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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

The following table presents assets and liabilities measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020. 

		Fair Value Measurements as of September 30, 2021 Using
		Totals At September 30, 2021				Quoted Prices in Active Markets For Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(Dollars in Thousands)
Investment securities, available-for-sale
Mortgage-backed securities:
Residential		$	45,066			$	—			$	45,066			$	—
Commercial			28,381				—				28,381				—
Obligations of states and political subdivisions			4,372				—				4,372				—
Corporate notes			9,410				—				9,410				—
U.S. Treasury securities			30,331				—				30,331				—
Other liabilities - derivatives			1,513				—				1,513				—

		Fair Value Measurements as of December 31, 2020 Using
		Totals At December 31, 2020				Quoted Prices in Active Markets For Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(Dollars in Thousands)
Investment securities, available-for-sale
Mortgage-backed securities:
Residential		$	25,537			$	—			$	25,537			$	—
Commercial			41,487				—				41,487				—
Obligations of states and political subdivisions			5,108				—				5,108				—
Corporate notes			2,784				—				2,784				—
U.S. Treasury securities			10,077				—				10,077				—
Other liabilities - derivatives			2,610				—				2,610				—

Fair Value Assets Measured on Nonrecurring Basis

The following table presents the balances of impaired loans, OREO and other assets held-for-sale measured at fair value on a non-recurring basis as of September 30, 2021 and December 31, 2020:

		Fair Value Measurements as of September 30, 2021 Using
		Totals At September 30, 2021				Quoted Prices in Active Markets For Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(Dollars in Thousands)
Impaired loans		$	7			$	—			$	—			$	7
OREO and other assets held-for-sale			2,373				—				—				2,373

		Fair Value Measurements as of December 31, 2020 Using
		Totals At December 31, 2020				Quoted Prices in Active Markets For Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(Dollars in Thousands)
Impaired loans		$	28			$	—			$	—			$	28
OREO and other assets held-for-sale			949				—				—				949

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques

The following table presents information regarding assets and liabilities measured at fair value using significant unobservable inputs (Level 3) as of September 30, 2021. The table includes the valuation techniques and the significant unobservable inputs utilized. The range of each unobservable input and the weighted average within the range utilized as of September 30, 2021 are both included. Following the table is a description of the valuation technique and the sensitivity of the technique to changes in the significant unobservable input.

Level 3 Significant Unobservable Input Assumptions

Fair Value September 30, 2021

Valuation Technique

Unobservable Input

Quantitative Range of Unobservable Inputs (Weighted Average)

(Dollars in Thousands)

Non-recurring fair value measurements:

Impaired loans

$

7

Multiple data points, including discount to appraised value of collateral based on recent market activity

Appraisal comparability adjustment (discount)

9%-10%

(9.5%)

OREO and other assets held-for-sale

$

2,373

Discount to appraised value of property based on recent market activity for sales of similar properties

Appraisal comparability adjustment (discount)

9%-10%

(9.5%)

Fair Value, by Balance Sheet Grouping

The estimated fair value and related carrying or notional amounts, as well as the level within the fair value hierarchy, of the Company’s financial instruments as of September 30, 2021 and December 31, 2020 were as follows:

		September 30, 2021
		Carrying Amount				Estimated Fair Value				Level 1				Level 2				Level 3
		(Dollars in Thousands)
Assets:
Cash and cash equivalents		$	75,260			$	75,260			$	75,260			$	—			$	—
Investment securities available-for-sale			117,560				117,560				—				117,560				—
Investment securities held-to-maturity			3,907				3,992				—				3,992				—
Federal funds sold			82				82				—				82				—
Federal Home Loan Bank stock			870				870				—				—				870
Loans, net of allowance for loan and lease losses			696,972				698,987				—				—				698,987
Liabilities:
Deposits			846,842				847,002				—				847,002				—
Short-term borrowings			10,037				10,037				—				10,037				—
Other liabilities - derivatives			1,513				1,513				—				1,513				—

		December 31, 2020
		Carrying Amount				Estimated Fair Value				Level 1				Level 2				Level 3
		(Dollars in Thousands)
Assets:
Cash and cash equivalents		$	94,415			$	94,415			$	94,415			$	—			$	—
Investment securities available-for-sale			84,993				84,993				—				84,993				—
Investment securities held-to-maturity			6,429				6,559				—				6,559				—
Federal funds sold			85				85				—				85				—
Federal Home Loan Bank stock			1,135				1,135				—				—				1,135
Loans, net of allowance for loan and lease losses			638,374				650,107				—				—				650,107
Liabilities:
Deposits			782,212				784,574				—				784,574				—
Short-term borrowings			10,017				10,017				—				10,017				—
Other liabilities - derivatives			2,610				2,610				—				2,610				—

X

- 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
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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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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).

+ References

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-Topic 820
-SubTopic 10
-Section 50
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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
-Name Accounting Standards Codification
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-Section 50
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