XML 29 R36.htm IDEA: XBRL DOCUMENT v3.20.1
Fair Value (Tables)
3 Months Ended
Mar. 31, 2020
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 March 31, 2020, December 31, 2019 and March 31, 2019.
 
At March 31, 2020
 
Level 1
 
Level 2
 
Level 3
 
Total
Securities available for sale
 
 
 
 
 
 
 
   U.S. Government-sponsored agencies
$

 
$
7,552,000

 
$

 
$
7,552,000

   Mortgage-backed securities

 
285,152,000

 

 
285,152,000

   State and political subdivisions

 
20,224,000

 

 
20,224,000

Total securities available for sale

 
312,928,000

 

 
312,928,000

  Customer loan interest swap agreements

 
3,280,000

 

 
3,280,000

Total interest rate swap agreements
$

 
$
3,280,000

 
$

 
$
3,280,000

Total assets
$

 
$
316,208,000

 
$

 
$
316,208,000

 
At March 31, 2020
 
Level 1
 
Level 2
 
Level 3
 
Total
Interest rate swap agreements
$

 
$
9,322,000

 
$

 
$
9,322,000

Total liabilities
$

 
$
9,322,000

 
$

 
$
9,322,000

 
At December 31, 2019
 
Level 1
 
Level 2
 
Level 3
 
Total
Securities available for sale
 
 
 
 
 
 
 
   U.S. Government-sponsored agencies
$

 
$
7,398,000

 
$

 
$
7,398,000

   Mortgage-backed securities

 
326,617,000

 

 
326,617,000

   State and political subdivisions

 
26,505,000

 

 
26,505,000

Total securities available for sale

 
360,520,000

 

 
360,520,000

  Interest rate swap agreements

 
562,000

 

 
562,000

  Customer loan interest swap agreements

 
1,205,000

 
 
 
1,205,000

Total interest rate swap agreements
 
 
1,767,000

 
 
 
1,767,000

Total assets
$

 
$
362,287,000

 
$

 
$
362,287,000


 
At December 31, 2019
 
Level 1
 
Level 2
 
Level 3
 
Total
Interest rate swap agreements
$

 
$
439,000

 
$

 
$
439,000

Customer loan interest swap agreements
 
 
$
1,205,000

 
 
 
$
1,205,000

Total liabilities
$

 
$
1,644,000

 
$

 
$
1,644,000


 
At March 31, 2019
 
Level 1
 
Level 2
 
Level 3
 
Total
Securities available for sale
 
 
 
 
 
 
 
   U.S. Treasury and agency
$

 
$
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

 
1,433,000

 

 
1,433,000

Total assets
$

 
$
326,709,000

 
$

 
$
326,709,000


 
At March 31, 2019
 
Level 1
 
Level 2
 
Level 3
 
Total
Interest rate swap agreements
$

 
$
201,000

 
$

 
$
201,000

Total liabilities
$

 
$
201,000

 
$

 
$
201,000


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, 2020, 2019
and December 31, 2019. 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 $706,000, $1,916,000 and $1,822,000 at March 31, 2020, December 31, 2019, and March 31, 2019, respectively.
 
At March 31, 2020
 
Level 1
 
Level 2
 
Level 3
 
Total
Other real estate owned
$

 
$
316,000

 
$

 
$
316,000

Impaired loans

 
1,051,000

 

 
1,051,000

Total assets
$

 
$
1,367,000

 
$

 
$
1,367,000

 
At December 31, 2019
 
Level 1
 
Level 2
 
Level 3
 
Total
Other real estate owned
$

 
$
279,000

 
$

 
$
279,000

Impaired loans

 
6,579,000

 

 
6,579,000

Total assets
$

 
$
6,858,000

 
$

 
$
6,858,000

 
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


Estimated Fair Value of Financial Instruments The carrying amount and estimated fair values for financial instruments as of March 31, 2020 were as follows:
 
Carrying value
 
Estimated fair value
 
Level 1
 
Level 2
 
Level 3
Financial assets
 
 
 
