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Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value of Financial Instruments [Abstract]

Fair Value, Assets Measured on Recurring Basis



		Fair Value Measurement Reporting Date using

Description		Total			Level 1			Level 2			Level 3
December 31, 2019
Available for Sale:
States and political subdivisions		$	71,305		$	-		$	71,305		$	-
Corporate obligations			4,100			-			4,100			-
Mortgage-backed securities-government
  sponsored entities			134,800			-			134,800			-
Total available for sale		$	210,205		$	-		$	210,205		$	-

December 31, 2018
Available for Sale:
U.S. Treasury securities		$	-		$	-		$	-		$	-
States and political subdivisions			97,613			-			97,613			-
Corporate obligations			8,640			-			8,640			-
Mortgage-backed securities-government
  sponsored entities			137,024			-			137,024			-
Total available for sale		$	243,277		$	-		$	243,277		$	-



Fair Value, Assets and Liabilities Measured on Nonrecurring Basis



		Fair Value Measurement Reporting Date using

Description		Total			Level 1			Level 2			Level 3
December 31, 2019
Impaired Loans		$	1,584		$	-		$	-		$	1,584
Foreclosed real estate			1,556			-			-			1,556


December 31, 2018
Impaired Loans		$	1,319		$	-		$	-		$	1,319
Foreclosed real estate			1,115			-			-			1,115



Additional Qualitative Information about Level 3 Assets





	Quantitative Information about Level 3 Fair Value Measurements
(dollars in thousands)	Fair Value Estimate			Valuation Techniques	Unobservable Input		Range (Weighted Average)
December 31, 2019
Impaired loans	$	1,531		Appraisal of collateral(1)	Appraisal adjustments(2)		10.00%  (10.00%)
Impaired loans	$	53		Present value of future cash flows	Loan discount rate		4.00-6.97%  (5.55%)
					Probability of default		0%

Foreclosed real estate owned	$	1,556		Appraisal of collateral(1)	Liquidation Expenses(2)		0-7.00%  (4.34%)









	Quantitative Information about Level 3 Fair Value Measurements
(dollars in thousands)	Fair Value Estimate			Valuation Techniques	Unobservable Input		Range (Weighted Average)
December 31, 2018
Impaired loans	$	232		Appraisal of collateral(1)	Appraisal adjustments(2)		10.00-81.54%  (56.06%)
Impaired loans	$	1,087		Present value of future cash flows	Loan discount rate		4.00-6.00%  (5.80%)
					Probability of default		0%

Foreclosed real estate owned	$	1,115		Appraisal of collateral(1)	Liquidation Expenses(2)		7.00-85.71%  (7.80%)



(1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable, less any associated allowance.

(2)  Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses.  The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal.

Fair Value, by Balance Sheet Grouping







	Fair Value Measurements at December 31, 2019

	Carrying			Fair
	Amount			Value			Level 1			Level 2			Level 3
Financial assets:
Cash and cash equivalents (1)	$	15,415		$	15,415		$	15,415		$	-		$	-
Loans receivable, net		916,072			943,143			-			-			943,143
Mortgage servicing rights		187			226			-			-			226
Regulatory stock (1)		4,844			4,844			4,844			-			-
Bank owned life insurance (1)		38,763			38,763			38,763			-			-
Accrued interest receivable (1)		3,719			3,719			3,719			-			-

Financial liabilities:
Deposits		957,529			961,120			596,811			-			364,309
Short-term borrowings (1)		62,256			62,256			62,256			-			-
Other borrowings		56,438			56,618			-			-			56,618
Accrued interest payable (1)		2,432			2,432			2,432			-			-

Off-balance sheet financial instruments:
 Commitments to extend credit and outstanding letters of credit		-			-			-			-			-







	Fair Value Measurements at December 31, 2018

	Carrying			Fair
	Amount			Value			Level 1			Level 2			Level 3
Financial assets:
Cash and cash equivalents (1)	$	18,348		$	18,348		$	18,348		$	-		$	-
Loans receivable, net		841,730			840,134			-			-			840,134
Mortgage servicing rights		178			220			-			-			220
Regulatory stock (1)		3,926			3,926			3,926			-			-
Bank owned life insurance (1)		37,932			37,932			37,932			-			-
Accrued interest receivable (1)		3,776			3,776			3,776			-			-

Financial liabilities:
Deposits		946,780			945,773			601,604			-			344,169
Short-term borrowings (1)		53,046			53,046			53,046			-			-
Other borrowings		52,284			52,043			-			-			52,043
Accrued interest payable (1)		1,806			1,806			1,806			-			-

Off-balance sheet financial instruments:
 Commitments to extend credit and outstanding letters of credit		-			-			-			-			-







(1) This financial instrument is carried at cost, which approximates the fair value of the instrument.

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis.

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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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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