XML 14 R40.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

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	—				—				—				—				—

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

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

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

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

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

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=118260190&loc=d3e13467-108611

Reference 2: 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

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration