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Fair Value (Tables) | 9 Months Ended
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Sep. 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 September 30, 2021, December 31, 2020 and September 30, 2020.
| At September 30, 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Securities available for sale |  |  |  |  |  |  |
U.S. Government-sponsored agencies | $ | — |  |  | $ | 21,939,000 |  |  | $ | — |  |  | $ | 21,939,000 |
Mortgage-backed securities | — |  |  | 247,253,000 |  |  | — |  |  | 247,253,000 |
State and political subdivisions | — |  |  | 35,179,000 |  |  | — |  |  | 35,179,000 |
Asset-backed securities | — |  |  | 4,853,000 |  |  | — |  |  | 4,853,000 |
Total securities available for sale | — |  |  | 309,224,000 |  |  | — |  |  | 309,224,000 |
Interest rate swap agreements | — |  |  | 644,000 |  |  | — |  |  | 644,000 |
Customer loan interest swap agreements | — |  |  | 2,663,000 |  |  | — |  |  | 2,663,000 |
Total interest rate swap agreements | — |  |  | 3,307,000 |  |  | — |  |  | 3,307,000 |
Total assets | $ | — |  |  | $ | 312,531,000 |  |  | $ | — |  |  | $ | 312,531,000 |
| At September 30, 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Interest rate swap agreements | $ | — |  |  | $ | 2,589,000 |  |  | $ | — |  |  | $ | 2,589,000 |
Customer loan interest swap agreements | — |  |  | 2,663,000 |  |  | — |  |  | 2,663,000 |
Total liabilities | $ | — |  |  | $ | 5,252,000 |  |  | $ | — |  |  | $ | 5,252,000 |
| 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 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 September 30, 2020
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Securities available for sale |  |  |  |  |  |  |
U.S. Treasury and agency | $ | — |  |  | $ | 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 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 |
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 $91,000 at September 30, 2021, $358,000 at December 31, 2020 and $258,000 at September 30, 2020. Other real estate owned is presented net of an allowance of $45,000 at December 31, 2020 and September 30, 2020. The Company had no other real estate owned or related allowance at September 30, 2021. 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 $457,000, $304,000 and $633,000 at September 30, 2021, December 31, 2020, and September 30, 2020, respectively.
| At September 30, 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Mortgage servicing rights | $ | — |  |  | $ | 2,757,000 |  |  | $ | — |  |  | $ | 2,757,000 |
Impaired loans | — |  |  | 224,000 |  |  | — |  |  | 224,000 |
Total assets | $ | — |  |  | $ | 2,981,000 |  |  | $ | — |  |  | $ | 2,981,000 |
| 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 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 |
Schedule of Estimated Fair Value of Financial Instruments | The carrying amount and estimated fair values for financial instruments as of September 30, 2021 were as follows:
| Carrying value |  | Estimated fair value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets |  |  |  |  |  |  |  |  |
Securities to be held to maturity | $ | 375,699,000 |  |  | $ | 379,797,000 |  |  | $ | — |  |  | $ | 379,797,000 |  |  | $ | — |
Loans (net of allowance for loan losses) |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |
Real estate | 542,975,000 |  |  | 537,937,000 |  |  | — |  |  | — |  |  | 537,937,000 |
Construction | 72,341,000 |  |  | 71,670,000 |  |  | — |  |  | — |  |  | 71,670,000 |
Other | 284,048,000 |  |  | 283,585,000 |  |  | — |  |  | 5,000 |  |  | 283,580,000 |
Municipal | 40,409,000 |  |  | 40,133,000 |  |  | — |  |  | — |  |  | 40,133,000 |
Residential |  |  |  |  |  |  |  |  |
Term | 534,794,000 |  |  | 540,586,000 |  |  | — |  |  | 219,000 |  |  | 540,367,000 |
Construction | 29,203,000 |  |  | 29,593,000 |  |  | — |  |  | — |  |  | 29,593,000 |
Home equity line of credit | 73,549,000 |  |  | 71,591,000 |  |  | — |  |  | — |  |  | 71,591,000 |
Consumer | 22,386,000 |  |  | 20,578,000 |  |  | — |  |  | — |  |  | 20,578,000 |
Total loans | 1,599,705,000 |  |  | 1,595,673,000 |  |  | — |  |  | 224,000 |  |  | 1,595,449,000 |
Mortgage servicing rights | 2,597,000 |  |  | 2,757,000 |  |  | — |  |  | 2,757,000 |  |  | — |
Financial liabilities |  |  |  |  |  |  |  |  |
Local certificates of deposit | $ | 238,170,000 |  |  | $ | 239,239,000 |  |  | $ | — |  |  | $ | 239,239,000 |  |  | $ | — |
National certificates of deposit | 276,397,000 |  |  | 279,653,000 |  |  | — |  |  | 279,653,000 |  |  | — |
Total certificates of deposits | 514,567,000 |  |  | 518,892,000 |  |  | — |  |  | 518,892,000 |  |  | — |
Repurchase agreements | 88,109,000 |  |  | 86,114,000 |  |  | — |  |  | 86,114,000 |  |  | — |
Federal Home Loan Bank and Federal Reserve Bank borrowings | 145,092,000 |  |  | 146,411,000 |  |  | — |  |  | 146,411,000 |  |  | — |
Total borrowed funds | 233,201,000 |  |  | 232,525,000 |  |  | — |  |  | 232,525,000 |  |  | — |
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 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 | 1,962,000 |  |  | 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 advances | 217,700,000 |  |  | 197,527,000 |  |  | — |  |  | 197,527,000 |  |  | — |
Total borrowed funds | 283,787,000 |  |  | 252,612,000 |  |  | — |  |  | 252,612,000 |  |  | — |

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- 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=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition 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 -URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition 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=123874694&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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