Quarterly report pursuant to Section 13 or 15(d)

Fair Value (Tables)

v3.19.1
Fair Value (Tables)
3 Months Ended
Mar. 31, 2019
Fair Value Disclosures [Abstract]  
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block]
The table below shows the credit loss roll forward on a year-to-date basis for the Bancorp’s pooled trust preferred securities that have been classified with other-than-temporary impairment:
 
 
 
Collateralized debt obligations
 
(Dollars in thousands)
 
other-than-temporary impairment
 
Ending balance, December 31, 2018
 
$
235
 
Additions not previously recognized
 
 
-
 
Ending balance, March 31, 2019
 
$
235
 
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 three months ended March 31, 2019. Assets measured at fair value on a recurring basis are summarized below:
 
 
 
 
 
 
Fair Value Measurements at March 31, 2019 Using
 
(Dollars in thousands)
 
Estimated

Fair

Value
 
 
Quoted Prices in 

Active Markets 

for Identical

Assets

(Level 1)
 
 
Significant Other

Observable

Inputs

(Level 2)
 
 
Significant

Unobservable

Inputs

(Level 3)
 
Available-for-sale debt securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Money market fund
 
$
4,254
 
 
$
4,254
 
 
$
-
 
 
$
-
 
U.S. treasury securities
 
 
594
 
 
 
-
 
 
 
594
 
 
 
-
 
U.S. government sponsored entities
 
 
14,953
 
 
 
-
 
 
 
14,953
 
 
 
-
 
Collateralized mortgage obligations and residential mortgage-backed securities
 
 
142,606
 
 
 
-
 
 
 
142,606
 
 
 
-
 
Municipal securities
 
 
86,845
 
 
 
-
 
 
 
86,845
 
 
 
-
 
Collateralized debt obligations
 
 
2,079
 
 
 
-
 
 
 
-
 
 
 
2,079
 
Total securities available-for-sale
 
$
251,331
 
 
$
4,254
 
 
$
244,998
 
 
$
2,079
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair Value Measurements at December 31, 2018 Using
 
(Dollars in thousands)
 
Estimated

Fair

Value
 
 
Quoted Prices in 

Active Markets 

for Identical

Assets

(Level 1)
 
 
Significant Other

Observable

Inputs

(Level 2)
 
 
Significant

Unobservable

Inputs

(Level 3)
 
Available-for-sale debt securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Money market fund
 
$
2,480
 
 
$
2,480
 
 
$
-
 
 
$
-
 
U.S. treasury securities
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
U.S. government sponsored entities
 
 
7,894
 
 
 
-
 
 
 
7,894
 
 
 
-
 
Collateralized mortgage obligations and residential mortgage-backed securities
 
 
135,281
 
 
 
-
 
 
 
135,281
 
 
 
-
 
Municipal securities
 
 
94,064
 
 
 
-
 
 
 
94,064
 
 
 
-
 
Collateralized debt obligations
 
 
2,049
 
 
 
-
 
 
 
-
 
 
 
2,049
 
Total securities available-for-sale
 
$
241,768
 
 
$
2,480
 
 
$
237,239
 
 
$
2,049
 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
A roll forward of available-for-sale securities, which require significant adjustment based on unobservable data, are presented in the following table:
 
(Dollars in thousands)
 
Estimated Fair Value

Measurements Using

Significant Unobservable

Inputs (Level 3)
 
 
 
Available-for-

sale securities
 
Beginning balance, January 1, 2018
 
$
3,439
 
Principal payments
 
 
(51
)
Total unrealized gains, included in other comprehensive income
 
 
(36
)
Transfers in and/or (out) of Level 3
 
 
(1,303
)
Ending balance, December 31, 2018
 
$
2,049
 
 
 
 
 
 
Beginning balance, January 1, 2019
 
$
2,049
 
Principal payments
 
 
(12
)
Total unrealized gains, included in other comprehensive income
 
 
42
 
Sale out of Level 3
 
 
-
 
Ending balance, March 31, 2019
 
$
2,079
 
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block]
Assets measured at fair value on a non-recurring basis are summarized below:
 
 
 
 
 
 
(Dollars in thousands)
 
 
 
 
 
 
Fair Value Measurements at March 31, 2019 Using
 
(Dollars in thousands)
 
Estimated

Fair

Value
 
 
Quoted Prices in 

Active Markets 

for Identical

Assets

(Level 1)
 
 
Significant Other

Observable

Inputs

(Level 2)
 
 
Significant

Unobservable

Inputs

(Level 3)
 
Impaired loans
 
$
6,606
 
 
$
-
 
 
$
-
 
 
$
6,606
 
Foreclosed real estate
 
 
1,494
 
 
 
-
 
 
 
-
 
 
 
1,494
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in thousands)
 
 
 
 
 
 
Fair Value Measurements at December 31, 2018 Using
 
(Dollars in thousands)
 
Estimated

Fair

Value
 
 
Quoted Prices in 

Active Markets 

for Identical

Assets

(Level 1)
 
 
Significant Other

Observable

Inputs

(Level 2)
 
 
Significant

Unobservable

Inputs

(Level 3)
 
Impaired loans
 
$
5,536
 
 
$
-
 
 
$
-
 
 
$
5,536
 
Foreclosed real estate
 
 
1,627
 
 
 
-
 
 
 
-
 
 
 
1,627
 
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.
 
