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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Estimated Fair Value of Financial Instruments

The estimated carrying and fair values of the Company’s financial instruments are as follows (in thousands):

		March 31, 2020
		Carrying Amount				Fair Value
(In thousands)						Level 1				Level 2				Level 3				Total
Financial assets:
Cash and due from banks		$	22,713			$	22,713			$	—			$	—			$	22,713
Interest-earning deposits in other banks		13,449				13,449				—				—				13,449
Available-for-sale debt securities		522,943				—				522,943				—				522,943
Equity securities		7,592				7,592				—				—				7,592
Loans, net		919,223				—				—				915,066				915,066
Federal Home Loan Bank stock		6,062				N/A				N/A				N/A				N/A
Accrued interest receivable		5,710				15				2,647				3,048				5,710
Financial liabilities:
Deposits		1,350,591				1,211,581				90,133				—				1,301,714
Junior subordinated deferrable interest debentures		5,155				—				—				2,661				2,661
Accrued interest payable		151				—				106				45				151

		December 31, 2019
		Carrying Amount				Fair Value
(In thousands)						Level 1				Level 2				Level 3				Total
Financial assets:
Cash and due from banks		$	24,195			$	24,195			$	—			$	—			$	24,195
Interest-earning deposits in other banks		28,379				28,379				—				—				28,379
Federal funds sold		—				—				—				—				—
Available-for-sale debt securities		470,746				—				470,746				—				470,746
Equity securities		7,472				7,472				—				—				7,472
Loans, net		934,250				—				—				928,807				928,807
Federal Home Loan Bank stock		6,062				N/A				N/A				N/A				N/A
Accrued interest receivable		5,591				33				1,798				3,760				5,591
Financial liabilities:
Deposits		1,333,285				1,160,224				93,395				—				1,253,619
Junior subordinated deferrable interest debentures		5,155				—				—				3,976				3,976
Accrued interest payable		176				—				129				47				176

Fair Value of Assets on a Recurring Basis

The Company is required or permitted to record the following assets at fair value on a recurring basis as of December 31, 2019 (in thousands).

Description		Fair Value				Level 1				Level 2				Level 3
Available-for-sale debt securities:
U.S. Government agencies		$	14,494			$	—			$	14,494			$	—
Obligations of states and political subdivisions		91,111				—				91,111				—
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations		196,719				—				196,719				—
Private label mortgage and asset backed securities		159,378				—				159,378				—
Corporate debt securities		9,044				—				9,044				—
Equity securities		7,472				7,472				—				—
Total assets measured at fair value on a recurring basis		$	478,218			$	7,472			$	470,746			$	—

The Company is required or permitted to record the following assets at fair value on a recurring basis as of March 31, 2020 (in thousands). 

Description		Fair Value				Level 1				Level 2				Level 3
Available-for-sale debt securities:
U.S. Government agencies		$	43,212			$	—			$	43,212			$	—
Obligations of states and political subdivisions		205,254				—				205,254				—
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations		202,305				—				202,305				—
Private label mortgage and asset backed securities		63,923				—				63,923				—
Corporate debt securities		8,249				—				8,249				—
Equity securities		7,592				7,592				—				—
Total assets measured at fair value on a recurring basis		$	530,535			$	7,592			$	522,943			$	—

Fair Value of Assets on a Non-recurring Basis

The Company may be required, from time to time, to measure certain assets and liabilities at fair value on a non-recurring basis.  As of December 31, 2019 there were no loans or assets that were measured at the lower of cost or fair value.

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ 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=99377789&loc=d3e19207-110258

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-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258

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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.

+ 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=109250915&loc=d3e13467-108611

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-Section 50
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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258

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