Fair Value (Tables)
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6 Months Ended |
Jun. 30, 2019 |
Fair Value |
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Schedule of other than temporary impairment, credit losses recognized in earnings |
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:
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Collateralized
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debt obligations
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other-than-temporary
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(Dollars in thousands)
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impairment
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Ending balance, December 31, 2018
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$
|
235
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Additions not previously recognized
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|
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—
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Ending balance, June, 2019
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$
|
235
|
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Schedule of fair value, assets and liabilities measured on recurring basis |
There were no transfers to or from Levels 1 and 2 during the six months ended June 30, 2019. Assets measured at fair value on a recurring basis are summarized below:
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Fair Value Measurements at June 30, 2019 Using
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Quoted Prices in
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Active Markets
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Significant Other
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Significant
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(Dollars in thousands)
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Estimated
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for Identical
|
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Observable
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Unobservable
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Fair
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Assets
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Inputs
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Inputs
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Value
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(Level 1)
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(Level 2)
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(Level 3)
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Available-for-sale debt securities:
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Money market fund
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$
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5,598
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$
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5,598
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$
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—
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$
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—
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U.S. treasury securities
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599
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—
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599
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—
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U.S. government sponsored entities
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13,082
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—
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13,082
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—
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Collateralized mortgage obligations and residential mortgage-backed securities
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145,174
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—
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145,174
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—
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Municipal securities
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92,242
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—
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92,242
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—
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Collateralized debt obligations
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2,047
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—
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—
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2,047
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Total securities available-for-sale
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$
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258,742
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$
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5,598
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$
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251,097
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$
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2,047
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Fair Value Measurements at December 31, 2018 Using
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Quoted Prices in
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Active Markets
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Significant Other
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Significant
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(Dollars in thousands)
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Estimated
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for Identical
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Observable
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Unobservable
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Fair
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Assets
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Inputs
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Inputs
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Value
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(Level 1)
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(Level 2)
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(Level 3)
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Available-for-sale debt securities:
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Money market fund
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$
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2,480
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$
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2,480
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$
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—
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$
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—
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U.S. treasury securities
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—
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—
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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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$
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241,768
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$
|
2,480
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$
|
237,239
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$
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2,049
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Schedule of fair value, assets measured on recurring basis, unobservable input reconciliation |
A roll forward of available-for-sale securities, which require significant adjustment based on unobservable data, are presented in the following table:
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Estimated Fair Value
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(Dollars in thousands)
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Measurements Using
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Significant Unobservable
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Inputs (Level 3)
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Available-for-
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sale securities
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Beginning balance, January 1, 2018
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$
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3,439
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Principal payments
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(51)
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Total unrealized gains, included in other comprehensive income
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(36)
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Transfers in and/or (out) of Level 3
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(1,303)
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Ending balance, December 31, 2018
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$
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2,049
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Beginning balance, January 1, 2019
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$
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2,049
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Principal payments
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(26)
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Total unrealized gains, included in other comprehensive income
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24
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Sale out of Level 3
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—
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Ending balance, June 30, 2019
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$
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2,047
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Schedule of fair value, assets measured on nonrecurring basis |
Assets measured at fair value on a non-recurring basis are summarized below:
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Fair Value Measurements at June 30, 2019 Using
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Quoted Prices in
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Active Markets
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Significant Other
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Significant
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(Dollars in thousands)
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Estimated
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for Identical
|
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Observable
|
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Unobservable
|
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Fair
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Assets
|
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Inputs
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Inputs
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Value
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(Level 1)
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(Level 2)
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(Level 3)
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Impaired loans
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$
|
8,059
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$
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—
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$
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—
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$
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8,059
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Foreclosed real estate
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1,501
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—
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—
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1,501
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(Dollars in thousands)
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Fair Value Measurements at December 31, 2018 Using
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Quoted Prices in
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Active Markets
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Significant Other
|
Significant
|
(Dollars in thousands)
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|
Estimated
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for Identical
|
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Observable
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Unobservable
|
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Fair
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Assets
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Inputs
|
Inputs
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Value
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(Level 1)
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(Level 2)
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(Level 3)
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Impaired loans
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$
|
5,536
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$
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—
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$
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—
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$
|
5,536
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Foreclosed real estate
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|
1,627
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|
—
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—
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1,627
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Schedule of fair value, by balance sheet grouping |
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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June 30, 2019
|
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Estimated Fair Value Measurements at June 30, 2019 Using
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Quoted Prices in
|
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Significant
|
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Significant
|
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|
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Active Markets for
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Other Observable
|
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Unobservable
|
(Dollars in thousands)
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Carrying
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Estimated
|
Identical Assets
|
|
Inputs
|
|
Inputs
|
|
|
Value
|
Fair Value
|
(Level 1)
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(Level 2)
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(Level 3)
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Financial assets:
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Cash and cash equivalents
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$
|
61,172
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$
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61,172
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$
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61,172
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$
|
—
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$
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—
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Certificates of deposit in other financial institutions
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1,970
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1,940
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—
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1,940
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—
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Securities available-for-sale
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258,742
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258,742
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5,598
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251,097
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|
2,047
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Loans held-for-sale
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3,835
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3,920
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3,920
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—
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—
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Loans receivable, net
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885,530
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891,109
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—
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—
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891,109
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Federal Home Loan Bank stock
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3,912
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3,912
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—
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3,912
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—
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Accrued interest receivable
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4,131
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4,131
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—
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4,131
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—
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Financial liabilities:
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Non-interest bearing deposits
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|
178,394
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178,394
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178,394
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|
—
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—
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Interest bearing deposits
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|
948,727
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947,957
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631,162
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316,795
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—
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Repurchase agreements
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20,628
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20,628
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18,863
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|
1,765
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—
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Borrowed funds
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18,000
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|
18,081
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—
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18,081
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—
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Accrued interest payable
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|
166
|
|
|
166
|
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—
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166
|
|
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—
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|
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December 31, 2018
|
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Estimated Fair Value Measurements at December 31, 2018 Using
|
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|
|
|
|
|
|
Quoted Prices in
|
|
Significant
|
|
Significant
|
|
|
|
|
|
|
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Active Markets for
|
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Other Observable
|
|
Unobservable
|
(Dollars in thousands)
|
|
Carrying
|
|
Estimated
|
|
Identical Assets
|
|
Inputs
|
|
Inputs
|
|
|
Value
|
|
Fair Value
|
|
(Level 1)
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|
(Level 2)
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|
(Level 3)
|
Financial assets:
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
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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
|
|
|
—
|
|
|
|
|
|
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|
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|
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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
|
|
|
—
|
|