FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2020

FAIR VALUE MEASUREMENTS

Schedule of assets measured at fair value on a recurring basis

Fair Value Measurements at March 31, 2020 (in thousands):

			Quoted Prices
			In Active
			Markets for		Significant Other		Significant
			Identical		Observable		Unobservable
	Carrying		Assets		Inputs		Inputs
Description	Value		(Level 1)		(Level 2)		(Level 3)
Financial Assets
U.S. treasury notes	$	9,336	$	—	$	9,336	$	—
U. S. government agencies		17,920		—		17,920		—
States and political subdivisions		28,876		—		28,876		—
Mortgage-backed - residential		109,990		—		109,990		—
Mortgage-backed-commercial		48,243		—		48,243		—
Asset-backed		32,822		—		32,822		—
Derivatives and financial instrument assets		237		—		237		—
Other Assets		296		296		—		—
Total	$	247,720	$	296	$	247,424	$	—
Financial Liabilities
Derivatives and financial instrument liabilities	$	3,525	$	—	$	3,525	$	—

Fair Value Measurements at December 31, 2019 (in thousands):

			Quoted Prices
			In Active
			Markets for		Significant Other		Significant
			Identical		Observable		Unobservable
	Carrying		Assets		Inputs		Inputs
Description	Value		(Level 1)		(Level 2)		(Level 3)
U.S. treasury notes	$	9,168	$	—	$	9,168	$	—
U. S. government agencies		23,735		—		23,735		—
States and political subdivisions		32,589		—		32,589		—
Mortgage-backed - residential		113,991		—		113,991		—
Mortgage-backed - commercial		50,351		—		50,351		—
Asset-backed		35,496		—		35,496		—
Derivatives and financial instrument assets		94				94
Other Assets		292		292		—		—
Total	$	265,716	$	292	$	265,424	$	—
Financial Liabilities
Derivatives and financial instrument liabilities	$	212	$	—	$	212	$	—

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

	Fair Value Measurements at March 31, 2020 Using :
				Quoted Prices
				In Active
				Markets for		Significant Other		Significant
				Identical		Observable		Unobservable
	Carrying			Assets		Inputs		Inputs
(In thousands)	Value			(Level 1)		(Level 2)		(Level 3)
Description
Impaired loans:
Real estate mortgage:
Multi-family residential	$	1,217	$	—	$	—	$		1,217
Other real estate owned, net:
Real estate mortgage:
1-4 family residential		132		—		—			132
Commercial		246		—		—			246
Agricultural		233		—		—			233
Mortgage servicing rights		1,023		—		—			1,023

	Fair Value Measurements at December 31, 2019 Using :
				Quoted Prices
				In Active
				Markets for		Significant Other	Significant
				Identical		Observable	Unobservable
	Carrying			Assets		Inputs	Inputs
(In thousands)	Value			(Level 1)		(Level 2)	(Level 3)
Description
Impaired loans:
Real Estate Mortgage:
1-4 family residential	$	200	$	—	$	—	$	200
Multi-family residential		1,242		—		—		1,242
Other real estate owned, net:
Real Estate Mortgage:
1-4 family residential		40		—		—		40
Commercial		246		—		—		246
Agriculturual		233		—		—		233
Mortgage servicing rights		1,107		—		—		1,107

Schedule of quantitative information about level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis

					Range
March 31, 2020		Fair	Valuation	Unobservable	(Weighted
(In thousands)		Value	Technique(s)	Input(s)	Average)
Impaired loans
Real estate mortgage:
Multi-family residential	$	1,217	income approach	capitalization rate	7% - 7%	(7)%
Other real estate owned:
Real estate mortgage:
1-4 family residential		132	sales comparison	adjustment for differences between the comparable sales	(23)% - (28)%	(30)%
Commercial		246	income approach	capitalization rate	(6)% - 8%	(62)%
Agricultural		233	sales comparison	adjustment for differences between the comparable sales	(0)% - 26%	(14)%
Mortgage servicing rights		1,023	discounted cash flow	constant prepayment rates	(8)% - (23)%	(13)%

					Range
December 31, 2018		Fair	Valuation	Unobservable	(Weighted
(In thousands)		Value	Technique(s)	Input(s)	Average)
Impaired loans
Real estate mortgage:
1-4 family residential	$	200	sales comparison	adjustment for differences between the comparable sales	(1)% - 21%	(1)%
Multi-family residential		1,242	income approach	capitalization rate	7% - 7%	(7)%
Other real estate owned:
1-4 family residential		40	sales comparison	adjustment for differences between the comparable sales	(4%) - 11%	(29%)
Commercial		246	sales comparison	capitalization rate	(6%) - 8%	(62)%
Agriculturual		233	sales comparison	adjustment for differences between the comparable sales	0% - 26%	(14)%
Mortgage servicing rights		1,107	discounted cash flow	constant prepayment rates	9% - 20%	(12)%

Schedule of carrying amounts and estimated fair values of financial instruments

March 31, 2020

	Carrying
(in thousands)	Value		Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	37,766	$	37,766	$	—	$	—	$	37,766
Interest bearing time deposits		2,375		2,375		—		—		2,375
Securities available for sale		247,187		—		247,187		—		247,187
Loans held for sale		4,990		—		5,065		—		5,065
Net Loans		768,411		—		—		742,213		742,213
Federal Home Loan Bank stock		7,034		—		—		—		N/A
Interest receivable		4,010		—		894		3,116		4,010
Derivative and financial instruments		237		—		237		—		237
Other assets		296		296		—		—		296
Financial liabilities
Total deposits	$	853,217	$	637,199	$	217,638	$	—	$	854,837
Repurchase agreements		5,410		—		5,410		—		5,410
Short-term Federal Home Loan Bank advances		54,000		—		54,000		—		54,000
Long-term Federal Home Loan Bank advances		84,925		—		87,678		—		87,678
Subordinated debentures		7,217		—		—		6,785		6,785
Interest payable		1,217		—		1,205		12		1,217
Derivative and financial instruments		3,525		—		3,525		—		3,525

December 31, 2019

	Carrying
(in thousands)	Value		Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	22,182	$	22,182	$	—	$	—	$	22,182
Interest bearing time deposits		2,375		2,375		—		—		2,375
Securities available for sale		265,330		—		265,330		—		265,330
Loans held for sale		2,144		—		2,171		—		2,171
Net Loans		735,853		—		—		735,060		735,060
Federal Home Loan Bank stock		7,034		—		—		—		N/A
Interest receivable		4,166		—		1,035		3,131		4,166
Derivatives and financial instruments		94		—		94		—		94
Other assets		292		292		—		—		292
Financial liabilities
Total deposits	$	842,653	$	630,948	$	210,892	$	—	$	841,840
Repurchase agreements		5,994		—		5,993		—		5,993
Short-term Federal Home Loan Bank advances		25,000		—		25,000		—		25,000
Long-term Federal Home Loan Bank advances		91,418		—		91,397		—		91,397
Subordinated debentures		7,217		—		—		7,213		7,213
Interest payable		1,170		—		1,156		14		1,170
Derivatives and financial instruments		212		—		212		—		212