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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

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 March 31, 2020 and December 31, 2019 are reflected below.

		(In Thousands)
		March 31, 2020
		Carrying				Fair
		Amount				Value				Level 1				Level 2				Level 3
Financial Assets:
Cash and cash equivalents		$	90,837			$	90,837			$	90,837			$	-			$	-
Interest-bearing time deposits			4,869				4,834				-				4,834				-
Securities - available-for-sale			204,121				204,121				10,073				192,511				1,537
Other securities			5,810				5,810				-				-				5,810
Loans held for sale			2,153				2,153				-				-				2,153
Loans, net			1,239,108				1,216,038				-				-				1,216,038
Interest receivable			7,114				7,114				-				-				7,114
Financial Liabilities:
Interest bearing deposits		$	804,990			$	805,033			$	-			$	-			$	805,033
Non-interest bearing deposits			261,786				261,786				-				261,786				-
Time deposits			281,931				284,636				-				-				284,636
Total Deposits			1,348,707				1,351,455				-				261,786				1,089,669
Federal funds purchased and securities sold under    agreement to repurchase			30,585				30,585				-				-				30,585
Federal Home Loan Bank advances			24,788				24,858				-				-				24,858
Interest payable			727				727				-				-				727

		(In Thousands)
		December 31, 2019
		Carrying				Fair
		Amount				Value				Level 1				Level 2				Level 3
Financial Assets:
Cash and cash equivalents		$	51,296			$	51,296			$	51,296			$	-			$	-
Interest-bearing time deposits			4,309				4,331				-				4,331				-
Securities - available-for-sale			222,293				222,293				10,021				210,782				1,490
Other securities			5,810				5,810				-				-				5,810
Loans held for sale			4,248				4,248				-				-				4,248
Loans, net			1,211,771				1,188,014				-				-				1,188,014
Interest receivable			6,769				6,769				-				-				6,769
Financial Liabilities:
Interest bearing deposits		$	746,628			$	746,691			$	-			$	-			$	746,691
Non-interest bearing deposits			265,156				265,156				-				265,156				-
Time deposits			276,563				277,008				-				-				277,008
Total Deposits			1,288,347				1,288,855				-				265,156				1,023,699
Federal funds purchased and securities sold under    agreement to repurchase			48,073				48,073				-				-				48,073
Federal Home Loan Bank advances			24,806				24,811				-				-				24,811
Interest payable			754				754				-				-				754

Financial Assets Measured at Fair Value on Recurring Basis

The following summarizes financial assets measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019, 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)
March 31, 2020		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets - (Securities Available-for-Sale)
U.S. Treasury		$	10,073			$	-			$	-
U.S. Government agencies			-				49,749				-
Mortgage-backed securities			-				100,694				-
State and local governments			-				42,068				1,537
Total Securities Available-for-Sale		$	10,073			$	192,511			$	1,537

December 31, 2019		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets - (Securities Available-for-Sale)
U.S. Treasury		$	10,021			$	-			$	-
U.S. Government agencies			-				62,445				-
Mortgage-backed securities			-				95,197				-
State and local governments			-				53,140				1,490
Total Securities Available-for-Sale		$	10,021			$	210,782			$	1,490

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 month periods ended March 31, 2020 and March 31, 2019.

		(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, 2020		$	-			$	1,490			$	1,490
Change in Market Value			-				47				47
Payments & Maturities			-				-				-
Balance at March 31, 2020		$	-			$	1,537			$	1,537

		(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			-				16				16
Payments & Maturities			-				-				-
Balance at March 31, 2019		$	-			$	1,443			$	1,443

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
		March 31, 2020				Valuation Technique		Unobservable Inputs		Average)
State and local government		$	1,537			Discounted Cash Flow		Credit strength of underlying project or entity / Discount rate		0-5% (1.88%)
Collateral dependent    impaired loans			3,251			Collateral based measurements		Discount to reflect current market conditions and ultimate collectability		0-50% (4.26%)
Other real estate owned -    commercial			-			Appraisals		Discount to reflect current market		— % ( — )

		(In Thousands)								Range
		Fair Value at								(Weighted
		December 31, 2019				Valuation Technique		Unobservable Inputs		Average)
State and local government		$	1,490			Discounted Cash Flow		Credit strength of underlying project or entity / Discount rate		0-5% (2.52%)
Collateral dependent    impaired loans			444			Collateral based measurements		Discount to reflect current market conditions and ultimate collectability		0-50% (30.73%)
Other real estate owned -    commercial			164			Appraisals		Discount to reflect current market		0-20% (23.31% )

Impaired Loans and Other Real Estate

The following table presents impaired loans and other real estate owned as recorded at fair value on March 31, 2020 and December 31, 2019:

		Assets Measured at Fair Value on a Nonrecurring Basis at March 31, 2020
		(In Thousands)
		Balance at March 31, 2020				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Collateral dependent    impaired loans		$	3,251			$	-			$	-			$	3,251
Other real estate    owned - commercial			-				-				-				-

		Assets Measured at Fair Value on a Nonrecurring Basis at December 31, 2019
		(In Thousands)
		Balance at December 31, 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		$	444			$	-			$	-			$	444
Other real estate    owned - commercial			164				-				-				164

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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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