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Fair Value (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value

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

(Dollars in thousands)
		June 30, 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			15,194				-				15,194				-
Mortgage-backed securities			209,118				-				209,118				-
State and political subdivisions			135,257				-				135,257				-

(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				-

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

(Dollars in thousands)
		June 30, 2021
		Fair Value Measurements				Level 1 Valuation				Level 2 Valuation				Level 3 Valuation
Mutual funds held in deferred compensation trust		$	1,421				-				1,421				-

(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				-

(Dollars in thousands)
		Fair Value Measurements June 30, 2021				Level 1 Valuation				Level 2 Valuation				Level 3 Valuation
Mortgage loans held for sale		$	5,501				-				-				5,501
Impaired loans			18,797				-				-				18,797

(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 June 30, 2021				Fair Value December 31, 2020				Valuation Technique		Significant Unobservable Inputs				General Range of Significant Unobservable Input Values
Mortgage loans held for sale		$	5,501				9,139			Rate lock commitment			N/A				N/A
Impaired loans			18,797				20,369			Appraised value and discounted cash flows		Discounts to reflect current market conditions and ultimate collectability				0 - 25		%
Other real estate			-				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 June 30, 2021
		Carrying Amount				Level 1				Level 2				Level 3				Total
Assets:
Cash and cash equivalents		$	287,309				287,309				-				-				287,309
Investment securities available for sale			367,529				-				367,529				-				367,529
Other investments			3,758				-				-				3,758				3,758
Mortgage loans held for sale			5,501				-				-				5,501				5,501
Loans, net			879,073				-				-				861,686				861,686
Mutual funds held in deferred
compensation trust			1,421				-				1,421				-				1,421
Liabilities:
Deposits		$	1,392,054				-				-				1,389,964				1,389,964
Securities sold under agreements
to repurchase			31,249				-				31,249				-				31,249
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

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-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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- 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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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

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-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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