XML 47 R36.htm IDEA: XBRL DOCUMENT v3.21.2

Fair Value (Tables)

9 Months Ended

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						—

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=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

Name:	us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration