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Fair Value of Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

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

($ in thousands)		Fair Values at 06/30/2020				(Level 1)				(Level 2)				(Level 3)
U.S. Treasury and Government Agencies		$	7,185			$	-			$	7,185			$	-
Mortgage-backed securities			84,932				-				84,932				-
State and political subdivisions			12,172				-				12,172				-
Interest rate contracts - assets			9,833				-				9,833				-
Interest rate contracts - liabilities			(9,833	)			-				(9,833	)			-
Forward contracts			(392	)			(392	)			-				-
IRLCs			392				-				-				392

($ in thousands)		Fair Values at 12/31/2019				(Level 1)				(Level 2)				(Level 3)
U.S. Treasury and Government Agencies		$	12,202			$	-			$	12,202			$	-
Mortgage-backed securities			78,182				-				78,182				-
State and political subdivisions			10,564				-				10,564				-
Interest rate contracts - assets			2,846				-				2,846				-
Interest rate contracts - liabilities			(2,846	)			-				(2,846	)			-
Forward contracts			(32	)			(32	)			-				-
IRLCs			55				-				-				55

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

($ in thousands)		Fair values at 06/30/2020				(Level 1)				(Level 2)				(Level 3)
Impaired loans		$	2,457			$	-			$	-			$	2,457
Mortgage servicing rights			8,168				-				-				8,168
IRLCs			392				-				-				392

($ in thousands)		Fair values at 12/31/2019				(Level 1)				(Level 2)				(Level 3)
Impaired loans		$	2,527			$	-			$	-			$	2,527
Mortgage servicing rights			5,084				-				-				5,084
IRLCs			55				-				-				55

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

		Fair value at				Valuation				Range (weighted-
($ in thousands)		6/30/2020				technique		Unobservable inputs		average)
Collateral-dependent impaired loans		$	2,457			Market comparable properties		Comparability adjustments (%)			0 - 30% (23	)%
Mortgage servicing rights			8,168			Discounted cash flow		Discount Rate			8.71	%
								Constant prepayment rate			18.43	%
IRLCs			392			Discounted cash flow		P&I earnings credit			0.18	%
								T&I earnings credit			0.30	%
								Inflation for cost of servicing			1.50	%

		Fair Value at				Valuation				Range (weighted-
($ in thousands)		12/31/2019				technique		Unobservable inputs		average)
Collateral-dependent impaired loans		$	2,527			Market comparable properties		Comparability adjustments (%)			2 - 62% (28	)%
Mortgage servicing rights			5,084			Discounted cash flow		Discount Rate			9.36	%
								Constant prepayment rate			10.19	%
IRLCs			55			Discounted cash flow		P&I earnings credit			1.78	%
								T&I earnings credit			1.93	%
								Inflation for cost of servicing			1.50	%

Summary of estimated fair values of company's financial instruments

($ in thousands)		Carrying				Fair				Fair value measurements using
June 30, 2020		amount				value				(Level 1)				(Level 2)				(Level 3)
Financial assets
Cash and due from banks		$	85,661			$	85,661			$	85,661			$	-			$	-
Interest bearing time deposits			10,542				10,542				10,542				-				-
Loans held for sale			13,742				14,316				-				14,316				-
Loans, net of allowance for loan losses			891,534				883,035				-				-				883,035
Federal Reserve and FHLB Bank stock, at cost			4,837				4,837				-				4,837				-
Interest receivable			4,272				4,272				-				4,272				-
Financial liabilities
Deposits		$	990,587			$	993,662			$	733,747			$	259,915			$	-
Short term borrowings			23,826				23,826				-				23,826				-
FHLB advances			13,000				13,352				-				13,352				-
Trust preferred securities			10,310				7,692				-				7,692				-
Interest payable			929				929				-				929				-

($ in thousands)		Carrying				Fair				Fair value measurements using
December 31, 2019		amount				value				(Level 1)				(Level 2)				(Level 3)
Financial assets
Cash and due from banks		$	27,064			$	27,064			$	27,064			$	-			$	-
Loans held for sale			7,258				7,419				-				7,419				-
Loans, net of allowance for loan losses			816,755				804,808				-				-				804,808
Federal Reserve and FHLB Bank stock, at cost			4,648				4,648				-				4,648				-
Interest receivable			3,106				3,106				-				3,106				-
Financial liabilities
Deposits		$	840,219			$	840,272			$	582,466			$	257,806			$	-
Repurchase agreements			12,945				12,945				-				12,945				-
FHLB advances			16,000				16,149				-				16,149				-
Trust preferred securities			10,310				9,201				-				9,201				-
Interest payable			1,191				1,191				-				1,191				-

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

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-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

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-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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-Name Accounting Standards Codification
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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

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

+ 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
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