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Fair Value (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Assets Measured on Recurring Basis Measured at Fair Value

The following tables present the balances of assets that were measured at fair value on a recurring basis as of March 31, 2019, December 31, 2018 and March 31, 2018.

	At March 31, 2019
	Level 1				Level 2				Level 3				Total
Securities available for sale
U.S. Government-sponsored agencies	$	—			$	5,016,000			$	—			$	5,016,000
Mortgage-backed securities	—				315,423,000				—				315,423,000
State and political subdivisions	—				4,837,000				—				4,837,000
Total securities available for sale	—				325,276,000				—				325,276,000
Interest rate swap agreements	—				1,232,000				—				1,232,000
Total assets	$	—			$	326,508,000			$	—			$	326,508,000

	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 March 31, 2018
	Level 1				Level 2				Level 3				Total
Securities available for sale
Mortgage-backed securities	$	—			$	295,328,000			$	—			$	295,328,000
State and political subdivisions	—				5,511,000				—				5,511,000
Total securities available for sale	—				300,839,000				—				300,839,000
Interest rate swap agreements	—				2,441,000				—				2,441,000
Total assets	$	—			$	303,280,000			$	—			$	303,280,000

Assets Measured on Nonrecurring Basis Measured at Fair Value

The following tables include 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 of $0 at March 31, 2019, 2018 and December 31, 2018. 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 $1,822,000, $2,096,000 and $1,924,000 at March 31, 2019, December 31, 2018, and March 31, 2018, respectively.

	At March 31, 2019
	Level 1				Level 2				Level 3				Total
Other real estate owned	$	—			$	584,000			$	—			$	584,000
Impaired loans	—				6,519,000				—				6,519,000
Total assets	$	—			$	7,103,000			$	—			$	7,103,000

	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 March 31, 2018
	Level 1				Level 2				Level 3				Total
Other real estate owned	$	—			$	1,121,000			$	—			$	1,121,000
Impaired loans	—				5,938,000				—				5,938,000
Total assets	$	—			$	7,059,000			$	—			$	7,059,000

Estimated Fair Value of Financial Instruments

The carrying amount and estimated fair values for financial instruments as of March 31, 2019 were as follows:

	Carrying value				Estimated fair value				Level 1				Level 2				Level 3
Financial assets
Securities to be held to maturity	$	281,219,000			$	282,568,000			$	—			$	282,568,000			$	—
Loans (net of allowance for loan losses)
Commercial
Real estate	353,521,000				347,398,000				—				422,000				346,976,000
Construction	33,852,000				33,266,000				—				—				33,266,000
Other	201,459,000				199,700,000				—				5,458,000				194,242,000
Municipal	54,217,000				53,179,000				—				—				53,179,000
Residential
Term	472,941,000				463,150,000				—				625,000				462,525,000
Construction	18,415,000				18,034,000				—				—				18,034,000
Home equity line of credit	94,957,000				92,834,000				—				14,000				92,820,000
Consumer	23,787,000				22,124,000				—				—				22,124,000
Total loans	1,253,149,000				1,229,685,000				—				6,519,000				1,223,166,000
Mortgage servicing rights	1,356,000				2,410,000				—				2,410,000				—
Financial liabilities
Local certificates of deposit	$	293,980,000			$	293,325,000			$	—			$	293,325,000			$	—
National certificates of deposit	418,496,000				419,285,000				—				419,285,000				—
Total certificates of deposits	712,476,000				712,610,000				—				712,610,000				—
Repurchase agreements	30,309,000				30,276,000				—				30,276,000				—
Federal Home Loan Bank advances	140,110,000				139,565,000				—				139,565,000				—
Total borrowed funds	170,419,000				169,841,000				—				169,841,000				—

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

	Carrying value				Estimated 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 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 amount and estimated fair values for financial instruments as of March 31, 2018 were as follows:

	Carrying value				Estimated fair value				Level 1				Level 2				Level 3
Financial assets
Securities to be held to maturity	$	258,690,000			$	255,851,000			$	—			$	255,851,000			$	—
Loans (net of allowance for loan losses)
Commercial
Real estate	335,275,000				326,030,000				—				3,000				326,027,000
Construction	43,385,000				42,189,000				—				—				42,189,000
Other	173,960,000				171,045,000				—				5,495,000				165,550,000
Municipal	35,440,000				34,972,000				—				—				34,972,000
Residential
Term	438,765,000				430,023,000				—				334,000				429,689,000
Construction	15,814,000				15,587,000				—								15,587,000
Home equity line of credit	109,525,000				108,047,000				—				106,000				107,941,000
Consumer	24,881,000				24,178,000				—				—				24,178,000
Total loans	1,177,045,000				1,152,071,000				—				5,938,000				1,146,133,000
Mortgage servicing rights	1,280,000				2,518,000				—				2,518,000				—
Financial liabilities
Local certificates of deposit	260,450,000				255,579,000				—				255,579,000				—
National certificates of deposit	374,297,000				374,095,000				—				374,095,000				—
Total certificates of deposits	634,747,000				629,674,000				—				629,674,000				—
Repurchase agreements	67,182,000				64,361,000				—				64,361,000				—
Federal Home Loan Bank advances	177,047,000				175,308,000				—				175,308,000				—
Total borrowed funds	244,229,000				239,669,000				—				239,669,000				—

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

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=99377789&loc=d3e19207-110258

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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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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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