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Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value

Assets and liabilities measured at fair value are summarized in the table below.

		Fair Value Measurements at September 30, 2018 Using:
Assets:		(Level 1)				(Level 2)				(Level 3)
Assets measured at fair value on a recurring basis:
Securities available for sale
U.S. Treasury securities and obligations of U.S. Government    agencies		$	—			$	28,975			$	—
Obligations of states and political subdivisions			—				153,870				—
Mortgage-backed securities in government sponsored entities			—				134,121				—
Total securities available for sale			—				316,966				—
Equity securities in financial institutions			—				1,146				—
Swap asset			—				2,059				—
Liabilities measured at fair value on a recurring basis:
Swap liability			—				2,059				—
Assets measured at fair value on a nonrecurring basis:
Impaired loans		$	—			$	—			$	2,685

		Fair Value Measurements at December 31, 2017 Using:
Assets:		(Level 1)				(Level 2)				(Level 3)
Assets measured at fair value on a recurring basis:
Securities available for sale
U.S. Treasury securities and obligations of U.S. Government    agencies		$	—			$	30,358			$	—
Obligations of states and political subdivisions			—				118,056				—
Mortgage-backed securities in government sponsored entities			—				81,816				—
Total securities available for sale			—				230,230				—
Equity securities in financial institutions			—				832				—
Swap asset			—				1,560				—
Liabilities measured at fair value on a recurring basis:
Swap liability			—				1,560				—
Assets measured at fair value on a nonrecurring basis:
Impaired loans		$	—			$	—			$	1,040
Other real estate owned			—				—				16

Quantitative Information about Level 3 Fair Value Measurements

The following table presents quantitative information about the Level 3 significant unobservable inputs for assets and liabilities measured at fair value on a nonrecurring basis at September 30, 2018.

Quantitative Information about Level 3 Fair Value Measurements

September 30, 2018

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted Average

Impaired loans

$

2,685

Appraisal of collateral

Appraisal adjustments

10% - 100%

26%

Liquidation expense

0% - 10%

9%

Holding period

0 - 30 months

20 months

The following table presents quantitative information about the Level 3 significant unobservable inputs for assets and liabilities measured at fair value on a nonrecurring basis at December 31, 2017.

		Quantitative Information about Level 3 Fair Value Measurements
December 31, 2017		Fair Value				Valuation Technique		Unobservable Input		Range		Weighted Average
Impaired loans		$	1,040			Appraisal of collateral		Appraisal adjustments		0% - 30%		16%
								Liquidation expense		0% - 10%		8%
								Holding period		0 - 30 months		20 months
Other real estate owned		$	16			Appraisal of collateral		Appraisal adjustments		10% - 30%		10%
								Liquidation expense		0% - 10%		10%

Carrying Amount and Fair Value of Financial Instruments Not Measured at Fair Value on a Recurring or Nonrecurring Basis

The carrying amount and fair values of financial instruments not measured at fair value on a recurring or nonrecurring basis at September 30, 2018 are as follows:

September 30, 2018		Carrying Amount				Total Fair Value				Level 1				Level 2				Level 3
Financial Assets:
Cash and due from financial institutions		$	64,754			$	64,754			$	64,754			$	—			$	—
Other securities			17,774				17,774				17,774				—				—
Loans, held for sale			4,025				4,025				4,025				—				—
Loans, net of allowance			1,502,313				1,495,951				—				—				1,495,951
Bank owned life insurance			42,750				42,750				42,750				—				—
Accrued interest receivable			6,878				6,878				6,878				—				—
Financial Liabilities:
Nonmaturing deposits			1,300,365				1,300,365				1,300,365				—				—
Time deposits			277,390				278,680				—				—				278,680
Short-term FHLB advances			140,100				140,100				140,100				—				—
Long-term FHLB advances			5,000				4,985				—				—				4,985
Securities sold under agreement to repurchase			18,515				18,515				18,515				—				—
Subordinated debentures			29,427				32,016				—				—				32,016
Accrued interest payable			184				184				184				—				—

The carrying amount and fair values of financial instruments not measured at fair value on a recurring or nonrecurring basis at December 31, 2017 are as follows:

December 31, 2017		Carrying Amount				Total Fair Value				Level 1				Level 2				Level 3
Financial Assets:
Cash and due from financial institutions		$	40,519			$	40,519			$	40,519			$	—			$	—
Loans, held for sale			2,197				2,197				2,197				—				—
Loans, net of allowance			1,151,527				1,146,969				—				—				1,146,969
Other securities			14,247				14,247				14,247				—				—
Bank owned life insurance			25,125				25,125				25,125				—				—
Accrued interest receivable			4,488				4,488				4,488				—				—
Financial Liabilities:
Nonmaturing deposits			981,021				981,021				981,021				—				—
Time deposits			223,902				223,626				—				—				223,626
Short-term FHLB advances			56,900				56,900				56,900				—				—
Long-term FHLB advances			15,000				14,964				—				—				14,964
Securities sold under agreement to repurchase			21,755				21,755				21,755				—				—
Subordinated debentures			29,427				31,052				—				—				31,052
Accrued interest payable			410				410				410				—				—

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis.

+ 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 (bbb)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258

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- Definition

Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is 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.

+ 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 (a)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258

Reference 2: 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

Reference 3: 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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258

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