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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value of Financial Instruments [Abstract]

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques

(in thousands)		Fair Value at ‎March 31, ‎2021			Valuation ‎Technique		Significant ‎Unobservable ‎Inputs		Significant ‎Unobservable ‎Input Value
Recurring:
Investment Securities – available for sale		$	13,649		Discounted ‎Cash Flow		Discount Rate		LIBOR+ 5.25%
Non-recurring:
Impaired Loans		$	2,470		Market Comparable ‎Properties		Marketability ‎Discount		10.0% - 15.0% (1) ‎(weighted avg 10.9%)
Other Real Estate Owned		$	430		Market Comparable ‎Properties		Marketability ‎Discount		15.0%
(in thousands)		Fair Value at ‎December 31, ‎2020			Valuation ‎Technique		Significant ‎Unobservable ‎Inputs		Significant ‎Unobservable ‎Input Value
Recurring:
Investment Securities – available for sale		$	13,260		Discounted ‎Cash Flow		Discount ‎Rate		LIBOR+ 5.25%
Non-recurring:
Impaired Loans		$	1,465		Market Comparable ‎Properties		Marketability ‎Discount		10.0% - 15.0% (1) ‎(weighted avg 12.5%)
Other Real Estate Owned		$	913		Market Comparable ‎Properties		Marketability ‎Discount		15.0%

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 March 31, 2021 Using
		Assets/(liabilities) ‎Measured at ‎Fair Value			Quoted ‎Prices in ‎Active Markets ‎for Identical ‎Assets			Significant ‎Other ‎Observable ‎Inputs			Significant ‎Unobservable ‎Inputs
(in thousands)		03/31/21			(Level 1)			(Level 2)			(Level 3)
Recurring:
Investment securities available-for-sale:
U.S. government agencies		$	61,036					$	61,036
Residential mortgage-backed agencies		$	21,822					$	21,822
Commercial mortgage-backed agencies		$	32,757					$	32,757
Collateralized mortgage obligations		$	64,899					$	64,899
Obligations of states and political subdivisions		$	9,843					$	9,843
Collateralized debt obligations		$	13,649								$	13,649
Financial derivatives		$	(788)					$	(788)
Non-recurring:
Impaired loans		$	2,470								$	2,470
Other real estate owned		$	430								$	430

					Fair Value Measurements ‎at December 31, 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)		12/31/20			(Level 1)			(Level 2)			(Level 3)
Recurring:
Investment securities available-for-sale:
U.S. government agencies		$	76,433					$	76,433
Residential mortgage-backed agencies		$	22,899					$	22,899
Commercial mortgage-backed agencies		$	33,042					$	33,042
Collateralized mortgage obligations		$	70,637					$	70,637
Obligations of states and political subdivisions		$	10,614					$	10,614
Collateralized debt obligations		$	13,260								$	13,260
Financial derivatives		$	(1,320)					$	(1,320)
Non-recurring:
Impaired loans		$	1,465								$	1,465
Other real estate owned		$	913								$	913

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, 2021		$	13,260
Total losses realized/unrealized:
Included in other comprehensive loss			389
Ending balance March 31, 2021		$	13,649

		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 loss			(1,974)
Ending balance March 31, 2020		$	12,380

Fair Value by Balance Sheet Grouping

		March 31, 2021						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		$	189,744		$	189,744		$	189,744
Interest bearing deposits in banks			3,273			3,273			3,273
Investment securities - AFS			204,006			204,006					$	190,357		$	13,649
Investment securities - HTM			69,357			77,612						49,831			27,781
Restricted bank stock			3,654			3,654						3,654
Loans, net			1,179,441			1,161,197									1,161,197
Accrued interest receivable			5,993			5,993						639			5,354
Financial Liabilities:
Deposits - non-maturity			1,242,479			1,242,479						1,242,479
Deposits - time deposits			225,784			228,025						228,025
Financial derivatives			788			788						788
Short-term borrowed funds			51,454			51,454						51,454
Long-term borrowed funds			100,929			103,052						103,052
Accrued interest payable			364			364						364

		December 31, 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		$	146,673		$	146,673		$	146,673
Interest bearing deposits in banks			2,759			2,759			2,759
Investment securities - AFS			226,885			226,885					$	213,625		$	13,260
Investment securities - HTM			68,263			77,612						49,442			28,170
Restricted bank stock			4,468			4,468						4,468
Loans, net			1,149,596			1,150,186									1,150,186
Accrued interest receivable			6,241			6,241						814			5,427
Financial Liabilities:
Deposits - non-maturity			1,194,140			1,194,140						1,194,140
Deposits - time deposits			228,226			231,241						231,241
Financial derivative			1,320			1,320						1,320
Short-term borrowed funds			49,160			49,160						49,160
Long-term borrowed funds			100,929			104,825						104,825
Accrued interest payable			391			391						391

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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