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Fair Value (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2020, December 31, 2019 and June 30, 2019.

			At June 30, 2020
			Level 1						Level 2						Level 3						Total
Securities available for sale
U.S. Government-sponsored agencies			$	—					$	15,556,000					$	—					$	15,556,000
Mortgage-backed securities			—						275,491,000						—						275,491,000
State and political subdivisions			—						20,453,000						—						20,453,000
Total securities available for sale			—						311,500,000						—						311,500,000
Customer loan interest swap agreements			—						3,613,000						—						3,613,000
Total interest rate swap agreements			—						3,613,000						—						3,613,000
Total assets			$	—					$	315,113,000					$	—					$	315,113,000

			At June 30, 2020
			Level 1						Level 2						Level 3						Total
Interest rate swap agreements			$	—					$	7,832,000					$	—					$	7,832,000
Customer loan interest swap agreements			—						3,613,000						—						3,613,000
Total liabilities			$	—					$	11,445,000					$	—					$	11,445,000

			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 June 30, 2019
			Level 1						Level 2						Level 3						Total
Securities available for sale
U.S. Treasury and agency			$	—					$	5,012,000					$	—					$	5,012,000
Mortgage-backed securities			—						312,625,000						—						312,625,000
State and political subdivisions			—						4,933,000						—						4,933,000
Total securities available for sale			—						322,570,000						—						322,570,000
Interest rate swap agreements			—						723,000						—						723,000
Customer loan interest swap agreements			—						991,000						—						991,000
Total interest swap agreements			—						1,714,000						—						1,714,000
Total assets			$	—					$	324,284,000					$	—					$	324,284,000

			At June 30, 2019
			Level 1						Level 2						Level 3						Total
Interest rate swap agreements			$	—					$	628,000					$	—					$	628,000
Customer loan interest swap agreements			—						991,000						—						991,000
Total liabilities			$	—					$	1,619,000					$	—					$	1,619,000

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 June 30, 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 $623,000, $1,916,000 and $1,893,000 at June 30, 2020, December 31, 2019, and June 30, 2019, respectively.

			At June 30, 2020
			Level 1						Level 2						Level 3						Total
Other real estate owned			$	—					$	851,000					$	—					$	851,000
Impaired loans			—						753,000						—						753,000
Total assets			$	—					$	1,604,000					$	—					$	1,604,000

			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 June 30, 2019
			Level 1						Level 2						Level 3						Total
Other real estate owned			$	—					$	289,000					$	—					$	289,000
Impaired loans			—						6,693,000						—						6,693,000
Total assets			$	—					$	6,982,000					$	—					$	6,982,000

Estimated Fair Value of Financial Instruments

The carrying amount and estimated fair values for financial instruments as of June 30, 2020 were as follows:

			Carrying value						Estimated fair value						Level 1						Level 2						Level 3
Financial assets
Securities to be held to maturity			$	341,962,000					$	352,225,000					$	—					$	352,225,000					$	—
Loans (net of allowance for loan losses)
Commercial
Real estate			392,296,000						389,956,000						—						12,000						389,944,000
Construction			46,605,000						46,327,000						—						—						46,327,000
Other			323,994,000						321,575,000						—						8,000						321,567,000
Municipal			49,526,000						48,791,000						—						—						48,791,000
Residential
Term			497,258,000						503,574,000						—						163,000						503,411,000
Construction			14,638,000						14,709,000						—						—						14,709,000
Home equity line of credit			85,636,000						85,635,000						—						570,000						85,065,000
Consumer			27,560,000						25,512,000						—						—						25,512,000
Total loans			1,437,513,000						1,436,079,000						—						753,000						1,435,326,000
Mortgage servicing rights			1,874,000						1,777,000						—						1,777,000						—
Financial liabilities
Local certificates of deposit			$	269,054,000					$	272,305,000					$	—					$	272,305,000					$	—
National certificates of deposit			387,579,000						429,110,000						—						429,110,000						—
Total certificates of deposits			656,633,000						701,415,000						—						701,415,000						—
Repurchase agreements			61,103,000						61,399,000						—						61,399,000						—
Federal Home Loan Bank and Federal Reserve Bank borrowings			217,702,000						218,644,000						—						218,644,000						—
Total borrowed funds			278,805,000						280,043,000						—						280,043,000						—

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 June 30, 2019 were as follows:

			Carrying value						Estimated fair value						Level 1						Level 2						Level 3
Financial assets
Securities to be held to maturity			$	302,527,000					$	308,075,000					$	—					$	308,075,000					$	—
Loans (net of allowance for loan losses)
Commercial
Real estate			355,285,000						350,390,000						—						622,000						349,768,000
Construction			32,417,000						31,970,000						—						—						31,970,000
Other			202,004,000						200,804,000						—						5,315,000						195,489,000
Municipal			36,083,000						35,825,000						—						—						35,825,000
Residential
Term			480,032,000						475,560,000						—						745,000						474,815,000
Construction			13,212,000						13,089,000						—						—						13,089,000
Home equity line of credit			94,009,000						93,260,000						—						11,000						93,249,000
Consumer			24,619,000						22,917,000						—						—						22,917,000
Total loans			1,237,661,000						1,223,815,000						—						6,693,000						1,217,122,000
Mortgage servicing rights			1,368,000						2,087,000						—						2,087,000						—
Financial liabilities
Local certificates of deposit			$	281,903,000					$	283,746,000					$	—					$	283,746,000					$	—
National certificates of deposit			435,095,000						436,682,000						—						436,682,000						—
Total certificates of deposits			716,998,000						720,428,000						—						720,428,000						—
Repurchase agreements			40,954,000						40,912,000						—						40,912,000						—
Federal Home Loan Bank advances			140,904,000						139,880,000						—						139,880,000						—
Total borrowed funds			181,858,000						180,792,000						—						180,792,000						—

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=117815213&loc=d3e19207-110258

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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
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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
-Name Accounting Standards Codification
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