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Fair Value Disclosures (Tables)

12 Months Ended

Dec. 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 December 31, 2020 and 2019.

			At December 31, 2020
			Level 1						Level 2						Level 3						Total
Securities available for sale
U.S. Government-sponsored agencies			$	—					$	22,730,000					$	—					$	22,730,000
Mortgage-backed securities			—						243,406,000						—						243,406,000
State and political subdivisions			—						39,474,000						—						39,474,000
Asset-backed securities			—						7,766,000						—						7,766,000
Total securities available for sale			—						313,376,000						—						313,376,000
Customer loan interest swap agreements			—						2,640,000						—						2,640,000
Total interest rate swap agreements			—						2,640,000						—						2,640,000
Total assets			$	—					$	316,016,000					$	—					$	316,016,000

			At December 31, 2020
			Level 1						Level 2						Level 3						Total
Interest rate swap agreements			$	—					$	6,242,000					$	—					$	6,242,000
Customer loan interest swap agreements			—						2,640,000						—						2,640,000
Total liabilities			$	—					$	8,882,000					$	—					$	8,882,000

			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

Assets and liabilities measured on non-recurring basis measured at fair value

The following tables present 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 $358,000 at December 31, 2020 and $0 at December 31, 2019. Other real estate owned is presented net of an allowance for losses of $45,000 at December 31, 2020 and $0 at 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 $304,000 and $1,916,000 at December 31, 2020 and 2019, respectively.

			At December 31, 2020
			Level 1						Level 2						Level 3						Total
Mortgage servicing rights			$	—					$	1,985,000					$	—					$	1,985,000
Other real estate owned			—						908,000						—						908,000
Impaired loans			—						794,000						—						794,000
Total assets			$	—					$	3,687,000					$	—					$	3,687,000

			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

Estimated fair value of financial instruments

The carrying amounts and estimated fair values for financial instruments as of December 31, 2020 were as follows:

			Carrying						Estimated
As of December 31, 2020			value						fair value						Level 1						Level 2						Level 3
Financial assets
Securities to be held to maturity			$365,613,000						$377,134,000						$	—					$377,134,000						$	—
Loans (net of allowance for loan losses)
Commercial
Real estate			436,161,000						440,735,000						—						347,000						440,388,000
Construction			55,803,000						56,388,000						—						—						56,388,000
Other			281,057,000						279,501,000						—						5,000						279,496,000
Municipal			43,586,000						44,440,000						—						—						44,440,000
Residential
Term			519,101,000						533,059,000						—						442,000						532,617,000
Construction			21,483,000						21,890,000						—						—						21,890,000
Home equity line of credit			78,356,000						77,177,000						—						—						77,177,000
Consumer			24,961,000						23,502,000						—						—						23,502,000
Total loans			1,460,508,000						1,476,692,000						—						794,000						1,475,898,000
Mortgage servicing rights			1,956,000						1,985,000						—						1,985,000						—
Financial liabilities
Local certificates of deposit			$250,264,000						$253,892,000						—						$253,892,000						—
National certificates of deposit			355,321,000						359,899,000						—						359,899,000						—
Total certificates of deposit			605,585,000						613,791,000						—						613,791,000						—
Repurchase agreements			69,340,000						69,497,000						—						69,497,000						—
Other borrowed funds			192,698,000						194,469,000						—						194,469,000						—
Total borrowed funds			262,038,000						263,966,000						—						263,966,000						—

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

			Carrying						Estimated
As of December 31, 2019			value						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 certificates of deposit			689,979,000						693,817,000						—						693,817,000						—
Repurchase agreements			37,450,000						37,450,000						—						37,450,000						—
Other borrowed funds			147,505,000						140,063,000						—						140,063,000						—
Total borrowed funds			184,955,000						177,513,000						—						177,513,000						—

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)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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