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Fair value of financial instruments (Tables)

12 Months Ended

Dec. 31, 2018

Fair value of financial instruments

Schedule of assets and liabilities measured at fair value on a recurring basis

		Fair Value Measurement Using
					Quoted Prices in			Significant			Significant
					Active Markets for			Other Observable			Unobservable
					Identical Assets			Inputs			Inputs
December 31, 2018		Amount			(Level 1)			(Level 2)			(Level 3)
U.S. Treasury securities		$	25,592		$	25,592					$
U.S. Government-sponsored enterprises			92,818					$	92,818
State and Municipals:
Taxable			13,853						13,853
Tax-exempt			85,954						85,954
Mortgage-backed securities:
U.S. Government agencies			12,629						12,629
U.S. Government-sponsored enterprises			38,836						38,836
Common equity securities			291			291
Interest rate floor - other assets			553						553
Interest rate swap-other assets			108						108
Interest rate swap-other liabilities			(138)						(138)
Total		$	270,496		$	25,883		$	244,613		$

		Fair Value Measurement Using
					Quoted Prices in			Significant			Significant
					Active Markets for			Other Observable			Unobservable
					Identical Assets			Inputs			Inputs
December 31, 2017		Amount			(Level 1)			(Level 2)			(Level 3)
U.S. Treasury securities		$	19,814		$	19,814					$
U.S. Government-sponsored enterprises			93,648					$	93,648
State and Municipals:
Taxable			15,047						15,047
Tax-exempt			103,833						103,833
Mortgage-backed securities:
U.S. Government agencies			14,434						14,434
U.S. Government-sponsored enterprises			25,726						25,726
Common equity securities			46			46
Interest rate swap-other assets			655						655
Interest rate swap-other liabilities			(733)						(733)
Total		$	272,470		$	19,860		$	252,610		$

Schedule of assets and liabilities measured at fair value on a nonrecurring basis

Fair Value Measurement Using

Quoted Prices in

Significant

Significant

Active Markets for

Other Observable

Unobservable

Identical Assets

Inputs

Inputs

December 31, 2018

Amount

(Level 1)

(Level 2)

(Level 3)

Impaired loans

$

2,809

$

2,809

Other real estate owned

$

234

$

234

Fair Value Measurement Using

Quoted Prices in

Significant Other

Significant

Active Markets for

Observable

Unobservable

Identical Assets

Inputs

Inputs

December 31, 2017

Amount

(Level 1)

(Level 2)

(Level 3)

Impaired loans

$

3,424

$

3,424

Other real estate owned

$

216

$

216

Schedule of additional quantitative information about assets measured at fair value on a nonrecurring basis

		Quantitative Information about Level 3 Fair Value Measurements
		Fair Value							Range
December 31, 2018		Estimate			Valuation Techniques		Unobservable Input		(Weighted Average)
Impaired loans		$	2,809		Appraisal of collateral		Appraisal adjustments		7.1% to 97.0%   (61.8)%
							Liquidation expenses		3.0% to 6.0% (4.4)%
Other real estate owned		$	234		Appraisal of collateral		Appraisal adjustments		26.0% to 73.3%   (38.9)%
							Liquidation expenses		3.0% to 6.0% (5.0)%

		Quantitative Information about Level 3 Fair Value Measurements
		Fair Value							Range
December 31, 2017		Estimate			Valuation Techniques		Unobservable Input		(Weighted Average)
Impaired loans		$	3,424		Appraisal of collateral		Appraisal adjustments		4.0% to 97.0%   (67.2)%
							Liquidation expenses		3.0% to 6.0% (4.9)%
Other real estate owned		$	216		Appraisal of collateral		Appraisal adjustments		25.0% to 41.3%   (30.7)%
							Liquidation expenses		3.0% to 6.0% (5.0)%

Schedule of carrying and fair values of financial instruments

								Fair Value Hierarchy
								Quoted
								Prices in
								Active			Significant
								Markets for			Other			Significant
								Identical			Observable			Unobservable
		Carrying			Fair			Assets			Inputs			Inputs
December 31, 2018		Value			Value			(level 1)			(level 2)			(Level 3)
Financial assets:
Cash and cash equivalents		$	32,616		$	32,616		$	32,616
Investment securities:
Available-for-sale			269,682			269,682			25,592		$	244,090
Common equity securities			291			291			291
Held-to-maturity			8,361			8,380						8,380
Loans held for sale			749			749						749
Net loans			1,801,887			1,762,449								$	1,762,449
Accrued interest receivable			7,115			7,115						7,115
Mortgage servicing rights			718			1,710						1,710
Restricted equity securities			7,462			7,462						7,462
Interest rate floor			553			553						553
Interest rate swaps			108			108						108
Total		$	2,129,542		$	2,091,115
Financial liabilities:
Deposits		$	1,875,022		$	1,874,520					$	1,874,520
Short-term borrowings			86,500			86,500						86,500
Long-term debt			37,906			38,071						38,071
Accrued interest payable			1,195			1,195						1,195
Interest rate swaps			138			138						138
Total		$	2,000,761		$	2,000,424

								Fair Value Hierarchy
								Quoted
								Prices in
								Active			Significant
								Markets for			Other			Significant
								Identical			Observable			Unobservable
		Carrying			Fair			Assets			Inputs			Inputs
December 31, 2017		Value			Value			(level 1)			(level 2)			(Level 3)
Financial assets:
Cash and cash equivalents		$	37,488		$	37,488		$	37,488
Investment securities:
Available-for-sale			272,548			272,548			19,860		$	252,688
Held-to-maturity			9,274			9,547						9,547
Loans held for sale			106			106						106
Net loans			1,674,105			1,645,292								$	1,645,292
Accrued interest receivable			6,936			6,936						6,936
Mortgage servicing rights			728			1,638						1,638
Restricted equity securities			8,562			8,562						8,562
Interest rate swaps			655			655						655
Total		$	2,010,402		$	1,982,772
Financial liabilities:
Deposits		$	1,719,018		$	1,666,284					$	1,666,284
Short-term borrowings			123,675			123,675						123,675
Long-term debt			49,734			50,147						50,147
Accrued interest payable			497			497						497
Interest rate swaps			733			733						733
Total		$	1,893,657		$	1,841,336

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
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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).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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).

+ References

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-Name Accounting Standards Codification
-Topic 820
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