XML 39 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
Fair Value (Tables)
 9 Months Ended
Sep. 30, 2018
Fair Value [Abstract]  
Assets and liabilities measured at fair value on a recurring basis, including financial assets and liabilities





 

 



Fair Value Measurements at

September 30, 2018 using Significant

Other Observable Inputs



(Level 2)



(unaudited)

Financial Assets:

 

 

Securities available for sale:

 

 

Issued by U.S. government-sponsored entities and agencies:

 

 

U.S. Treasury

$

 10,804 

Mortgage-backed securities - residential

 

 187 

Collateralized mortgage obligations

 

 73 

Total securities available for sale

$

 11,064 

Loans held for sale

$

 24,079 

Yield maintenance provisions (embedded derivatives)

$

 9 

Interest rate lock commitments

$

 203 

TBA Mortgage-back securities

$

 128 

Financial Liabilities:

 

 

Interest-rate swaps

$

 9 







 

 



Fair Value Measurements at

December 31, 2017 using Significant

Other Observable Inputs



(Level 2)

Financial Assets:

 

 

Securities available for sale:

 

 

Issued by U.S. government-sponsored entities and agencies:

 

 

U.S. Treasury

$

 11,417 

Mortgage-backed securities - residential

 

 244 

Collateralized mortgage obligations

 

 112 

Total securities available for sale

$

 11,773 



 

 

Loans held for sale

 

 1,124 



 

 

Yield maintenance provisions (embedded derivatives)

$

 56 



 

 

Interest rate lock commitments

$

 11 



 

 

Financial Liabilities:

 

 

Interest-rate swaps

$

 56 



Assets and liabilities measured at fair value on a non-recurring basis

Assets and liabilities measured at fair value on a non-recurring basis are summarized below:





 

 

Fair Value Measurements at September 30,  2018 Using

Significant Unobservable Inputs (Level 3)

(unaudited)

Impaired loans:

 

 

Commercial

$

 103 

Real Estate:

 

 

Single-family residential

 

 112 

Commercial:

 

 

Non-owner occupied

 

 2,803 

Total impaired loans

$

 3,018 







 

 

Fair Value Measurements at December 31, 2017 Using

Significant Unobservable Inputs (Level 3)



 

 

Impaired loans:

 

 

Commercial

$

 115 

Real Estate:

 

 

Single-family residential

 

 116 

Commercial:

 

 

Non-owner occupied

 

 2,832 

Total impaired loans

$

 3,063 



Financial instruments measured at fair value on a non-recurring basis

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at September 30, 2018 (unaudited):



 

 

 

 

 

 

 

 



 

Fair Value

 

Valuation Technique(s)

 

Unobservable Inputs

 

(Range) Weighted Average

Impaired loans:

 

 

 

 

 

 

 

 

Commercial

$

 103 

 

Comparable sales approach

 

Adjustment for differences between the comparable market transactions

 

3.48%

Real estate:

 

 

 

 

 

 

 

 

Single-family residential

 

 112 

 

Comparable sales approach

 

Adjustment for differences between the comparable market transactions

 

(1.81% , 3.61%) 

 2.91%

Commercial:

 

 

 

 

 

 

 

 

Non-owner occupied

 

 2,803 

 

Comparable sales approach

 

Adjustment for differences between the comparable market transactions

 

(3.48%,  9.64%)
5.15%



The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2017:



 

 

 

 

 

 

 

 



 

Fair Value

 

Valuation Technique(s)

 

Unobservable Inputs

 

(Range) Weighted Average

Impaired loans:

 

 

 

 

 

 

 

 

Commercial

$

 115 

 

Comparable sales approach

 

Adjustment for differences between the comparable market transactions

 

3.48%

Real estate:

 

 

 

 

 

 

 

 

Single -family residential

 

 116 

 

Comparable sales approach

 

Adjustment for differences between the comparable market transactions

 

(1.81% , 3.61%) 

 2.91%

Commercial:

 

 

 

 

 

 

 

 

Non-owner occupied

 

 2,832 

 

Comparable sales approach

 

Adjustment for differences between the comparable market transactions

 

(3.48%,  9.64%)
5.15%



Aggregate fair value, contractual balance (including accrued interest) and gain or loss



 

 

 

 

 



 

 

 

 

 



September 30, 2018

 

December 31, 2017



(unaudited)

 

 

 

Aggregate fair value

$

 24,079 

 

$

 1,124 

Contractual balance

 

 24,009 

 

 

 1,120 

Gain (loss)

$

 70 

 

$

 4 



Amount of gains and losses from changes in fair value included in earnings



 

 

 

 

 

 

 

 

 

 

 



Three months ended September 30,

 

Nine months ended September 30,



2018

 

2017

 

2018

 

2017



(unaudited)

 

(unaudited)

Interest income

$

 285 

 

