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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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):

						June 30, 2020
						Carrying Amount						Fair Value
(In thousands)															Level 1						Level 2						Level 3						Total
Financial assets:
Cash and due from banks						$	32,296					$	32,296					$	—					$	—					$	32,296
Interest-earning deposits in other banks						86,261						86,261						—						—						86,261
Available-for-sale debt securities						544,502						—						544,502						—						544,502
Equity securities						7,655						7,655						—						—						7,655
Loans, net						1,111,954						—						—						1,098,205						1,098,205
Federal Home Loan Bank stock						5,595						N/A						N/A						N/A						N/A
Accrued interest receivable						8,294						17						2,991						5,286						8,294
Financial liabilities:
Deposits						1,649,557						1,498,035						90,997						—						1,589,032
Junior subordinated deferrable interest debentures						5,155						—						—						2,921						2,921
Accrued interest payable						126						—						89						37						126

						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
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 June 30, 2020 (in thousands). 

Description						Fair Value						Level 1						Level 2						Level 3
Available-for-sale debt securities:
U.S. Government agencies						$	41,706					$	—					$	41,706					$	—
Obligations of states and political subdivisions						229,855						—						229,855						—
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations						201,837						—						201,837						—
Private label mortgage and asset backed securities						52,501						—						52,501						—
Corporate debt securities						18,603						—						18,603						—
Equity securities						7,655						7,655						—						—
Total assets measured at fair value on a recurring basis						$	552,157					$	7,655					$	544,502					$	—

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					$	—

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)
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
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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
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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://www.xbrl.org/2003/role/disclosureRef
-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://www.xbrl.org/2003/role/disclosureRef
-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

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