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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

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, 2020, and December 31, 2019, are as follows:

				March 31, 2020
In thousands		Basis		Total				Level 1				Level 2				Level 3
U.S. Government and agencies				$	130,924			$	—			$	130,924			$	—
Mortgage-backed securities, residential				96,664				—				96,664				—
State and municipal				23,721				—				23,721				—
Corporate bonds				1,739				—				1,739				—
Total securities available for sale		Recurring		$	253,048			$	—			$	253,048			$	—
Equity securities with readily determinable fair values		Recurring		$	1,888			$	1,888			$	—			$	—
Collateral dependent impaired loans		Nonrecurring		$	4,800			$	—			$	—			$	4,800

				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		Nonrecurring		$	3,806			$	—			$	—			$	3,806

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, 2020

Impaired loans

$

4,800

Appraisal of collateral

(a)

Appraisal adjustments

(b)

(10) - (50)%

(21)%

December 31, 2019

Impaired loans

$

3,806

Appraisal of collateral

(a)

Appraisal adjustments

(b)

(10) - (50)%

(15)%

(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, 2020:

		March 31, 2020
In thousands		Carrying Amount				Fair Value				Level 1				Level 2				Level 3
Financial assets:
Cash and due from banks		$	23,169			$	23,169			$	12,752			$	10,417			$	—
Interest-bearing deposits in banks		106,001				106,001				106,001				—				—
Equity securities available for sale		1,888				1,888				1,888				—				—
Investment securities available for sale		253,048				253,048				—				253,048				—
Investment securities held to maturity		18,090				18,565				—				18,565				—
Loans held for sale		4,786				4,786				—				4,786				—
Loans, less allowance for loan losses		1,590,187				1,645,760				—				—				1,645,760
Accrued interest receivable		5,417				5,417				—				5,417				—
Restricted investment in bank stocks		3,701				3,701				—				3,701				—
Financial liabilities:
Demand deposits and savings		1,305,418				1,305,418				—				1,305,418				—
Time deposits		505,939				509,726				—				509,726				—
Short-term borrowings		26,104				26,104				—				26,104				—
Long-term borrowings		60,723				62,254				—				62,254				—
Trust preferred subordinated debt		11,000				9,868				—				9,868				—
Accrued interest payable		2,662				2,662				—				2,662				—
Off-balance sheet financial instruments		—				—				—				—				—

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

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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-Name Accounting Standards Codification
-Topic 820
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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.

+ References

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- 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.

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