 
 
March 31, 2019
 
 
Estimated Fair Value Measurements at March 31, 2019 Using
 
(Dollars in thousands)
 
Carrying

Value
 
 
Estimated

Fair Value
 
 
Quoted Prices in

Active Markets for

Identical Assets

(Level 1)
 
 
Significant

Other Observable

Inputs

(Level 2)
 
 
Significant

Unobservable

Inputs

(Level 3)
 
Financial assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
60,764
 
 
$
60,764
 
 
$
60,764
 
 
$
-
 
 
$
-
 
Certificates of deposit in other financial institutions
 
 
2,215
 
 
 
2,181
 
 
 
-
 
 
 
2,181
 
 
 
-
 
Securities available-for-sale
 
 
251,331
 
 
 
251,331
 
 
 
4,254
 
 
 
244,998
 
 
 
2,079
 
Loans held-for-sale
 
 
2,966
 
 
 
3,023
 
 
 
3,023
 
 
 
-
 
 
 
-
 
Loans receivable, net
 
 
856,759
 
 
 
853,675
 
 
 
-
 
 
 
-
 
 
 
853,675
 
Federal Home Loan Bank stock
 
 
3,971
 
 
 
3,971
 
 
 
-
 
 
 
3,971
 
 
 
-
 
Accrued interest receivable
 
 
4,062
 
 
 
4,062
 
 
 
-
 
 
 
4,062
 
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-interest bearing deposits
 
 
177,317
 
 
 
177,317
 
 
 
177,317
 
 
 
-
 
 
 
-
 
Interest bearing deposits
 
 
924,336
 
 
 
922,383
 
 
 
617,684
 
 
 
304,699
 
 
 
-
 
Repurchase agreements
 
 
12,691
 
 
 
12,689
 
 
 
10,927
 
 
 
1,762
 
 
 
-
 
Borrowed funds
 
 
20,000
 
 
 
19,989
 
 
 
-
 
 
 
19,989
 
 
 
-
 
Accrued interest payable
 
 
166
 
 
 
166
 
 
 
-
 
 
 
166
 
 
 
-
 
 
 
 
 
 
 
 
 
 
December 31, 2018
 
 
Estimated Fair Value Measurements at December 31, 2018 Using
 
(Dollars in thousands)
 
Carrying

Value
 
 
Estimated

Fair Value
 
 
Quoted Prices in

Active Markets for

Identical Assets

(Level 1)
 
 
Significant

Other Observable

Inputs

(Level 2)
 
 
Significant

Unobservable

Inputs

(Level 3)
 
Financial assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
17,139
 
 
$
17,139
 
 
$
17,139
 
 
$
-
 
 
$
-
 
Certificates of deposit in other financial institutions
 
 
2,024
 
 
 
2,001
 
 
 
-
 
 
 
2,001
 
 
 
-
 
Securities available-for-sale
 
 
241,768
 
 
 
241,768
 
 
 
2,480
 
 
 
237,239
 
 
 
2,049
 
Loans held-for-sale
 
 
2,863
 
 
 
2,910
 
 
 
2,910
 
 
 
-
 
 
 
-
 
Loans receivable, net
 
 
756,438
 
 
 
747,553
 
 
 
-
 
 
 
-
 
 
 
747,553
 
Federal Home Loan Bank stock
 
 
3,460
 
 
 
3,460
 
 
 
-
 
 
 
3,460
 
 
 
-
 
Accrued interest receivable
 
 
3,632
 
 
 
3,632
 
 
 
-
 
 
 
3,632
 
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-interest bearing deposits
 
 
127,277
 
 
 
127,277
 
 
 
127,277
 
 
 
-
 
 
 
-
 
Interest bearing deposits
 
 
802,509
 
 
 
800,349
 
 
 
543,617
 
 
 
256,732
 
 
 
-
 
Repurchase agreements
 
 
11,628
 
 
 
11,626
 
 
 
9,867
 
 
 
1,759
 
 
 
-
 
Borrowed funds
 
 
43,000
 
 
 
42,888
 
 
 
-
 
 
 
42,888
 
 
 
-
 
Accrued interest payable
 
 
186
 
 
 
186
 
 
 
-
 
 
 
186
 
 
 
-