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6. Fair Value (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Available for sale securities measured at fair value on a recurring basis

(Dollars in thousands)
		June 30, 2019
		Fair Value Measurements				Level 1 Valuation				Level 2 Valuation				Level 3 Valuation
Mortgage-backed securities		$	59,119				-				59,119				-
U.S. Government
sponsored enterprises		$	33,474				-				33,474				-
State and political subdivisions		$	96,129				-				96,129				-
Trust preferred securities		$	250				-				-				250

		December 31, 2018
		Fair Value Measurements				Level 1 Valuation				Level 2 Valuation				Level 3 Valuation
Mortgage-backed securities		$	52,103				-				52,103				-
U.S. Government
sponsored enterprises		$	34,634				-				34,634				-
State and political subdivisions		$	107,591				-				107,591				-
Trust preferred securities		$	250				-				-				250

Fair value measurements of investment securities available for sale using Level 3 significant unobservable inputs

(Dollars in thousands)
		Investment Securities Available for Sale
		Level 3 Valuation
Balance, beginning of period		$	250
Change in book value			-
Change in gain/(loss) realized and unrealized			-
Purchases/(sales and calls)			-
Transfers in and/or (out) of Level 3			-
Balance, end of period		$	250
Change in unrealized gain/(loss) for assets still held in Level 3		$	-

Fair value measurements for mortgage loans held for sale, impaired loans and other real estate on a non-recurring basis

(Dollars in thousands)
		Fair Value Measurements June 30, 2019				Level 1 Valuation				Level 2 Valuation				Level 3 Valuation
Mortgage loans held for sale		$	2,309				-				-				2,309
Impaired loans		$	20,415				-				-				20,415
Other real estate		$	10				-				-				10

(Dollars in thousands)
		Fair Value Measurements December 31, 2018				Level 1 Valuation				Level 2 Valuation				Level 3 Valuation
Mortgage loans held for sale		$	680				-				-				680
Impaired loans		$	21,695				-				-				21,695
Other real estate		$	27				-				-				27

(Dollars in thousands)
		Fair Value June 30, 2019				Fair Value December 31, 2018			Valuation Technique				Significant Unobservable Inputs			General Range of Significant Unobservable Input Values
Mortgage loans held for sale		$	2,309				680			Rate lock commitment				N/A			N/A
Impaired loans		$	20,415				21,695			Appraised values and discounted cash flows				Discounts to reflect current market conditions and ultimate collectability			0 - 25%
Other real estate		$	10				27			Appraised value				Discounts to reflect current market conditions and estimated costs to sell			0 - 25%

Carrying amount and estimated fair value of the Company's financial instruments

(Dollars in thousands)
						Fair Value Measurements at June 30, 2019
		Carrying Amount				Level 1				Level 2				Level 3				Total
Assets:
Cash and cash equivalents		$	38,822				38,822				-				-				38,822
Investment securities available for sale		$	188,972				-				188,722				250				188,972
Other investments		$	4,296				-				-				4,296				4,296
Mortgage loans held for sale		$	2,309				-				-				2,309				2,309
Loans, net		$	826,826				-				-				803,542				803,542
Cash surrender value of life insurance		$	16,126				-				16,126				-				16,126
Liabilities:
Deposits		$	904,227				-				-				884,712				884,712
Securities sold under agreements
to repurchase		$	47,733				-				47,733				-				47,733
Junior subordinated debentures		$	20,619				-				20,619				-				20,619

(Dollars in thousands)
						Fair Value Measurements at December 31, 2018
		Carrying Amount				Level 1				Level 2				Level 3				Total
Assets:
Cash and cash equivalents		$	43,370				43,370				-				-				43,370
Investment securities available for sale		$	194,578				-				194,328				250				194,578
Other investments		$	4,361				-				-				4,361				4,361
Mortgage loans held for sale		$	680				-				-				680				680
Loans, net		$	797,578				-				-				748,917				748,917
Cash surrender value of life insurance		$	15,936				-				15,936				-				15,936
Liabilities:
Deposits		$	877,213				-				-				857,999				857,999
Securities sold under agreements
to repurchase		$	58,095				-				58,095				-				58,095
Junior subordinated debentures		$	20,619				-				20,619				-				20,619

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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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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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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-Publisher FASB
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-Topic 820
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