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Fair Value of Financial Instruments (Tables)
6 Months Ended
Jun. 30, 2015
Fair Value Disclosures [Abstract]  
Schedule of carrying amount and estimated fair value of financial instruments
The fair value estimates presented herein are based on pertinent information available to management as of the periods indicated.
 
 
 
At June 30, 2015
 
 
Carrying
Amount
 
Level 1
 
Level 2
 
Level 3
 
Estimated
Fair Value
 
 
(in thousands)
Assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
83,077

 
$
83,077

 
$

 
$

 
$
83,077

Securities available for sale
 
280,434

 

 
280,434

 

 
280,434

FHLB, Federal Reserve Bank, and other stock, at cost
 
22,843

 
22,843

 

 

 
22,843

Loans held for investment, net
 
2,103,460

 

 

 
2,150,673

 
2,150,673

Accrued interest receivable
 
9,072

 
9,072

 

 

 
9,072

Other real estate owned
 
711

 

 

 
711

 
711

 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 

 
 

 
 

 
 

 
 

Deposit accounts
 
2,095,983

 
1,575,404

 
522,157

 

 
2,097,561

FHLB advances
 
118,000

 
118,208

 

 

 
118,208

Other borrowings
 
49,389

 

 
48,936

 

 
48,936

Subordinated debentures
 
70,310

 

 
68,675

 

 
68,675

Accrued interest payable
 
212

 
212

 

 

 
212

 
 
 
 
 
 
 
 
 
 
 
 
 
Notional Amount
 
Level 1
 
Level 2
 
Level 3
 
Cost to Cede
or Assume
Off-balance sheet commitments and standby letters of credit
 
$
380,783

 
$

 
$
38,078

 
$

 
$
38,078




 
 
At December 31, 2014
 
 
Carrying
Amount
 
Level 1
 
Level 2
 
Level 3
 
Estimated
Fair Value
 
 
(in thousands)
Assets:
 
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
 
$
110,925

 
$
110,925

 
$

 
$

 
$
110,925

Securities available for sale
 
201,638

 

 
201,638

 

 
201,638

FHLB, Federal Reserve Bank, and other stock, at cost
 
17,067

 
17,067

 

 

 
17,067

Loans held for investment, net
 
1,616,422

 

 

 
1,686,046

 
1,686,046

Accrued interest receivable
 
7,131

 
7,131

 

 

 
7,131

Other real estate owned
 
1,037

 

 

 
1,037

 
1,037

 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 

 
 

 
 

 
 

 
 

Deposit accounts
 
1,630,826

 
1,216,847

 
519,898

 

 
1,736,745

FHLB advances
 
70,000

 
70,025

 

 

 
70,025

Other borrowings
 
46,643

 

 
48,312

 

 
48,312

Subordinated debentures
 
70,310

 

 
33,456

 

 
33,456

Accrued interest payable
 
209

 
209

 

 

 
209

 
 
 
 
 
 
 
 
 
 
 
 
 
Notional Amount
 
Level 1
 
Level 2
 
Level 3
 
Cost to Cede
or Assume
Off-balance sheet commitments and standby letters of credit
 
$
355,024

 
$

 
$
35,502

 
$

 
$
35,502


 

 
 
At June 30, 2014
 
 
Carrying
Amount
 
Level 1
 
Level 2
 
Level 3
 
Estimated
Fair Value
 
 
(in thousands)
Assets:
 
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
 
$
120,292

 
$
120,292

 
$

 
$

 
$
120,292

Securities available for sale
 
235,116

 

 
235,116

 

 
235,116

FHLB, Federal Reserve Bank, and other stock, at cost
 
18,494

 
18,494

 

 

 
18,494

Loans held for investment, net
 
1,457,035

 

 

 
1,461,796

 
1,461,796

Accrued interest receivable
 
6,645

 
6,645

 

 

 
6,645

Other real estate owned
 
752

 

 

 
752

 
752

 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 

 
 

 
 

 
 

 
 

Deposit accounts
 
1,445,581

 
1,102,419

 
371,132

 

 
1,473,551

FHLB advances
 
210,000

 
210,000

 

 

 
210,000

Other borrowings
 
45,287

 

 
47,538

 

 
47,538

Subordinated debentures
 
10,310

 

 
4,592

 

 
4,592

Accrued interest payable
 
177

 
177

 

 

 
177

 
 
 
 
 
 
 
 
 
 
 
Schedule of Off-balance sheet commitments and standby letters of credit

 
 
Notional Amount
 
Level 1
 
Level 2
 
Level 3
 
Cost to Cede
or Assume
Off-balance sheet commitments and standby letters of credit
 
