XML 57 R30.htm IDEA: XBRL DOCUMENT
v3.20.1

Note 12 - Fair Value Measurements and Fair Values of Financial Instruments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2020
Notes Tables |
Fair Value, by Balance Sheet Grouping [Table Text Block] |
(In Thousands) |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | March 31, 2020 |  |  |  |  |
|  | Quoted Prices |  |  | Other |  |  |  |  |  |  |  |  |
|  | in Active |  |  | Observable |  |  | Unobservable |  |  | Total |
|  | Markets |  |  | Inputs |  |  | Inputs |  |  | Fair |
|  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Value |
Recurring fair value measurements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AVAILABLE-FOR-SALE DEBT SECURITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. Government agencies |  | $ | 0 |  |  | $ | 16,408 |  |  | $ | 0 |  |  | $ | 16,408 |
Obligations of states and political subdivisions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt |  |  | 0 |  |  |  | 81,072 |  |  |  | 0 |  |  |  | 81,072 |
Taxable |  |  | 0 |  |  |  | 37,074 |  |  |  | 0 |  |  |  | 37,074 |
Mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential pass-through securities |  |  | 0 |  |  |  | 55,752 |  |  |  | 0 |  |  |  | 55,752 |
Residential collateralized mortgage obligations |  |  | 0 |  |  |  | 103,556 |  |  |  | 0 |  |  |  | 103,556 |
Commercial mortgage-backed securities |  |  | 0 |  |  |  | 48,554 |  |  |  | 0 |  |  |  | 48,554 |
Total available for sale debt Securities |  |  | 0 |  |  |  | 342,416 |  |  |  | 0 |  |  |  | 342,416 |
Marketable equity security |  |  | 994 |  |  |  | 0 |  |  |  | 0 |  |  |  | 994 |
Servicing rights |  |  | 0 |  |  |  | 0 |  |  |  | 1,226 |  |  |  | 1,226 |
Total recurring fair value measurements |  | $ | 994 |  |  | $ | 342,416 |  |  | $ | 1,226 |  |  | $ | 344,636 |
Nonrecurring fair value measurements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans with a valuation allowance |  | $ | 0 |  |  | $ | 0 |  |  | $ | 6,709 |  |  | $ | 6,709 |
Valuation allowance |  |  | 0 |  |  |  | 0 |  |  |  | (2,227 | ) |  |  | (2,227 | )
Impaired loans, net |  |  | 0 |  |  |  | 0 |  |  |  | 4,482 |  |  |  | 4,482 |
Foreclosed assets held for sale |  |  | 0 |  |  |  | 0 |  |  |  | 1,685 |  |  |  | 1,685 |
Total nonrecurring fair value measurements |  | $ | 0 |  |  | $ | 0 |  |  | $ | 6,167 |  |  | $ | 6,167 |
(In Thousands) |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | December 31, 2019 |  |  |  |  |
|  | Quoted Prices |  |  | Other |  |  |  |  |  |  |  |  |
|  | in Active |  |  | Observable |  |  | Unobservable |  |  | Total |
|  | Markets |  |  | Inputs |  |  | Inputs |  |  | Fair |
|  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Value |
Recurring fair value measurements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AVAILABLE-FOR-SALE DEBT SECURITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. Government agencies |  | $ | 0 |  |  | $ | 17,000 |  |  | $ | 0 |  |  | $ | 17,000 |
Obligations of states and political subdivisions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt |  |  | 0 |  |  |  | 70,760 |  |  |  | 0 |  |  |  | 70,760 |
Taxable |  |  | 0 |  |  |  | 36,303 |  |  |  | 0 |  |  |  | 36,303 |
Mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential pass-through securities |  |  | 0 |  |  |  | 59,210 |  |  |  | 0 |  |  |  | 59,210 |
Residential collateralized mortgage obligations |  |  | 0 |  |  |  | 114,723 |  |  |  | 0 |  |  |  | 114,723 |
Commercial mortgage-backed securities |  |  | 0 |  |  |  | 48,727 |  |  |  | 0 |  |  |  | 48,727 |
Total available-for-sale debt securities |  |  | 0 |  |  |  | 346,723 |  |  |  | 0 |  |  |  | 346,723 |
Marketable equity security |  |  | 979 |  |  |  | 0 |  |  |  | 0 |  |  |  | 979 |
Servicing rights |  |  | 0 |  |  |  | 0 |  |  |  | 1,277 |  |  |  | 1,277 |
Total recurring fair value measurements |  | $ | 979 |  |  | $ | 346,723 |  |  | $ | 1,277 |  |  | $ | 348,979 |
Nonrecurring fair value measurements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans with a valuation allowance |  | $ | 0 |  |  | $ | 0 |  |  | $ | 3,375 |  |  | $ | 3,375 |
Valuation allowance |  |  | 0 |  |  |  | 0 |  |  |  | (1,051 | ) |  |  | (1,051 | )
Impaired loans, net |  |  | 0 |  |  |  | 0 |  |  |  | 2,324 |  |  |  | 2,324 |
Foreclosed assets held for sale |  |  | 0 |  |  |  | 0 |  |  |  | 2,886 |  |  |  | 2,886 |
