Fair Value (Tables)

3 Months Ended

Mar. 31, 2020

Assets And Liabilities Measured At Fair Value On A Recurring Basis, Including Financial Assets And Liabilities


	Fair Value Measurements at March 31, 2020 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	$	11,250
Mortgage-backed securities - residential		121
Collateralized mortgage obligations		19
Total securities available for sale	$	11,390
Loans held for sale	$	115,197
Yield maintenance provisions (embedded derivatives)	$	1,823
Interest rate lock commitments	$	7,308
Financial Liabilities:
Interest-rate swaps	$	1,823
TBA Mortgage-back securities	$	5,132


	Fair Value Measurements at December 31, 2019 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	$	8,017
Mortgage-backed securities - residential		130
Collateralized mortgage obligations		27
Total securities available for sale	$	8,174
Loans held for sale	$	135,711
Yield maintenance provisions (embedded derivatives)	$	12
Interest rate lock commitments	$	3,104
Financial Liabilities:
Interest-rate swaps	$	12
TBA Mortgage-backed securities	$	350

Assets Measured At Fair Value On A Non-Recurring Basis


Fair Value Measurements at December 31, 2019 Using
Significant Unobservable Inputs (Level 3)

Impaired loans:
Commercial	$	84
Real Estate:
Single-family residential		106
Commercial:
Non-owner occupied		4,387
Total impaired loans	$	4,577

Financial Instruments Measured At Fair Value On A Non-Recurring Basis

There were no assets or liabilities measured at fair value on a non-recurring basis at March 31, 2020. 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, 2019:


		Fair Value	Valuation Technique(s)	Unobservable Inputs	(Range) Weighted Average
Impaired loans:
Commercial	$	84	Comparable sales approach	Adjustment for differences between the comparable market transactions	2.06%
Real estate:
Single -family residential		106	Comparable sales approach	Adjustment for differences between the comparable market transactions	3.61%
Commercial:
Non-owner occupied		4,387	Comparable sales approach	Adjustment for differences between the comparable market transactions	(-2.58%, 14.00%) 2.44%

Aggregate Fair Value, Contractual Balance And Gain Or Loss



	March 31, 2020		December 31, 2019
	(unaudited)
Aggregate fair value	$	115,197	$	135,711
Contractual balance		112,244		133,993
Gain (loss)	$	2,953	$	1,718

Total Amount Of Gains And Losses From Changes In Fair Value Included In Earnings


	Three months ended March 31,
	2020		2019
	(unaudited)
Interest income	$	1,197	$	214
Interest expense		-		-
Change in fair value		1,235		261
Total change in fair value	$	2,432	$	475

Carrying Amounts And Estimated Fair Values Of Financial Instruments

The carrying amounts and estimated fair values of financial instruments at March 31, 2020 were as follows:


	Fair Value Measurements at March 31, 2020 Using:
	Carrying
(unaudited)	Value		Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	75,352	$	75,352	$	-	$	-	$	75,352
Interest-bearing deposits in other financial institutions		100		100		-		-		100
Securities available for sale		11,390		-		11,390		-		11,390
Loans held for sale		115,197		-		115,197		-		115,197
Loans and leases, net		707,868		-		-		718,605		718,605
FHLB and FRB stock		4,510		n/a		n/a		n/a		n/a
Accrued interest receivable		3,201		7		83		3,111		3,201
Yield maintenance provisions (embedded derivatives)		1,823		-		1,823		-		1,823
Interest rate lock commitments		7,308		-		7,308		-		7,308

Financial liabilities
Deposits	$	(748,505)	$	(371,076)	$	(385,575)	$	-	$	(756,651)
FHLB advances and other borrowings		(82,594)		-		(84,057)		-		(84,057)
Advances by borrowers for taxes and insurance		(636)		-		-		(636)		(636)
Subordinated debentures		(14,815)		-		(13,938)		-		(13,938)
Accrued interest payable		(407)		-		(407)		-		(407)
Interest-rate swaps		(1,823)		-		(1,823)		-		(1,823)
TBA mortgage-back securities		(5,132)		-		(5,132)		-		(5,132)

The carrying amounts and estimated fair values of financial instruments at December 31, 2019 were as follows:



	Fair Value Measurements at December 31, 2019 Using:
	Carrying
	Value		Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	45,879	$	45,879	$	-	$	-	$	45,879
Interest-bearing deposits in other financial institutions		100		100		-		-		100
Securities available for sale		8,174		-		8,174		-		8,174
Loans held for sale		135,711		-		135,711		-		135,711
Loans and leases, net		663,303		-		-		664,152		664,152
FHLB and FRB stock		4,008		n/a		n/a		n/a		n/a
Accrued interest receivable		2,749		25		40		2,684		2,749
Yield maintenance provisions (embedded derivatives)		12		-		12		-		12
Interest rate lock commitments		3,104		-		3,104		-		3,104

Financial liabilities
Deposits	$	(746,323)	$	(382,173)	$	(367,375)	$	-	$	(749,548)
FHLB advances and other borrowings		(29,017)		-		(29,669)		-		(29,669)
Advances by borrowers for taxes and insurance		(929)		-		-		(929)		(929)
Subordinated debentures		(14,806)		-		(15,940)		-		(15,940)
Accrued interest payable		(208)		-		(208)		-		(208)
Interest-rate swaps		(12)		-		(12)		-		(12)
TBA mortgage-backed securities		(350)		-		(350)		-		(350)