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Fair value estimates (Tables)

3 Months Ended

Mar. 31, 2020

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
March 31, 2020		Amount			(Level 1)			(Level 2)			(Level 3)
U.S. Treasury securities		$	22,121		$	22,121					$
U.S. government-sponsored enterprises			84,590					$	84,590
State and municipals:
Taxable			32,560						32,560
Tax-exempt			39,980						39,980
Mortgage-backed securities:
U.S. government agencies			7,300						7,300
U.S. government-sponsored enterprises			116,333						116,333
Common equity securities			299			299
Loan held for sale			270						270
Interest rate floor-other assets			1,966						1,966
Interest rate swap-other assets			14,679						14,679
Interest rate swap-other liabilities			(14,762)						(14,762)
Total		$	305,336		$	22,420		$	282,916		$

		Fair Value Measurement Using
					Quoted Prices in			Significant			Significant
					Active Markets for			Other Observable			Unobservable
					Identical Assets			Inputs			Inputs
December 31, 2019		Amount			(Level 1)			(Level 2)			(Level 3)
U.S. Treasury securities		$	24,128		$	24,128					$
U.S. government-sponsored enterprises			87,110					$	87,110
State and municipals:
Taxable			34,898						34,898
Tax-exempt			60,163						60,163
Mortgage-backed securities:
U.S. government agencies			8,470						8,470
U.S. government-sponsored enterprises			115,709						115,709
Common equity securities			423			423
Loan held for sale			986						986
Interest rate floor-other assets			944						944
Interest rate swap-other assets			4,728						4,728
Interest rate swap-other liabilities			(4,680)						(4,680)
Total		$	332,879		$	24,551		$	308,328		$

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

March 31, 2020

Amount

(Level 1)

(Level 2)

(Level 3)

Impaired loans

$

2,699

$

2,699

Other real estate owned

$

550

$

550

Fair Value Measurement Using

Quoted Prices in

Significant Other

Significant

Active Markets for

Observable

Unobservable

Identical Assets

Inputs

Inputs

December 31, 2019

Amount

(Level 1)

(Level 2)

(Level 3)

Impaired loans

$

1,808

$

1,808

Other real estate owned

$

283

$

283

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
March 31, 2020		Estimate			Valuation Techniques		Unobservable Input		(Weighted Average)
Impaired loans		$	2,699		Appraisal of collateral		Appraisal adjustments		11.7% to 97.0%   (62.5)%
							Liquidation expenses		3.0% to 6.0% (5.7)%
Other real estate owned		$	550		Appraisal of collateral		Appraisal adjustments		18.4% to 63.5%   (40.3)%
							Liquidation expenses		3.0% to 6.0% (5.0)%

		Quantitative Information about Level 3 Fair Value Measurements
		Fair Value							Range
December 31, 2019		Estimate			Valuation Techniques		Unobservable Input		(Weighted Average)
Impaired loans		$	1,808		Appraisal of collateral		Appraisal adjustments		8.6% to 97.0%   (54.4)%
							Liquidation expenses		3.0% to 6.0% (5.2)%
Other real estate owned		$	283		Appraisal of collateral		Appraisal adjustments		20.0% to 63.6%   (43.7)%
							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
March 31, 2020		Value			Value			(level 1)			(level 2)			(Level 3)
Financial assets:
Cash and cash equivalents		$	35,327		$	35,327		$	35,327
Investment securities:
Available-for-sale			302,884			302,884			22,121		$	280,763
Common equity securities			299			299			299
Held-to-maturity			7,520			7,687						7,687
Loans held for sale			270			270						270
Net loans			1,997,469			1,963,402								$	1,963,402
Accrued interest receivable			7,283			7,283						7,283
Mortgage servicing rights			741			1,299						1,299
Restricted equity securities (FHLB and other)			10,684			10,684						10,684
Interest rate floor			1,966			1,966						1,966
Interest rate swaps			14,679			14,679						14,679
Total		$	2,379,122		$	2,345,780
Financial liabilities:
Deposits		$	2,009,995		$	2,014,166					$	2,014,166
Long-term debt			32,250			32,864						32,864
Accrued interest payable			1,336			1,336						1,336
Interest rate swaps			14,762			14,762						14,762
Total		$	2,058,343		$	2,063,128

								Fair Value Hierarchy
								Quoted
								Prices in
								Active			Significant
								Markets for			Other			Significant
								Identical			Observable			Unobservable
		Carrying			Fair			Assets			Inputs			Inputs
December 31, 2019		Value			Value			(level 1)			(level 2)			(Level 3)
Financial assets:
Cash and cash equivalents		$	31,153		$	31,153		$	31,153
Investment securities:
Available-for-sale			330,478			330,478			24,128		$	306,350
Common equity securities			423			423			423
Held-to-maturity			7,656			7,889						7,889
Loans held for sale			986			986						986
Net loans			1,915,563			1,881,658								$	1,881,658
Accrued interest receivable			6,981			6,981						6,981
Mortgage servicing rights			738			1,444						1,444
Restricted equity securities (FHLB and other)			10,201			10,201						10,201
Interest rate floor			944			944						944
Interest rate swaps			4,728			4,728						4,728
Total		$	2,309,851		$	2,276,885
Financial liabilities:
Deposits		$	1,971,489		$	1,972,084					$	1,972,084
Short-term borrowings
Long-term debt			32,733			33,075						33,075
Accrued interest payable			1,277			1,277						1,277
Interest rate swaps			4,680			4,680						4,680
Total		$	2,010,179		$	2,011,116

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)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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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

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-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
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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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
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