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6. Fair Value (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

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

(Dollars in thousands)
		March 31, 2021
		Fair Value Measurements				Level 1 Valuation				Level 2 Valuation				Level 3 Valuation
U. S Treasuries		$	7,960							$	7,960
U.S. Government
sponsored enterprises			13,019								13,019
Mortgage-backed securities			185,703				—				185,703				—
State and political subdivisions			118,835				—				118,835				—

(Dollars in thousands)
		December 31, 2020
		Fair Value Measurements				Level 1 Valuation				Level 2 Valuation				Level 3 Valuation
U.S. Government
sponsored enterprises		$	7,507				—				7,507				—
Mortgage-backed securities			145,314				—				145,314				—
State and political subdivisions			92,428				—				92,428				—

(Dollars in thousands)
	March 31, 2021
	Fair Value Measurements	Level 1 Valuation	Level 2 Valuation	Level 3 Valuation
Mutual funds held in deferred compensation trust	$                    1,372	-	1,372	-

(Dollars in thousands)
	December 31, 2020
	Fair Value Measurements	Level 1 Valuation	Level 2 Valuation	Level 3 Valuation
Mutual funds held in deferred compensation trust	$                    1,320	-	1,320	-

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

		Fair Value Measurements March 31, 2021				Level 1 Valuation				Level 2 Valuation				Level 3 Valuation
Mortgage loans held for sale		$	4,236				—				—				4,236
Impaired loans			19,752				—				—				19,752
Other real estate			128				—				—				128

(Dollars in thousands)
		Fair Value Measurements December 31, 2020				Level 1 Valuation				Level 2 Valuation				Level 3 Valuation
Mortgage loans held for sale		$	9,139				—				—				9,139
Impaired loans		$	20,369				—				—				20,369
Other real estate		$	128				—				—				128

(Dollars in thousands)
		Fair Value March 31, 2021				Fair Value December 31, 2020				Valuation Technique		Significant Unobservable Inputs						General Range of Significant Unobservable Input Values
Mortgage loans held for sale		$	4,236				9,139			Rate lock commitment					N/A			N/A
Impaired loans			19,752				20,369			Appraised value and discounted cash flows		Discounts to reflect current market conditions and ultimate collectability						0 - 25		%
Other real estate			128				128			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 March 31, 2021
		Carrying Amount				Level 1				Level 2				Level 3				Total
Assets:
Cash and cash equivalents		$	209,037				209,037				-				-				209,037
Investment securities available for sale			325,517				-				325,517				-				325,517
Other investments			3,791				-				-				3,791				3,791
Mortgage loans held for sale			4,236				-				-				4,236				4,236
Loans, net			936,965				-				-				921,096				921,096
Mutual funds held in deferred compensation trust			1,372				-				1,372				-				1,372
Liabilities:
Deposits		$	1,334,465				-				-				1,330,015				1,330,015
Securities sold under agreements
to repurchase			31,916				-				31,916				-				31,916
Junior subordinated debentures			15,464				-				15,464				-				15,464

(Dollars in thousands)
						Fair Value Measurements at December 31, 2020
		Carrying Amount				Level 1				Level 2				Level 3				Total
Assets:
Cash and cash equivalents		$	161,580				161,580				-				-				161,580
Investment securities available for sale			245,249				-				245,249				-				245,249
Other investments			4,155				-				-				4,155				4,155
Mortgage loans held for sale			9,139				-				-				9,139				9,139
Loans, net			938,731				-				-				924,845				924,845
Mutual funds held in deferred compensation trust			1,320				-				1,320				-				1,320
Liabilities:
Deposits		$	1,221,086				-				-				1,216,503				1,216,503
Securities sold under agreements
to repurchase			26,201				-				26,201				-				26,201
Junior subordinated debentures			15,464				-				15,464				-				15,464

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=121572278&loc=d3e13467-108611

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
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- Definition

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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