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FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
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Dec. 31, 2019
Fair Value Disclosures [Abstract] |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | For assets measured at fair value, the fair value measurements by level within the fair value hierarchy, and the basis of measurement used at December 31, 2019 and 2018, are as follows:
|  |  | Fair Value Measurements at December 31, 2019
In thousands | Basis |  | Total |  | Level 1 |  | Level 2 |  | Level 3
U.S. Government and agencies |  |  | $ | 114,249 |  |  | $ | — |  |  | $ | 114,249 |  |  | $ | — |
Mortgage-backed securities, residential |  |  | 65,592 |  |  | — |  |  | 65,592 |  |  | — |
State and municipal |  |  | 10,996 |  |  | — |  |  | 10,996 |  |  | — |
Total securities available for sale | Recurring |  | $ | 190,837 |  |  | $ | — |  |  | $ | 190,837 |  |  | $ | — |
Equity securities with readily determinable fair values | Recurring |  | $ | 2,106 |  |  | $ | 2,106 |  |  | $ | — |  |  | $ | — |
Collateral dependent impaired loans | Non-recurring |  | $ | 3,806 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,806 |
|  |  | Fair Value Measurements at 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 | Non-recurring |  | $ | 3,883 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,883 |
Fair Value Inputs, Assets, Quantitative Information | 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
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |
Impaired loans |  | $ | 3,806 |  |  | Appraisal of collateral | (1) | Appraisal adjustments | (2) |  | (10) - (50)% |  | (15 | )%
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |
Impaired loans |  | $ | 3,883 |  |  | Appraisal of collateral | (1) | Appraisal adjustments | (2) |  | (10) - (50)% |  | (16 | )%
(1) | 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.
(2) | 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.
Fair Value, by Balance Sheet Grouping | The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Corporation’s financial instruments at December 31, 2019:
| December 31, 2019
In thousands | Carrying Amount |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 16,878 |  |  | $ | 16,878 |  |  | $ | 9,542 |  |  | $ | 7,336 |  |  | $ | — |
Interest-bearing deposits in banks | 97,478 |  |  | 97,478 |  |  | 97,478 |  |  | — |  |  | — |
Equity securities available for sale | 2,106 |  |  | 2,106 |  |  | 2,106 |  |  | — |  |  | — |
Investment securities available for sale | 190,837 |  |  | 190,837 |  |  | — |  |  | 190,837 |  |  | — |
Investment securities held to maturity | 19,234 |  |  | 19,281 |  |  | — |  |  | 19,281 |  |  | — |
Loans held for sale | 2,406 |  |  | 2,406 |  |  | — |  |  | 2,406 |  |  | — |
Loans, less allowance for loan losses | 1,258,766 |  |  | 1,263,014 |  |  | — |  |  | — |  |  | 1,263,014 |
Accrued interest receivable | 4,368 |  |  | 4,368 |  |  | — |  |  | 4,368 |  |  | — |
Restricted investment in bank stocks | 3,644 |  |  | 3,644 |  |  | — |  |  | 3,644 |  |  | — |
Financial liabilities: |  |  |  |  |  |  |  |  |
Demand deposits and savings | 1,004,407 |  |  | 1,004,407 |  |  | — |  |  | 1,004,407 |  |  | — |
Time deposits | 407,853 |  |  | 409,426 |  |  | — |  |  | 409,426 |  |  | — |
Short-term borrowings | 33,435 |  |  | 33,435 |  |  | — |  |  | 33,435 |  |  | — |
Long-term borrowings | 61,296 |  |  | 61,965 |  |  | — |  |  | 61,965 |  |  | — |
Trust preferred subordinated debt | 5,000 |  |  | 4,711 |  |  | — |  |  | 4,711 |  |  | — |
Accrued interest payable | 2,676 |  |  | 2,676 |  |  | — |  |  | 2,676 |  |  | — |
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 at 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 | — |  |  | — |  |  | — |  |  | — |  |  | — |

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- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=117815213&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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