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

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value, by Balance Sheet Grouping

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

 Schedule of Fair Value, by Balance Sheet Grouping

(Dollars in thousands)		As of December 31, 2021
		Carrying amount				Level 1				Level 2				Level 3				Total
Financial assets:
Cash and cash equivalents		$	189,213			$	189,213			$	-			$	-			$	189,213
Interest-bearing deposits at other banks			7,378				-				7,378				-				7,378
Investment securities available-for-sale			380,717				42,675				338,042				-				380,717
Bank stocks, at cost			2,905				n/a				n/a				n/a				n/a
Loans, net			653,233				-				-				663,625				663,625
Loans held for sale			4,795				-				4,795				-				4,795
Mortgage servicing rights			4,193				-				6,722				-				6,722
Accrued interest receivable			4,405				107				1,666				2,632				4,405
Derivative financial instruments			494				-				494				-				494
Financial liabilities:
Non-maturity deposits		$	(1,042,374	)		$	(1,042,374	)		$	-			$	-			$	(1,042,374	)
Certificates of deposit			(106,107	)			-				(105,935	)			-				(105,935	)
Subordinated debentures			(21,651	)			-				(16,375	)			-				(16,375	)
Other borrowings			(7,403	)			-				(7,403	)			-				(7,403	)
Accrued interest payable			(125	)			-				(125	)			-				(125	)

(Dollars in thousands)			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
Interest-bearing deposits at other banks			5,460				-				5,460				-				5,460
Investment securities available-for-sale			291,810				2,037				289,773				-				291,810
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
Mortgage servicing rights			3,726				-				4,361				-				4,361
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 table represents the Company’s financial instruments that are measured at fair value on a recurring basis at December 31, 2021 and 2020, allocated to the appropriate fair value hierarchy:

 Schedule of Fair Value, Assets Measured On Recurring Basis

(Dollars in thousands)						As of December 31, 2021
						Fair value hierarchy
		Total				Level 1				Level 2				Level 3
Assets:
Available-for-sale securities
U. S. treasury securities		$	42,675			$	42,675			$	-			$	-
U. S. federal agency obligations			17,195				-				17,195				-
Municipal obligations, tax exempt			137,984				-				137,984				-
Municipal obligations, taxable			40,046				-				40,046				-
Agency mortgage-backed securities			142,817				-				142,817				-
Loans held for sale			4,795				-				4,795				-
Derivative financial instruments			494				-				494				-

(Dollars in thousands)						As of December 31, 2020
						Fair value hierarchy
		Total				Level 1				Level 2				Level 3
Assets:
Available-for-sale 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				-
Loans held for sale			15,533				-				15,533				-
Derivative financial instruments			1,796				-				1,796				-
Liabilities:
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 or loss on loans held for sale were as follows:

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

		As of December 31,
(Dollars in thousands)		2021				2020
Aggregate fair value		$	4,795			$	15,533
Contractual balance			4,651				15,151
Gain		$	144			$	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 

		As of December 31,
(Dollars in thousands)		2021				2020				2019
Total change in fair value		$	(836	)		$	848			$	(15	)

Schedule of Fair Value Measurements On Nonrecurring, Valuation Techniques

The following table presents quantitative information about Level 3 fair value measurements for impaired loans measure at fair value on a non-recurring basis as of December 31, 2021 and 2020.

Schedule of Fair Value Measurements On Nonrecurring, Valuation Techniques 

(Dollars in thousands)
		Fair value				Valuation technique		Unobservable inputs		Range
As of December 31, 2021
Impaired loans:
Commercial loans		$	5			Sales comparison		Adjustment to comparable value			0	%
As of December 31, 2020
Impaired loans:
Commercial real estate		$	3,640			Sales comparison		Adjustment to appraised value			20	%
Commercial loans			74			Sales comparison		Adjustment to comparable sales			0%-69	%
Agriculture loans			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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-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
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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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-Publisher FASB
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