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

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of Fair Value, by Balance Sheet Grouping

Fair value estimates of the Company’s financial instruments as of March 31, 2019 and December 31, 2018, including methods and assumptions utilized, are set forth below:

(Dollars in thousands)		As of March 31, 2019
		Carrying amount				Level 1				Level 2				Level 3				Total
Financial assets:
Cash and cash equivalents		$	14,333			$	14,333			$	-			$	-			$	14,333
Investment securities available-for-sale			387,392				2,281				385,111				-				387,392
Bank stocks, at cost			2,994				n/a				n/a				n/a				n/a
Loans, net			490,673				-				-				493,913				493,913
Loans held for sale			6,607				-				6,607				-				6,607
Derivative financial instruments			687				-				687				-				687
Accrued interest receivable			4,792				11				2,089				2,692				4,792
Financial liabilities:
Non-maturity deposits		$	(660,062	)		$	(660,062	)		$	-			$	-				(660,062	)
Time deposits			(161,739	)			-				(160,152	)			-				-
FHLB borrowings			(10,300	)			-				(10,300	)			-				(10,300	)
Subordinated debentures			(21,651	)			-				(19,652	)			-				-
Other borrowings			(16,813	)			-				(16,813	)			-				(16,813	)
Derivative financial instruments			(122	)			-				(122	)			-				(122	)
Accrued interest payable			(445	)			-				(445	)			-				(445	)

		As of December 31, 2018
		Carrying 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	)

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 March 31, 2019 and December 31, 2018, allocated to the appropriate fair value hierarchy:

(Dollars in thousands)						As of March 31, 2019
						Fair value hierarchy
		Total				Level 1				Level 2				Level 3
Assets:
Available-for-sale investment securities:
U. S. treasury securities		$	2,281			$	2,281			$	-			$	-
U. S. federal agency obligations			6,885				-				6,885				-
Municipal obligations, tax exempt			160,667				-				160,667				-
Municipal obligations, taxable			54,514				-				54,514				-
Mortgage-backed securities			155,622				-				155,622				-
Certificates of deposit			7,423				-				7,423				-
Loans held for sale			6,607				-				6,607				-
Derivative financial instruments			687				-				687				-
Liability:
Derivative financial instruments			(122	)			-				(122	)			-

						As of December 31, 2018
						Fair value hierarchy
		Total				Level 1				Level 2				Level 3
Assets:
Available-for-sale investment 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	)			-

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 March 31,				As of December 31,
(Dollars in thousands)		2019				2018
Aggregate fair value		$	6,607			$	4,743
Contractual balance			6,403				4,687
Gain		$	204			$	56

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
		March 31,
(Dollars in thousands)		2019				2018
Interest income		$	51			$	48
Change in fair value			148				(99	)
Total change in fair value		$	199			$	(51	)

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 March 31, 2019 and December 31, 2018 allocated to the appropriate fair value hierarchy:

(Dollars in thousands)
						As of March 31, 2019												Total
						Fair value hierarchy												(losses)/
		Total				Level 1				Level 2				Level 3				gains
Assets:
Impaired loans:
One-to-four family residential real estate		$	162			$	-			$	-			$	162			$	(15	)
Construction and land			328				-				-				328				7
Commercial real estate			1,740				-				-				1,740				(173	)
Commercial			106				-				-				106				6

						As of December 31, 2018												Total
						Fair value hierarchy												(losses)/
		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			1,725				-				-				1,725				377
Commercial			55				-				-				55				(51	)
Agriculture			175				-				-				175				11

Schedule of Fair Value Measurements on Nonrecurring, Valuation Techniques

The following table presents quantitative information about Level 3 fair value measurements measured at fair value on a nonrecurring basis as of March 31, 2019 and December 31, 2018.

(Dollars in thousands)
		Fair value				Valuation technique		Unobservable inputs		Range
As of March 31, 2019
Impaired loans:
One-to-four family residential real estate		$	162			Sales comparison		Adjustment to appraised value			0%-47	%
Construction and land			328			Sales comparison		Adjustment to appraised value			20%-25	%
Commercial real estate			1,740			Sales comparison		Adjustment to appraised value			0%-20	%
Commercial			106			Sales comparison		Adjustment to comparable sales			15%-28	%
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			55			Sales comparison		Adjustment to comparable sales			0%-15	%
Agriculture			175			Sales comparison		Adjustment to appraised value			0	%

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