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

3 Months Ended

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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