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Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2019

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, 2019 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		$	—			$	21,737			$	—
Obligations of states and political subdivisions			—				194,255				—
Mortgage-backed securities in government    sponsored entities			—				139,295				—
Total securities available for sale			—				355,287				—
Equity securities			—				1,152				—
Swap asset			—				11,556				—
Liabilities measured at fair value on a recurring basis:
Swap liability			—				11,556				—
Assets measured at fair value on a nonrecurring basis:
Impaired loans		$	—			$	—			$	30

		Fair Value Measurements at December 31, 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		$	—			$	30,685			$	—
Obligations of states and political subdivisions			—				172,071				—
Mortgage-backed securities in government    sponsored entities			—				143,538				—
Total securities available for sale			—				346,294				—
Equity securities			—				1,070				—
Swap asset			—				2,837				—
Liabilities measured at fair value on a recurring    basis:
Swap liability			—				2,837				—
Assets measured at fair value on a nonrecurring    basis:
Impaired loans		$	—			$	—			$	1,803

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, 2019.

Quantitative Information about Level 3 Fair Value Measurements

September 30, 2019

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted Average

Impaired loans

$

30

Appraisal of collateral

Appraisal adjustments

10% - 30%

26%

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, 2018.

Quantitative Information about Level 3 Fair Value Measurements

December 31, 2018

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted Average

Impaired loans

$

1,803

Appraisal of collateral

Appraisal adjustments

0% - 30%

26%

Liquidation expense

0% - 10%

8%

Holding period

0 - 30 months

21 months

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, 2019 are as follows:

September 30, 2019		Carrying Amount				Total Fair Value				Level 1				Level 2				Level 3
Financial Assets:
Cash and due from financial institutions		$	62,219			$	62,219			$	62,219			$	—			$	—
Other securities			20,280				20,280				20,280				—				—
Loans, held for sale			8,983				9,163				9,163				—				—
Loans, net of allowance			1,634,496				1,647,787				—				—				1,647,787
Bank owned life insurance			44,745				44,745				44,745				—				—
Accrued interest receivable			7,501				7,501				7,501				—				—
Financial Liabilities:
Nonmaturing deposits			1,365,695				1,365,695				1,365,695				—				—
Time deposits			266,926				267,745				—				—				267,745
Short-term FHLB advances			181,100				181,100				181,100				—				—
Long-term FHLB advances			55,000				58,364				—				—				58,364
Securities sold under agreement to repurchase			15,088				15,088				15,088				—				—
Subordinated debentures			29,427				36,415				—				—				36,415
Accrued interest payable			271				271				271				—				—

The carrying amount and fair values of financial instruments not measured at fair value on a recurring or nonrecurring basis at December 31, 2018 are as follows:

December 31, 2018		Carrying Amount				Total Fair Value				Level 1				Level 2				Level 3
Financial Assets:
Cash and due from financial institutions		$	42,779			$	42,779			$	42,779			$	—			$	—
Other securities			21,021				21,021				21,021				—				—
Loans, held for sale			1,391				1,391				1,391				—				—
Loans, net of allowance			1,548,262				1,517,278				—				—				1,517,278
Bank owned life insurance			43,037				43,037				43,037				—				—
Accrued interest receivable			6,723				6,723				6,723				—				—
Financial Liabilities:
Nonmaturing deposits			1,312,207				1,312,207				1,312,207				—				—
Time deposits			267,686				267,943				—				—				267,943
Short-term FHLB advances			188,600				188,600				188,600				—				—
Long-term FHLB advances			5,000				4,983				—				—				4,983
Securities sold under agreement to repurchase			22,199				22,199				22,199				—				—
Subordinated debentures			29,427				34,620				—				—				34,620
Accrued interest payable			230				230				230				—				—

X

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are 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. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ 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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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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- 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=117815213&loc=d3e19207-110258

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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=118260190&loc=d3e13467-108611

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