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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value of Financial Instruments [Abstract]

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques



(in thousands)		Fair Value at June 30, 2019			Valuation Technique		Significant Unobservable Inputs		Significant Unobservable Input Value
Recurring:
Investment Securities – available for sale		$	14,872		Discounted Cash Flow		Discount Rate		Range of LIBOR+ 4.50%
Non-recurring:
Impaired Loans		$	7,234		Market Comparable Properties		Marketability Discount		10.0% - 15.0% (1) (weighted avg 12.8%)
Other Real Estate Owned		$	2,949		Market Comparable Properties		Marketability Discount		10.0% - 15.0% (1) (weighted avg 12.4%)

(in thousands)		Fair Value at December 31, 2018			Valuation Technique		Significant Unobservable Inputs		Significant Unobservable Input Value
Recurring:
Investment Securities – available for sale		$	15,277		Discounted Cash Flow		Discount Rate		Range of LIBOR+ 4.50%
Non-recurring:
Impaired Loans		$	1,316		Market Comparable Properties		Marketability Discount		10.0% - 15.0% (1) (weighted avg 12.8%)
Other Real Estate Owned		$	2,707		Market Comparable Properties		Marketability Discount		10.0% - 15.0% (1) (weighted avg 13.5%)



NOTE:

Range would include discounts taken since appraisal and estimated values

Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis



					Fair Value Measurements at June 30, 2019 Using
		Assets Measured at Fair Value			Quoted Prices in Active Markets for Identical Assets			Significant Other Observable Inputs			Significant Unobservable Inputs
(in thousands)		06/30/2019			(Level 1)			(Level 2)			(Level 3)
Recurring:
Investment securities available-for-sale:
U.S. government agencies		$	29,833					$	29,833
Commercial mortgage-backed agencies		$	42,346					$	42,346
Collateralized mortgage obligations		$	34,127					$	34,127
Obligations of states and political subdivisions		$	14,631					$	14,631
Collateralized debt obligations		$	14,872								$	14,872
Financial Derivatives		$	(55)					$	(55)
Non-recurring:
Impaired loans		$	7,234								$	7,234
Other real estate owned		$	2,949								$	2,949







					Fair Value Measurements at December 31, 2018 Using
		Assets Measured at Fair Value			Quoted Prices in Active Markets for Identical Assets			Significant Other Observable Inputs			Significant Unobservable Inputs
(in thousands)		12/31/2018			(Level 1)			(Level 2)			(Level 3)
Recurring:
Investment securities available-for-sale:
U.S. government agencies		$	29,026					$	29,026
Commercial mortgage-backed agencies		$	37,752					$	37,752
Collateralized mortgage obligations		$	35,704					$	35,704
Obligations of states and political subdivisions		$	19,882					$	19,882
Collateralized debt obligations		$	15,277								$	15,277
Financial Derivative		$	1,043					$	1,043
Non-recurring:
Impaired loans		$	1,316								$	1,316
Other real estate owned		$	2,707								$	2,707



Reconciliation of Fair Valued Assets Measured on a Recurring Basis



		Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
(in thousands)		Investment Securities Available for Sale
Beginning balance January 1, 2019		$	15,277
   Total losses realized/unrealized:
       Included in other comprehensive income			(405)
Ending balance June 30, 2019		$	14,872











		Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
(in thousands)		Investment Securities Available for Sale
Beginning balance January 1, 2018		$	14,920
   Total gains realized/unrealized:
       Included in other comprehensive income			1,227
Ending balance June 30, 2018		$	16,147







		Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
(in thousands)		Investment Securities Available for Sale
Beginning balance April 1, 2019		$	15,152
   Total losses realized/unrealized:
       Included in other comprehensive income			(280)
Ending balance June 30, 2019		$	14,872







		Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
(in thousands)		Investment Securities Available for Sale
Beginning balance April 1, 2018		$	15,977
   Total gains realized/unrealized:
       Included in other comprehensive income			170
Ending balance June 30, 2018		$	16,147



Fair Value by Balance Sheet Grouping



		June 30, 2019						Fair Value Measurements
		Carrying			Fair			Quoted Prices in Active Markets for Identical Assets			Significant Other Observable Inputs			Significant Unobservable Inputs
(in thousands)		Amount			Value			(Level 1)			(Level 2)			(Level 3)
Financial Assets:
Cash and due from banks		$	38,584		$	38,584		$	38,584
Interest bearing deposits in banks			405			405			405
Investment securities - AFS			135,809			135,809					$	120,937		$	14,872
Investment securities - HTM			97,499			102,503						83,609			18,894
Restricted bank stock			4,415			4,415						4,415
Loans, net			991,640			976,051									976,051
Accrued interest receivable			4,083			4,083						4,083
Financial Liabilities:
Deposits - non-maturity			861,832			861,832						861,832
Deposits - time deposits			261,249			262,533						262,533
Financial derivatives			55			55						55
Short-term borrowed funds			31,155			31,155						31,155
Long-term borrowed funds			100,929			103,214						103,214
Accrued interest payable			503			503						503







		December 31, 2018						Fair Value Measurements
		Carrying			Fair			Quoted Prices in Active Markets for Identical Assets			Significant Other Observable Inputs			Significant Unobservable Inputs
(in thousands)		Amount			Value			(Level 1)			(Level 2)			(Level 3)
Financial Assets:
Cash and due from banks		$	22,187		$	22,187		$	22,187
Interest bearing deposits in banks			1,354			1,354			1,354
Investment securities - AFS			137,641			137,641					$	122,364		$	15,277
Investment securities - HTM			94,010			93,760						80,780			12,980
Restricted bank stock			5,394			5,394						5,394
Loans, net			996,667			967,198									967,198
Financial derivative			1,043			1,043						1,043
Accrued interest receivable			4,175			4,175						4,175
Financial Liabilities:
Deposits - non-maturity			815,858			815,858						815,858
Deposits - time deposits			251,669			252,146						252,146
Short-term borrowed funds			77,707			77,707						77,707
Long-term borrowed funds			100,929			102,590						102,590
Accrued interest payable			455			455						455



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 measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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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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