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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021 and 2020 (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.

2021		Level I				Level II				Level III				Total
Fair value measurements on a recurring basis:
Assets:
Equity securities		$	2,270			$	-			$	-			$	2,270
Available for sale securities:
U.S. Agency securities			-				73,945				-				73,945
U.S. Treasuries securities			115,347				-				-				115,347
Obligations of state and political subdivisions			-				112,021				-				112,021
Corporate obligations			-				10,333				-				10,333
Mortgage-backed securities in government sponsored entities			-				100,756				-				100,756
Other Assets:
Derivative instruments			-				4,011				-				4,011
Liabilities:
Derivative instruments			-				(2,101	)			-				(2,101	)

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	)

Assets Measured at Fair Value on Non-recurring Basis

Assets measured at fair value on a nonrecurring basis as of December 31, 2021 and 2020 (in thousands) are included in the table below:

2021		Level I				Level II				Level III				Total
Impaired Loans		$	-			$	-			$	459			$	459
Other real estate owned			-				-				552				552
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).

2021	Fair Value	Valuation Technique(s)	Unobservable input	Range	Weighted average
Impaired Loans	459	Appraised Collateral Values	Discount for time since appraisal	0-100%	23.38%
			Selling costs	8%-10%	8.27%
			Holding period	6 - 12 months	11.52 months
Other real estate owned	552	Appraised Collateral Values	Discount for time since appraisal	20-44%	41.76%

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):

December 31, 2021		Carrying Amount				Fair Value				Level I				Level II				Level III
Financial assets:
Interest bearing time deposits with other banks		$	11,026			$	11,026			$	-			$	-			$	11,026
Loans held for sale			4,554				4,554				-				-				4,554
Net loans			1,424,229				1,426,698				-				-				1,426,698
Financial liabilities:
Deposits			1,836,151				1,836,179				1,506,535				-				329,644
Borrowed funds			73,977				72,346				-				-				72,346

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				1,506,535				-				87,206
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.

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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).

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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).

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