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Fair Value (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value [Abstract]

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




	Fair Value Measurements at June 30, 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	$	9,990
Mortgage-backed securities - residential		151
Collateralized mortgage obligations		48
Total securities available for sale	$	10,189
Loans held for sale	$	52,184
Yield maintenance provisions (embedded derivatives)	$	8
Interest rate lock commitments	$	2,480
Financial Liabilities:
Interest-rate swaps	$	8
TBA Mortgage-back securities	$	645






	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




Fair Value Measurements at June 30, 2019 Using
Significant Unobservable Inputs (Level 3)
(unaudited)
Impaired loans:
Commercial	$	93
Real Estate:
Single-family residential		109
Commercial:
Non-owner occupied		4,444
Total impaired loans	$	4,646






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 June 30, 2019 (unaudited):


		Fair Value		Valuation Technique(s)		Unobservable Inputs		(Range) Weighted Average
Impaired loans:
Commercial	$	93		Comparable sales approach		Adjustment for differences between the comparable market transactions		2.06%
Real estate:
Single-family residential		109		Comparable sales approach		Adjustment for differences between the comparable market transactions		3.61%
Commercial:
Non-owner occupied		4,444		Comparable sales approach		Adjustment for differences between the comparable market transactions		(-2.58%,  8.61%) 1.52%





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



	June 30, 2019			December 31, 2018
	(unaudited)
Aggregate fair value	$	52,184		$	17,385
Contractual balance		51,031			17,008
Gain (loss)	$	1,153		$	377



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


	Three months ended June 30,						Six months ended June 30,
	2019			2018			2019			2018
	(unaudited)						(unaudited)
Interest income	$	275		$	142		$	490		$	166
Interest expense		-			-			-			-
Change in fair value		516			216			776			274
Total change in fair value	$	791		$	358		$	1,266		$	440



Carrying Amounts And Estimated Fair Values Of Financial Instruments

The carrying amounts and estimated fair values of financial instruments at June 30, 2019 were as follows:




	Fair Value Measurements at June 30, 2019 Using:
	Carrying
(unaudited)	Value			Level 1			Level 2			Level 3			Total
Financial assets
Cash and cash equivalents	$	34,323		$	34,323		$	-		$	-		$	34,323
Interest-bearing deposits in other financial institutions		100			100			-			-			100
Securities available for sale		10,189			-			10,189			-			10,189
Loans held for sale		52,184			-			52,184			-			52,184
Loans and leases, net		598,695			-			-			591,720			591,720
FHLB and FRB stock		3,816			n/a			n/a			n/a			n/a
Accrued interest receivable		2,245			26			44			2,175			2,245
Yield maintenance provisions (embedded derivatives)		8			-			8			-			8
Interest rate lock commitments		2,480			-			2,480			-			2,480

Financial liabilities
Deposits	$	(628,586)		$	(328,081)		$	(303,660)		$	-		$	(631,741)
FHLB advances and other borrowings		(18,500)			-			(18,677)			-			(18,677)
Advances by borrowers for taxes and insurance		(340)			-			-			(340)			(340)
Subordinated debentures		(14,786)			-			(15,609)			-			(15,609)
Accrued interest payable		(239)			(20)			(219)			-			(239)
Interest-rate swaps		(8)			-			(8)			-			(8)
TBA mortgage-back securities		(645)			-			(645)			-			(645)



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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- Definition

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 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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Tabular disclosure of information about asset and liability measured at fair value under fair value option.

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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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