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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value of Financial Instruments [Abstract]

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques

(in thousands)		Fair Value at ‎September 30, ‎2020			Valuation ‎Technique		Significant ‎Unobservable ‎Inputs		Significant ‎Unobservable ‎Input Value
Recurring:
Investment Securities – available for sale		$	12,760		Discounted ‎Cash Flow		Discount Rate		LIBOR+ 5.50%
Non-recurring:
Impaired Loans		$	8,198		Market Comparable ‎Properties		Marketability ‎Discount		10.0% - 15.0% (1) ‎(weighted avg 14.9%)
Other Real Estate Owned		$	1,284		Market Comparable ‎Properties		Marketability ‎Discount		15.0%
(in thousands)		Fair Value at ‎December 31, ‎2019			Valuation ‎Technique		Significant ‎Unobservable ‎Inputs		Significant ‎Unobservable ‎Input Value
Recurring:
Investment Securities – available for sale		$	14,354		Discounted ‎Cash Flow		Discount ‎Rate		LIBOR+ 4.75%
Non-recurring:
Impaired Loans		$	6,995		Market Comparable ‎Properties		Marketability ‎Discount		10.0% - 15.0% (1) ‎(weighted avg 12.9%)
Other Real Estate Owned		$	2,571		Market Comparable ‎Properties		Marketability ‎Discount		10.0% - 15.0% (1) ‎(weighted avg 12.5%)

NOTE:

(1)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, 2020 Using
		Assets/(liabilities) ‎Measured at ‎Fair Value			Quoted ‎Prices in ‎Active Markets ‎for Identical ‎Assets			Significant ‎Other ‎Observable ‎Inputs			Significant ‎Unobservable ‎Inputs
(in thousands)		09/30/20			(Level 1)			(Level 2)			(Level 3)
Recurring:
Investment securities available-for-sale:
U.S. government agencies		$	66,871					$	66,871
Residential mortgage-backed agencies		$	13,163					$	13,163
Commercial mortgage-backed agencies		$	34,160					$	34,160
Collateralized mortgage obligations		$	15,618					$	15,618
Obligations of states and political subdivisions		$	10,589					$	10,589
Collateralized debt obligations		$	12,760								$	12,760
Loans held for sale		$	5,211					$	5,211
Financial derivatives		$	(1,467)					$	(1,467)
Non-recurring:
Impaired loans		$	8,198								$	8,198
Other real estate owned		$	1,284								$	1,284

					Fair Value Measurements ‎at December 31, 2019 Using
		Assets/(liabilities) ‎Measured at ‎Fair Value			Quoted ‎Prices in ‎Active Markets ‎for Identical ‎Assets			Significant ‎Other ‎Observable ‎Inputs			Significant ‎Unobservable ‎Inputs
(in thousands)		12/31/19			(Level 1)			(Level 2)			(Level 3)
Recurring:
Investment securities available-for-sale:
U.S. government agencies		$	39,894					$	39,894
Residential mortgage-backed agencies		$	4,900					$	4,900
Commercial mortgage-backed agencies		$	27,764					$	27,764
Collateralized mortgage obligations		$	29,923					$	29,923
Obligations of states and political subdivisions		$	14,470					$	14,470
Collateralized debt obligations		$	14,354								$	14,354
Loans held for sale		$	1,749					$	1,749
Financial derivatives		$	(133)					$	(133)
Non-recurring:
Impaired loans		$	6,995								$	6,995
Other real estate owned		$	2,571								$	2,571

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, 2020		$	14,354
Total losses realized/unrealized:
Included in other comprehensive income			(1,594)
Ending balance September 30, 2020		$	12,760

		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 July 1, 2020		$	11,952
Total gains realized/unrealized:
Included in other comprehensive income			808
Ending balance September 30, 2020		$	12,760

		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 by Balance Sheet Grouping

		September 30, 2020						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		$	152,460		$	152,460		$	152,460
Interest bearing deposits in banks			3,146			3,146			3,146
Investment securities - AFS			153,161			153,161					$	140,401		$	12,760
Investment securities - HTM			69,221			76,370						50,332			26,038
Restricted bank stock			4,468			4,468						4,468
Loans, net			1,173,256			1,175,465									1,175,465
Loans held for sale			5,211			5,211						5,211
Accrued interest receivable			6,320			6,320						6,320
Financial Liabilities:
Deposits - non-maturity			1,141,596			1,141,596						1,141,596
Deposits - time deposits			235,688			239,136						239,136
Financial derivatives			1,467			1,467						1,467
Short-term borrowed funds			52,589			52,589						52,589
Long-term borrowed funds			100,929			103,338						103,338
Accrued interest payable			417			417						417

		December 31, 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		$	48,512		$	48,512		$	48,512
Interest bearing deposits in banks			1,467			1,467			1,467
Investment securities - AFS			131,305			131,305					$	116,951		$	14,354
Investment securities - HTM			93,979			100,656						79,084			21,572
Restricted bank stock			4,415			4,415						4,415
Loans, net			1,038,894			1,037,032									1,037,032
Loans held for sale			1,749			1,749						1,749
Accrued interest receivable			4,116			4,116						4,116
Financial Liabilities:
Deposits - non-maturity			888,141			888,141						888,141
Deposits - time deposits			253,890			256,227						256,227
Financial derivative			133			133						133
Short-term borrowed funds			48,728			48,728						48,728
Long-term borrowed funds			100,929			100,848						100,848
Accrued interest payable			499			499						499

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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