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Fair Value Disclosures (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Assets and liabilities measured on recurring basis measured at fair value

The following tables present the balances of assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2018 and 2017.

	At December 31, 2018
	Level 1				Level 2				Level 3				Total
Securities available for sale
U.S. Government-sponsored agencies	$	—			$	5,007,000			$	—			$	5,007,000
Mortgage-backed securities	—				307,693,000				—				307,693,000
State and political subdivisions	—				4,716,000				—				4,716,000
Total securities available for sale	$	—			$	317,416,000			$	—			$	317,416,000
Interest rate swap agreements	$	—			$	1,820,000			$	—			$	1,820,000
Total assets	$	—			$	319,236,000			$	—			$	319,236,000

	At December 31, 2017
	Level 1				Level 2				Level 3				Total
Securities available for sale
Mortgage-backed securities	$	—			$	289,989,000			$	—			$	289,989,000
State and political subdivisions	—				6,769,000				—				6,769,000
Other equity securities	—				441,000				—				441,000
Total securities available for sale	$	—			$	297,199,000			$	—			$	297,199,000
Interest rate swap agreements	$	—			$	1,955,000			$	—			$	1,955,000
Total assets	$	—			$	299,154,000			$	—			$	299,154,000

Assets and liabilities measured on non-recurring basis measured at fair value

The following tables present assets measured at fair value on a nonrecurring basis that have had a fair value adjustment since their initial recognition. Other real estate owned is presented net of an allowance for losses of $0 and $53,000 at December 31, 2018 and 2017, respectively. Only collateral-dependent impaired loans with a related specific allowance for loan losses or a partial charge off are included in impaired loans for purposes of fair value disclosures. Impaired loans below are presented net of specific allowances of $2,096,000 and $1,531,000 at December 31, 2018 and 2017, respectively.

	At December 31, 2018
	Level 1				Level 2				Level 3				Total
Other real estate owned	$	—			$	584,000			$	—			$	584,000
Impaired loans	—				7,415,000				—				7,415,000
Total assets	$	—			$	7,999,000			$	—			$	7,999,000

	At December 31, 2017
	Level 1				Level 2				Level 3				Total
Other real estate owned	$	—			$	1,012,000			$	—			$	1,012,000
Impaired loans	—				6,521,000				—				6,521,000
Total assets	$	—			$	7,533,000			$	—			$	7,533,000

Estimated fair value of financial instruments

The carrying amounts and estimated fair values for financial instruments as of December 31, 2018 were as follows:

	Carrying			Estimated
As of December 31, 2018	value			fair value			Level 1				Level 2			Level 3
Financial assets
Securities to be held to maturity	$255,663,000			$250,900,000			$	—			$250,900,000			$	—
Loans (net of allowance for loan losses)
Commercial
Real estate	349,243,000			340,526,000			—				423,000			340,103,000
Construction	27,018,000			26,344,000			—				—			26,344,000
Other	192,420,000			189,842,000			—				6,096,000			183,746,000
Municipal	51,101,000			50,965,000			—				—			50,965,000
Residential
Term	467,760,000			451,323,000			—				793,000			450,530,000
Construction	17,705,000			17,083,000			—				—			17,083,000
Home equity line of credit	97,650,000			95,175,000			—				103,000			95,072,000
Consumer	24,154,000			22,530,000			—				—			22,530,000
Total loans	1,227,051,000			1,193,788,000			—				7,415,000			1,186,373,000
Mortgage servicing rights	1,354,000			2,586,000			—				2,586,000			—
Financial liabilities
Local certificates of deposit	$284,482,000			$281,282,000			—				$281,282,000			—
National certificates of deposit	306,927,000			307,508,000			—				307,508,000			—
Total certificates of deposit deposits	591,409,000			588,790,000			—				588,790,000			—
Repurchase agreements	40,205,000			40,161,000			—				40,161,000			—
Federal Home Loan Bank advances	170,112,000			169,240,000			—				169,240,000			—
Total borrowed funds	210,317,000			209,401,000			—				209,401,000			—

The carrying amounts and estimated fair values for financial instruments as of December 31, 2017 were as follows:

	Carrying			Estimated
As of December 31, 2017	value			fair value			Level 1				Level 2			Level 3
Financial assets
Securities to be held to maturity	$256,567,000			$259,655,000			$	—			$259,655,000			$	—
Loans (net of allowance for loan losses)
Commercial
Real estate	319,691,000			311,321,000			—				72,000			311,249,000
Construction	37,594,000			36,610,000			—				—			36,610,000
Other	177,956,000			175,455,000			—				6,018,000			169,437,000
Municipal	33,370,000			33,280,000			—				—			33,280,000
Residential
Term	431,459,000			431,028,000			—				391,000			430,637,000
Construction	17,830,000			17,613,000			—				—			17,613,000
Home equity line of credit	110,566,000			109,012,000			—				40,000			108,972,000
Consumer	24,944,000			24,408,000			—				—			24,408,000
Total loans	1,153,410,000			1,138,727,000			—				6,521,000			1,132,206,000
Mortgage servicing rights	1,268,000			2,321,000			—				2,321,000			—
Financial liabilities
Local certificates of deposit	$223,074,000			$220,734,000			$	—			$220,734,000			$	—
National certificates of deposit	335,927,000			335,775,000			—				335,775,000			—
Total certificates of deposits	559,001,000			556,509,000			—				556,509,000			—
Repurchase agreements	70,564,000			67,976,000			—				67,976,000			—
Federal Home Loan Bank advances	158,194,000			156,396,000			—				156,396,000			—
Total borrowed funds	228,758,000			224,372,000			—				224,372,000			—

X

- 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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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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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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

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