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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

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):

						September 30, 2021
						Carrying Amount						Fair Value
(In thousands)												Level 1						Level 2						Level 3						Total
Financial assets:
Cash and due from banks						$	32,634					$	32,634					$	—					$	—					$	32,634
Interest-earning deposits in other banks						35,059						35,059						—						—						35,059
Available-for-sale debt securities						1,060,362						—						1,060,362						—						1,060,362
Equity securities						7,486						7,486						—						—						7,486
Loans, net						1,073,436						—						—						1,065,575						1,065,575
Federal Home Loan Bank stock						5,595						N/A						N/A						N/A						N/A
Accrued interest receivable						9,170						8						5,587						3,575						9,170
Financial liabilities:
Deposits						2,058,092						1,952,489						89,877						—						2,042,366
Junior subordinated deferrable interest debentures						5,155						—						—						4,322						4,322
Accrued interest payable						52						—						29						23						52

						December 31, 2020
						Carrying Amount						Fair Value
(In thousands)												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 debt 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

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 September 30, 2021 (in thousands). 

Description						Fair Value						Level 1						Level 2						Level 3
Available-for-sale debt securities:
U.S. Treasury securities						$	10,010					$	—					$	10,010					$	—
U.S. Government agencies						505						—						505						—
Obligations of states and political subdivisions						507,920						—						507,920						—
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations						228,045						—						228,045						—
Private label mortgage and asset backed securities						253,756						—						253,756						—
Corporate debt securities						60,126						—						60,126						—
Equity securities						7,486						7,486						—						—
Total assets measured at fair value on a recurring basis						$	1,067,848					$	7,486					$	1,060,362					$	—

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

Description						Fair Value						Level 1						Level 2						Level 3
Available-for-sale 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					$	—

Fair Value of Assets on a Non-recurring Basis

						Fair Value						Level 1						Level 2						Level 3
Impaired loans:
Real estate:
Real estate-construction and other land loans						$	262					$	—					$	—					$	262

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

Impaired loans that are measured for impairment using the fair value of the collateral for collateral dependent loans

had a principal balance of $1,528,000 with a valuation allowance of $268,000 at December 31, 2020, and a resulting fair value

of $1,260,000. The valuation allowance represents specific allocations for the allowance for credit losses for impaired loans.

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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-Name Accounting Standards Codification
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-Section 50
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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

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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- Definition

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=123874694&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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