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Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2021
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, 2021 and December 31, 2020 are reflected below.
|  | (In Thousands) |
|  | March 31, 2021 |
|  | Carrying |  |  | Fair |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Amount |  |  | Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 175,500 |  |  | $ | 175,500 |  |  | $ | 175,500 |  |  | $ | - |  |  | $ | - |
Interest-bearing time deposits |  |  | 4,405 |  |  |  | 4,451 |  |  |  | - |  |  |  | 4,451 |  |  |  | - |
Securities - available-for-sale |  |  | 352,974 |  |  |  | 352,974 |  |  |  | 43,325 |  |  |  | 308,110 |  |  |  | 1,539 |
Other securities |  |  | 5,939 |  |  |  | 5,939 |  |  |  | - |  |  |  | - |  |  |  | 5,939 |
Loans held for sale |  |  | 7,511 |  |  |  | 7,511 |  |  |  | - |  |  |  | - |  |  |  | 7,511 |
Loans, net |  |  | 1,327,254 |  |  |  | 1,295,821 |  |  |  | - |  |  |  | - |  |  |  | 1,295,821 |
Interest receivable |  |  | 6,568 |  |  |  | 6,568 |  |  |  | - |  |  |  | - |  |  |  | 6,568 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest bearing deposits |  | $ | 1,056,576 |  |  | $ | 1,056,600 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,056,600 |
Non-interest bearing deposits |  |  | 384,558 |  |  |  | 384,558 |  |  |  | - |  |  |  | 384,558 |  |  |  | - |
Time deposits |  |  | 242,717 |  |  |  | 244,235 |  |  |  | - |  |  |  | - |  |  |  | 244,235 |
Total Deposits |  |  | 1,683,851 |  |  |  | 1,685,393 |  |  |  | - |  |  |  | 384,558 |  |  |  | 1,300,835 |
Federal funds purchased and securities sold under agreement to repurchase |  |  | 30,072 |  |  |  | 30,072 |  |  |  | - |  |  |  | - |  |  |  | 30,072 |
Federal Home Loan Bank advances |  |  | 17,840 |  |  |  | 17,845 |  |  |  | - |  |  |  | - |  |  |  | 17,845 |
Interest payable |  |  | 357 |  |  |  | 357 |  |  |  | - |  |  |  | - |  |  |  | 357 |
|  | (In Thousands) |
|  | December 31, 2020 |
|  | Carrying |  |  | Fair |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Amount |  |  | Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 175,706 |  |  | $ | 175,706 |  |  | $ | 175,706 |  |  | $ | - |  |  | $ | - |
Interest-bearing time deposits |  |  | 4,653 |  |  |  | 4,677 |  |  |  | - |  |  |  | 4,677 |  |  |  | - |
Securities - available-for-sale |  |  | 307,812 |  |  |  | 307,812 |  |  |  | - |  |  |  | 306,250 |  |  |  | 1,562 |
Other securities |  |  | 5,939 |  |  |  | 5,939 |  |  |  | - |  |  |  | - |  |  |  | 5,939 |
Loans held for sale |  |  | 7,740 |  |  |  | 7,740 |  |  |  | - |  |  |  | - |  |  |  | 7,740 |
Loans, net |  |  | 1,289,318 |  |  |  | 1,261,440 |  |  |  | - |  |  |  | - |  |  |  | 1,261,440 |
Interest receivable |  |  | 6,188 |  |  |  | 6,188 |  |  |  | - |  |  |  | - |  |  |  | 6,188 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest bearing deposits |  | $ | 997,462 |  |  | $ | 1,004,608 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,004,608 |
Non-interest bearing deposits |  |  | 351,147 |  |  |  | 351,147 |  |  |  | - |  |  |  | 351,147 |  |  |  | - |
Time deposits |  |  | 247,553 |  |  |  | 250,135 |  |  |  | - |  |  |  | - |  |  |  | 250,135 |
Total Deposits |  |  | 1,596,162 |  |  |  | 1,605,890 |  |  |  | - |  |  |  | 351,147 |  |  |  | 1,254,743 |
Federal funds purchased and securities sold under agreement to repurchase |  |  | 30,239 |  |  |  | 30,239 |  |  |  | - |  |  |  | - |  |  |  | 30,239 |
Federal Home Loan Bank advances |  |  | 17,861 |  |  |  | 17,872 |  |  |  | - |  |  |  | - |  |  |  | 17,872 |
Interest payable |  |  | 338 |  |  |  | 338 |  |  |  | - |  |  |  | - |  |  |  | 338 |
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, 2021 and December 31, 2020, 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, 2021 |  | 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 |  | $ | 43,325 |  |  | $ | - |  |  | $ | - |
