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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2020, and December 31, 2019, are as follows:

												September 30, 2020
In thousands						Basis						Total						Level 1						Level 2						Level 3
U.S. Government and agencies												$	173,587					$	—					$	173,587					$	—
Mortgage-backed securities, residential												101,855						—						101,855						—
State and municipal												31,958						—						31,958						—
Corporate bonds												6,271						—						6,271						—
Total securities available for sale						Recurring						$	313,671					$	—					$	313,671					$	—
Equity securities with readily determinable fair values						Recurring						$	1,880					$	1,880					$	—					$	—
Collateral dependent impaired loans						Nonrecurring						$	12,170					$	—					$	—					$	12,170

												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

September 30, 2020

Impaired loans

$

12,170

Appraisal of collateral

(a)

Appraisal adjustments

(b)

(10) – (50)%

(19)%

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 September 30, 2020:

						September 30, 2020
In thousands						Carrying Amount						Fair Value						Level 1						Level 2						Level 3
Financial assets:
Cash and due from banks						$	21,163					$	21,163					$	11,080					$	10,083					$	—
Interest-bearing deposits in banks						278,490						278,490						278,490						—						—
Equity securities available for sale						1,880						1,880						1,880						—						—
Investment securities available for sale						313,671						313,671						—						313,671						—
Investment securities held to maturity						13,606						14,110						—						14,110						—
Loans held for sale						10,043						10,043						—						10,043						—
Loans, less allowance for loan losses						1,681,683						1,732,710						—						—						1,732,710
Accrued interest receivable						7,317						7,317						—						7,317						—
Restricted investment in bank stocks						3,022						3,022						—						3,022						—
Financial liabilities:
Demand deposits and savings						1,634,803						1,634,803						—						1,634,803						—
Time deposits						480,773						486,460						—						486,460						—
Short-term borrowings						52,721						52,721						—						52,721						—
Long-term borrowings						46,113						47,263						—						47,263						—
Trust preferred subordinated debt						11,000						9,890						—						9,890						—
Accrued interest payable						1,919						1,919						—						1,919						—
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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-Publisher FASB
-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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-Publisher FASB
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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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