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Fair Value Measurements (Tables)

12 Months Ended

Dec. 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):

						December 31, 2020
						Carrying Amount						Fair Value
												Level 1						Level 2						Level 3						Total
Financial assets:
Cash and due from banks						$	34,175					$	34,175					$	—					$	—					$	34,175
Interest-earning deposits in other banks						36,103						36,103						—						—						36,103
Available-for-sale investment securities						710,092						—						710,092						—						710,092
Equity securities						7,634						7,634						—						—						7,634
Loans, net						1,089,432						—						—						1,087,124						1,087,124
Federal Home Loan Bank stock						5,595						N/A						N/A						N/A						N/A
Accrued interest receivable						8,834						9						3,617						5,208						8,834
Financial liabilities:
Deposits						1,722,710						1,691,647						90,008						—						1,781,655
Junior subordinated deferrable interest debentures						5,155						—						—						3,693						3,693
Accrued interest payable						65						—						41						24						65

						December 31, 2019
						Carrying Amount						Fair Value
												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 investment 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
Short-term borrowings						—						—						—						—						—
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 under other accounting pronouncements (in thousands):

						Fair Value						Level 1						Level 2						Level 3
Available-for-sale investment securities
Debt Securities:
U.S. Government agencies						$	680					$	—					$	680					$	—
Obligations of states and political subdivisions						379,565						—						379,565						—
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations						216,298						—						216,298						—
Private label mortgage and asset backed securities						83,508						—						83,508						—
Corporate debt securities						30,041						—						30,041						—
Equity Securities						7,634						7,634						—						—
Total assets measured at fair value on a recurring basis						$	717,726					$	7,634					$	710,092					$	—

The Company is required or permitted to record the following assets at fair value on a recurring basis under other accounting pronouncements (in thousands):

						Fair Value						Level 1						Level 2						Level 3
Available-for-sale securities
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 residential 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. These include the following assets and liabilities that are measured at the lower of cost or fair value that were recognized at fair value which was below cost at December 31, 2020 (in thousands):

						Fair Value						Level 1						Level 2						Level 3
Impaired loans:
Real estate:
Real estate-construction and other land loans						$	1,260					$	—					$	—					$	1,260
Total assets measured at fair value on a non-recurring basis						$	1,260					$	—					$	—					$	1,260

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 impaired 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=117815213&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
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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

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-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

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-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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