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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Estimated Fair Values and Related Carrying or Notional Amounts

The estimated fair values, and related carrying or notional amounts, for on and off-balance sheet financial instruments as of September 30, 2019 and December 31, 2018 are reflected below.

		(In Thousands)
		September 30, 2019
		Carrying				Fair
		Amount				Value				Level 1				Level 2				Level 3
Financial Assets:
Cash and cash equivalents		$	114,592			$	114,592			$	114,592			$	-			$	-
Interest-bearing time deposits			4,554				4,554				-				4,554				-
Securities - available-for-sale			190,465				190,465				14,009				174,947				1,509
Other securities			5,789				5,789				-				-				5,789
Loans held for sale			606				606				-				-				606
Loans, net			1,151,937				1,129,954				-				-				1,129,954
Interest receivable			7,830				7,830				-				-				7,830
															-
Financial Liabilities:
Interest bearing deposits		$	741,313			$	741,360			$	-			$	-			$	741,360
Non-interest bearing deposits			261,719				261,719				-				261,719				-
Time deposits			274,996				275,658				-				-				275,658
Total Deposits			1,278,028				1,278,707				-				261,719				1,016,988
Federal funds purchased and securities sold under    agreement to repurchase			30,056				30,056				-				-				30,056
Federal Home Loan Bank advances			24,669				24,672				-				-				24,672
Interest payable			739				739				-				-				739

		(In Thousands)
		December 31, 2018
		Carrying				Fair
		Amount				Value				Level 1				Level 2				Level 3
Financial Assets:
Cash and cash equivalents		$	38,365			$	38,365			$	38,365			$	-			$	-
Interest-bearing time deposits			4,019				3,954				-				3,954				-
Securities - available-for-sale			168,447				168,447				36,935				130,085				1,427
Other securities			3,679				3,679				-				-				3,679
Loans held for sale			495				495				-				-				495
Loans, net			839,599				823,914				-				-				823,914
Interest receivable			4,542				4,542				-				-				4,542
Financial Liabilities:
Interest bearing deposits		$	525,955			$	525,955			$	-			$	-			$	525,955
Non-interest bearing deposits			215,422				215,422				-				215,422				-
Time deposits			187,413				187,545				-				-				187,545
Total Deposits			928,790				928,922				-				215,422				713,500
Federal funds purchased and securities sold under    agreement to repurchase			32,181				3,181				-				-				32,181
Federal Home Loan Bank advances			-				-				-				-				-
Interest payable			418				418				-				-				418

Financial Assets Measured at Fair Value on Recurring Basis

The following summarizes financial assets measured at fair value on a recurring basis as of September 30, 2019 and December 31, 2018, segregated by level or the valuation inputs within the fair value hierarchy utilized to measure fair value:

Assets and Liabilities Measured at Fair Value on a Recurring Basis (In Thousands)
September 30, 2019		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Observable Inputs (Level 3)
Assets - (Securities Available-for-Sale)
U.S. Treasury		$	14,009			$	-			$	-
U.S. Government agencies			-				80,043				-
Mortgage-backed securities			-				57,461				-
State and local governments			-				37,443				1,509
Total Securities Available-for-Sale		$	14,009			$	174,947			$	1,509

December 31, 2018		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Observable Inputs (Level 3)
Assets - (Securities Available-for-Sale)
U.S. Treasury		$	22,830			$	-			$	-
U.S. Government agencies			14,105				55,222				-
Mortgage-backed securities			-				36,262				-
State and local governments			-				38,601				1,427
Total Securities Available-for-Sale		$	36,935			$	130,085			$	1,427

Changes in the Level 3 Fair-Value Category of Which Unobservable Inputs

The following tables represent the changes in the Level 3 fair-value category of which unobservable inputs are relied upon as of the three and nine month periods ended September 30, 2019 and September 30, 2018.

		(In Thousands)
		Fair Value Measurements Using Significant
		Unobservable Inputs (Level 3)
		State and Local Governments Tax-Exempt				State and Local Governments Taxable				State and Local Governments Total
Balance at July 1, 2019		$	-			$	1,505			$	1,505
Change in Market Value			-				4				4
Payments & Maturities			-				-				-
Balance at September 30, 2019		$	-			$	1,509			$	1,509

		(In Thousands)
		Fair Value Measurements Using Significant
		Unobservable Inputs (Level 3)
		State and Local Governments Tax-Exempt				State and Local Governments Taxable				State and Local Governments Total
Balance at January 1, 2019		$	-			$	1,427			$	1,427
Change in Market Value			-				82				82
Payments & Maturities			-				-				-
Balance at September 30, 2019		$	-			$	1,509			$	1,509

		(In Thousands)
		Fair Value Measurements Using Significant
		Unobservable Inputs (Level 3)
		State and Local Governments Tax-Exempt				State and Local Governments Taxable				State and Local Governments Total
Balance at July 1, 2018		$	-			$	1,423			$	1,423
Change in Market Value			-				(30	)			(30	)
Payments & Maturities			-				-				-
Balance at September 30, 2018		$	-			$	1,393			$	1,393

		(In Thousands)
		Fair Value Measurements Using Significant
		Unobservable Inputs (Level 3)
		State and Local Governments Tax-Exempt				State and Local Governments Taxable				State and Local Governments Total
Balance at January 1, 2018		$	-			$	1,428			$	1,428
Change in Market Value			-				(35	)			(35	)
Payments & Maturities			-				-				-
Balance at September 30, 2018		$	-			$	1,393			$	1,393

Quantitative Information about Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements

The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements:

		(In Thousands)								Range
		Fair Value at								(Weighted
		September 30, 2019				Valuation Technique		Unobservable Inputs		Average)
State and local government		$	1,509			Discounted Cash Flow		Credit strength of underlying project or entity / Discount rate		0-5% (2.41%)
Collateral dependent    impaired loans			106			Collateral based measurements		Discount to reflect current market conditions and ultimate collectability		0-50% (17.19%)
Other real estate owned -    commercial			164			Appraisals		Discount to reflect current market		0-20% (23.31% )

		(In Thousands)								Range
		Fair Value at								(Weighted
		December 31, 2018				Valuation Technique		Unobservable Inputs		Average)
State and local government		$	1,427			Discounted Cash Flow		Credit strength of underlying project or entity / Discount rate		0-5% (3.51%)
Collateral dependent    impaired loans			215			Collateral based measurements		Discount to reflect current market conditions and ultimate collectability		0-50% (12.38%)
Other real estate owned -    commercial			-			Appraisals		Discount to reflect current market		— % ( — )

Impaired Loans and Other Real Estate

The following table presents impaired loans and other real estate owned as recorded at fair value on September 30, 2019 and December 31, 2018:

		Assets Measured at Fair Value on a Nonrecurring Basis at September 30, 2019
		(In Thousands)
		Balance at September 30, 2019				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Collateral dependent    impaired loans		$	106			$	-			$	-			$	106
Other real estate    owned - commercial			164				-				-				164

		Assets Measured at Fair Value on a Nonrecurring Basis at December 31, 2018
		(In Thousands)
		Balance at December 31, 2018				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Collateral dependent    impaired loans		$	215			$	-			$	-			$	215
Other real estate    owned - commercial			-				-				-				-

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- 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.

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