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Fair Value (Tables)

6 Months Ended

Jun. 30, 2020

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 June 30, 2020 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		$	3,913			$	0			$	3,913			$	0
State and political subdivisions			304,446				0				304,446				0
Corporate bonds			3,310				0				3,310				0
Mortgage-backed securities-residential			125,244				0				125,240				4
Collateralized mortgage obligations			32,505				0				32,505				0
Small Business Administration			6,196				0				6,196				0
Equity securities
Equity securities at fair value			406				406				0				0
Other investments measured at net asset value			7,969			n/a				n/a				n/a
Total investment securities		$	483,989			$	406			$	475,610			$	4
Loan yield maintenance provisions		$	5,001			$	0			$	5,001			$	0
Financial Liabilities
Interest rate swaps		$	5,001			$	0			$	5,001			$	0

		Fair Value Measurements at December 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		$	3,811			$	0			$	3,811			$	0
State and political subdivisions			261,425				0				261,425				0
Corporate bonds			1,260				0				1,260				0
Mortgage-backed securities-residential			147,910				0				147,905				5
Collateralized mortgage obligations			11,347				0				11,347				0
Small Business Administration			6,480				0				6,480				0
Equity securities
Equity securities at fair value			594				594				0				0
Other investments measured at net asset value			7,315			n/a				n/a				n/a
Total investment securities		$	440,142			$	594			$	432,228			$	5
Loan yield maintenance provisions		$	1,898			$	0			$	1,898			$	0
Financial Liabilities
Interest rate swaps		$	1,898			$	0			$	1,898			$	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 June 30,								Six Months ended June 30,
(In Thousands of Dollars)		2020				2019				2020				2019
Beginning Balance		$	5			$	6			$	5			$	6
Transfers from level 2			0				0				0				0
Repayments, calls and maturities			(1	)			0				(1	)			0
Ending Balance		$	4			$	6			$	4			$	6

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 June 30, 2020 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
1–4 family residential		$	206			$	0			$	0			$	206
Consumer indirect			8				0				0				8

		Fair Value Measurements at December 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
1–4 family residential		$	183			$	0			$	0			$	183
Consumer			12				0				0				12

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 June 30, 2020 and December 31, 2019:

June 30, 2020	Fair value				Valuation Technique(s)		Unobservable Input(s)		Range (Weighted Average)
Impaired loans
Residential	$	206			Sales comparison		Adjustment for differences between comparable sales		(40.00%) - 47.15% (17.77%)
Consumer		8			Sales comparison		Adjustment for differences between comparable sales		(10.00%) - 10.00% 0.00%

December 31, 2019	Fair value				Valuation Technique(s)		Unobservable Input(s)		Range (Weighted Average)
Impaired loans
Residential	$	183			Sales comparison		Adjustment for differences between comparable sales		(24.26%) - 23.74% 14.53%
Consumer		12			Sales comparison		Adjustment for differences between comparable sales		(12.95%) - 12.95% (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 June 30, 2020 and December 31, 2019 are as follows:

						Fair Value Measurements at June 30, 2020 Using:
(In Thousands of Dollars)		Carrying Amount				Level 1				Level 2				Level 3				Total
Financial assets
Cash and cash equivalents		$	103,954			$	22,134			$	81,820			$	0			$	103,954
Restricted stock			15,048			n/a				n/a				n/a				n/a
Loans held for sale			3,395				0				3,497				0				3,497
Loans, net			2,126,640				0				0				2,117,065				2,117,065
Accrued interest receivable			11,259				0				2,946				8,313				11,259
Financial liabilities
Deposits			2,439,485				1,902,092				551,608				0				2,453,700
Short-term borrowings			3,382				0				3,382				0				3,382
Long-term borrowings			76,733				0				79,901				0				79,901
Accrued interest payable			822				48				774				0				822

						Fair Value Measurements at December 31, 2019 Using:
(In Thousands of Dollars)		Carrying Amount				Level 1				Level 2				Level 3				Total
Financial assets
Cash and cash equivalents		$	70,760			$	23,229			$	47,531			$	0			$	70,760
Restricted stock			11,729			n/a				n/a				n/a				n/a
Loans held for sale			2,600				0				2,678				0				2,678
Loans, net			1,797,052				0				0				1,760,062				1,760,062
Accrued interest receivable			7,552				0				2,578				4,974				7,552
Financial liabilities
Deposits			2,008,964				1,457,309				495,222				0				1,952,531
Short-term borrowings			77,050				0				77,050				0				77,050
Long-term borrowings			45,147				0				45,998				0				45,998
Accrued interest payable			1,070				61				1,009				0				1,070

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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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