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Fair Value of Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value, by Balance Sheet Grouping

Fair value estimates of the Company’s financial instruments as of September 30, 2021 and December 31, 2020, including methods and assumptions utilized, are set forth below:

Schedule of Fair Value, by Balance Sheet Grouping 

		As of September 30, 2021
		Carrying
		amount				Level 1				Level 2				Level 3				Total
Financial assets:
Cash and cash equivalents		$	117,314			$	117,314			$	-			$	-			$	117,314
Investment securities available-for-sale			378,518				40,314				338,204				-				378,518
Bank stocks, at cost			2,985				n/a				n/a				n/a				n/a
Loans, net			656,908				-				-				666,080				666,080
Loans held for sale			8,929				-				8,929				-				8,929
Accrued interest receivable			4,613				127				1,543				2,943				4,613
Derivative financial instruments			824				-				824				-				824
Financial liabilities:
Non-maturity deposits		$	(957,420	)		$	(957,420	)		$	-			$	-			$	(957,420	)
Certificates of deposit			(109,267	)			-				(109,328	)			-				(109,328	)
Subordinated debentures			(21,651	)			-				(16,271	)			-				(16,271	)
Other borrowings			(6,219	)			-				(6,219	)			-				(6,219	)
Accrued interest payable			(135	)			-				(135	)			-				(135	)

		As of December 31, 2020
		Carrying
		amount				Level 1				Level 2				Level 3				Total
Financial assets:
Cash and cash equivalents		$	84,818			$	84,818			$	-			$	-			$	84,818
Investment securities available-for-sale			297,270				2,037				295,233				-				297,270
Bank stocks, at cost			4,473				n/a				n/a				n/a				n/a
Loans, net			702,782				-				-				718,071				718,071
Loans held for sale			15,533				-				15,533				-				15,533
Accrued interest receivable			4,885				-				1,697				3,188				4,885
Derivative financial instruments			1,796				-				1,796				-				1,796
Financial liabilities:
Non-maturity deposits		$	(882,277	)		$	(882,277	)		$	-			$	-			$	(882,277	)
Certificates of deposit			(133,750	)			-				(134,048	)			-				(134,048	)
Subordinated debentures			(21,651	)			-				(15,232	)			-				(15,232	)
Other borrowings			(6,371	)			-				(6,371	)			-				(6,371	)
Accrued interest payable			(168	)			-				(168	)			-				(168	)
Derivative financial instruments			(466	)			-				(466	)			-				(466	)

Schedule of Fair Value, Assets Measured on Recurring Basis

The following tables represent the Company’s financial instruments that are measured at fair value on a recurring basis at September 30, 2021 and December 31, 2020, allocated to the appropriate fair value hierarchy:

 Schedule of Fair Value, Assets Measured on Recurring Basis

(Dollars in thousands)						As of September 30, 2021
						Fair value hierarchy
		Total				Level 1				Level 2				Level 3
Assets:
Available-for-sale investment securities:
U. S. treasury securities		$	40,314			$	40,314			$	-			$	-
U. S. federal agency obligations			17,297				-				17,297				-
Municipal obligations, tax exempt			140,788				-				140,788				-
Municipal obligations, taxable			38,988				-				38,988				-
Agency mortgage-backed securities			133,502				-				133,502				-
Certificates of deposit			7,629				-				7,629				-
Loans held for sale			8,929				-				8,929				-
Derivative financial instruments			824				-				824				-

						As of December 31, 2020
						Fair value hierarchy
		Total				Level 1				Level 2				Level 3
Assets:
Available-for-sale investment securities:
U. S. treasury securities		$	2,037			$	2,037			$	-			$	-
U. S. federal agency obligations			18,924				-				18,924				-
Municipal obligations, tax exempt			142,676				-				142,676				-
Municipal obligations, taxable			49,535				-				49,535				-
Agency mortgage-backed securities			78,638				-				78,638				-
Certificates of deposit			5,460				-				5,460				-
Loans held for sale			15,533				-				15,533				-
Derivative financial instruments			1,796				-				1,796				-
Liability:
Derivative financial instruments			(466	)			-				(466	)			-

Schedule of Fair Value Contractual Balance and Gain Loss on Loans Held for Sale

The aggregate fair value, contractual balance (including accrued interest), and gain on loans held for sale were as follows:

Schedule of Fair Value Contractual Balance and Gain Loss on Loans Held for Sale

		As of				As of
		September 30,				December 31,
(Dollars in thousands)		2021				2020
Aggregate fair value		$	8,929			$	15,533
Contractual balance			8,822				15,151
Gain		$	107			$	382

Schedule of Gains and Losses from Changes in Fair Value of Loans Held for Sale

Schedule of Gains and Losses from Changes in Fair Value of Loans Held for Sale 

		2021				2020				2021				2020
		Three months ended								Nine months ended
		September 30,								September 30,
(Dollars in thousands)		2021				2020				2021				2020
Total change in fair value		$	(279	)		$	(315	)		$	(506	)		$	1,657

Schedule of Fair Value Measurements on Nonrecurring, Valuation Techniques

The following table presents quantitative information about Level 3 fair value measurements measured at fair value on a nonrecurring basis as of September 30, 2021 and December 31, 2020.

Schedule of Fair Value Measurements on Nonrecurring, Valuation Techniques 

(Dollars in thousands)
		Fair value				Valuation technique		Unobservable inputs		Range
As of September 30, 2021
Impaired loans:
Commercial real estate		$	3,695			Sales comparison		Adjustment to appraised value			20	%
Commercial			8			Sales comparison		Adjustment to comparable sales			0%-100%
Agriculture			1,436			Sales comparison		Adjustment to appraised value			0	%
Real estate owned:
Commercial real estate			1,193			Sales comparison		Adjustment to appraised value			0	%
As of December 31, 2020
Impaired loans:
Commercial real estate		$	3,640			Sales comparison		Adjustment to appraised value			20	%
Commercial			74			Sales comparison		Adjustment to comparable sales			0%-69%
Agriculture			9			Sales comparison		Adjustment to appraised value			20	%
Real estate owned:
One-to-four family residential real estate			48			Sales comparison		Adjustment to appraised value			10	%

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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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