Quarterly report pursuant to Section 13 or 15(d)

Fair Value (Tables)

v3.10.0.1
Fair Value (Tables)
9 Months Ended
Sep. 30, 2018
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
 
 
 
other-than-temporary
 
(Dollars in thousands)
 
impairment
 
Ending balance, December 31, 2017
 
$
271
 
Additions not previously recognized
 
 
-
 
Ending balance, September 30, 2018
 
$
271
 
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 nine months ended September 30, 2018. Assets measured at fair value on a recurring basis are summarized below:
 
 
 
 
 
 
Fair Value Measurements at September 30, 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
 
$
2,018
 
 
$
2,018
 
 
$
-
 
 
$
-
 
U.S. government sponsored entities
 
 
9,768
 
 
 
-
 
 
 
9,768
 
 
 
-
 
Collateralized mortgage obligations and  residential mortgage-backed securities
 
 
132,670
 
 
 
-
 
 
 
132,670
 
 
 
-
 
Municipal securities
 
 
91,416
 
 
 
-
 
 
 
91,416
 
 
 
-
 
Collateralized debt obligations
 
 
2,199
 
 
 
-
 
 
 
-
 
 
 
2,199
 
Total securities available-for-sale
 
$
238,071
 
 
$
2,018
 
 
$
233,854
 
 
$
2,199
 
 
 
 
 
 
 
Fair Value Measurements at December 31, 2017 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
 
$
476
 
 
$
476
 
 
$
-
 
 
$
-
 
U.S. government sponsored entities
 
 
3,890
 
 
 
-
 
 
 
3,890
 
 
 
-
 
Collateralized mortgage obligations and  residential mortgage-backed securities
 
 
132,938
 
 
 
-
 
 
 
132,938
 
 
 
-
 
Municipal securities
 
 
103,747
 
 
 
-
 
 
 
103,747
 
 
 
-
 
Collateralized debt obligations
 
 
3,439
 
 
 
-
 
 
 
-
 
 
 
3,439
 
Total securities available-for-sale
 
$
244,490
 
 
$
476
 
 
$
240,575
 
 
$
3,439
 
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, 2017
 
$
2,409
 
Principal payments
 
 
(154
)
Total unrealized gains, included in other comprehensive income
 
 
1,184
 
Transfers in and/or (out) of Level 3
 
 
-
 
Ending balance, December 31, 2017
 
$
3,439
 
 
 
 
 
 
Beginning balance, January 1, 2018
 
$
3,439
 
Principal payments
 
 
(38
)
Total unrealized gains, included in other comprehensive income
 
 
101
 
Sale out of Level 3
 
 
(1,303
)
Ending balance, September 30, 2018
 
$
2,199
 
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 September 30, 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
 
$
6,843
 
 
$
-
 
 
$
-
 
 
$
6,843
 
Foreclosed real estate
 
 
2,125
 
 
 
-
 
 
 
-
 
 
 
2,125
 
 
 
 
 
 
 
(Dollars in thousands)
 
 
 
 
 
 
Fair Value Measurements at December 31, 2017 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
 
$
1,818
 
 
$
-
 
 
$
-
 
 
$
1,818
 
Foreclosed real estate
 
 
1,699
 
 
 
-
 
 
 
-
 
 
 
1,699
 
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.
 
 
 
September 30, 2018
 
 
Estimated Fair Value Measurements at September 30, 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
 
$
13,964
 
 
$
13,964
 
 
$
13,964
 
 
$
-
 
 
$
-
 
Certificates of deposit in other financial institutions
 
 
3,754
 
 
 
3,673
 
 
 
-
 
 
 
3,673
 
 
 
-
 
Securities available-for-sale
 
 
238,071
 
 
 
238,071
 
 
 
2,018
 
 
 
233,854
 
 
 
2,199
 
Loans held-for-sale
 
 
4,483
 
 
 
4,566
 
 
 
4,566
 
 
 
-
 
 
 
-
 
Loans receivable, net
 
 
734,483
 
 
 
717,640
 
 
 
-
 
 
 
-
 
 
 
717,640
 
Federal Home Loan Bank stock
 
 
3,236
 
 
 
3,236
 
 
 
-
 
 
 
3,236
 
 
 
-
 
Accrued interest receivable
 
 
3,560
 
 
 
3,560
 
 
 
-
 
 
 
3,560
 
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-interest bearing deposits
 
 
134,449
 
 
 
134,449
 
 
 
134,449
 
 
 
-
 
 
 
-
 
Interest bearing deposits
 
 
768,307
 
 
 
765,232
 
 
 
514,311
 
 
 
250,921
 
 
 
-
 
Repurchase agreements
 
 
12,585
 
 
 
12,580
 
 
 
10,823
 
 
 
1,757
 
 
 
-
 
Borrowed funds
 
 
48,314
 
 
 
48,698
 
 
 
13,766
 
 
 
34,932
 
 
 
-
 
Interest rate swap agreements
 
 
111
 
 
 
111
 
 
 
-
 
 
 
111
 
 
 
-
 
Accrued interest payable
 
 
110
 
 
 
110
 
 
 
-
 
 
 
110
 
 
 
-
 
 
 
 
December 31, 2017
 
 
Estimated Fair Value Measurements at December 31, 2017 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
 
$
11,025
 
 
$
11,025
 
 
$
11,025
 
 
$
-
 
 
$
-
 
Certificates of deposit in other financial institutions
 
 
1,676
 
 
 
1,640
 
 
 
-
 
 
 
1,640
 
 
 
-
 
Securities available-for-sale
 
 
244,490
 
 
 
244,490
 
 
 
476
 
 
 
240,575
 
 
 
3,439
 
Loans held-for-sale
 
 
1,592
 
 
 
1,625
 
 
 
1,625
 
 
 
-
 
 
 
-
 
Loans receivable, net
 
 
612,729
 
 
 
608,506
 
 
 
-
 
 
 
-
 
 
 
608,506
 
Federal Home Loan Bank stock
 
 
3,000
 
 
 
3,000
 
 
 
-
 
 
 
3,000
 
 
 
-
 
Accrued interest receivable
 
 
3,262
 
 
 
3,262
 
 
 
-
 
 
 
3,262
 
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-interest bearing deposits
 
 
120,556
 
 
 
120,556
 
 
 
120,556
 
 
 
-
 
 
 
-
 
Interest bearing deposits
 
 
672,448
 
 
 
670,967
 
 
 
488,528
 
 
 
182,439
 
 
 
-
 
Repurchase agreements
 
 
11,300
 
 
 
11,292
 
 
 
9,545
 
 
 
1,747
 
 
 
-
 
Borrowed funds
 
 
20,881
 
 
 
20,818
 
 
 
600
 
 
 
20,218
 
 
 
-
 
Accrued interest payable
 
 
42
 
 
 
42
 
 
 
-
 
 
 
42
 
 
 
-