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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

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, 2021, and December 31, 2020, are as follows:

												September 30, 2021
In thousands						Basis						Total						Level 1						Level 2						Level 3
U.S. Government and agencies												$	223,169					$	—					$	223,169					$	—
Mortgage-backed securities, residential												132,999						—						132,999						—
State and municipal												42,710						—						42,710						—
Corporate bonds												12,798						—						12,798						—
Total securities available for sale						Recurring						$	411,676					$	—					$	411,676					$	—
Equity securities with readily determinable fair values						Recurring						$	2,547					$	2,547					$	—					$	—
Collateral dependent impaired loans						Nonrecurring						$	5,474					$	—					$	—					$	5,474

												December 31, 2020
In thousands						Basis						Total						Level 1						Level 2						Level 3
U.S. Government and agencies												$	183,603					$	—					$	183,603					$	—
Mortgage-backed securities, residential												108,822						—						108,822						—
State and municipal												36,484						—						36,484						—
Corporate bonds												8,809						—						8,809						—
Total securities available for sale						Recurring						$	337,718					$	—					$	337,718					$	—
Equity securities with readily determinable fair values						Recurring						$	2,170					$	2,170					$	—					$	—
Collateral dependent impaired loans						Nonrecurring						$	7,498					$	—					$	—					$	7,498

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, 2021

Impaired loans

$

5,474

Appraisal of collateral

(a)

Appraisal adjustments

(b)

(10) – (50)%

(51)%

December 31, 2020

Impaired loans

$

7,498

Appraisal of collateral

(a)

Appraisal adjustments

(b)

(10) – (50)%

(52)%

(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, 2021:

						September 30, 2021
In thousands						Carrying Amount						Fair Value						Level 1						Level 2						Level 3
Financial assets:
Cash and due from banks						$	22,479					$	22,479					$	9,400					$	13,079					$	—
Interest-bearing deposits in banks						700,303						700,303						700,303						—						—
Equity securities available for sale						2,547						2,547						2,547						—						—
Investment securities available for sale						411,676						411,676						—						411,676						—
Investment securities held to maturity						7,220						7,482						—						7,482						—
Loans held for sale						3,935						3,935						—						3,935						—
Loans, less allowance for loan losses						1,467,745						1,490,133						—						—						1,490,133
Accrued interest receivable						5,746						5,746						—						5,746						—
Restricted investment in bank stocks						2,368						2,368						—						2,368						—
Financial liabilities:
Demand deposits and savings						1,966,499						1,966,499						—						1,966,499						—
Time deposits						451,062						453,159						—						453,159						—
Short-term borrowings						44,605						44,605						—						44,605						—
Long-term borrowings						20,700						21,027						—						21,027						—
Trust preferred subordinated debt						21,000						20,132						—						20,132						—
Accrued interest payable						417						417						—						417						—
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, 2020:

						December 31, 2020
In thousands						Carrying Amount						Fair Value						Level 1						Level 2						Level 3
Financial assets:
Cash and due from banks						$	23,739					$	23,739					$	12,436					$	11,303					$	—
Interest-bearing deposits in banks						375,613						375,613						375,613						—						—
Equity securities available for sale						2,170						2,170						2,170						—						—
Investment securities available for sale						337,718						337,718						—						337,718						—
Investment securities held to maturity						10,294						10,768						—						10,768						—
Loans held for sale						11,034						11,034						—						11,034						—
Loans, less allowance for loan losses						1,617,558						1,662,342						—						—						1,662,342
Accrued interest receivable						6,950						6,950						—						6,950						—
Restricted investment in bank stocks						2,942						2,942						—						2,942						—
Financial liabilities:
Demand deposits and savings						1,708,868						1,708,868						—						1,708,868						—
Time deposits						476,657						481,138						—						481,138						—
Short-term borrowings						38,464						38,464						—						38,464						—
Long-term borrowings						42,745						43,669						—						43,669						—
Trust preferred subordinated debt						11,000						9,902						—						9,902						—
Accrued interest payable						1,434						1,434						—						1,434						—
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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