XML 56 R43.htm IDEA: XBRL DOCUMENT v3.21.1

Disclosures about Fair Value Measurements and Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Disclosures about Fair Value Measurements and Financial Instruments

Schedule of assets and liabilities measured and recorded at fair value on a recurring basis

The following table presents the assets and liabilities measured and reported on the Consolidated Balance Sheets on a recurring basis at their fair value as of March 31, 2021 and December 31, 2020, by level within the fair value hierarchy (in thousands).

		Fair Value Measurements at March 31, 2021
		TOTAL			(LEVEL 1)			(LEVEL 2)			(LEVEL 3)
Equity securities (1)		$	474		$	474		$	—		$	—
Available for sale securities:
U.S. Agency			6,888			—			6,888			—
U.S. Agency mortgage-backed securities			76,875			—			76,875			—
Municipal			20,777			—			20,777			—
Corporate bonds			51,876			—			51,876			—
Interest rate swap asset (1)			1,158			—			1,158			—
Interest rate swap liability (2)			(1,158)			—			(1,158)			—
Risk participation agreement (2)			(4)			—			(4)			—

		Fair Value Measurements at December 31, 2020
		TOTAL			(LEVEL 1)			(LEVEL 2)			(LEVEL 3)
Equity securities (1)		$	443		$	443		$	—		$	—
Available for sale securities:
U.S. Agency			3,152			—			3,152			—
U.S. Agency mortgage-backed securities			67,913			—			67,913			—
Municipal			20,348			—			20,348			—
Corporate bonds			52,752			—			52,752			—
Interest rate swap asset (1)			3,320			—			3,320			—
Interest rate swap liability (2)			(3,320)			—			(3,320)			—

(1) Included within other assets on the Consolidated Balance Sheets.

(2) Included within other liabilities on the Consolidated Balance Sheets.

Schedule of assets measured and recorded at fair value on a non-recurring basis

Assets measured and recorded at fair value on a non-recurring basis are summarized below (in thousands, except range data):

		Fair Value Measurements
March 31, 2021		TOTAL			(LEVEL 1)			(LEVEL 2)			(LEVEL 3)
Impaired loans		$	258		$	—		$	—		$	258

		Fair Value Measurements
December 31, 2020		TOTAL			(LEVEL 1)			(LEVEL 2)			(LEVEL 3)
Impaired loans		$	258		$	—		$	—		$	258

		Quantitative Information About Level 3 Fair Value Measurements
					Valuation		Unobservable
March 31, 2021		Fair Value			Techniques		Input		Range (Wgtd Ave)
Impaired loans		$	258		Appraisal of		Appraisal		0% to 100%  (3%)
					collateral (1)		adjustments(2)

		Quantitative Information About Level 3 Fair Value Measurements
					Valuation		Unobservable
December 31, 2020		Fair Value			Techniques		Input		Range (Wgtd Ave)
Impaired loans		$	258		Appraisal of		Appraisal		0% to 100%  (3%)
					collateral (1)		adjustments(2)

(1) Fair Value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not identifiable. Also includes qualitative adjustments by management and estimated liquidation expenses.

(2) Appraisals may be adjusted by management for qualitative factors such as economic conditions.

Schedule of estimated fair value and recorded carrying value

The estimated fair values based on US GAAP measurements and recorded carrying values at March 31, 2021 and December 31, 2020, for the remaining financial instruments not required to be measured or reported at fair value were as follows:

		March 31, 2021
		Carrying
		Value				Fair Value			(Level 1)			(Level 2)			(Level 3)
			(IN THOUSANDS)
FINANCIAL ASSETS:
Investment securities – HTM		$	47,777		$	49,583		$	—		$	46,586		$	2,997
Loans held for sale			1,308			1,322			1,322			—			—
Loans, net of allowance for loan loss and unearned income			973,618			978,185			—			—			978,185
FINANCIAL LIABILITIES:
Deposits with stated maturities			302,130			305,296			—			—			305,296
All other borrowings (1)			75,663			79,657			—			—			79,657

		December 31, 2020
		Carrying
		Value				Fair Value			(Level 1)			(Level 2)			(Level 3)
			(IN THOUSANDS)
FINANCIAL ASSETS:
Investment securities – HTM		$	44,222		$	47,106		$	—		$	44,108		$	2,998
Loans held for sale			6,250			6,428			6,428			—			—
Loans, net of allowance for loan loss and unearned income			960,750			969,433			—			—			969,433
FINANCIAL LIABILITIES:
Deposits with stated maturities			311,064			314,845			—			—			314,845
All other borrowings(1)			85,493			90,907			—			—			90,907

⁽¹⁾ All other borrowings include advances from Federal Home Loan Bank, guaranteed junior subordinated deferrable interest debentures, and subordinated debt.

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

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

Reference 2: 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

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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=121572278&loc=d3e13467-108611

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

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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://www.xbrl.org/2003/role/disclosureRef
-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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration