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Fair Value (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of 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, 2021, December 31, 2020 and June 30, 2020.

			At June 30, 2021
			Level 1						Level 2						Level 3						Total
Securities available for sale
U.S. Government-sponsored agencies			$	—					$	22,197,000					$	—					$	22,197,000
Mortgage-backed securities			—						246,290,000						—						246,290,000
State and political subdivisions			—						32,688,000						—						32,688,000
Asset-backed securities			—						5,072,000						—						5,072,000
Total securities available for sale			—						306,247,000						—						306,247,000
Interest rate swap agreements			—						482,000						—						482,000
Customer loan interest swap agreements			—						2,827,000						—						2,827,000
Total interest rate swap agreements			—						3,309,000						—						3,309,000
Total assets			$	—					$	309,556,000					$	—					$	309,556,000

			At June 30, 2021
			Level 1						Level 2						Level 3						Total
Interest rate swap agreements			$	—					$	3,119,000					$	—					$	3,119,000
Customer loan interest swap agreements			—						2,827,000						—						2,827,000
Total liabilities			$	—					$	5,946,000					$	—					$	5,946,000

			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 June 30, 2020
			Level 1						Level 2						Level 3						Total
Securities available for sale
U.S. Treasury and agency			$	—					$	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 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

Schedule of 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 $93,000 at June 30, 2021 and $358,000 at December 31, 2020. Other real estate owned is presented net of an allowance of $45,000 at December 31, 2020. There was no allowance at June 30, 2021 or 2020. 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 $473,000, $304,000 and $623,000 at June 30, 2021, December 31, 2020, and June 30, 2020, respectively.

			At June 30, 2021
			Level 1						Level 2						Level 3						Total
Mortgage servicing rights			$	—					$	2,777,000					$	—					$	2,777,000
Other real estate owned			—						224,000						—						224,000
Impaired loans			—						189,000						—						189,000
Total assets			$	—					$	3,190,000					$	—					$	3,190,000

			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 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

Schedule of Estimated Fair Value of Financial Instruments

The carrying amount and estimated fair values for financial instruments as of June 30, 2021 were as follows:

			Carrying value						Estimated fair value						Level 1						Level 2						Level 3
Financial assets
Securities to be held to maturity			$	376,181,000					$	383,454,000					$	—					$	383,454,000					$	—
Loans (net of allowance for loan losses)
Commercial
Real estate			520,803,000						515,609,000						—						—						515,609,000
Construction			64,980,000						64,332,000						—						—						64,332,000
Other			294,669,000						294,902,000						—						5,000						294,897,000
Municipal			40,876,000						40,625,000						—						—						40,625,000
Residential
Term			520,200,000						525,325,000						—						184,000						525,141,000
Construction			29,644,000						30,013,000						—						—						30,013,000
Home equity line of credit			76,668,000						74,713,000						—						—						74,713,000
Consumer			23,390,000						21,562,000						—						—						21,562,000
Total loans			1,571,230,000						1,567,081,000						—						189,000						1,566,892,000
Mortgage servicing rights			2,548,000						2,777,000						—						2,777,000						—
Financial liabilities
Local certificates of deposit			$	243,447,000					$	244,558,000					$	—					$	244,558,000					$	—
National certificates of deposit			352,755,000						356,258,000						—						356,258,000						—
Total certificates of deposits			596,202,000						600,816,000						—						600,816,000						—
Repurchase agreements			83,554,000						82,220,000						—						82,220,000						—
Federal Home Loan Bank and Federal Reserve Bank borrowings			145,094,000						146,637,000						—						146,637,000						—
Total borrowed funds			228,648,000						228,857,000						—						228,857,000						—

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

			Carrying value						Estimated 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 deposits			605,585,000						613,791,000						—						613,791,000						—
Repurchase agreements			69,340,000						69,497,000						—						69,497,000						—
Federal Home Loan Bank advances			192,698,000						194,469,000						—						194,469,000						—
Total borrowed funds			262,038,000						263,966,000						—						263,966,000						—

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 advances			217,702,000						218,644,000						—						218,644,000						—
Total borrowed funds			278,805,000						280,043,000						—						280,043,000						—

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
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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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-SubTopic 10
-Section 50
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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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