Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2017
Fair Value of Financial Instruments [Abstract]  
Fair Value Measurements on Differing Levels



 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



 

September 30, 2017



 

 

 

 

 

 

 

 

(Dollars in thousands)

 

Level 1

 

Level 2

 

Level 3

 

Fair Value

Assets Measured at Fair Value on a Recurring Basis

 

 

 

 

 

 

 

 

AFS Investment Securities:

 

 

 

 

 

 

 

 

US Government agency obligations

$

 -

$

 53,102 

$

 -

$

 53,102 

GSE mortgage-backed securities

 

 -

 

 29,772 

 

 -

 

 29,772 

Collateralized mortgage obligations GSE

 

 -

 

 12,308 

 

 -

 

 12,308 

Corporate bonds

 

 -

 

 10,904 

 

 -

 

 10,904 

State and municipal tax-exempt

 

 -

 

 1,922 

 

 -

 

 1,922 

Total

$

 -

$

 108,008 

$

 -

$

 108,008 



 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Assets Measured at Fair Value on a Nonrecurring Basis

 

 

 

 

 

 

 

 

Impaired loans

$

 -

$

 -

$

 1,803 

$

 1,803 

OREO and other repossessed property

 

 -

 

 -

 

 817 

 

 817 

Total

$

 -

$

 -

$

 2,620 

$

 2,620 









 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



 

December 31, 2016



 

 

 

 

 

 

 

 

(Dollars in thousands)

 

Level 1

 

Level 2

 

Level 3

 

Fair Value

Assets Measured at Fair Value on a Recurring Basis

 

 

 

 

 

 

 

 

AFS Investment Securities:

 

 

 

 

 

 

 

 

US Government agency obligations

$

 -

$

 52,309 

$

 -

$

 52,309 

GSE mortgage-backed securities

 

 -

 

 30,140 

 

 -

 

 30,140 

Collateralized mortgage obligations GSE

 

 -

 

 12,573 

 

 -

 

 12,573 

Corporate bonds

 

 -

 

 15,180 

 

 -

 

 15,180 

State and municipal tax-exempt

 

 -

 

 4,956 

 

 -

 

 4,956 

Asset-backed security

 

 -

 

 26 

 

 -

 

 26 

Total

$

 -

$

 115,184 

$

 -

$

 115,184 



 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Assets Measured at Fair Value on a Nonrecurring Basis

 

 

 

 

 

 

 

 

Impaired loans

$

 -

$

 -

$

 1,538 

$

 1,538 

OREO and other repossessed property

 

 -

 

 -

 

 2,485 

 

 2,485 

Total

$

 -

$

 -

$

 4,023 

$

 4,023 



Quantitative Information About Level 3 Fair Value Measurements



 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

September 30, 2017

Quantitative Information about Level 3 Fair Value Measurement

 



 

 

 

 

 

 

 

 



 

Fair Value

Valuation

 

Range

(Dollars in thousands)

 

Estimate

Techniques

Unobservable Input

(Weighted Average)

Impaired loans - Residential mortgage

$

 104 

Appraisal of

Appraisal adj. (2)

 0% 

to

 0%  (0%)



 

 

collateral (1)

Disposal costs (2)

-8%

to

-8%

(-8%)

Impaired loans - Commercial mortgage

 

 46 

Appraisal of

Appraisal adj. (2)

 0% 

to

 0%  (0%)



 

 

collateral (1)

Disposal costs (2)

-8%

to

-8%

(-8%)

Impaired loans - Commercial term

 

 1,485 

Appraisal of

Appraisal adj. (2)

 0% 

to

-50%

(-7%)



 

 

collateral (1)

Disposal costs (2)

 0% 

to

-9%

(-8%)

Impaired loans - Consumer other

 

 168 

Appraisal of

Appraisal adj. (2)

 0% 

to

 0%  (0%)



 

 

collateral (1)

Disposal costs (2)

-8%

to

-8%

(-8%)

Impaired loan total

$

 1,803 

 

 

 

 

 

 

Other real estate owned

$

 817 

 

Disposal costs (2)

 8% 

to

 8% 

(-8%)

(1)



(2)





 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

December 31, 2016

Quantitative Information about Level 3 Fair Value Measurement

 



 

 

 

 

 

 

 

 



 

Fair Value

Valuation

 

Range

(Dollars in thousands)

 

Estimate

Techniques

Unobservable Input

(Weighted Average)

Impaired loans - Residential mortgage

$

 964 

Appraisal of

Appraisal adj. (2)

 0% 

to

-25%

(-22%)



 

 

collateral (1)

Disposal costs (2)

-8%

to

-12%

(-9%)

Impaired loans - Commercial term

 

 79 

Appraisal of

Appraisal adj. (2)

-72%

to

-72%

(-72%)



 

 

collateral (1)

Disposal costs (2)

-11%

to

-11%

(-11%)

Impaired loans - Commercial construction

 

 358 

Appraisal of

Appraisal adj. (2)

 0% 

to

 0%  (0%)



 

 

collateral (1)

Disposal costs (2)

-8%

to

-8%

(-8%)

Impaired loans - Consumer other

 

 137 

Appraisal of

Appraisal adj. (2)

 0% 

to

 0%  (0%)



 

 

collateral (1)

Disposal costs (2)

-8%

to

-8%

(-8%)

Impaired loan total

$

 1,538 

 

 

 

 

 

 

Other real estate owned

$

 2,485 

 

Disposal costs (2)

-8%

to

-8%

(-8%)

(1)

Fair value is generally determined through independent appraisals or sales contracts of the underlying collateral, which generally include various level 3 inputs which are not identifiable.

