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

12 Months Ended

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

(Dollars in thousands)		As of December 31, 2019
		Carrying
		amount				Level 1				Level 2				Level 3				Total
Financial assets:
Cash and cash equivalents		$	13,694			$	13,694			$	-			$	-			$	13,694
Investment securities available for sale			362,998				2,316				360,682				-				362,998
Bank stocks, at cost			3,109				n/a				n/a				n/a				n/a
Loans, net			532,180				-				-				538,427				538,427
Loans held for sale			8,497				-				8,497				-				8,497
Derivative financial instruments			532				-				532				-				532
Accrued interest receivable			4,557				2				1,895				2,660				4,557
Financial liabilities:
Non-maturity deposits		$	(687,985	)		$	(687,985	)		$	-			$	-				(687,985	)
Time deposits			(147,063	)			-				(146,390	)			-				(146,390	)
FHLB borrowings			(3,000	)			-				(3,000	)			-				(3,000	)
Subordinated debentures			(21,651	)			-				(19,527	)			-				(19,527	)
Other borrowings			(17,548	)			-				(17,548	)			-				(17,548	)
Accrued interest payable			(404	)			-				(404	)			-				(404	)
Derivative financial instruments			(50	)			-				(50	)			-				(50	)

(Dollars in thousands)		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 table represents the Company’s financial instruments that are measured at fair value on a recurring basis at December 31, 2019 and 2018, allocated to the appropriate fair value hierarchy:

(Dollars in thousands)						As of December 31, 2019
						Fair value hierarchy
		Total				Level 1				Level 2				Level 3
Assets:
Available-for-sale securities
U. S. treasury securities		$	2,316			$	2,316			$	-			$	-
U. S. federal agency obligations			4,106				-				4,106				-
Municipal obligations, tax exempt			145,862				-				145,862				-
Municipal obligations, taxable			46,779				-				46,779				-
Agency mortgage-backed securities			162,031				-				162,031				-
Certificates of deposit			1,904				-				1,904				-
Loans held for sale			8,497				-				8,497				-
Derivative financial instruments			532				-				532				-
Liabilities:
Derivative financial instruments			(50	)			-				(50	)			-

(Dollars in thousands)						As of December 31, 2018
						Fair value hierarchy
		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	)			-

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)		2019				2018
Aggregate fair value		$	8,497			$	4,743
Contractual balance			8,316				4,687
Gain		$	181			$	56

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)		2019				2018				2017
Interest income		$	428			$	333			$	259
Change in fair value			125				(59	)			78
Total change in fair value		$	553			$	274			$	337

Schedule of Fair Value, Assets Measured On Nonrecurring Basis

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

(Dollars in thousands)						As of December 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		$	240			$	-			$	-			$	240			$	(15	)
Commercial real estate loans			100				-				-				100				(103	)
Commercial loans			678				-				-				678				(177	)
Agriculture loans			405				-				-				405				(93	)

						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 loans			1,725				-				-				1,725				377
Commercial loans			55				-				-				55				(51	)
Agriculture loans			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 measure at fair value on a non-recurring basis as of December 31, 2019 and 2018.

(Dollars in thousands)
		Fair value				Valuation technique		Unobservable inputs		Range
As of December 31, 2019
Impaired loans:
One-to-four family residential real estate		$	240			Sales comparison		Adjustment to appraised value			0%-25	%
Commercial real estate			100			Sales comparison		Adjustment to appraised value			15	%
Commercial loans			678			Sales comparison		Adjustment to comparable sales			0%-75	%
Agriculture loans			405			Sales comparison		Adjustment to appraised value			0%-30	%
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	%

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