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Fair Value (Tables)

9 Months Ended

Sep. 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 September 30, 2020, December 31, 2019 and September 30, 2019.

			At September 30, 2020
			Level 1						Level 2						Level 3						Total
Securities available for sale
U.S. Government-sponsored agencies			$	—					$	27,497,000					$	—					$	27,497,000
Mortgage-backed securities			—						276,424,000						—						276,424,000
State and political subdivisions			—						36,219,000						—						36,219,000
Total securities available for sale			—						340,140,000						—						340,140,000
Customer loan interest swap agreements			—						3,311,000						—						3,311,000
Total interest rate swap agreements			—						3,311,000						—						3,311,000
Total assets			$	—					$	343,451,000					$	—					$	343,451,000

			At September 30, 2020
			Level 1						Level 2						Level 3						Total
Interest rate swap agreements			$	—					$	7,342,000					$	—					$	7,342,000
Customer loan interest swap agreements			—						3,311,000						—						3,311,000
Total liabilities			$	—					$	10,653,000					$	—					$	10,653,000

			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 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 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

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. Mortgage servicing rights are presented net of an impairment reserve of $258,000 at September 30,

2020 and $0 at December 31, 2019 and September 30, 2019. Other real estate owned is presented net of an allowance of $45,000 at September 30, 2020 and $0 at December 31, 2019 and September 30, 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 $633,000, $1,916,000 and $1,763,000 at September 30, 2020, December 31, 2019, and September 30, 2019, respectively.

			At September 30, 2020
			Level 1						Level 2						Level 3						Total
Mortgage servicing rights			$	—					$	2,013,000					$	—					$	2,013,000
Other real estate owned			—						777,000						—						777,000
Impaired loans			—						789,000						—						789,000
Total assets			$	—					$	3,579,000					$	—					$	3,579,000

			At December 31, 2019
			Level 1						Level 2						Level 3						Total
Mortgage servicing rights			$	—					$	2,089,000					$	—					$	2,089,000
Other real estate owned			—						279,000						—						279,000
Impaired loans			—						6,579,000						—						6,579,000
Total assets			$	—					$	8,947,000					$	—					$	8,947,000

			At September 30, 2019
			Level 1						Level 2						Level 3						Total
Mortgage servicing rights			$	—					$	2,083,000					$	—					$	2,083,000
Other real estate owned			—						279,000						—						279,000
Impaired loans			—						7,143,000						—						7,143,000
Total assets			$	—					$	9,505,000					$	—					$	9,505,000

Estimated Fair Value of Financial Instruments

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

			Carrying value						Estimated fair value						Level 1						Level 2						Level 3
Financial assets
Securities to be held to maturity			$	331,962,000					$	342,062,000					$	—					$	342,062,000					$	—
Loans (net of allowance for loan losses)
Commercial
Real estate			401,822,000						406,575,000						—						13,000						406,562,000
Construction			51,362,000						51,970,000						—						—						51,970,000
Other			305,239,000						302,600,000						—						33,000						302,567,000
Municipal			43,955,000						44,203,000						—						—						44,203,000
Residential
Term			494,864,000						505,357,000						—						277,000						505,080,000
Construction			16,011,000						16,178,000						—						—						16,178,000
Home equity line of credit			81,359,000						80,160,000						—						457,000						79,703,000
Consumer			26,663,000						24,686,000						—						9,000						24,677,000
Total loans			1,421,275,000						1,431,729,000						—						789,000						1,430,940,000
Mortgage servicing rights			2,220,000						2,013,000						—						2,013,000						—
Financial liabilities
Local certificates of deposit			$	253,863,000					$	255,553,000					$	—					$	255,553,000					$	—
National certificates of deposit			336,068,000						343,022,000						—						343,022,000						—
Total certificates of deposits			589,931,000						598,575,000						—						598,575,000						—
Repurchase agreements			66,087,000						55,085,000						—						55,085,000						—
Federal Home Loan Bank and Federal Reserve Bank borrowings			217,700,000						197,527,000						—						197,527,000						—
Total borrowed funds			283,787,000						252,612,000						—						252,612,000						—

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 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						—

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
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-Topic 820
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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
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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
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