$
293,228

 
$

 
$
29,323

 
$

 
$
29,323

Schedule of Company's financial instruments measured at fair value on a recurring basis
The following fair value hierarchy table presents information about the Company’s financial instruments measured at fair value on a recurring basis at the dates indicated:
 
 
 
June 30, 2015
 
 
Fair Value Measurement Using
 
 
 
 
Level 1
 
Level 2
 
Level 3
 
Securities at
Fair Value
 
 
(in thousands)
Investment securities available for sale:
 
 
 
 
 
 
 
 
Municipal bonds
 
$

 
$
120,431

 
$

 
$
120,431

Mortgage-backed securities
 

 
160,003

 

 
160,003

Total securities available for sale
 
$

 
$
280,434

 
$

 
$
280,434


 
 
June 30, 2014
 
 
Fair Value Measurement Using
 
 

 
 
Level 1
 
Level 2
 
Level 3
 
Securities at
Fair Value
 
 
(in thousands)
Investment securities available for sale:
 
 

 
 

 
 

 
 

Municipal bonds
 
$

 
$
85,433

 
$

 
85,433

Mortgage-backed securities
 

 
149,683

 

 
149,683

Total securities available for sale
 
$

 
$
235,116

 
$

 
$
235,116

Schedule of Company's assets measured at fair value on a non-recurring basis
The following table provides a summary of the financial instruments the Company measures at fair value on a non-recurring basis as of the periods indicated:

 
June 30, 2015
 
Fair Value Measurement Using
 
 
 
Level 1
 
Level 2
 
Level 3
 
Assets at
Fair Value
 
(in thousands)
Assets
 
 
 
 
 
 
 
Collateral dependent impaired loans
$

 
$

 
$
2,548

 
$
2,548

Other real estate owned

 

 
711

 
711

Total assets
$

 
$

 
$
3,259

 
$
3,259


 
June 30, 2014
 
Fair Value Measurement Using
 
 

 
Level 1
 
Level 2
 
Level 3
 
Assets at
Fair Value
 
(in thousands)
Assets
 

 
 

 
 

 
 

Collateral dependent impaired loans
$

 
$

 
$
1,003

 
$
1,003

Other real estate owned

 

 
752

 
752

Total assets
$

 
$

 
$
1,755

 
$
1,755

Schedule of quantitative information about level 3 of fair value measurements for financial instruments measured at fair value on a non-recurring basis
The following table presents quantitative information about level 3 of fair value measurements for financial instruments measured at fair value on a non-recurring basis for the periods indicated:

 
June 30, 2015
 
 
 
 
 
Range
 
Fair Value
 
Valuation Techniques
 
Rate
 
 Maturity (years)
 
Unobservable Inputs
Collateral dependent impaired loans:
 
 
 
 
 
 
 
 
 
Business loans:
 
 
 
 
 
 
 
 
 
Commercial and industrial
$
1,684

 
Collateral valuation
 
6.70%
 
8
 
0 - 10% 
Commercial owner occupied
370

 
Collateral valuation
 
6.75%
 
7
 
0 - 10%
Real estate loans:
 

 
 
 
 
 
 
 
 
Commercial non-owner occupied
443

 
Collateral valuation
 
7.00%
 
12
 
0 - 15%
One-to-four family
28

 
Collateral valuation
 
8.00 - 15.00%
 
5 - 16 
 
0 - 10%
Land
23

 
Collateral valuation
 
13.00%
 
15
 
0 - 10%
Total collateral dependent impaired loans
$
2,548

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other real estate owned
 

 
 
 
 
 
 
 
 
Land
$
711

 
Collateral valuation
 
 
 
0 - 10% 
One-to-four family

 
Collateral valuation
 
 
 
0 - 10% 
Total other real estate owned
$
711

 
 
 
 
 
 
 
 

 
 
June 30, 2014
 
 

 
 
 
Range
 
Fair Value
 
Valuation Techniques
 
Rate
 
  Maturity (years)
 
Unobservable Inputs
Collateral dependent impaired loans:
 
 
 
 
 
 
 
 
 
Business loans:
 

 
 
 
 
 
 
 
 
Commercial and industrial
$
24

 
Collateral valuation
 
6.00%
 
3
 
0 - 10% 
Commercial owner occupied
417

 
Collateral valuation
 
11.75%
 
8
 
0 - 10%
Real estate loans:
 

 
 
 
 
 
 
 
 
Commercial non-owner occupied
514

 
Collateral valuation
 
7.00%
 
13
 
0 - 15%
One-to-four family
48

 
Collateral valuation
 
2.26% - 15.00%
 
2-22
 
0 - 10%
Total collateral dependent impaired loans
$
1,003

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other real estate owned
 

 
 
 
 
 
 
 
 
Land
$
752

 
Collateral valuation
 
 
 
0-10%
Total other real estate owned
$
752