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

6 Months Ended

Jun. 30, 2019

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, 2019 and December 31, 2018, including methods and assumptions utilized, are set forth below:

(Dollars in thousands)		As of June 30, 2019
		Carrying
		amount				Level 1				Level 2				Level 3				Total
Financial assets:
Cash and cash equivalents		$	14,299			$	14,299			$	-			$	-			$	14,299
Investment securities available-for-sale			382,295				2,310				379,985				-				382,295
Bank stocks, at cost			3,529				n/a				n/a				n/a				n/a
Loans, net			510,205				-				-				513,958				513,958
Loans held for sale, net			13,164				-				13,164				-				13,164
Accrued interest receivable			4,969				22				2,111				2,836				4,969
Derivative financial instruments			1,029				-				1,029				-				1,029
Financial liabilities:
Non-maturity deposits		$	(646,203	)		$	(646,203	)		$	-			$	-			$	(646,203	)
Time deposits			(183,329	)			-				(182,442	)			-				-
FHLB borrowings			(22,400	)			-				(22,400	)			-				(22,400	)
Subordinated debentures			(21,651	)			-				(19,617	)			-				-
Other borrowings			(14,283	)			-				(14,283	)			-				(14,283	)
Accrued interest payable			(522	)			-				(522	)			-				(522	)
Derivative financial instruments			(275	)			-				(275	)			-				(275	)

		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
Accrued interest receivable			4,631				-				2,194				2,437				4,631
Derivative financial instruments			522				-				522				-				522
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 June 30, 2019 and December 31, 2018 allocated to the appropriate fair value hierarchy:

(Dollars in thousands)						As of June 30, 2019
						Fair value hierarchy
		Total				Level 1				Level 2				Level 3
Assets:
Available-for-sale investment securities:
U. S. treasury securities		$	2,310			$	2,310			$	-			$	-
U. S. federal agency obligations			6,598				-				6,598				-
Municipal obligations, tax exempt			155,237				-				155,237				-
Municipal obligations, taxable			53,765				-				53,765				-
Agency mortgage-backed securities			158,407				-				158,407				-
Certificates of deposit			5,978				-				5,978				-
Loans held for sale			13,164				-				13,164				-
Derivative financial instruments			1,029				-				1,029				-
Liabililty:
Derivative financial instruments			(275	)			-				(275	)			-

						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				As of
(Dollars in thousands)		June 30, 2019				December 31, 2018
Aggregate fair value		$	13,164			$	4,743
Contractual balance			12,906				4,687
Gain		$	258			$	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								Six months ended
		June 30,								June 30,
(Dollars in thousands)		2019				2018				2019				2018
Interest income		$	119			$	98			$	170			$	146
Change in fair value			54				264				202				165
Total change in fair value		$	173			$	362			$	372			$	311

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

he following tables represent the Company’s financial instruments that are measured at fair value on a non-recurring basis as of June 30, 2019 and December 31, 2018 allocated to the appropriate fair value hierarchy:

(Dollars in thousands)						As of June 30, 2019												Total
						Fair value hierarchy												(losses)/
		Total				Level 1				Level 2				Level 3				gains
Assets:
Impaired loans:
One-to-four family residential real estate		$	128			$	-			$	-			$	128			$	28
Construction and land			429				-				-				429				(88	)
Commercial real estate			1,685				-				-				1,685				(207	)
Commercial			176				-				-				176				(88	)

						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 for impaired loans measured at fair value on a non-recurring basis as of June 30, 2019 and December 31, 2018.

(Dollars in thousands)		Fair value				Valuation technique		Unobservable inputs		Range
As of June 30, 2019
Impaired loans:
One-to-four family residential real estate		$	128			Sales comparison		Adjustment to appraised value			0%-47	%
Construction and land			429			Sales comparison		Adjustment to appraised value			20%-30	%
Commercial real estate			1,685			Sales comparison		Adjustment to appraised value			0%-20	%
Commercial			176			Sales comparison		Adjustment to comparable sales			0%-50	%
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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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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-Name Accounting Standards Codification
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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).

+ References

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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