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Fair Value (Tables)

6 Months Ended

Jun. 30, 2020

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:

	June 30, 2020
Valuation Technique	Fair Value	Unobservable Input		Actual Range	Weighted Average
		Discount applied to collateral:
		Real Estate		20% - 30%	22%
		Equipment		20% - 40%	30%
Discounted value	$18,073	Cash crop inventory		40%	40%
		Livestock		30%	30%
		Other inventory		50%	50%
		Accounts receivable		25% - 50%	25%

	December 31, 2019
Valuation Technique	Fair Value	Unobservable Input		Actual Range	Weighted Average
		Discount applied to collateral:
		Real Estate		20% - 30%	22%
		Equipment		20% - 40%	32%
Discounted value	$19,135	Cash crop inventory		40%	40%
		Livestock		30%	30%
		Other inventory		50%	50%
		Accounts receivable		25% - 50%	28%

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:

	June 30, 2020
	Carrying Value				Estimated Fair Value				Level 1				Level 2				Level 3
ASSETS
Cash and cash equivalents	$	109,384			$	109,384			$	109,384			$	—			$	—
Mortgage loans AFS	5,451				5,523				—				5,523				—
Gross loans	1,284,385				1,284,003				—				—				1,284,003
Less allowance for loan and lease losses	8,877				8,877				—				—				8,877
Net loans	1,275,508				1,275,126				—				—				1,275,126
Accrued interest receivable	7,715				7,715				7,715				—				—
Equity securities without readily determinable fair values (1)	21,660				N/A				—				—				—
OMSR	1,914				1,914				—				1,914				—
LIABILITIES
Deposits without stated maturities	1,062,055				1,062,055				1,062,055				—				—
Deposits with stated maturities	378,623				387,322				—				387,322				—
Borrowed funds	236,268				245,093				—				245,093				—
Accrued interest payable	667				667				667				—				—

	December 31, 2019
	Carrying Value				Estimated Fair Value				Level 1				Level 2				Level 3
ASSETS
Cash and cash equivalents	$	60,572			$	60,572			$	60,572			$	—			$	—
Mortgage loans AFS	904				925				—				925				—
Gross loans	1,186,570				1,170,370				—				—				1,170,370
Less allowance for loan and lease losses	7,939				7,939				—				—				7,939
Net loans	1,178,631				1,162,431				—				—				1,162,431
Accrued interest receivable	6,501				6,501				6,501				—				—
Equity securities without readily determinable fair values (1)	21,629				N/A				—				—				—
OMSR	2,264				2,264				—				2,264				—
LIABILITIES
Deposits without stated maturities	906,232				906,232				906,232				—				—
Deposits with stated maturities	407,619				409,600				—				409,600				—
Borrowed funds	275,999				278,761				—				278,761				—
Accrued interest payable	860				860				860				—				—

⁽¹⁾  Due to the characteristics of equity securities without readily determinable fair values, they are not disclosed under a specific fair value hierarchy. When an impairment or write-down related to these securities is recorded, 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:

	June 30, 2020																December 31, 2019
	Total				Level 1				Level 2				Level 3				Total				Level 1				Level 2				Level 3
Recurring items
AFS securities
States and political subdivisions	$	146,785			$	—			$	146,785			$	—			$	169,752			$	—			$	169,752			$	—
Auction rate money market preferred	2,979				—				2,979				—				3,119				—				3,119				—
Mortgage-backed securities	119,029				—				119,029				—				140,204				—				140,204				—
Collateralized mortgage obligations	111,621				—				111,621				—				116,764				—				116,764				—
Total AFS securities	380,414				—				380,414				—				429,839				—				429,839				—
Derivative instruments	98				—				98				—				67				—				67				—
Nonrecurring items
Impaired loans (net of the ALLL)	18,073				—				—				18,073				19,135				—				—				19,135
OMSR	1,914				—				1,914				—				2,264				—				2,264				—
Total	$	400,499			$	—			$	382,426			$	18,073			$	451,305			$	—			$	432,170			$	19,135
Percent of assets and liabilities measured at fair value					—		%		95.49		%		4.51		%						—		%		95.76		%		4.24		%

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.

+ References

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-Name Accounting Standards Codification
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- 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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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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