XML 34 R24.htm IDEA: XBRL DOCUMENT v3.20.2
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