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Disclosures about Fair Value Measurements and Financial Instruments (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2021 and December 31, 2020, by level within the fair value hierarchy (in thousands).

Fair Value Measurements at September 30, 2021

TOTAL

(LEVEL 1)

(LEVEL 2)

(LEVEL 3)

Equity securities (1)

$

516

$

516

$

—

$

—

Available for sale securities:

U.S. Agency

7,635

—

7,635

—

U.S. Agency mortgage-backed securities

78,760

—

78,760

—

Municipal

20,302

—

20,302

—

Corporate bonds

53,656

—

53,656

—

Interest rate swap asset (1)

1,574

—

1,574

—

Interest rate swap liability (2)

(1,574)

—

(1,574)

—

Risk participation agreement (2)

(8)

—

(8)

—


		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
September 30, 2021		TOTAL			(LEVEL 1)			(LEVEL 2)			(LEVEL 3)
Impaired loans		$	1		$	—		$	—		$	1
Other real estate owned and repossessed assets			8			—			—			8


		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
September 30, 2021		Fair Value			Techniques		Input		Range (Wgtd Avg)
Impaired loans		$	1		Appraisal of		Appraisal		0% to 100% (89%)
					collateral (1)		adjustments(2)

Other real estate owned and repossessed assets			8		Appraisal of		Appraisal		30% (30%)
					collateral (1)		adjustments(2)
							Liquidation		3% (3%)
							expenses


		Quantitative Information About Level 3 Fair Value Measurements
					Valuation		Unobservable
December 31, 2020		Fair Value			Techniques		Input		Range (Wgtd Avg)
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 September 30, 2021 and December 31, 2020, for the remaining financial instruments not required to be measured or reported at fair value were as follows:

September 30, 2021

Carrying

Value

Fair Value

(Level 1)

(Level 2)

(Level 3)

(IN THOUSANDS)

FINANCIAL ASSETS:

Investment securities – HTM

$

53,942

$

56,070

$

—

$

53,071

$

2,999

Loans, net of allowance for loan loss and unearned income

983,905

988,679

—

—

988,679

FINANCIAL LIABILITIES:

Deposits with stated maturities

303,025

305,424

—

—

305,424

All other borrowings ⁽¹⁾

70,253

71,207

—

—

71,207


		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.