$

 10 

 

$

 451 

 

$

 39 

Interest expense

 

-  

 

 

-  

 

 

-  

 

 

-  

Change in fair value

 

 (208)

 

 

 13 

 

 

 66 

 

 

 4 

Total change in fair value

$

 77 

 

$

 23 

 

$

 517 

 

$

 43 



Carrying amounts and estimated fair values of financial instruments





 

 

 

 

 

 

 

 

 

 

 

 

 

 



Fair Value Measurements at September 30, 2018 Using:



Carrying

 

 

 

 

 

 

 

 

 

 

 

 

(unaudited)

Value

 

Level 1

 

Level 2

 

Level 3

 

Total

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

 59,368 

 

$

 59,368 

 

$

-  

 

$

-  

 

$

 59,368 

Interest-bearing deposits in other financial institutions

 

 100 

 

 

 100 

 

 

-  

 

 

-  

 

 

 100 

Securities available for sale

 

 11,064 

 

 

-  

 

 

 11,064 

 

 

-  

 

 

 11,064 

Loans held for sale

 

 24,079 

 

 

-  

 

 

 24,079 

 

 

-  

 

 

 24,079 

Loans and leases, net

 

 493,529 

 

 

-  

 

 

-  

 

 

 493,232 

 

 

 493,232 

FHLB and FRB stock

 

 3,476 

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

Accrued interest receivable

 

 1,791 

 

 

 19 

 

 

 61 

 

 

 1,711 

 

 

 1,791 

Yield maintenance provisions (embedded derivatives)

 

 9 

 

 

-  

 

 

 9 

 

 

-  

 

 

 9 

Interest rate lock commitments

 

 203 

 

 

-  

 

 

 203 

 

 

-  

 

 

 203 

TBA mortgage-back securities

 

 128 

 

 

-  

 

 

 128 

 

 

-  

 

 

 128 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

$

 (532,062)

 

$

 (272,873)

 

$

 (257,256)

 

$

-  

 

$

 (530,129)

FHLB advances and other borrowings

 

 (21,500)

 

 

-  

 

 

 (21,595)

 

 

-  

 

 

 (21,595)

Advances by borrowers for taxes and insurance

 

 (449)

 

 

-  

 

 

-  

 

 

 (449)

 

 

 (449)

Subordinated debentures

 

 (5,155)

 

 

-  

 

 

 (5,053)

 

 

-  

 

 

 (5,053)

Accrued interest payable

 

 (196)

 

 

 (10)

 

 

 (186)

 

 

-  

 

 

 (196)

Interest-rate swaps

 

 (9)

 

 

-  

 

 

 (9)

 

 

-  

 

 

 (9)



The carrying amounts and estimated fair values of financial instruments at December 31, 2017 were as follows:



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



Fair Value Measurements at December 31, 2017 Using:



Carrying

 

 

 

 

 

 

 

 

 

 

 

 



Value

 

Level 1

 

Level 2

 

Level 3

 

Total

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

 45,498 

 

$

 45,498 

 

$

-  

 

$

-  

 

$

 45,498 

Interest-bearing deposits in other financial institutions

 

 100 

 

 

 100 

 

 

-  

 

 

-  

 

 

 100 

Securities available for sale

 

 11,773 

 

 

-  

 

 

 11,773 

 

 

-  

 

 

 11,773 

Loans held for sale

 

 1,124 

 

 

-  

 

 

 1,124 

 

 

-  

 

 

 1,124 

Loans and leases, net

 

 406,406 

 

 

-  

 

 

-  

 

 

 402,719 

 

 

 402,719 

FHLB stock

 

 3,227 

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

Accrued interest receivable

 

 1,326 

 

 

 27 

 

 

 38 

 

 

 1,261 

 

 

 1,326 

Yield maintenance provisions (embedded derivatives)

 

 56 

 

 

-  

 

 

 56 

 

 

-  

 

 

 56 

Interest rate lock commitments

 

 11 

 

 

-  

 

 

 11 

 

 

-  

 

 

 11 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

$

 (419,028)

 

$

 (236,797)

 

$

 (181,659)

 

$

-  

 

$

 (418,456)

FHLB advances and other borrowings

 

 (13,500)

 

 

-  

 

 

 (13,466)

 

 

-  

 

 

 (13,466)

Advances by borrowers for taxes and insurance

 

 (489)

 

 

-  

 

 

-  

 

 

 (489)

 

 

 (489)

Subordinated debentures

 

 (5,155)

 

 

-  

 

 

 (4,094)

 

 

-  

 

 

 (4,094)

Accrued interest payable

 

 (79)

 

 

 (6)

 

 

 (73)

 

 

-  

 

 

 (79)

Interest-rate swaps

 

 (56)

 

 

-  

 

 

 (56)

 

 

-  

 

 

 (56)