(2)

Appraisals are adjusted by management for qualitative factors and disposal costs.

Carrying Amounts and Estimated Fair Values of Financial Instruments









 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 



 

September 30, 2017



 

 

 

 

 

 

 

 

 

 



 

Carrying

 

Fair

 

 

 

 

 

 

(Dollars in thousands)

 

Amount

 

Value

 

Level 1

 

Level 2

 

Level 3

Financial assets

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

 19,490 

$

 19,490 

$

 19,490 

$

 -

$

 -

AFS investment securities

 

 108,008 

 

 108,008 

 

 -

 

 108,008 

 

 -

HTM investment securities

 

 67,140 

 

 67,229 

 

 -

 

 65,229 

 

 2,000 

Restricted stock

 

 6,371 

 

 6,371 

 

 -

 

 6,371 

 

 -

Loans, net of allowance, including impaired

 

 814,159 

 

 802,324 

 

 -

 

 -

 

 802,324 

Accrued interest receivable

 

 3,791 

 

 3,791 

 

 -

 

 3,791 

 

 -

Financial liabilities

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

Non-interest-bearing deposits

 

 198,399 

 

 198,399 

 

 -

 

 198,399 

 

 -

Interest-bearing deposits

 

 494,355 

 

 494,355 

 

 -

 

 494,355 

 

 -

Time deposits

 

 136,759 

 

 136,106 

 

 -

 

 136,106 

 

 -

Brokered deposits

 

 41,815 

 

 42,786 

 

 -

 

 42,786 

 

 -

Repurchase agreements

 

 15,383 

 

 15,383 

 

 -

 

 15,383 

 

 -

FHLBP advances

 

 51,047 

 

 50,843 

 

 -

 

 50,843 

 

 -

Junior subordinated debentures and other borrowings

 

 9,279 

 

 9,037 

 

 -

 

 9,037 

 

 -

Subordinated debt

 

 9,750 

 

 11,295 

 

 -

 

 11,295 

 

 -

Accrued interest payable

 

 461 

 

 461 

 

 -

 

 461 

 

 -

Off-balance sheet instruments

 

 -

 

 -

 

 -

 

 -

 

 -







 

 

 

 

 

 

 

 

 

 









 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 



 

December 31, 2016



 

 

 

 

 

 

 

 

 

 



 

Carrying

 

Fair

 

 

 

 

 

 

(Dollars in thousands)

 

Amount

 

Value

 

Level 1

 

Level 2

 

Level 3

Financial assets

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

 22,103 

$

 22,103 

$

 22,103 

$

 -

$

 -

AFS investment securities

 

 115,184 

 

 115,184 

 

 -

 

 115,184 

 

 -

HTM investment securities

 

 67,022 

 

 66,124 

 

 -

 

 64,124 

 

 2,000 

Restricted stock

 

 5,381 

 

 5,381 

 

 -

 

 5,381 

 

 -

Loans, net of allowance, including impaired

 

 812,156 

 

 792,190 

 

 -

 

 -

 

 792,190 

Accrued interest receivable

 

 3,567 

 

 3,567 

 

 -

 

 3,567 

 

 -

Financial liabilities

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

Non-interest-bearing deposits

 

 173,467 

 

 173,467 

 

 -

 

 173,467 

 

 -

Interest-bearing deposits

 

 495,178 

 

 495,178 

 

 -

 

 495,178 

 

 -

Time deposits

 

 187,256 

 

 186,012 

 

 -

 

 186,012 

 

 -

Brokered deposits

 

 29,286 

 

 28,873 

 

 -

 

 28,873 

 

 -

Repurchase agreements

 

 11,889 

 

 11,889 

 

 -

 

 11,889 

 

 -

FHLBP advances

 

 55,332 

 

 54,734 

 

 -

 

 54,734 

 

 -

Junior subordinated debentures and other borrowings

 

 9,279 

 

 8,637 

 

 -

 

 8,637 

 

 -

Subordinated debt

 

 9,750 

 

 10,493 

 

 -

 

 10,493 

 

 -

Accrued interest payable

 

 534 

 

 534 

 

 -

 

 534 

 

 -

Off-balance sheet instruments

 

 -

 

 -

 

 -

 

 -

 

 -