Total nonrecurring fair value measurements |  | $ | 0 |  |  | $ | 0 |  |  | $ | 5,210 |  |  | $ | 5,210 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] |
(In Thousands) |  |  |
|  | 3 Months Ended March 31, |
|  | 2020 |  |  | 2019 |
Servicing rights balance, beginning of period |  | $ | 1,277 |  |  | $ | 1,404 |
Issuances of servicing rights |  |  | 75 |  |  |  | 20 |
Unrealized losses included in earnings |  |  | (126 | ) |  |  | (77 | )
Servicing rights balance, end of period |  | $ | 1,226 |  |  | $ | 1,347 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] |
(In Thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Fair Value |  | March 31, 2020 |  |  | December 31, 2019 |
|  | Hierarchy |  | Carrying |  |  | Fair |  |  | Carrying |  |  | Fair |
|  | Level |  | Amount |  |  | Value |  |  | Amount |  |  | Value |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | Level 1 |  | $ | 28,598 |  |  | $ | 28,598 |  |  | $ | 31,122 |  |  | $ | 31,122 |
Certificates of deposit |  | Level 2 |  |  | 4,080 |  |  |  | 4,249 |  |  |  | 4,080 |  |  |  | 4,227 |
Restricted equity securities (included in Other Assets) |  | Level 2 |  |  | 9,396 |  |  |  | 9,396 |  |  |  | 10,321 |  |  |  | 10,321 |
Loans, net |  | Level 3 |  |  | 1,156,143 |  |  |  | 1,172,452 |  |  |  | 1,172,386 |  |  |  | 1,181,000 |
Accrued interest receivable |  | Level 2 |  |  | 5,192 |  |  |  | 5,192 |  |  |  | 5,001 |  |  |  | 5,001 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits with no stated maturity |  | Level 2 |  |  | 893,596 |  |  |  | 893,596 |  |  |  | 877,965 |  |  |  | 877,965 |
Time deposits |  | Level 2 |  |  | 356,316 |  |  |  | 358,248 |  |  |  | 374,695 |  |  |  | 376,738 |
Short-term borrowings |  | Level 2 |  |  | 37,607 |  |  |  | 37,540 |  |  |  | 86,220 |  |  |  | 86,166 |
Long-term borrowings |  | Level 2 |  |  | 72,944 |  |  |  | 72,797 |  |  |  | 52,127 |  |  |  | 52,040 |
Accrued interest payable |  | Level 2 |  |  | 369 |  |  |  | 369 |  |  |  | 311 |  |  |  | 311 |
Fair Value, Nonrecurring [Member] |
Notes Tables |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Weighte d |
|  |  |  |  |  | Valuation |  |  |  |  |  |  |  |  |  | Average |
|  | Balance at |  |  | Allowance at |  |  | Fair Value at |  | Valuation |  | Unobservable |  | Discount at |
Asset |  | 3 /31/ 20 |  |  | 3 /31/ 20 |  |  | 3 /31/ 20 |  | Technique |  | Inputs |  | 3 /31/ 20 |
Impaired loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage loans - first and junior liens |  | $ | 730 |  |  | $ | 194 |  |  | $ | 536 |  | Sales comparison |  | Discount to appraised value |  |  | 32 | %
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  | 3,572 |  |  |  | 1,265 |  |  |  | 2,307 |  | Liquidation of assets |  | Discount to appraised value |  |  | 35 | %
Commercial and industrial |  |  | 815 |  |  |  | 60 |  |  |  | 755 |  | Liquidation of accounts receivable |  | Discount to borrower's financial statement value |  |  | 16 | %
Commercial construction and land |  |  | 1,255 |  |  |  | 674 |  |  |  | 581 |  | Sales comparison |  | Discount to appraised value |  |  | 48 | %
Loans secured by farmland |  |  | 337 |  |  |  | 34 |  |  |  | 303 |  | Sales comparison |  | Discount to appraised value |  |  | 42 | %
Total impaired loans |  | $ | 6,709 |  |  | $ | 2,227 |  |  | $ | 4,482 |  |  |  |  |  |  |  |
Foreclosed assets held for sale - real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential (1-4 family) |  | $ | 130 |  |  | $ | 0 |  |  | $ | 130 |  | Sales comparison |  | Discount to appraised value |  |  | 61 | %
Land |  |  | 70 |  |  |  | 0 |  |  |  | 70 |  | Sales comparison |  | Discount to appraised value |  |  | 53 | %
Commercial real estate |  |  | 1,485 |  |  |  | 0 |  |  |  | 1,485 |  | Sales comparison |  | Discount to appraised value |  |  | 34 | %
Total foreclosed assets held for sale |  | $ | 1,685 |  |  | $ | 0 |  |  | $ | 1,685 |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Weighted |
|  |  |  |  |  | Valuation |  |  |  |  |  |  |  |  |  | Average |
|  | Balance at |  |  | Allowance at |  |  | Fair Value at |  | Valuation |  | Unobservable |  | Discount at |
Asset |  | 12/31/19 |  |  | 12/31/19 |  |  | 12/31/19 |  | Technique |  | Inputs |  | 12/31/19 |
Impaired loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage loans - first and junior liens |  | $ | 732 |  |  | $ | 176 |  |  | $ | 556 |  | Sales comparison |  | Discount to appraised value |  |  | 30 | %
