XML 41 R29.htm IDEA: XBRL DOCUMENT
v3.21.2

Fair Value Measurements (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2021
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 September 30, 2021 and December 31, 2020 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.
September 30, 2021 |  | Level I |  |  | Level II |  |  | Level III |  |  | Total |
Fair value measurements on a recurring basis: |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 2,219 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,219 |
Available for sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Agency securities |  |  | - |  |  |  | 68,256 |  |  |  | - |  |  |  | 68,256 |
U.S. Treasury securities |  |  | 103,719 |  |  |  | - |  |  |  | - |  |  |  | 103,719 |
Obligations of state and political subdivisions |  |  | - |  |  |  | 108,831 |  |  |  | - |  |  |  | 108,831 |
Corporate obligations |  |  | - |  |  |  | 10,937 |  |  |  | - |  |  |  | 10,937 |
Mortgage-backed securities in government sponsored entities |  |  | - |  |  |  | 105,300 |  |  |  | - |  |  |  | 105,300 |
Other Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments |  |  | - |  |  |  | 3,390 |  |  |  | - |  |  |  | 3,390 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments |  |  | - |  |  |  | (1,913 | ) |  |  | - |  |  |  | (1,913 | )
December 31, 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 |
Derivative instruments |  |  | - |  |  |  | 1,111 |  |  |  | - |  |  |  | 1,111 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments |  |  | - |  |  |  | (1,122 | ) |  |  | - |  |  |  | (1,122 | )
Assets Measured at Fair Value on Non-recurring Basis | Assets measured at fair value on a nonrecurring basis as of September 30, 2021 and December 31, 2020 are included in the table below (in thousands):
September 30, 2021 |  | Level I |  |  | Level II |  |  | Level III |  |  | Total |
Impaired Loans |  | $ | - |  |  | $ | - |  |  | $ | 3,031 |  |  | $ | 3,031 |
Other real estate owned |  |  | - |  |  |  | - |  |  |  | 631 |  |  |  | 631 |
December 31, 2020 |  | Level I |  |  | Level II |  |  | Level III |  |  | Total |
Impaired Loans |  | $ | - |  |  | $ | - |  |  | $ | 3,243 |  |  | $ | 3,243 |
Other real estate owned |  |  | - |  |  |  | - |  |  |  | 1,700 |  |  |  | 1,700 |
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).
September 30, 2021 |  | Fair Value |  | Valuation Technique(s) | Unobservable input |  | Range |  |  | Weighted average |
Impaired Loans |  | $ | 3,031 |  | Appraised Collateral Values | Discount for time since appraisal |  |  | 0-100 | % |  |  | 15.89 | %
|  |  |  |  |  | Selling costs |  |  | 5%-10 | % |  |  | 9.56 | %
|  |  |  |  |  | Holding period |  | 0 - 12 months |  |  | 11.91 months |
Other real estate owned |  |  | 631 |  | Appraised Collateral Values | Discount for time since appraisal |  |  | 20-41 | % |  |  | 39.67 | %
December 31, 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 | %
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):
September 30, 2021 |  | Carrying Amount |  |  | Fair Value |  |  | Level I |  |  | Level II |  |  | Level III |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest bearing time deposits with other banks |  | $ | 11,274 |  |  | $ | 11,274 |  |  | $ | - |  |  | $ | - |  |  | $ | 11,274 |
Loans held for sale |  |  | 3,199 |  |  |  | 3,199 |  |  |  | - |  |  |  | - |  |  |  | 3,199 |
Net loans |  |  | 1,425,574 |  |  |  | 1,430,157 |  |  |  | - |  |  |  | - |  |  |  | 1,430,157 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 1,740,969 |  |  |  | 1,742,914 |  |  |  | 1,407,228 |  |  |  | - |  |  |  | 335,686 |
Borrowed funds |  |  | 78,200 |  |  |  | 77,000 |  |  |  | - |  |  |  | - |  |  |  | 77,000 |
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 |

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=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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=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