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Fair Value (Tables)

9 Months Ended

Sep. 30, 2019

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 September 30, 2019, December 31, 2018 and September 30, 2018.

	At September 30, 2019
	Level 1				Level 2				Level 3				Total
Securities available for sale
Mortgage-backed securities	$	—			$	322,190,000			$	—			$	322,190,000
State and political subdivisions	—				4,608,000				—				4,608,000
Total securities available for sale	—				326,798,000				—				326,798,000
Interest rate swap agreements	—				510,000				—				510,000
Customer loan interest swap agreements	—				1,643,000				—				1,643,000
Total interest rate swap agreements	$	—			$	2,153,000			$	—			$	2,153,000
Total assets	$	—			$	328,951,000			$	—			$	328,951,000

	At September 30, 2019
	Level 1				Level 2				Level 3				Total
Interest rate swap agreements	$	—			$	845,000			$	—			$	845,000
Customer loan interest swap agreements	—				1,643,000				—				1,643,000
Total liabilities	$	—			$	2,488,000			$	—			$	2,488,000

	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	—				1,889,000				—				1,889,000
Total assets	$	—			$	319,305,000			$	—			$	319,305,000

	At December 31, 2018
	Level 1				Level 2				Level 3				Total
Interest rate swap agreements	$	—			$	69,000			$	—			$	69,000
Total liabilities	$	—			$	69,000			$	—			$	69,000

	At September 30, 2018
	Level 1				Level 2				Level 3				Total
Securities available for sale
U.S. Treasury and agency	$	—			$	4,979,000			$	—			$	4,979,000
Mortgage-backed securities	$	—			$	292,570,000			$	—			$	292,570,000
State and political subdivisions	—				4,638,000				—				4,638,000
Total securities available for sale	—				302,187,000				—				302,187,000
Interest rate swap agreements	—				2,888,000				—				2,888,000
Total assets	$	—			$	305,075,000			$	—			$	305,075,000

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 September 30, 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 $1,763,000, $2,096,000 and $2,109,000 at September 30, 2019, December 31, 2018, and September 30, 2018, respectively.

	At September 30, 2019
	Level 1				Level 2				Level 3				Total
Other real estate owned	$	—			$	279,000			$	—			$	279,000
Impaired loans	—				7,143,000				—				7,143,000
Total assets	$	—			$	7,422,000			$	—			$	7,422,000

	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 September 30, 2018
	Level 1				Level 2				Level 3				Total
Other real estate owned	$	—			$	584,000			$	—			$	584,000
Impaired loans	—				7,024,000				—				7,024,000
Total assets	$	—			$	7,608,000			$	—			$	7,608,000

Estimated Fair Value of Financial Instruments

The carrying amount and estimated fair values for financial instruments as of September 30, 2019 were as follows:

	Carrying value				Estimated fair value				Level 1				Level 2				Level 3
Financial assets
Securities to be held to maturity	$	298,786,000			$	306,647,000			$	—			$	306,647,000			$	—
Loans (net of allowance for loan losses)
Commercial
Real estate	363,725,000				360,061,000				—				622,000				359,439,000
Construction	36,829,000				36,458,000				—				—				36,458,000
Other	198,093,000				196,674,000				—				5,142,000				191,532,000
Municipal	36,492,000				36,192,000				—				—				36,192,000
Residential
Term	484,160,000				482,121,000				—				992,000				481,129,000
Construction	14,091,000				14,032,000				—				—				14,032,000
Home equity line of credit	93,180,000				90,289,000				—				387,000				89,902,000
Consumer	25,124,000				23,318,000				—				—				23,318,000
Total loans	1,251,694,000				1,239,145,000				—				7,143,000				1,232,002,000
Mortgage servicing rights	1,451,000				2,083,000				—				2,083,000				—
Financial liabilities
Local certificates of deposit	$	283,119,000			$	285,598,000			$	—			$	285,598,000			$	—
National certificates of deposit	378,654,000				379,995,000				—				379,995,000				—
Total certificates of deposits	661,773,000				665,593,000				—				665,593,000				—
Repurchase agreements	41,310,000				40,004,000				—				40,004,000				—
Federal Home Loan Bank advances	140,107,000				140,008,000				—				140,008,000				—
Total borrowed funds	181,417,000				180,012,000				—				180,012,000				—

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 September 30, 2018 were as follows:

	Carrying value				Estimated fair value				Level 1				Level 2				Level 3
Financial assets
Securities to be held to maturity	$	257,395,000			$	249,890,000			$	—			$	249,890,000			$	—
Loans (net of allowance for loan losses)
Commercial
Real estate	362,199,000				359,421,000				—				423,000				358,998,000
Construction	23,639,000				23,458,000				—				—				23,458,000
Other	183,935,000				184,116,000				—				6,033,000				178,083,000
Municipal	56,677,000				56,981,000				—				—				56,981,000
Residential
Term	458,174,000				459,561,000				—				475,000				459,086,000
Construction	18,124,000				18,095,000				—				—				18,095,000
Home equity line of credit	104,373,000				103,209,000				—				93,000				103,116,000
Consumer	24,755,000				24,126,000				—				—				24,126,000
Total loans	1,231,876,000				1,228,967,000				—				7,024,000				1,221,943,000
Mortgage servicing rights	1,299,000				2,572,000				—				2,572,000				—
Financial liabilities
Local certificates of deposit	252,440,000				253,014,000				—				253,014,000				—
National certificates of deposit	366,969,000				368,127,000				—				368,127,000				—
Total certificates of deposits	619,409,000				621,141,000				—				621,141,000				—
Repurchase agreements	95,160,000				90,311,000				—				90,311,000				—
Federal Home Loan Bank advances	170,114,000				170,058,000				—				170,058,000				—
Total borrowed funds	265,274,000				260,369,000				—				260,369,000				—

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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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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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://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
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-Publisher FASB
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