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  | 106 |  |  |  | 89 |  |  |  | 17 |  | Sales comparison |  | Discount to appraised value |  |  | 69 | %
Commercial and industrial |  |  | 798 |  |  |  | 60 |  |  |  | 738 |  | Liquidation of accounts receivable |  | Discount to borrower's financial statement value |  |  | 15 | %
Commercial construction and land |  |  | 1,261 |  |  |  | 678 |  |  |  | 583 |  | Sales comparison |  | Discount to appraised value |  |  | 47 | %
Loans secured by farmland |  |  | 478 |  |  |  | 48 |  |  |  | 430 |  | Sales comparison |  | Discount to appraised value |  |  | 46 | %
Total impaired loans |  | $ | 3,375 |  |  | $ | 1,051 |  |  | $ | 2,324 |  |  |  |  |  |  |  |
Foreclosed assets held for sale - real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential (1-4 family) |  | $ | 292 |  |  | $ | 0 |  |  | $ | 292 |  | Sales comparison |  | Discount to appraised value |  |  | 46 | %
Land |  |  | 70 |  |  |  | 0 |  |  |  | 70 |  | Sales comparison |  | Discount to appraised value |  |  | 53 | %
Commercial real estate |  |  | 2,524 |  |  |  | 0 |  |  |  | 2,524 |  | Sales comparison |  | Discount to appraised value |  |  | 39 | %
Total foreclosed assets held for sale |  | $ | 2,886 |  |  | $ | 0 |  |  | $ | 2,886 |  |  |  |  |  |  |  |
Fair Value, Recurring [Member] |
Notes Tables |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] |
|  |  | Fair Value at |  |  |  |  |  |  |  |  |  |  |  |
|  |  | 3/31/20 |  |  | Valuation |  | Unobservable |  |  | Method or Value As of
Asset |  |  | (In Thousands) |  |  | Technique |  | Input(s) |  |  | 3/31/20
Servicing rights |  | $ | 1,226 |  |  | Discounted cash flow |  | Discount rate |  |  | 12.50 | % |  | Rate used through modeling period
|  |  |  |  |  |  |  |  | Loan prepayment speeds |  |  | 213.00 | % |  | Weighted-average PSA
|  |  |  |  |  |  |  |  | Servicing fees |  |  | 0.25 | % |  | of loan balances
|  |  |  |  |  |  |  |  |  |  |  |  | 4.00 | % |  | of payments are late
|  |  |  |  |  |  |  |  |  |  |  |  | 5.00 | % |  | late fees assessed
|  |  |  |  |  |  |  |  |  |  |  | $ | 1.94 |  |  | Miscellaneous fees per account per month
|  |  |  |  |  |  |  |  | Servicing costs |  | $ | 6.00 |  |  | Monthly servicing cost per account
|  |  |  |  |  |  |  |  |  |  |  | $ | 24.00 |  |  | Additional monthly servicing cost per loan on loans more than 30 days delinquent
|  |  |  |  |  |  |  |  |  |  |  |  | 1.50 | % |  | of loans more than 30 days delinquent
|  |  |  |  |  |  |  |  |  |  |  |  | 3.00 | % |  | annual increase in servicing costs
|  |  | Fair Value at |  |  |  |  |  |  |  |  |  |  |  |
|  |  | 12/31/19 |  |  | Valuation |  | Unobservable |  |  | Method or Value As of
Asset |  |  | (In Thousands) |  |  | Technique |  | Input(s) |  |  | 12/31/19
Servicing rights |  |  | $ | 1,277 |  |  | Discounted cash flow |  | Discount rate |  |  |  | 12.50 | % |  | Rate used through modeling period
|  |  |  |  |  |  |  |  | Loan prepayment speeds |  |  | 183.00 | % |  | Weighted-average PSA
|  |  |  |  |  |  |  |  | Servicing fees |  |  | 0.25 | % |  | of loan balances
|  |  |  |  |  |  |  |  |  |  |  |  | 4.00 | % |  | of payments are late
|  |  |  |  |  |  |  |  |  |  |  |  | 5.00 | % |  | late fees assessed
|  |  |  |  |  |  |  |  |  |  |  | $ | 1.94 |  |  | Miscellaneous fees per account per month
|  |  |  |  |  |  |  |  | Servicing costs |  | $ | 6.00 |  |  | Monthly servicing cost per account
|  |  |  |  |  |  |  |  |  |  |  | $ | 24.00 |  |  | Additional monthly servicing cost per loan on loans more than 30 days delinquent
|  |  |  |  |  |  |  |  |  |  |  |  | 1.50 | % |  | of loans more than 30 days delinquent
|  |  |  |  |  |  |  |  |  |  |  |  | 3.00 | % |  | annual increase in servicing costs

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 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
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring 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 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: 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 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=121572278&loc=d3e13467-108611 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
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_TableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsNonrecurringMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |