Fair Value Disclosures and Reporting, the Fair Value Option and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Schedule of carrying amount and estimated fair values of financial instruments

Estimated fair values for the Company’s financial instruments are as follows, as of the dates noted:

Fair Value of Financial Instruments

(dollars in thousands, unaudited)

		September 30, 2019
			Fair Value Measurements
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Financial assets:
Cash and cash equivalents	$	80,689	$	80,689	$	—	$	—	$	80,689
Investment securities available for sale		599,906		—		599,906		—		599,906
Loans and leases, net held for investment		1,787,406		—		1,807,104		—		1,807,104
Collateral dependent impaired loans		2,000		—		2,000		—		2,000
Financial liabilities:
Deposits		2,196,207		685,528		1,510,840		—		2,196,368
Repurchase agreements		25,157		25,157		—		—		25,157
Short term borrowings		42,200		—		42,200		—		42,200
Subordinated debentures		34,901		—		31,024		—		31,024

		December 31, 2018
			Fair Value Measurements
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Financial assets:
Cash and cash equivalents	$	74,132	$	74,132	$	—	$	—	$	74,132
Investment securities available for sale		560,479		—		560,479		—		560,479
Loans and leases, net held for investment		1,724,575		—		1,707,463		—		1,707,463
Collateral dependent impaired loans		205		—		205		—		205
Financial liabilities:
Deposits		2,116,340		662,527		1,453,048		—		2,115,575
Repurchase agreements		16,359		16,359		—		—		16,359
Short term borrowings		56,100		—		56,100		—		56,100
Subordinated debentures		34,767		—		30,311		—		30,311

Schedule of assets reported at fair value on a recurring basis

Assets reported at fair value on a recurring basis are summarized below:

Fair Value Measurements – Recurring

(dollars in thousands, unaudited)

	Fair Value Measurements at September 30, 2019, using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total		Realized Gain/(Loss) (Level 3)
Securities:
U.S. government agencies	$	—	$	14,445	$	—	$	14,445	$	—
Mortgage-backed securities		—		411,803		—		411,803		—
State and political subdivisions		—		173,658		—		173,658		—
Total available-for-sale securities	$	—	$	599,906	$	—	$	599,906	$	—

	Fair Value Measurements at December 31, 2018, using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total		Realized Gain/(Loss) (Level 3)
Securities:
U.S. government agencies	$	—	$	15,212	$	—	$	15,212	$	—
Mortgage-backed securities		—		404,733		—		404,733		—
State and political subdivisions		—		140,534		—		140,534		—
Total available-for-sale securities	$	—	$	560,479	$	—	$	560,479	$	—

Schedule of assets reported at fair value on a nonrecurring basis

Assets reported at fair value on a nonrecurring basis are summarized below:

Fair Value Measurements – Nonrecurring

(dollars in thousands, unaudited)

	Fair Value Measurements at September 30, 2019, using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Impaired loans
Real estate:
1-4 family residential construction	$	—	$	—	$	—	$	—
Other construction/land		—		—		—		—
1-4 family - closed-end		—		—		—		—
Equity lines		—		—		—		—
Multi-family residential		—		—		—		—
Commercial real estate - owner occupied		—		91		—		91
Commercial real estate - non-owner occupied		—		1,909		—		1,909
Farmland		—		—		—		—
Total real estate		—		2,000		—		2,000
Agricultural		—		—		—		—
Commercial and industrial		—		—		—		—
Consumer loans		—		—		—		—
Total impaired loans	$	—	$	2,000	$	—	$	2,000
Foreclosed assets	$	—	$	762	$	—	$	762
Total assets measured on a nonrecurring basis	$	—	$	2,762	$	—	$	2,762

	Fair Value Measurements at December 31, 2018, using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Impaired loans
Real estate:
1-4 family residential construction	$	—	$	—	$	—	$	—
Other construction/land		—		27		—		27
1-4 family - closed-end		—		—		—		—
Equity lines		—		12		—		12
Multi-family residential		—		—		—		—
Commercial real estate - owner occupied		—		—		—		—
Commercial real estate - non-owner occupied		—		—		—		—
Farmland		—		—		—		—
Total real estate		—		39		—		39
Agricultural		—		—		—		—
Commercial and industrial		—		119		—		119
Consumer loans		—		47		—		47
Total impaired loans	$	—	$	205	$	—	$	205
Foreclosed assets	$	—	$	1,082	$	—	$	1,082
Total assets measured on a nonrecurring basis	$	—	$	1,287	$	—	$	1,287