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6. Fair Value (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

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

(Dollars in thousands)
		September 30, 2020
		Fair Value Measurements				Level 1 Valuation				Level 2 Valuation				Level 3 Valuation
Mortgage-backed securities		$	114,983				—				114,983				—
U.S. Government sponsored enterprises		$	7,608				—				7,608				—
State and political subdivisions		$	100,150				—				100,150				—
Trust preferred securities		$	250				—				—				250

(Dollars in thousands)
		December 31, 2019
		Fair Value Measurements				Level 1 Valuation				Level 2 Valuation				Level 3 Valuation
Mortgage-backed securities		$	78,956				—				78,956				—
U.S. Government sponsored enterprises		$	28,397				—				28,397				—
State and political subdivisions		$	88,143				—				88,143				—
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 September 30, 2020				Level 1 Valuation				Level 2 Valuation				Level 3 Valuation
Mortgage loans held for sale		$	8,960				—				—				8,960
Impaired loans		$	20,082				—				—				20,082

(Dollars in thousands)
		Fair Value Measurements December 31, 2019				Level 1 Valuation				Level 2 Valuation				Level 3 Valuation
Mortgage loans held for sale		$	4,417				—				—				4,417
Impaired loans		$	20,347				—				—				20,347

(Dollars in thousands)

Fair Value September 30, 2020

Fair Value December 31, 2019

Valuation Technique

Significant Unobservable Inputs

General Range of Significant Unobservable Input Values

Mortgage loans held for sale

$

8,960

4,417

Rate lock commitment

N/A

N/A

Impaired loans

$

20,082

20,347

Appraised value and discounted cash flows

Discounts to reflect current market conditions and ultimate collectability

0 - 25%

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

(Dollars in thousands)
						Fair Value Measurements at September 30, 2020
		Carrying Amount				Level 1				Level 2				Level 3				Total
Assets:
Cash and cash equivalents		$	204,228				204,228				—				—				204,228
Investment securities available for sale		$	222,991				—				222,741				250				222,991
Other investments		$	7,163				—				—				7,163				7,163
Mortgage loans held for sale		$	8,960				—				—				8,960				8,960
Loans, net		$	960,340				—				—				950,020				950,020
Cash surrender value of life insurance		$	16,742				—				16,742				—				16,742
Liabilities:
Deposits		$	1,186,396				—				—				1,182,713				1,182,713
Securities sold under agreements to repurchase		$	34,151				—				34,151				—				34,151
FHLB borrowings		$	70,000				—				—				69,988				69,988
Junior subordinated debentures		$	15,464				—				15,464				—				15,464

(Dollars in thousands)
						Fair Value Measurements at December 31, 2019
		Carrying Amount				Level 1				Level 2				Level 3				Total
Assets:
Cash and cash equivalents		$	52,387				52,387				—				—				52,387
Investment securities available for sale		$	195,746				—				195,496				250				195,746
Other investments		$	4,231				—				—				4,231				4,231
Mortgage loans held for sale		$	4,417				—				—				4,417				4,417
Loans, net		$	843,194				—				—				819,397				819,397
Cash surrender value of life insurance		$	16,319				—				16,319				—				16,319
Liabilities:
Deposits		$	966,517				—				—				955,766				955,766
Securities sold under agreements to repurchase		$	24,221				—				24,221				—				24,221
Junior subordinated debentures		$	15,619				—				15,619				—				15,619

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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).

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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