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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value of Financial Instruments [Abstract]

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques



(in thousands)		Fair Value at September 30, 2019			Valuation Technique		Significant Unobservable Inputs		Significant Unobservable Input Value
Recurring:
Investment Securities – available for sale		$	13,467		Discounted Cash Flow		Discount Rate		Range of LIBOR+ 5.25%
Non-recurring:
Impaired Loans		$	6,797		Market Comparable Properties		Marketability Discount		10.0% - 15.0% (1) (weighted avg 13.1%)
Other Real Estate Owned		$	3,114		Market Comparable Properties		Marketability Discount		10.0% - 15.0% (1) (weighted avg 12.2%)

(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 September 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)		09/30/19			(Level 1)			(Level 2)			(Level 3)
Recurring:
Investment securities available-for-sale:
U.S. government agencies		$	39,914					$	39,914
Commercial mortgage-backed agencies		$	34,853					$	34,853
Collateralized mortgage obligations		$	32,330					$	32,330
Obligations of states and political subdivisions		$	14,512					$	14,512
Collateralized debt obligations		$	13,467								$	13,467
Financial Derivatives		$	(383)					$	(383)
Non-recurring:
Impaired loans		$	6,797								$	6,797
Other real estate owned		$	3,114								$	3,114







					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)		12/31/18			(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			(1,810)
Ending balance September 30, 2019		$	13,467











		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			1,648
Ending balance September 30, 2018		$	16,568







		Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
(in thousands)		Investment Securities Available for Sale
Beginning balance July 1, 2019		$	14,872
   Total losses realized/unrealized:
       Included in other comprehensive loss			(1,405)
Ending balance September 30, 2019		$	13,467







		Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
(in thousands)		Investment Securities Available for Sale
Beginning balance July 1, 2018		$	16,147
   Total gains realized/unrealized:
       Included in other comprehensive income			421
Ending balance September 30, 2018		$	16,568



Fair Value by Balance Sheet Grouping



		September 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		$	82,219		$	82,219		$	82,219
Interest bearing deposits in banks			1,950			1,950			1,950
Investment securities - AFS			135,076			135,076					$	121,609		$	13,467
Investment securities - HTM			96,604			104,173						81,960			22,213
Restricted bank stock			4,415			4,415						4,415
Loans, net			985,313			974,145									974,145
Accrued interest receivable			4,088			4,088						4,088
Financial Liabilities:
Deposits - non-maturity			864,973			864,973						864,973
Deposits - time deposits			271,814			273,544						273,544
Financial derivatives			383			383						383
Short-term borrowed funds			50,345			50,345						50,345
Long-term borrowed funds			100,929			103,306						103,306
Accrued interest payable			519			519						519







		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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