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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Measurements [Abstract]

Assets Measured at Fair Value on a Recurring Basis

The following tables present the assets and liabilities reported on the Consolidated Balance Sheet at their fair value on a recurring basis as of June 30, 2020 and December 31, 2019 by level within the fair value hierarchy (in thousands). Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

June 30, 2020		Level I				Level II				Level III				Total
Fair value measurements on a recurring basis:
Assets
Equity securities		$	703			$	-			$	-			$	703
Available for sale securities:
U.S. Agency securities			-				78,436				-				78,436
U.S. Treasury securities			28,257				-				-				28,257
Obligations of state and political subdivisions			-				83,527				-				83,527
Corporate obligations			-				4,321				-				4,321
Mortgage-backed securities in government sponsored entities			-				77,819				-				77,819
Liabilities
Interest Rate Swaps			-				566				-				566
December 31, 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

Assets Measured at Fair Value on Non-recurring Basis

Assets measured at fair value on a nonrecurring basis as of June 30, 2020 and December 31, 2019 are included in the table below (in thousands):

June 30, 2020		Level I				Level II				Level III				Total
Impaired Loans		$	-			$	-			$	4,056			$	4,056
Other real estate owned			-				-				2,746				2,746
December 31, 2019		Level I				Level II				Level III				Total
Impaired Loans		$	-			$	-			$	3,860			$	3,860
Other real estate owned			-				-				3,299				3,299

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).

June 30, 2020		Fair Value			Valuation Technique(s)	Unobservable input		Range				Weighted average
Impaired Loans		$	4,056		Appraised Collateral Values	Discount for time since appraisal			0-100	%			16.37	%
						Selling costs			5%-10	%			9.29	%
						Holding period		0 - 12 months				11.86 months
Other real estate owned			2,746		Appraised Collateral Values	Discount for time since appraisal			5-30	%			18.47	%

December 31, 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	%

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):

June 30, 2020	Carrying Amount	Fair Value	Level I	Level II	Level III
Financial assets:
Interest bearing time deposits with other banks	$14,256	$14,966	$-	$-	$14,966
Loans held for sale	17,468	17,468	-	-	17,468
Net loans	1,348,806	1,356,103	-	-	1,356,103
Financial liabilities:
Deposits	1,513,284	1,519,336	1,134,398	-	384,938
Borrowed funds	85,135	85,375	-	-	85,375
	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	-	272,813
Borrowed funds	85,117	84,581	-	-	84,581

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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-Topic 820
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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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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=117815213&loc=d3e19207-110258

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-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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