Fair Values of Financial Instruments (Tables)
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12 Months Ended |
Dec. 31, 2018 |
Fair Value Disclosures [Abstract] |
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Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] |
The table below shows the credit loss roll forward for the Bancorp’s pooled trust preferred securities that have been classified with other-than-temporary impairment:
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Collateralized debt obligations |
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other-than-temporary impairment |
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Ending balance, December 31, 2017 |
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Reduction due to sale of security |
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Ending balance, December 31, 2018 |
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Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] |
There were no transfers to or from Levels 1 and 2 during the years ended December 31, 2018 and 2017. Changes in Level 3 assets assets relate to the result of changes in estimated fair values, payments received, and sales of securities that have been classified as as Level 3 during all of 2018 and 2017. Assets measured at fair value on a recurring basis are summarized below:
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Fair Value Measurements at December 31, 2018 Using |
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Quoted Prices in Active Markets for Identical Assets (Level 1) |
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Significant Other Observable Inputs (Level 2) |
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Significant Unobservable Inputs (Level 3) |
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Available-for-sale debt securities: |
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Money market fund |
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$ |
2,480 |
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$ |
2,480 |
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$ |
- |
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$ |
- |
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U.S. government sponsored entities |
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7,894 |
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- |
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7,894 |
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- |
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Collateralized mortgage obligations and residential mortgage-backed securities |
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135,281 |
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- |
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135,281 |
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- |
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Municipal securities |
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94,064 |
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- |
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94,064 |
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- |
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Collateralized debt obligations |
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2,049 |
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- |
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- |
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2,049 |
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Total securities available-for-sale |
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$ |
241,768 |
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$ |
2,480 |
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$ |
237,239 |
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$ |
2,049 |
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Fair Value Measurements at December 31, 2017 Using |
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Quoted Prices in Active Markets for Identical Assets (Level 1) |
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Significant Other Observable Inputs (Level 2) |
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Significant Unobservable Inputs (Level 3) |
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Available-for-sale debt securities: |
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Money market fund |
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$ |
476 |
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$ |
476 |
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$ |
- |
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$ |
- |
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U.S. government sponsored entities |
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3,890 |
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- |
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3,890 |
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- |
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Collateralized mortgage obligations and residential mortgage-backed securities |
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132,938 |
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- |
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132,938 |
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- |
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Municipal securities |
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103,747 |
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- |
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103,747 |
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- |
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Collateralized debt obligations |
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3,439 |
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- |
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- |
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3,439 |
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Total securities available-for-sale |
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$ |
244,490 |
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$ |
476 |
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$ |
240,575 |
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$ |
3,439 |
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Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] |
A reconciliation of available-for-sale securities, which require significant adjustment based on unobservable data, is presented below:
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Beginning balance, January 1, 2017 |
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Total unrealized gains, included in other comprehensive income |
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Transfers in and/or (out) of Level 3 |
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Ending balance, December 31, 2017 |
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Beginning balance, January 1, 2018 |
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Total unrealized losses, included in other comprehensive income |
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Ending balance, December 31, 2018 |
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Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block] |
Assets and liabilities measured at fair value on a non-recurring basis are summarized below:
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Fair Value Measurements at December 31, 2018 Using |
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Fair Value Measurements at December 31, 2017 Using |
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Fair Value, by Balance Sheet Grouping [Table Text Block] |
The following table shows carrying values and related estimated fair values of financial instruments as of the dates indicated. Estimated fair values are further categorized by the inputs used to measure fair value. Items that are not financial instruments are not included.
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Estimated Fair Value Measurements at December 31, 2018 Using |
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Quoted Prices in Active Markets for Identical Assets (Level 1) |
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Significant Other Observable Inputs (Level 2) |
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Significant Unobservable Inputs (Level 3) |
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Cash and cash equivalents |
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$ |
17,139 |
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$ |
17,139 |
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$ |
17,139 |
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$ |
- |
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$ |
- |
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Certificates of deposit in other financial institutions |
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2,024 |
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2,001 |
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- |
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2,001 |
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- |
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Securities available-for-sale |
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241,768 |
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241,768 |
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2,480 |
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237,239 |
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2,049 |
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Loans held-for-sale |
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2,863 |
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2,910 |
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2,910 |
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- |
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- |
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Loans receivable, net |
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756,438 |
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747,553 |
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- |
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- |
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747,553 |
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Federal Home Loan Bank stock |
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3,460 |
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3,460 |
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- |
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3,460 |
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- |
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Accrued interest receivable |
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3,632 |
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3,632 |
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- |
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3,632 |
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- |
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Non-interest bearing deposits |
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127,277 |
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127,277 |
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127,277 |
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- |
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- |
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Interest bearing deposits |
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802,509 |
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800,349 |
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543,617 |
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256,732 |
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- |
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Repurchase agreements |
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11,628 |
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11,626 |
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9,867 |
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1,759 |
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- |
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Borrowed funds |
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43,000 |
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42,888 |
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- |
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42,888 |
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- |
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Accrued interest payable |
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186 |
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186 |
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- |
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186 |
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- |
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Estimated Fair Value Measurements at December 31, 2017 Using |
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Quoted Prices in Active Markets for Identical Assets (Level 1) |
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Significant Other Observable Inputs (Level 2) |
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Significant Unobservable Inputs (Level 3) |
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Cash and cash equivalents |
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$ |
11,025 |
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$ |
11,025 |
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$ |
11,025 |
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$ |
- |
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$ |
- |
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Certificates of deposit in other financial institutions |
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1,676 |
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1,640 |
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- |
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1,640 |
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- |
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Securities available-for-sale |
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244,490 |
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244,490 |
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476 |
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240,575 |
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3,439 |
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Loans held-for-sale |
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1,592 |
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1,625 |
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1,625 |
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- |
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- |
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Loans receivable, net |
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612,729 |
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608,506 |
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- |
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- |
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608,506 |
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Federal Home Loan Bank stock |
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3,000 |
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3,000 |
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- |
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3,000 |
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- |
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Accrued interest receivable |
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3,262 |
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3,262 |
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- |
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3,262 |
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- |
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Non-interest bearing deposits |
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120,556 |
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120,556 |
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120,556 |
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- |
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- |
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Interest bearing deposits |
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672,448 |
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670,967 |
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488,528 |
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182,439 |
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- |
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Repurchase agreements |
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11,300 |
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11,292 |
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9,545 |
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1,747 |
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- |
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Borrowed funds |
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20,881 |
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20,818 |
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600 |
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20,218 |
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- |
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Accrued interest payable |
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42 |
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42 |
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- |
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42 |
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- |
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