Fair Value of Assets and liabilities (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018.

March 31, 2019 (Dollars in thousands)	Level 1		Level 2		Level 3		Total
Assets
Equity investments	$	—	$	—	$	8,699	$	8,699
Available for sale investment securities(1)		—		44,682		—		44,682
Total	$	—	$	44,682	$	8,699	$	53,381

(1) Total unrealized income of $669, net of tax, was included in accumulated other comprehensive income (loss) for the three months ended March 31, 2019 related to these assets.

December 31, 2018 (Dollars in thousands)	Level 1		Level 2		Level 3		Total
Assets
Equity investments	$	—	$	—	$	9,197	$	9,197
Available for sale investment securities(1)		—		45,324		—		45,324
Total	$	—	$	45,324	$	9,197	$	54,521

(1) Total unrealized losses of $82, net of tax, was included in accumulated other comprehensive income (loss) for the nine months ended December 31, 2018 related to these assets.

Schedule of Changes in Fair Value of the Company's Level 3 Assets and Liabilities

The following tables provide a summary of changes in fair value of the Company’s level 3 assets and liabilities for the quarter ended March 31, 2019, under Bank Holding Company Accounting, and for the quarter ended March 31, 2018 under Investment Company Accounting.

(Dollars in  thousands)	Equity Investments
December 31, 2018	$	9,197
Gains included in earnings		598
Purchases, investments, and issuances		50
Sales, maturities, settlements, and distributions		(1,146	)
March 31, 2019	$	8,699
Amounts related to held assets(1)	$	196

(1) Total realized and unrealized gains (losses) included in income for the period which relate to assets held as of March 31, 2019.

Summary of Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a non-recurring basis as of March 31, 2019 and December 31, 2018 under Bank Holding Company Accounting.

March 31, 2019 (Dollars in thousands)	Level 1		Level 2		Level 3		Total
Assets
Impaired loans	$	—	$	—	$	21,549	$	21,549
Loan collateral in process of foreclosure		—		—		49,808		49,808
Total	$	—	$	—	$	71,357	$	71,357
December 31, 2018 (Dollars in thousands)	Level 1		Level 2		Level 3		Total
Assets
Impaired loans	$	—	$	—	$	34,877	$	34,877
Loan collateral in process of foreclosure		—		—		49,495		49,495
Total	$	—	$	—	$	84,372	$	84,372

Summary of Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value Measurements of Assets and Liabilities

The valuation techniques and significant unobservable inputs used in recurring level 3 fair value measurements of assets and liabilities as of March 31, 2019 and December 31, 2018 were as follows under Bank Holding Company Accounting.

(Dollars in thousands)	Fair Value at 3/31/19		Valuation Techniques	Unobservable Inputs	Range (Weighted Average)
Equity Investments		5,488	Investee financial analysis	Financial condition and operating performance of the borrower		N/A
				Collateral support		N/A
		1,756	Investee book value adjusted for market appreciation	Financial condition and operating performance of the investee		N/A
			Precedent arm’s length offer	Business enterprise value	$	6,014 – $7,214
				Business enterprise value/revenue multiples		0.96x – 4.44x
		1,455	Precedent market transaction	Offering price	$	8.73 / share
Equity investments	$	5,683	Investee financial analysis	Financial condition and operating performance of the borrower		N/A
				Collateral support		N/A
		1,850	Investee book value adjusted for market appreciation	Financial condition and operating performance of the investee		N/A
			Precedent arm’s length offer	Business enterprise value	$	6,014 – $7,214
				Business enterprise value/revenue multiples		0.96x – 4.54x
		1,455	Precedent market transaction	Offering price	$	8.73 / share
		209	Investee book value	Valuation indicated by investee filings		N/A