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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of fair value measurements by level within the fair value hierarchy and the basis of measurement used

For assets measured at fair value, the fair value measurements by level within the fair value hierarchy, and the basis of measurement used at March 31, 2019, and December 31, 2018, are as follows:

				March 31, 2019
In thousands		Basis		Total				Level 1				Level 2				Level 3
U.S. Government and agencies				$	118,787			$	—			$	118,787			$	—
Mortgage-backed securities, residential				32,632				—				32,632				—
State and municipal				9,530				—				9,530				—
Total securities available for sale		Recurring		$	160,949			$	—			$	160,949			$	—
Equity securities with readily determinable fair values		Recurring		$	1,872			$	1,872			$	—			$	—
Collateral dependent impaired loans		Nonrecurring		$	3,858			$	—			$	—			$	3,858

				December 31, 2018
In thousands		Basis		Total				Level 1				Level 2				Level 3
U.S. Government and agencies				$	118,413			$	—			$	118,413			$	—
Mortgage-backed securities, residential				33,811				—				33,811				—
State and municipal				9,506				—				9,506				—
Total securities available for sale		Recurring		$	161,730			$	—			$	161,730			$	—
Equity securities with readily determinable fair values		Recurring		$	1,839			$	1,839			$	—			$	—
Collateral dependent impaired loans		Nonrecurring		$	3,883			$	—			$	—			$	3,883

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

The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis for which the Corporation has utilized Level 3 inputs to determine fair value:

Quantitative Information about Level 3 Fair Value Measurements

Dollars in thousands

Fair Value Estimate

Valuation Technique

Unobservable Input

Range

Weighted Average

March 31, 2019

Impaired loans

$

3,858

Appraisal of collateral

(a)

Appraisal adjustments

(b)

(10) - (50)%

(16)%

December 31, 2018

Impaired loans

$

3,883

Appraisal of collateral

(a)

Appraisal adjustments

(b)

(10) - (50)%

(16)%

(a) Fair value is generally determined through management’s estimate or independent third-party appraisals of the underlying collateral, which generally includes various Level 3 inputs which are not observable.

(b) Appraisals may be adjusted downward by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percentage of the appraisal. Higher downward adjustments are caused by negative changes to the collateral or conditions in the real estate market, actual offers or sales contracts received, and/or age of the appraisal.

Schedule of carrying amount, exit pricing concept fair value and placement in the fair value hierarchy

The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Corporation’s financial instruments as of March 31, 2019:

		March 31, 2019
In thousands		Carrying Amount				Fair Value				Level 1				Level 2				Level 3
Financial assets:
Cash and due from banks		$	18,068			$	18,068			$	7,447			$	10,621			$	—
Interest-bearing deposits in banks		43,285				43,285				43,285				—				—
Equity securities available for sale		1,872				1,872				1,872				—				—
Investment securities available for sale		160,949				160,949				—				160,949				—
Investment securities held to maturity		26,073				25,871				—				25,871				—
Loans held for sale		300				300				—				300				—
Loans, less allowance for loan losses		1,287,315				1,271,701				—				—				1,271,701
Accrued interest receivable		5,047				5,047				—				5,047				—
Restricted investment in bank stocks		4,382				4,382				—				4,382				—
Financial liabilities:
Demand deposits and savings		982,005				982,005				—				982,005				—
Time deposits		385,053				383,028				—				383,028				—
Short-term borrowings		29,759				29,759				—				29,759				—
Long-term borrowings		77,407				77,599				—				77,599				—
Trust preferred subordinated debt		5,000				4,704				—				4,704				—
Accrued interest payable		1,614				1,614				—				1,614				—
Off-balance sheet financial instruments		—				—				—				—				—

The following presents the carrying amount, exit pricing concept fair value, and placement in the fair value hierarchy of the Corporation’s financial instruments as of December 31, 2018:

		December 31, 2018
In thousands		Carrying Amount				Fair Value				Level 1				Level 2				Level 3
Financial assets:
Cash and due from banks		$	20,105			$	20,105			$	8,190			$	11,915			$	—
Interest-bearing deposits in banks		20,800				20,800				20,800				—				—
Equity securities available for sale		1,839				1,839				1,839				—				—
Investment securities available for sale		161,730				161,730				—				161,730				—
Investment securities held to maturity		27,266				26,911				—				26,911				—
Loans held for sale		408				408				—				408				—
Loans, less allowance for loan losses		1,288,501				1,272,393				—				—				1,272,393
Accrued interest receivable		4,545				4,545				—				4,545				—
Restricted investment in bank stocks		4,336				4,336				—				4,336				—
Financial liabilities:
Demand deposits and savings		979,964				979,964				—				979,964				—
Time deposits		368,128				364,093				—				364,093				—
Short-term borrowings		34,648				34,648				—				34,648				—
Long-term borrowings		78,516				78,545				—				78,545				—
Trust preferred subordinated debt		5,000				4,701				—				4,701				—
Accrued interest payable		1,364				1,364				—				1,364				—
Off-balance sheet financial instruments		—				—				—				—				—

X

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

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- 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.

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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.

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