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Fair Value (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value [Abstract]

Assets And Liabilities Measured At Fair Value On A Recurring Basis, Including Financial Assets And Liabilities




	Fair Value Measurements at March 31, 2019 using Significant Other Observable Inputs
	(Level 2)
	(unaudited)
Financial Assets:
Securities available for sale:
Issued by U.S. government-sponsored entities and agencies:
U.S. Treasury	$	8,927
Mortgage-backed securities - residential		161
Collateralized mortgage obligations		56
Total securities available for sale	$	9,144
Loans held for sale	$	27,920
Yield maintenance provisions (embedded derivatives)	$	5
Interest rate lock commitments	$	1,325
Financial Liabilities:
Interest-rate swaps	$	5
TBA Mortgage-back securities	$	379






	Fair Value Measurements at December 31, 2018 using Significant Other Observable Inputs
	(Level 2)
Financial Assets:
Securities available for sale:
Issued by U.S. government-sponsored entities and agencies:
U.S. Treasury	$	9,881
Mortgage-backed securities - residential		170
Collateralized mortgage obligations		63
Total securities available for sale	$	10,114
Loans held for sale	$	17,385
Yield maintenance provisions (embedded derivatives)	$	17
Interest rate lock commitments	$	721
Financial Liabilities:
Interest-rate swaps	$	17
TBA Mortgage-backed securities	$	342



Assets And Liabilities Measured At Fair Value On A Non-Recurring Basis

Assets and liabilities measured at fair value on a non-recurring basis are summarized below:




Fair Value Measurements at March 31, 2019 Using
Significant Unobservable Inputs (Level 3)
(unaudited)
Impaired loans:
Commercial	$	97
Real Estate:
Single-family residential		109
Commercial:
Non-owner occupied		4,476
Total impaired loans	$	4,682






Fair Value Measurements at December 31, 2018 Using
Significant Unobservable Inputs (Level 3)

Impaired loans:
Commercial	$	100
Real Estate:
Single-family residential		110
Commercial:
Non-owner occupied		2,804
Total impaired loans	$	3,014



Financial Instruments Measured At Fair Value On A Non-Recurring Basis

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at March 31, 2019 (unaudited):


		Fair Value		Valuation Technique(s)		Unobservable Inputs		(Range) Weighted Average
Impaired loans:
Commercial	$	97		Comparable sales approach		Adjustment for differences between the comparable market transactions		3.48%
Real estate:
Single-family residential		109		Comparable sales approach		Adjustment for differences between the comparable market transactions		3.61%
Commercial:
Non-owner occupied		4,476		Comparable sales approach		Adjustment for differences between the comparable market transactions		(-2.58%,  8.61%) 2.15%





The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2018:


		Fair Value		Valuation Technique(s)		Unobservable Inputs		(Range) Weighted Average
Impaired loans:
Commercial	$	100		Comparable sales approach		Adjustment for differences between the comparable market transactions		3.48%
Real estate:
Single -family residential		110		Comparable sales approach		Adjustment for differences between the comparable market transactions		3.61%
Commercial:
Non-owner occupied		2,804		Comparable sales approach		Adjustment for differences between the comparable market transactions		(3.48%,  8.61%) 5.02%



Aggregate Fair Value, Contractual Balance (Including Accrued Interest) And Gain Or Loss



	March 31, 2019			December 31, 2018
	(unaudited)
Aggregate fair value	$	27,920		$	17,385
Contractual balance		27,282			17,008
Gain (loss)	$	638		$	377



Amount Of Gains And Losses From Changes In Fair Value Included In Earnings


	Three months ended March 31,
	2019			2018
	(unaudited)
Interest income	$	214		$	25
Interest expense		-			-
Change in fair value		261			58
Total change in fair value	$	475		$	83



Carrying Amounts And Estimated Fair Values Of Financial Instruments

The carrying amounts and estimated fair values of financial instruments at March 31, 2019 were as follows:




	Fair Value Measurements at March 31, 2019 Using:
	Carrying
(unaudited)	Value			Level 1			Level 2			Level 3			Total
Financial assets
Cash and cash equivalents	$	95,993		$	95,993		$	-		$	-		$	95,993
Interest-bearing deposits in other financial institutions		100			100			-			-			100
Securities available for sale		9,144			-			9,144			-			9,144
Loans held for sale		27,920			-			27,920			-			27,920
Loans and leases, net		564,556			-			-			557,068			557,068
FHLB and FRB stock		3,816			n/a			n/a			n/a			n/a
Accrued interest receivable		2,215			37			61			2,117			2,215
Yield maintenance provisions (embedded derivatives)		5			-			5			-			5
Interest rate lock commitments		1,325			-			1,325			-			1,325

Financial liabilities
Deposits	$	(631,829)		$	(324,063)		$	(308,894)		$	-		$	(632,957)
FHLB advances and other borrowings		(18,500)			-			(18,600)			-			(18,600)
Advances by borrowers for taxes and insurance		(398)			-			-			(398)			(398)
Subordinated debentures		(14,776)			-			(15,167)			-			(15,167)
Accrued interest payable		(444)			(16)			(428)			-			(444)
Interest-rate swaps		(5)			-			(5)			-			(5)
TBA mortgage-back securities		(379)			-			(379)			-			(379)



The carrying amounts and estimated fair values of financial instruments at December 31, 2018 were as follows:



	Fair Value Measurements at December 31, 2018 Using:
	Carrying
	Value			Level 1			Level 2			Level 3			Total
Financial assets
Cash and cash equivalents	$	67,304		$	67,304		$	-		$	-		$	67,304
Interest-bearing deposits in other financial institutions		100			100			-			-			100
Securities available for sale		10,114			-			10,114			-			10,114
Loans held for sale		17,385			-			17,385			-			17,385
Loans and leases, net		550,683			-			-			549,599			549,599
FHLB stock		3,476			n/a			n/a			n/a			n/a
Accrued interest receivable		2,181			45			40			2,097			2,182
Yield maintenance provisions (embedded derivatives)		17			-			17			-			17
Interest rate lock commitments		721			-			721			-			721

Financial liabilities
Deposits	$	(579,786)		$	(306,121)		$	(272,924)		$	-		$	(579,045)
FHLB advances and other borrowings		(19,500)			-			(19,589)			-			(19,589)
Advances by borrowers for taxes and insurance		(827)			-			-			(827)			(827)
Subordinated debentures		(14,767)			-			(14,280)			-			(14,280)
Accrued interest payable		(231)			-			(231)			-			(231)
Interest-rate swaps		(17)			-			(17)			-			(17)
TBA mortgage-backed securities		(342)			-			(342)			-			(342)



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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of the amount of gains or losses for the period included in earnings or resulted in a change to net assets, have arisen from the use of significant unobservable inputs (level 3) to measure the fair value of assets, liabilities, and financial instruments classified in shareholders' equity.

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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).

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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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