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Fair Value of Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2020
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, 2020 and December 31, 2019, including methods and assumptions utilized, are set forth below:
(Dollars in thousands) |  | As of March 31, 2020 |
|  | Carrying |  |  |  |  |  |  |  |  |  |  |  |  |
|  | amount |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 28,782 |  |  | $ | 28,782 |  |  | $ | - |  |  | $ | - |  |  | $ | 28,782 |
Investment securities available-for-sale |  |  | 314,489 |  |  |  | 2,057 |  |  |  | 312,432 |  |  |  | - |  |  |  | 314,489 |
Bank stocks, at cost |  |  | 3,344 |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |
Loans, net |  |  | 553,736 |  |  |  | - |  |  |  | - |  |  |  | 564,022 |  |  |  | 564,022 |
Loans held for sale |  |  | 9,753 |  |  |  | - |  |  |  | 9,753 |  |  |  | - |  |  |  | 9,753 |
Derivative financial instruments |  |  | 1,576 |  |  |  | - |  |  |  | 1,576 |  |  |  | - |  |  |  | 1,576 |
Accrued interest receivable |  |  | 4,508 |  |  |  | 10 |  |  |  | 1,716 |  |  |  | 2,782 |  |  |  | 4,508 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-maturity deposits |  | $ | (696,317 | ) |  | $ | (696,317 | ) |  | $ | - |  |  | $ | - |  |  |  | (696,317 | )
Time deposits |  |  | (134,163 | ) |  |  | - |  |  |  | (134,491 | ) |  |  | - |  |  |  | (134,491 | )
FHLB borrowings |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Subordinated debentures |  |  | (21,651 | ) |  |  | - |  |  |  | (19,232 | ) |  |  | - |  |  |  | (19,232 | )
Other borrowings |  |  | (9,202 | ) |  |  | - |  |  |  | (9,202 | ) |  |  | - |  |  |  | (9,202 | )
Accrued interest payable |  |  | (362 | ) |  |  | - |  |  |  | (362 | ) |  |  | - |  |  |  | (362 | )
Derivative financial instruments |  |  | (1,128 | ) |  |  | - |  |  |  | (1,128 | ) |  |  | - |  |  |  | (1,128 | )
|  | 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 | )
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, 2020 and December 31, 2019, allocated to the appropriate fair value hierarchy:
(Dollars in thousands) |  |  |  |  | As of March 31, 2020 |
|  |  |  |  | Fair value hierarchy |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale investment securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. treasury securities |  | $ | 2,057 |  |  | $ | 2,057 |  |  | $ | - |  |  | $ | - |
U. S. federal agency obligations |  |  | 2,163 |  |  |  | - |  |  |  | 2,163 |  |  |  | - |
Municipal obligations, tax exempt |  |  | 141,683 |  |  |  | - |  |  |  | 141,683 |  |  |  | - |
Municipal obligations, taxable |  |  | 50,057 |  |  |  | - |  |  |  | 50,057 |  |  |  | - |
Agency mortgage-backed securities |  |  | 116,624 |  |  |  | - |  |  |  | 116,624 |  |  |  | - |
Certificates of deposit |  |  | 1,905 |  |  |  | - |  |  |  | 1,905 |  |  |  | - |
Loans held for sale |  |  | 9,753 |  |  |  | - |  |  |  | 9,753 |  |  |  | - |
Derivative financial instruments |  |  | 1,576 |  |  |  | - |  |  |  | 1,576 |  |  |  | - |
Liability: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments |  |  | (1,128 | ) |  |  | - |  |  |  | (1,128 | ) |  |  | - |
|  |  |  |  | As of December 31, 2019 |
|  |  |  |  | Fair value hierarchy |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale investment 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 |  |  |  | - |
Liability: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments |  |  | (50 | ) |  |  | - |  |  |  | (50 | ) |  |  | - |
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 |
|  | March 31, |  |  | December 31, |
(Dollars in thousands) |  | 2020 |  |  | 2019 |
Aggregate fair value |  | $ | 9,753 |  |  | $ | 8,497 |
Contractual balance |  |  | 9,707 |  |  |  | 8,316 |
Gain |  | $ | 46 |  |  | $ | 181 |
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) |  | 2020 |  |  | 2019 |
Interest income |  | $ | 56 |  |  | $ | 51 |
Change in fair value |  |  | (135 | ) |  |  | 148 |
Total change in fair value |  | $ | (79 | ) |  | $ | 199 |
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 March 31, 2020 and December 31, 2019 allocated to the appropriate fair value hierarchy:
(Dollars in thousands) |  |  |  |  |  |  |  |  |
|  |  |  |  | As of March 31, 2020 |  |  | 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 |  |  | $ | 1 |
Commercial real estate |  |  | 144 |  |  |  | - |  |  |  | - |  |  |  | 144 |  |  |  | 51 |
Commercial |  |  | 661 |  |  |  | - |  |  |  | - |  |  |  | 661 |  |  |  | (31 | )
Agriculture |  |  | 140 |  |  |  | - |  |  |  | - |  |  |  | 140 |  |  |  | 70 |
|  |  |  |  | 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 |  |  | 100 |  |  |  | - |  |  |  | - |  |  |  | 100 |  |  |  | (103 | )
Commercial |  |  | 678 |  |  |  | - |  |  |  | - |  |  |  | 678 |  |  |  | (177 | )
Agriculture |  |  | 405 |  |  |  | - |  |  |  | - |  |  |  | 405 |  |  |  | (93 | )
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, 2020 and December 31, 2019.
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |
|  | Fair value |  |  | Valuation technique |  | Unobservable inputs |  | Range |
As of March 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans: |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential real estate |  | $ | 240 |  |  | Sales comparison |  | Adjustment to appraised value |  |  | 0%-25 | %
Commercial real estate |  |  | 144 |  |  | Sales comparison |  | Adjustment to appraised value |  |  | 15 | %
Commercial |  |  | 661 |  |  | Sales comparison |  | Adjustment to comparable sales |  |  | 0%-69 | %
Agriculture |  |  | 140 |  |  | Sales comparison |  | Adjustment to appraised value |  |  | 0%-30 | %
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 |  |  | 678 |  |  | Sales comparison |  | Adjustment to comparable sales |  |  | 0%-75 | %
Agriculture |  |  | 405 |  |  | Sales comparison |  | Adjustment to appraised value |  |  | 0%-30 | %

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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