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Fair Value (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Assets Measured at Fair Value on Recurring Basis

Assets measured at fair value on a recurring basis are summarized below:

		Fair Value Measurements at March 31, 2019 Using:
(In Thousands of Dollars)		Carrying Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Financial Assets
Investment securities available-for sale
U.S. Treasury and U.S. government sponsored entities		$	5,847			$	0			$	5,847			$	0
State and political subdivisions			214,736				0				214,736				0
Corporate bonds			1,203				0				1,203				0
Mortgage-backed securities-residential			149,608				0				149,602				6
Collateralized mortgage obligations			20,685				0				20,685				0
Small Business Administration			11,691				0				11,691				0
Equity securities
Equity securities at fair value			553				553				0				0
Other equity investments measured at net asset value			6,907			n/a				n/a				n/a
Total investment securities		$	411,230			$	553			$	403,764			$	6
Loan yield maintenance provisions		$	1,092			$	0			$	1,092			$	0
Financial Liabilities
Interest rate swaps		$	1,092			$	0			$	1,092			$	0

		Fair Value Measurements at December 31, 2018 Using:
(In Thousands of Dollars)		Carrying Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Financial Assets
Investment securities available-for sale
U.S. Treasury and U.S. government sponsored entities		$	6,009			$	0			$	6,009			$	0
State and political subdivisions			211,944				0				211,944				0
Corporate bonds			1,188				0				1,188				0
Mortgage-backed securities-residential			150,047				0				150,041				6
Collateralized mortgage obligations			21,072				0				21,072				0
Small Business Administration			11,930				0				11,930				0
Equity securities
Equity securities at fair value			495				495				0				0
Other equity investments measured at net asset value			6,635			n/a				n/a				n/a
Total investment securities		$	409,320			$	495			$	402,184			$	6
Loan yield maintenance provisions		$	767			$	0			$	767			$	0
Financial Liabilities
Interest rate swaps		$	767			$	0			$	767			$	0

Reconciliation of All Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs

The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3):

		Investment Securities Available-for-sale (Level 3)
		Three Months ended March 31,
(In Thousands of Dollars)		2019				2018
Beginning Balance		$	6			$	8
Transfers from level 2			0				0
Repayments, calls and maturities			0				(1	)
Ending Balance		$	6			$	7

Assets Measured at Fair Value on Non-Recurring Basis

Assets measured at fair value on a non-recurring basis are summarized below:

		Fair Value Measurements at March 31, 2019 Using:
(In Thousands of Dollars)		Carrying Value				Quoted Prices  in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Financial Assets
Impaired loans
Commercial real estate
Farmland		$	251			$	0			$	0			$	251
1–4 family residential			577				0				0				577
Consumer indirect			32				0				0				32
Other real estate owned
1–4 family residential			51				0				0				51

		Fair Value Measurements at December 31, 2018 Using:
(In Thousands of Dollars)		Carrying Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Financial Assets
Impaired loans
Commercial real estate
Farmland		$	251			$	0			$	0			$	251
1–4 family residential			640				0				0				640
Consumer			7				0				0				7

Fair Value Measurements for Financial Instruments

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 the periods ended March 31, 2019 and December 31, 2018:

March 31, 2019	Fair value				Valuation Technique(s)		Unobservable Input(s)		Range (Weighted Average)
Impaired loans
Commercial real estate	$	251			Sales comparison		Adjustment for differences between comparable sales		(22.70%) - 16.16% 9.39%
Residential		577			Sales comparison		Adjustment for differences between comparable sales		(49.90%) - 45.99% 5.56%
Consumer		32			Sales comparison		Adjustment for differences between comparable sales		(9.63%) - 9.63% (0%)
Other real estate owned		51			Sales comparison		Adjustment for differences between comparable sales		(39.77%) - 32.49% (7.30%)

December 31, 2018	Fair value				Valuation Technique(s)		Unobservable Input(s)		Range (Weighted Average)
Impaired loans
Commercial real estate	$	251			Sales comparison		Adjustment for differences between comparable sales		(22.70%) - 16.16% 9.39%
Residential		640			Sales comparison		Adjustment for differences between comparable sales		(49.90%) - 45.99% 6.52%
Consumer		7			Sales comparison		Adjustment for differences between comparable sales		(5.71%) - 5.71% (0.00%)

Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of financial instruments not previously disclosed at March 31, 2019 and December 31, 2018 are as follows:

						Fair Value Measurements at March 31, 2019 Using:
(In Thousands of Dollars)		Carrying Amount				Level 1				Level 2				Level 3				Total
Financial assets
Cash and cash equivalents		$	69,672			$	20,869			$	48,803			$	0			$	69,672
Restricted stock			11,729			n/a				n/a				n/a				n/a
Loans held for sale			2,360				0				2,431				0				2,431
Loans, net			1,729,874				0				0				1,687,534				1,687,534
Accrued interest receivable			7,722				0				2,352				5,370				7,722
Financial liabilities
Deposits			1,954,333				1,469,330				481,741				0				1,951,071
Short-term borrowings			103,498				0				103,498				0				103,498
Long-term borrowings			5,850				0				5,763				0				5,763
Accrued interest payable			1,168				77				1,091				0				1,168

						Fair Value Measurements at December 31, 2018 Using:
(In Thousands of Dollars)		Carrying Amount				Level 1				Level 2				Level 3				Total
Financial assets
Cash and cash equivalents		$	57,926			$	18,042			$	39,884			$	0			$	57,926
Restricted stock			11,737			n/a				n/a				n/a				n/a
Loans held for sale			1,237				0				1,274				0				1,274
Loans, net			1,722,248				0				0				1,673,626				1,673,626
Accrued interest receivable			7,114				0				2,359				4,755				7,114
Financial liabilities
Deposits			1,799,720				1,427,260				367,306				0				1,794,566
Short-term borrowings			244,759				0				244,759				0				244,759
Long-term borrowings			6,033				0				5,847				0				5,847
Accrued interest payable			990				63				927				0				990

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- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis.

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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