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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2020
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, 2020 and 2019 (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.
2020 |  | Level I |  |  | Level II |  |  | Level III |  |  | Total |
Fair value measurements on a recurring basis: |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 1,931 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,931 |
Available for sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Agency securities |  |  | - |  |  |  | 81,416 |  |  |  | - |  |  |  | 81,416 |
U.S. Treasuries securities |  |  | 28,043 |  |  |  | - |  |  |  | - |  |  |  | 28,043 |
Obligations of state and political subdivisions |  |  | - |  |  |  | 102,972 |  |  |  | - |  |  |  | 102,972 |
Corporate obligations |  |  | - |  |  |  | 6,509 |  |  |  | - |  |  |  | 6,509 |
Mortgage-backed securities in government sponsored entities |  |  | - |  |  |  | 76,249 |  |  |  | - |  |  |  | 76,249 |
Other Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments |  |  | - |  |  |  | 1,111 |  |  |  | - |  |  |  | 1,111 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments |  |  | - |  |  |  | (1,122 | ) |  |  | - |  |  |  | (1,122 | )
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 December 31, 2020 and 2019 (in thousands) are included in the table below:
2020 |  | Level I |  |  | Level II |  |  | Level III |  |  | Total |
Impaired Loans |  | $ | - |  |  | $ | - |  |  | $ | 3,243 |  |  | $ | 3,243 |
Other real estate owned |  |  | - |  |  |  | - |  |  |  | 1,700 |  |  |  | 1,700 |
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).
2020 | Fair Value | Valuation Technique(s) | Unobservable input | Range | Weighted average
Impaired Loans | 3,243 | Appraised Collateral Values | Discount for time since appraisal | 0-100% | 20.61%
|  |  | Selling costs | 5%-10% | 9.51%
|  |  | Holding period | 6 - 12 months | 11.65 months
Other real estate owned | 1,700 | Appraised Collateral Values | Discount for time since appraisal | 20-31% | 28.67%
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):
December 31, 2020 |  | Carrying Amount |  |  | Fair Value |  |  | Level I |  |  | Level II |  |  | Level III |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest bearing time deposits with other banks |  | $ | 13,758 |  |  | $ | 13,758 |  |  | $ | - |  |  | $ | - |  |  | $ | 13,758 |
Loans held for sale |  |  | 14,640 |  |  |  | 14,640 |  |  |  | - |  |  |  | - |  |  |  | 14,640 |
Net loans |  |  | 1,389,466 |  |  |  | 1,404,166 |  |  |  | - |  |  |  | - |  |  |  | 1,404,166 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 1,588,858 |  |  |  | 1,593,738 |  |  |  | 1,207,666 |  |  |  | - |  |  |  | 386,075 |
Borrowed funds |  |  | 88,838 |  |  |  | 88,263 |  |  |  | - |  |  |  | - |  |  |  | 88,263 |
December 31, 2019 |  | Carrying 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 |

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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=117815213&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=117815213&loc=d3e19207-110258 + Details
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