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Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Summary of fair value measurements of assets measured at fair value on a recurring basis

Fair Value Measurements Using:
($ in thousands) Available for Sale Securities:		September 30, 2019				(Level 1)				(Level 2)				(Level 3)
U.S. Treasury and Government Agencies		$	12,264			$	-			$	12,264			$	-
Mortgage-backed securities			54,922				-				54,922				-
State and political subdivisions			9,843				-				9,843				-
Interest rate contracts - assets			4,233				-				4,233				-
Interest rate contracts - liabilities			(4,233	)			-				(4,233	)			-

Fair Value Measurements Using:
($ in thousands) Available for Sale Securities:		December 31, 2018				(Level 1)				(Level 2)				(Level 3)
U.S. Treasury and Government Agencies		$	18,670			$	-			$	18,670			$	-
Mortgage-backed securities			60,943				-				60,943				-
State and political subdivisions			11,356				-				11,356				-
Interest rate contracts - assets			687				-				687				-
Interest rate contracts - liabilities			(687	)			-				(687	)			-

Level 1 – Quoted Prices in Active Markets for Identical Assets

Level 2 – Significant Other Observable Inputs

Level 3 – Significant Unobservable Inputs

Summary of fair value measurements of assets measured at fair value on a nonrecurring basis

		Fair Values at
($ in thousands) Description		September 30, 2019				(Level 1)				(Level 2)				(Level 3)
Impaired loans		$	530			$	-			$	-			$	530
Mortgage Servicing Rights			5,311				-				-				5,311

		Fair Values at
($ in thousands) Description		December  31,  2018				(Level 1)				(Level 2)				(Level 3)
Impaired loans		$	1,027			$	-			$	-			$	1,027
Mortgage Servicing Rights			3,191				-				-				3,191

Level 1 - Quoted Prices in Active Markets for Identical Assets

Level 2 - Significant Other Observable Inputs

Level 3 - Significant Unobservable Inputs

Summary of quantitative information about unobservable inputs used in recurring and nonrecurring

		Fair Values at								Range
($ in thousands)		September 30, 2019				Valuation Technique		Unobservable Inputs		(weighted- average)
Collateral-dependent impaired loans		$	530			Market comparable properties		Comparability adjustments (%)			10 - 35% (16	%)
Mortgage servicing rights			5,311			Discounted cash flow		Discount Rate			9.18	%
								Constant prepayment rate			11.64	%
								P&I earnings credit			1.85	%
								T&I earnings credit			2.11	%
								Inflation for cost of servicing			1.50	%

		Fair Values at								Range
($ in thousands)		December 31, 2018				Valuation Technique		Unobservable Inputs		(weighted- average)
Collateral-dependent impaired loans		$	1,027			Market comparable properties		Comparability adjustments (%)			20 - 35% (29	%)
Mortgage servicing rights			3,191			Discounted cash flow		Discount Rate			10.30	%
								Constant prepayment rate			7.02	%
								P&I earnings credit			2.51	%
								T&I earnings credit			3.02	%
								Inflation for cost of servicing			1.50	%

Summary of estimated fair values of company's financial instruments

		September 30, 2019
		Carrying				Fair				Fair Value Measurements Using
		Amount				value				(Level 1)				(Level 2)				(Level 3)
($ in thousands)
Financial assets
Cash and due from banks		$	49,824			$	49,824			$	49,824			$	-			$	-
Loans held for sale			13,655				13,858				-				13,858				-
Loans, net of allowance for loan losses			814,875				810,885				-				-				810,885
Federal Reserve and FHLB Bank stock, at cost			4,648				4,648				-				4,648				-
Interest receivable			3,176				3,176				-				3,176				-
Financial liabilities
Deposits		$	847,954			$	848,359			$	579,816			$	268,543			$	-
Repurchase agreements			14,659				14,659				-				14,659				-
FHLB advances			16,000				16,191				-				16,191				-
Trust preferred securities			10,310				10,043				-				10,043				-
Interest payable			1,391				1,391				-				1,391				-

		December 31, 2018
		Carrying				Fair				Fair Value Measurements Using
		Amount				value				(Level 1)				(Level 2)				(Level 3)
($ in thousands)
Financial assets
Cash and due from banks		$	48,363			$	48,363			$	48,363			$	-			$	-
Loans held for sale			4,445				4,589				-				4,589				-
Loans, net of allowance for loan losses			763,716				757,469				-				-				757,469
Federal Reserve and FHLB Bank stock, at cost			4,123				4,123				-				4,123				-
Interest receivable			2,822				2,822				-				2,822				-
Financial liabilities
Deposits		$	802,552			$	799,726			$	561,090			$	238,636			$	-
Repurchase agreements			15,184				15,184				-				15,184				-
FHLB advances			16,000				15,848				-				15,848				-
Trust preferred securities			10,310				10,233				-				10,233				-
Interest payable			909				909				-				909				-

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-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
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-Section 50
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-Subparagraph (a)
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- Definition

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).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-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
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-Section 50
-Paragraph 2
-Subparagraph (a)
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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=118260190&loc=d3e13467-108611

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-Publisher FASB
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