XML 63 R48.htm IDEA: XBRL DOCUMENT v3.10.0.1

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2018

FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]

Assets Measured at Fair Value on a Recurring Basis

The following tables present the assets reported on the consolidated balance sheet at their fair value on a recurring basis as of December 31, 2018 and 2017 (in thousands) by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

2018		Level I				Level II				Level III				Total
Fair value measurements on a recurring basis:
Assets
Equity securities		$	516			$	-			$	-			$	516
Available for sale securities:
U.S. Agency securities			-				106,385				-				106,385
U.S. Treasuries securities			33,358				-				-				33,358
Obligations of state and
political subdivisions			-				52,047				-				52,047
Corporate obligations			-				3,034				-				3,034
Mortgage-backed securities in
government sponsored entities			-				46,186				-				46,186

2017		Level I				Level II				Level III				Total
Fair value measurements on a recurring basis:
Securities available for sale:
U.S. Agency securities		$	-			$	98,887			$	-			$	98,887
U.S. Treasuries securities			28,604				-				-				28,604
Obligations of state and
political subdivisions			-				79,090				-				79,090
Corporate obligations			-				3,083				-				3,083
Mortgage-backed securities in
government sponsored entities			-				45,027				-				45,027
Equity securities in financial institutions			91				-				-				91

Assets Measured at Fair Value on Non-recurring Basis

Assets measured at fair value on a nonrecurring basis as of December 31, 2018 and 2017 (in thousands) are included in the table below:

2018		Level I				Level II				Level III				Total
Impaired Loans		$	-			$	-			$	5,815			$	5,815
Other real estate owned			-				-				532				532
2017		Level I				Level II				Level III				Total
Impaired Loans		$	-			$	-			$	1,569			$	1,569
Other real estate owned			-				-				1,024				1,024

Significant Unobservable Inputs Used in Fair Value Measurement Process

The following table provides a listing of the significant unobservable inputs used in the fair value measurement process for items valued utilizing level III techniques (dollars in thousands).

Quantitative Information about Level 3 Fair Value Measurements
2018	Fair Value		Valuation Technique(s)	Unobservable input	Range	Weighted average
Impaired Loans	5,815		Appraised Collateral Values	Discount for time since appraisal	0-100%	19.22%
				Selling costs	5%-12%	8.70%
				Holding period	6 - 12 months	11.61 months
Other real estate owned	532		Appraised Collateral Values	Discount for time since appraisal	20-55%	31.44%

2017	Fair Value		Valuation Technique(s)	Unobservable input	Range	Weighted average
Impaired Loans	1,569		Appraised Collateral Values	Discount for time since appraisal	0-100%	30.83%
				Selling costs	5%-9%	8.35%
				Holding period	6 - 12 months	11 months
Other real estate owned	1,024		Appraised Collateral Values	Discount for time since appraisal	15-65%	26.26%

Fair Value of Financial Instruments

The carrying amount and fair value of the Company’s financial instruments that are not required to be measured or reported at fair value on a recurring basis are as follows (in thousands):

		Carrying
December 31, 2018		Amount				Fair Value				Level I				Level II				Level III
Financial assets:
Interest bearing time deposits with other banks		$	15,498			$	15,422			$	-			$	-				15,422
Loans held for sale			1,127				1,126				-				-				1,126
Net loans			1,068,999				1,062,645				-				-				1,062,645
Financial liabilities:
Deposits		$	1,185,156			$	1,180,694			$	886,686			$	-			$	294,008
Borrowed funds			91,194				90,427				-				-				90,427
		Carrying
December 31, 2017		Amount				Fair Value				Level I				Level II				Level III
Financial assets:
Interest bearing time deposits with other banks		$	10,283			$	10,287			$	-			$	-				10,287
Loans held for sale			1,439				1,439				1,439
Net loans			989,335				981,238				-				-				981,238
Financial liabilities:
Deposits		$	1,104,943			$	1,101,583			$	838,490			$	-			$	263,093
Borrowed funds			114,664				113,452				77,650				-				35,802

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ 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 (bbb)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

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=99377789&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=99377789&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=99377789&loc=d3e19207-110258

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum: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=109250915&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=99377789&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum: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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258

+ Details

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