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

6 Months Ended

Jun. 30, 2020

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)

		June 30, 2020
			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	$	156,611	$	156,611	$	—	$	—	$	156,611
Investment securities available for sale		599,333		—		599,333		—		599,333
Loans and leases, net held for investment		2,195,837		—		—		2,240,456		2,240,456
Collateral dependent impaired loans		83		—		83		—		83
Financial liabilities:
Deposits		2,506,754		949,662		1,557,228		—		2,506,890
Repurchase agreements		41,449		—		41,449		—		41,449
Short term borrowings		163,000		—		162,981		—		162,981
Subordinated debentures		35,035		—		24,507		—		24,507

		December 31, 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	$	80,077	$	80,076	$	—	$	—	$	80,076
Investment securities available for sale		600,799		—		600,799		—		600,799
Loans and leases, net held for investment		1,753,846		—		—		1,761,461		1,761,461
Collateral dependent impaired loans		1,692		—		1,692		—		1,692
Financial liabilities:
Deposits		2,168,374		690,950		1,477,497		—		2,168,447
Repurchase agreements		25,711		—		25,711		—		25,711
Short term borrowings		20,000		—		2,000		—		2,000
Subordinated debentures		34,945		—		30,564		—		30,564

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 June 30, 2020, 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	$	—	$	1,850	$	—	$	1,850	$	—
Mortgage-backed securities		—		375,485		—		375,485		—
State and political subdivisions		—		221,998		—		221,998		—
Total available-for-sale securities	$	—	$	599,333	$	—	$	599,333	$	—

	Fair Value Measurements at December 31, 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	$	—	$	12,145	$	—	$	12,145	$	—
Mortgage-backed securities		—		400,389		—		400,389		—
State and political subdivisions		—		188,265		—		188,265		—
Total available-for-sale securities	$	—	$	600,799	$	—	$	600,799	$	—

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 June 30, 2020, 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		—		83		—		83
Commercial real estate - non-owner occupied		—		—		—		—
Farmland		—		—		—		—
Total real estate		—		83		—		83
Agricultural		—		—		—		—
Commercial and industrial		—		—		—		—
Consumer loans		—		—		—		—
Total impaired loans	$	—	$	83	$	—	$	83
Foreclosed assets	$	—	$	2,893	$	—	$	2,893
Total assets measured on a nonrecurring basis	$	—	$	2,976	$	—	$	2,976

	Fair Value Measurements at December 31, 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		—		88		—		88
Commercial real estate - non-owner occupied		—		1,605		—		1,605
Farmland		—		—		—		—
Total real estate		—		1,693		—		1,693
Agricultural		—		—		—		—
Commercial and industrial		—		—		—		—
Consumer loans		—		—		—		—
Total impaired loans	$	—	$	1,693	$	—	$	1,693
Foreclosed assets	$	—	$	800	$	—	$	800
Total assets measured on a nonrecurring basis	$	—	$	2,493	$	—	$	2,493