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

9 Months Ended

Sep. 30, 2020

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, 2020 and December 31, 2019, including methods and assumptions utilized, are set forth below:

Schedule of Fair Value, by Balance Sheet Grouping 

(Dollars in thousands)		As of September 30, 2020
		Carrying
		amount				Level 1				Level 2				Level 3				Total
Financial assets:
Cash and cash equivalents		$	15,820			$	15,820			$	-			$	-			$	15,820
Investment securities available-for-sale			299,530				2,047				297,483				-				299,530
Bank stocks, at cost			4,459				n/a				n/a				n/a				n/a
Loans, net			728,150				-				-				743,867				743,867
Loans held for sale, net			18,253				-				18,253				-				18,253
Accrued interest receivable			5,295				10				1,613				3,672				5,295
Derivative financial instruments			2,366				-				2,366				-				2,366
Financial liabilities:
Non-maturity deposits		$	(830,344	)		$	(830,344	)		$	-			$	-			$	(830,344	)
Time deposits			(127,598	)			-				(127,916	)			-				(127,916	)
FHLB borrowings			(20,069	)			-				(20,064	)			-				(7,995	)
Subordinated debentures			(21,651	)			-				(15,164	)			-				(15,164	)
Other borrowings			(8,400	)			-				(8,400	)			-				(8,400	)
Accrued interest payable			(213	)			-				(213	)			-				(213	)
Derivative financial instruments			(227	)			-				(227	)			-				(227	)

		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
Accrued interest receivable			4,557				2				1,895				2,660				4,557
Derivative financial instruments			532				-				532				-				532
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 September 30, 2020 and December 31, 2019 allocated to the appropriate fair value hierarchy:

Schedule of Fair Value, Assets Measured On Recurring Basis 

(Dollars in thousands)
						As of September 30, 2020
						Fair value hierarchy
		Total				Level 1				Level 2				Level 3
Assets:
Available-for-sale investment securities:
U. S. treasury securities		$	2,047			$	2,047			$	-			$	-
U. S. federal agency obligations			18,988				-				18,988				-
Municipal obligations, tax exempt			141,877				-				141,877				-
Municipal obligations, taxable			48,379				-				48,379				-
Agency mortgage-backed securities			83,565				-				83,565				-
Certificates of deposit			4,674				-				4,674				-
Loans held for sale			18,253				-				18,253				-
Derivative financial instruments			2,366				-				2,366				-
Liabililties:
Derivative financial instruments			(227	)			-				(227	)			-

						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				-
Liabilities:
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:

Schedule of Fair Value Contractual Balance and Gain Loss On Loans Held for Sale 

		As of				As of
		September 30,				December 31,
(Dollars in thousands)		2020				2019
Aggregate fair value		$	18,253			$	8,497
Contractual balance			17,864				8,316
Gain		$	389			$	181

Schedule of Gains and Losses from Changes in Fair Value of Loans Held for Sale

Schedule of Gains and Losses from Changes in Fair Value of Loans Held for Sale 

		2020				2019				2020				2019
		Three months ended								Nine months ended
		September 30,								September 30,
(Dollars in thousands)		2020				2019				2020				2019
Interest income		$	148			$	139			$	344			$	309
Change in fair value			105				(115	)			208				87
Total change in fair value		$	253			$	24			$	552			$	396

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, 2020 and December 31, 2019.

Schedule of Fair Value Measurements On Nonrecurring, Valuation Techniques 

(Dollars in thousands)

Fair value

Valuation technique

Unobservable inputs

Range

As of September 30, 2020

Impaired loans:

One-to-four family residential real estate

$

87

Sales comparison

Adjustment to appraised value

0%

Commercial

78

Sales comparison

Adjustment to comparable sales

0%-68%

Real estate owned

1,488

Sales comparison

Adjustment to appraised value

10%

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

0%-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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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis.

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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).

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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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