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

9 Months Ended

Sep. 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 September 30, 2019 and December 31, 2018, including methods and assumptions utilized, are set forth below:

(Dollars in thousands)		As of September 30, 2019
		Carrying
		amount				Level 1				Level 2				Level 3				Total
Financial assets:
Cash and cash equivalents		$	21,736			$	21,736			$	-			$	-			$	21,736
Investment securities available-for-sale			369,317				2,314				367,003				-				369,317
Bank stocks, at cost			3,231				n/a				n/a				n/a				n/a
Loans, net			520,133				-				-				526,049				526,049
Loans held for sale, net			15,049				-				15,049				-				15,049
Accrued interest receivable			4,958				11				1,977				2,970				4,958
Derivative financial instruments			858				-				858				-				858
Financial liabilities:
Non-maturity deposits		$	(636,328	)		$	(636,328	)		$	-			$	-			$	(636,328	)
Time deposits			(197,426	)			-				(196,600	)			-				(196,600	)
FHLB borrowings			(17,200	)			-				(17,200	)			-				(17,200	)
Subordinated debentures			(21,651	)			-				(19,563	)			-				(19,563	)
Other borrowings			(16,279	)			-				(16,279	)			-				(16,279	)
Accrued interest payable			(572	)			-				(572	)			-				(572	)
Derivative financial instruments			(20	)			-				(20	)			-				(20	)

		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 September 30, 2019 and December 31, 2018 allocated to the appropriate fair value hierarchy:

(Dollars in thousands)
						As of September 30, 2019
						Fair value hierarchy
		Total				Level 1				Level 2				Level 3
Assets:
Available-for-sale investment securities:
U. S. treasury securities		$	2,314			$	2,314			$	-			$	-
U. S. federal agency obligations			4,113				-				4,113				-
Municipal obligations, tax exempt			152,678				-				152,678				-
Municipal obligations, taxable			49,097				-				49,097				-
Agency mortgage-backed securities			157,772				-				157,772				-
Certificates of deposit			3,343				-				3,343				-
Loans held for sale			15,049				-				15,049				-
Derivative financial instruments			858				-				858				-
Liabililty:
Derivative financial instruments			(20	)			-				(20	)			-

						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)			September 30, 2019				December 31, 2018
Aggregate fair value		$	15,049			$	4,743
Contractual balance			14,906				4,687
Gain		$	143			$	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								Nine months ended
		September 30,								September 30,
(Dollars in thousands)		2019				2018				2019				2018
Interest income		$	139			$	100			$	309			$	246
Change in fair value			(115	)			(185	)			87				(20	)
Total change in fair value		$	24			$	(85	)		$	396			$	226

Schedule of Fair Value, Assets Measured on Nonrecurring Basis

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

(Dollars in thousands)
						As of September 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		$	54			$	-			$	-			$	54			$	(222	)
Construction and land			185				-				-				185				(6	)
Commercial real estate			91				-				-				91				(112	)
Commercial			691				-				-				691				(164	)
Real estate owned:
One-to-four family residential real estate			14				-				-				14				(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 for impaired loans measured at fair value on a non-recurring basis as of September 30, 2019 and December 31, 2018.

(Dollars in thousands)
		Fair value				Valuation technique		Unobservable inputs		Range
As of September 30, 2019
Impaired loans:
One-to-four family residential real estate		$	54			Sales comparison		Adjustment to appraised value			0%-25	%
Construction and land			185			Sales comparison		Adjustment to appraised value			25	%
Commercial real estate			91			Sales comparison		Adjustment to appraised value			20	%
Commercial			691			Sales comparison		Adjustment to comparable sales			0%-75	%
Real estate owned:
One-to-four family residential real estate			14			Sales comparison		Adjustment to appraised value			15	%
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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