivable			4,631				-				2,194				2,437				4,631
Financial liabilities:
Non-maturity deposits		$	(656,628	)		$	(656,628	)		$	-			$	-				(656,628	)
Time deposits			(167,020	)			-				(164,994	)			-				(164,994	)
FHLB borrowings			(20,000	)			-				(20,000	)			-				(20,000	)
Subordinated debentures			(21,651	)			-				(19,678	)			-				(19,678	)
Other borrowings			(15,246	)			-				(15,246	)			-				(15,246	)
Accrued interest payable			(442	)			-				(442	)			-				(442	)
Derivative financial instruments			(25	)			-				(25	)			-				(25	)

		As of December 31, 2017
		Carrying
(Dollars in thousands)		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 table represents the Company’s financial instruments that are measured at fair value on a recurring basis at December 31, 2018 and 2017, allocated to the appropriate fair value hierarchy:

						As of December 31, 2018
						Fair value hierarchy
(Dollars in thousands)		Total				Level 1				Level 2				Level 3
Assets:
Available-for-sale securities
U. S. treasury securities		$	1,971			$	1,971			$	-			$	-
U. S. federal agency obligations			10,361				-				10,361				-
Municipal obligations, tax exempt			159,112				-				159,112				-
Municipal obligations, taxable			53,035				-				53,035				-
Agency mortgage-backed securities			156,076				-				156,076				-
Certificates of deposit			7,790				-				7,790				-
Loans held for sale			4,743				-				4,743				-
Derivative financial instruments			522				-				522				-
Liabilities:
Derivative financial instruments			(25	)			-				(25	)			-

						As of December 31, 2017
						Fair value hierarchy
(Dollars in thousands)		Total				Level 1				Level 2				Level 3
Assets:
Available-for-sale 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				-
Common stocks			8				8				-				-
Certificates of deposit			9,224				-				9,224				-
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 or loss on loans held for sale were as follows:

		As of December 31,
(Dollars in thousands)		2018				2017
Aggregate fair value		$	4,743			$	6,535
Contractual balance			4,687				6,420
Gain		$	56			$	115

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

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

		As of December 31,
(Dollars in thousands)		2018				2017
Interest income		$	333			$	259
Change in fair value			(59	)			78
Total change in fair value		$	274			$	337

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 December 31, 2018 and 2017 allocated to the appropriate fair value hierarchy:

						As of December 31, 2018												Total
						Fair value hierarchy												(losses)/
(Dollars in thousands)		Total				Level 1				Level 2				Level 3				gains
Assets:
Impaired loans:
One-to-four family residential real estate		$	110			$	-			$	-			$	110			$	(29	)
Construction and land			322				-				-				322				(103	)
Commercial real estate loans			1,725				-				-				1,725				377
Commercial loans			55				-				-				55				(51	)
Agriculture loans			175				-				-				175				11

						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 loans			33				-				-				33				12
Commercial loans			1,600				-				-				1,600				(304	)
Agriculture loans			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 measure at fair value on a non-recurring basis as of December 31, 2018 and 2017.

(Dollars in thousands)		Fair value				Valuation technique		Unobservable inputs		Range
As of December 31, 2018
Impaired loans:
One-to-four family residential real estate		$	110			Sales comparison		Adjustment to appraised value			0%-20	%
Construction and land			322			Sales comparison		Adjustment to appraised value			0%-25	%
Commercial real estate			1,725			Sales comparison		Adjustment to appraised value			0	%
Commercial loans			55			Sales comparison		Adjustment to comparable sales			0%-15	%
Agriculture loans			175			Sales comparison		Adjustment to appraised value			0	%
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 loans			1,600			Sales comparison		Adjustment to comparable sales			15%-50	%
Agriculture loans			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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