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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019 and 2018 (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.

2019		Level I				Level II				Level III				Total
Fair value measurements on a recurring basis:
Assets
Equity securities		$	701			$	-			$	-			$	701
Available for sale securities:
U.S. Agency securities			-				84,863				-				84,863
U.S. Treasuries securities			27,661				-				-				27,661
Obligations of state and
political subdivisions			-				61,455				-				61,455
Corporate obligations			-				3,328				-				3,328
Mortgage-backed securities in
government sponsored entities			-				63,399				-				63,399

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

Assets Measured at Fair Value on Non-recurring Basis

Assets measured at fair value on a nonrecurring basis as of December 31, 2019 and 2018 (in thousands) are included in the table below:

2019		Level I				Level II				Level III				Total
Impaired Loans		$	-			$	-			$	3,860			$	3,860
Other real estate owned			-				-				3,299				3,299
2018		Level I				Level II				Level III				Total
Impaired Loans		$	-			$	-			$	5,815			$	5,815
Other real estate owned			-				-				532				532

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
2019	Fair Value	Valuation Technique(s)	Unobservable input	Range	Weighted average
Impaired Loans	3,860	Appraised Collateral Values	Discount for time since appraisal	0-100%	19.22%
			Selling costs	5%-10%	9.26%
			Holding period	6 - 12 months	11.76 months
Other real estate owned	3,299	Appraised Collateral Values	Discount for time since appraisal	5-43%	16.37%
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%

Carrying Amount and 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, 2019		Amount				Fair Value				Level I				Level II				Level III
Financial assets:
Interest bearing time deposits with other banks		$	14,256			$	14,635			$	-			$	-			$	14,635
Loans held for sale			815				815				-				-				815
Net loans			1,101,724				1,091,006				-				-				1,091,006
Financial liabilities:
Deposits			1,211,118				1,211,200				938,387				-				272,816
Borrowed funds			85,117				84,581				-				-				84,581
December 31, 2018
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

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
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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

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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.

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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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