 
 
 
 
 
 
Securities to be held to maturity
$
341,592,000

 
$
349,248,000

 
$

 
$
349,248,000

 
$

Loans (net of allowance for loan losses)
 
 
 
 
 
 
 
 
 
Commercial
 
 
 
 
 
 
 
 
 
   Real estate
378,049,000

 
371,916,000

 

 
7,000

 
371,909,000

   Construction
43,397,000

 
42,693,000

 

 

 
42,693,000

   Other
234,940,000

 
233,411,000

 

 

 
233,411,000

Municipal
43,502,000

 
41,909,000

 

 

 
41,909,000

Residential
 
 
 
 
 
 
 
 
 
   Term
499,478,000

 
503,098,000

 

 
335,000

 
502,763,000

   Construction
15,163,000

 
15,304,000

 

 

 
15,304,000

Home equity line of credit
89,442,000

 
89,407,000

 

 
700,000

 
88,707,000

Consumer
28,379,000

 
26,933,000

 

 
9,000

 
26,924,000

Total loans
1,332,350,000

 
1,324,671,000

 

 
1,051,000

 
1,323,620,000

Mortgage servicing rights
1,609,000

 
2,126,000

 

 
2,126,000

 

Financial liabilities
 
 
 
 
 
 
 
 
 
Local certificates of deposit
$
290,440,000

 
$
290,886,000

 
$

 
$
290,886,000

 
$

National certificates of deposit
420,498,000

 
429,110,000

 

 
429,110,000

 

Total certificates of deposits
710,938,000

 
719,996,000

 

 
719,996,000

 

Repurchase agreements
37,937,000

 
37,494,000

 

 
37,494,000

 

Federal Home Loan Bank advances
210,103,000

 
211,228,000

 

 
211,228,000

 

Total borrowed funds
248,040,000

 
248,722,000

 

 
248,722,000

 










The carrying amounts and estimated fair values for financial instruments as of December 31, 2019 were as follows:
 
Carrying value
 
Estimated fair value
 
Level 1
 
Level 2
 
Level 3
Financial assets
 
 
 
 
 
 
 
 
 
Securities to be held to maturity
$
281,606,000

 
$
287,045,000

 
$

 
$
287,045,000

 
$

Loans (net of allowance for loan losses)
 
 
 
 
 
 
 
 
 
Commercial
 
 
 
 
 
 
 
 
 
   Real estate
368,645,000

 
364,626,000

 

 
2,000

 
364,624,000

   Construction
37,678,000

 
37,366,000

 

 

 
37,366,000

   Other
215,068,000

 
212,548,000

 

 
5,046,000

 
207,502,000

Municipal
41,258,000

 
40,552,000

 

 

 
40,552,000

Residential
 
 
 
 
 
 
 
 
 
   Term
491,315,000

 
491,359,000

 

 
577,000

 
490,782,000

   Construction
14,785,000

 
14,786,000

 

 

 
14,786,000

Home equity line of credit
91,149,000

 
90,959,000

 

 
954,000

 
90,005,000

Consumer
25,538,000

 
23,489,000

 

 

 
23,489,000

Total loans
1,285,436,000

 
1,275,685,000

 

 
6,579,000

 
1,269,106,000

Mortgage servicing rights
1,546,000

 
2,089,000

 

 
2,089,000

 

Financial liabilities
 
 
 
 
 
 
 
 
 
Local certificates of deposit
$
285,602,000

 
$
281,480,000

 
$

 
$
281,480,000

 
$

National certificates of deposit
404,377,000

 
412,337,000

 

 
412,337,000

 

Total deposits
689,979,000

 
693,817,000

 

 
693,817,000

 

Repurchase agreements
37,450,000

 
37,450,000

 

 
37,450,000

 

Federal Home Loan Bank advances
147,505,000

 
140,063,000

 

 
140,063,000

 

Total borrowed funds
184,955,000

 
177,513,000

 

 
177,513,000

 
























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