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Fair Value (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Quantitative information about assets measured utilizing Level 3 fair value measurement

The following tables list the quantitative fair value information about impaired loans as of:

	September 30, 2019
Valuation Technique	Fair Value	Unobservable Input		Actual Range
		Discount applied to collateral:
		Real Estate		20% - 30%
		Equipment		20% - 50%
		Cash crop inventory		30% - 40%
Discounted value	$18,940	Livestock		30%
		Other inventory		50%
		Accounts receivable		25% - 50%
		Liquor license		75%
		Furniture, fixtures & equipment		45%

	December 31, 2018
Valuation Technique	Fair Value	Unobservable Input		Actual Range
		Discount applied to collateral:
		Real Estate		20% - 30%
		Equipment		20% - 40%
		Cash crop inventory		30% - 40%
Discounted value	$20,045	Livestock		30%
		Other inventory		45% - 50%
		Accounts receivable		50%
		Liquor license		75%
		Furniture, fixtures & equipment		35% - 45%

Carrying amount and estimated fair value of financial instruments not recorded at fair value

The carrying amount and estimated fair value of financial instruments not recorded at fair value in their entirety on a recurring basis were as follows as of:

	September 30, 2019
	Carrying Value				Estimated Fair Value				Level 1				Level 2				Level 3
ASSETS
Cash and cash equivalents	$	34,331			$	34,331			$	34,331			$	—			$	—
Mortgage loans AFS	1,912				1,928				—				1,928				—
Gross loans	1,191,804				1,175,721				—				—				1,175,721
Less allowance for loan and lease losses	8,169				8,169				—				—				8,169
Net loans	1,183,635				1,167,552				—				—				1,167,552
Accrued interest receivable	7,360				7,360				7,360				—				—
Equity securities without readily determinable fair values (1)	25,130				N/A				—				—				—
OMSR	2,375				2,375				—				2,375				—
LIABILITIES
Deposits without stated maturities	882,688				882,688				882,688				—				—
Deposits with stated maturities	426,085				427,536				—				427,536				—
Borrowed funds	277,386				280,203				—				280,203				—
Accrued interest payable	870				870				870				—				—

	December 31, 2018
	Carrying Value				Estimated Fair Value				Level 1				Level 2				Level 3
ASSETS
Cash and cash equivalents	$	73,471			$	73,471			$	73,471			$	—			$	—
Mortgage loans AFS	358				365				—				365				—
Gross loans	1,128,707				1,099,645				—				—				1,099,645
Less allowance for loan and lease losses	8,375				8,375				—				—				8,375
Net loans	1,120,332				1,091,270				—				—				1,091,270
Accrued interest receivable	6,928				6,928				6,928				—				—
Equity securities without readily determinable fair values (1)	24,948				N/A				—				—				—
OMSR	2,434				2,602				—				2,602				—
LIABILITIES
Deposits without stated maturities	859,073				859,073				859,073				—				—
Deposits with stated maturities	433,620				425,993				—				425,993				—
Borrowed funds	340,299				333,829				—				333,829				—
Accrued interest payable	826				826				826				—				—

⁽¹⁾  Due to the characteristics of equity securities without readily determinable fair values, they are not disclosed under a specific fair value hierarchy. If we were to record an impairment adjustment related to these securities, such amount would be classified as a nonrecurring Level 3 fair value adjustment.

Assets and liabilities measured at fair value

The table below presents the recorded amount of assets and liabilities measured at fair value on:

	September 30, 2019																December 31, 2018
	Total				Level 1				Level 2				Level 3				Total				Level 1				Level 2				Level 3
Recurring items
AFS securities
Government-sponsored enterprises	$	—			$	—			$	—			$	—			$	170			$	—			$	170			$	—
States and political subdivisions	175,575				—				175,575				—				190,866				—				190,866				—
Auction rate money market preferred	3,089				—				3,089				—				2,554				—				2,554				—
Mortgage-backed securities	150,120				—				150,120				—				184,484				—				184,484				—
Collateralized mortgage obligations	116,745				—				116,745				—				116,760				—				116,760				—
Total AFS securities	445,529				—				445,529				—				494,834				—				494,834				—
Derivative instruments	78				—				78				—				323				—				323				—
Nonrecurring items
Impaired loans (net of the ALLL)	18,940				—				—				18,940				20,045				—				—				20,045
Total	$	464,547			$	—			$	445,607			$	18,940			$	515,202			$	—			$	495,157			$	20,045
Percent of assets and liabilities measured at fair value					—		%		95.92		%		4.08		%						—		%		96.11		%		3.89		%

X

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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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 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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