U.S. Government agencies |  |  | - |  |  |  | 130,799 |  |  |  | - |
Mortgage-backed securities |  |  | - |  |  |  | 116,363 |  |  |  | - |
State and local governments |  |  | - |  |  |  | 60,948 |  |  |  | 1,539 |
Total Securities Available-for-Sale |  | $ | 43,325 |  |  | $ | 308,110 |  |  | $ | 1,539 |
December 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 |  | $ | - |  |  | $ | - |  |  | $ | - |
U.S. Government agencies |  |  | - |  |  |  | 124,241 |  |  |  | - |
Mortgage-backed securities |  |  | - |  |  |  | 113,056 |  |  |  | - |
State and local governments |  |  | - |  |  |  | 68,953 |  |  |  | 1,562 |
Total Securities Available-for-Sale |  | $ | - |  |  | $ | 306,250 |  |  | $ | 1,562 |
Changes in the Level 3 Fair-Value Category of 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, 2021 and March 31, 2020.
|  | (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, 2021 |  | $ | - |  |  | $ | 1,562 |  |  | $ | 1,562 |
Change in Market Value |  |  | - |  |  |  | (23 | ) |  |  | (23 | )
Payments & Maturities |  |  | - |  |  |  | - |  |  |  | - |
Balance at March 31, 2021 |  | $ | - |  |  | $ | 1,539 |  |  | $ | 1,539 |
|  | (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 |
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, 2021 |  |  | Valuation Technique |  | Unobservable Inputs |  | Average)
State and local government |  | $ | 1,539 |  |  | Discounted Cash Flow |  | Credit strength of underlying project or entity / Discount rate |  | 1.32-1.32% (1.32%)
Collateral dependent impaired loans |  |  | 4,130 |  |  | Collateral based measurements |  | Discount to reflect current market conditions and ultimate collectability |  | 20.00-41.61% (40.35%)
|  | (In Thousands) |  |  |  |  |  |  | Range
|  | Fair Value at |  |  |  |  |  |  | (Weighted
|  | December 31, 2020 |  |  | Valuation Technique |  | Unobservable Inputs |  | Average)
State and local government |  | $ | 1,562 |  |  | Discounted Cash Flow |  | Credit strength of underlying project or entity / Discount rate |  | 1.19-1.19% (1.19%)
Collateral dependent impaired loans |  |  | 7,703 |  |  | Collateral based measurements |  | Discount to reflect current market conditions and ultimate collectability |  | 0.71-100% (17.71%)
Impaired Loans | The following table presents impaired loans as recorded at fair value on March 31, 2021 and December 31, 2020:
|  | Assets Measured at Fair Value on a Nonrecurring Basis at March 31, 2021 |
|  | (In Thousands) |
|  | Balance at March 31, 2021 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Collateral dependent impaired loans |  | $ | 4,130 |  |  | $ | - |  |  | $ | - |  |  | $ | 4,130 |
|  | Assets Measured at Fair Value on a Nonrecurring Basis at December 31, 2020 |
|  | (In Thousands) |
|  | Balance at December 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 |  | $ | 7,703 |  |  | $ | - |  |  | $ | - |  |  | $ | 7,703 |

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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. + 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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=117815213&loc=SL7498348-110258 Reference 4: 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=117815213&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + 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 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 (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&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 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + 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 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 (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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