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Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value

Assets and liabilities measured at fair value are summarized below.

Fair Value Measurements at December 31, 2020 Using:

		(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		$	—			$	21,693			$	—
Obligations of states and political subdivisions			—				229,012				—
Mortgage-backed securities in government    sponsored entities			—				112,759				—
Total securities available for sale			—				363,464				—
Equity securities			—				886				—
Swap asset			—				21,700				—
Liabilities measured at fair value on a recurring    basis:
Swap liability			—				21,764				—
Assets measured at fair value on a nonrecurring    basis:
Impaired Loans		$	—			$	—			$	1
Other Real Estate Owned			—				—				31

NOTE 17 - FAIR VALUE MEASUREMENT (Continued)

Fair Value Measurements at December 31, 2019 Using:

		(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		$	—			$	19,601			$	—
Obligations of states and political subdivisions			—				206,034				—
Mortgage-backed securities in government    sponsored entities			—				132,864				—
Total securities available for sale			—				358,499				—
Equity securities			—				1,191				—
Swap asset			—				8,918				—
Liabilities measured at fair value on a recurring    basis:
Swap liability			—				8,918				—
Assets measured at fair value on a nonrecurring    basis:
Impaired Loans		$	—			$	—			$	1

Quantitative Information about Level 3 Fair Value Measurements

The following tables 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, 2020 and 2019.

Quantitative Information about Level 3 Fair Value Measurements

December 31, 2020

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted Average

Impaired loans

$

1

Appraisal of collateral

Appraisal adjustments

0% - 30%

19%

Holding period

23 months

23 months

Other real estate owned

$

31

Appraisal of collateral

Appraisal adjustments

10%

10%

Quantitative Information about Level 3 Fair Value Measurements

December 31, 2019

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted Average

Impaired loans

$

1

Appraisal of collateral

Appraisal adjustments

30%

30%

Holding period

22 months

22 months

Carrying Amount and Fair Value of Financial Instruments Carried at Amortized Cost

NOTE 17 - FAIR VALUE MEASUREMENT (Continued)

The carrying amount and fair value of financial instruments carried at amortized cost were as follows:

December 31, 2020		Carrying Amount				Total Fair Value				Level 1				Level 2				Level 3
Financial Assets:
Cash and due from financial institutions		$	139,522			$	139,522			$	139,522			$	—			$	—
Other securities			20,537				20,537				20,537				—				—
Loans, held for sale			7,001				7,141				7,141				—				—
Loans, net of allowance for loan losses			2,032,474				2,063,249				—				—				2,063,249
Bank owned life insurance			45,976				45,976				45,976				—				—
Accrued interest receivable			9,421				9,421				9,421				—				—
Financial Liabilities:
Nonmaturing deposits			1,902,560				1,902,560				1,902,560				—				—
Time deposits			286,838				288,298				—				—				288,298
Long-term FHLB advances			125,000				130,942				—				—				130,942
Securities sold under agreement to repurchase			28,914				28,914				28,914				—				—
Subordinated debentures			29,427				31,479				—				—				31,479
Accrued interest payable			204				204				204				—				—

December 31, 2019		Carrying Amount				Total Fair Value				Level 1				Level 2				Level 3
Financial Assets:
Cash and due from financial institutions		$	48,535			$	48,535			$	48,535			$	—			$	—
Other securities			20,280				20,280				20,280				—				—
Loans, held for sale			2,285				2,331				2,331				—				—
Loans, net of allowance for loan losses			1,694,203				1,713,863				—				—				1,713,863
Bank owned life insurance			44,999				44,999				44,999				—				—
Accrued interest receivable			7,093				7,093				7,093				—				—
Financial Liabilities:
Nonmaturing deposits			1,402,924				1,402,924				1,402,924				—				—
Time deposits			275,840				276,616				—				—				276,616
Short-term FHLB advances			101,500				101,500				101,500				—				—
Long-term FHLB advances			125,000				123,893				—				—				123,893
Securities sold under agreement to repurchase			18,674				18,674				18,674				—				—
Subordinated debentures			29,427				34,452				—				—				34,452
Accrued interest payable			277				277				277				—				—

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

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-Publisher FASB
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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

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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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