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

12 Months Ended

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

Schedule of Fair Value, by Balance Sheet Grouping 

(Dollars in thousands)		As of December 31, 2020
		Carrying
		amount				Level 1				Level 2				Level 3				Total
Financial assets:
Cash and cash equivalents		$	84,818			$	84,818			$	-			$	-			$	84,818
Investment securities available for sale			297,270				2,037				295,233				-				297,270
Bank stocks, at cost			4,473				n/a				n/a				n/a				n/a
Loans, net			702,782				-				-				718,071				718,071
Loans held for sale			15,533				-				15,533				-				15,533
Accrued interest receivable			4,885				-				1,697				3,188				4,885
Derivative financial instruments			1,796				-				1,796				-				1,796
Financial liabilities:
Non-maturity deposits		$	(882,277	)		$	(882,277	)		$	-			$	-				(882,277	)
Time deposits			(133,750	)			-				(134,048	)			-				(134,048	)
FHLB borrowings			-				-				-				-				-
Subordinated debentures			(21,651	)			-				(15,232	)			-				(15,232	)
Other borrowings			(6,371	)			-				(6,371	)			-				(6,371	)
Accrued interest payable			(168	)			-				(168	)			-				(168	)
Derivative financial instruments			(466	)			-				(466	)			-				(466	)

(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
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 table represents the Company’s financial instruments that are measured at fair value on a recurring basis at December 31, 2020 and 2019, allocated to the appropriate fair value hierarchy:

Schedule of Fair Value, Assets Measured On Recurring Basis 

(Dollars in thousands)						As of December 31, 2020
						Fair value hierarchy
		Total				Level 1				Level 2				Level 3
Assets:
Available-for-sale securities
U. S. treasury securities		$	2,037			$	2,037			$	-			$	-
U. S. federal agency obligations			18,924				-				18,924				-
Municipal obligations, tax exempt			142,676				-				142,676				-
Municipal obligations, taxable			49,535				-				49,535				-
Agency mortgage-backed securities			78,638				-				78,638				-
Certificates of deposit			5,460				-				5,460				-
Loans held for sale			15,533				-				15,533				-
Derivative financial instruments			1,796				-				1,796				-
Liabilities:
Derivative financial instruments			(466	)			-				(466	)			-

(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	)			-

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:

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

		As of December 31,
(Dollars in thousands)		2020				2019
Aggregate fair value		$	15,533			$	8,497
Contractual balance			15,151				8,316
Gain		$	382			$	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				2018
		As of December 31,
(Dollars in thousands)		2020				2019				2018
Total change in fair value		$	848			$	(15	)		$	102

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, 2020 and 2019.

Schedule of Fair Value Measurements On Nonrecurring, Valuation Techniques 

(Dollars in thousands)
		Fair value				Valuation technique		Unobservable inputs		Range
As of December 31, 2020
Impaired loans:
Commercial real estate		$	3,640			Sales comparison		Adjustment to appraised value			20	%
Commercial loans			74			Sales comparison		Adjustment to comparable sales			0%-69	%
Agriculture loans			9			Sales comparison		Adjustment to appraised value			20	%
Real estate owned:
One-to-four family residential real estate			48			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			15	%
Commercial loans			678			Sales comparison		Adjustment to comparable sales			0%-75	%
Agriculture loans			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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