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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present information about the Company’s assets measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value for the periods indicated.

			Fair Value Measurements At June 30, 2020, Using
	Fair Value		Quoted Prices in Active Markets for Identical Assets		Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Available-for-Sale Securities:
US Treasury Notes	$	65,384	$	65,384	$	-	$	-
US Government Agency SBA		9,288		-		9,288		-
Mortgage Backed Securities		469,225		-		469,225		-
Corporate Securities		10,203		-		10,203		-
Other		15,307		14,997		310		-
Total Assets Measured at Fair Value On a Recurring Basis	$	569,407	$	80,381	$	489,026	$	-

			Fair Value Measurements At December 31, 2019, Using
	Fair Value		Quoted Prices in Active Markets for Identical Assets		Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Available-for-Sale Securities:
US Treasury Notes	$	54,995	$	54,995	$	-	$	-
US Government Agency SBA		10,798		-		10,798		-
Mortgage Backed Securities		441,078		-		441,078		-
Other		515		205		310		-
Total Assets Measured at Fair Value On a Recurring Basis	$	507,386	$	55,200	$	452,186	$	-

			Fair Value Measurements At June 30, 2019, Using
	Fair Value		Quoted Prices in Active Markets for Identical Assets		Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Available-for-Sale Securities:
Government Agency & Government-Sponsored Entities	$	3,014	$	-	$	3,014	$	-
US Treasury Notes		174,908		174,908		-		-
US Government Agency SBA		13,198		-		13,198		-
Mortgage Backed Securities		292,161		-		292,161		-
Other		4,812		203		310		4,299
Total Assets Measured at Fair Value On a Recurring Basis	$	488,093	$	175,111	$	308,683	$	4,299

Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

The following tables present information about the Company’s other real estate and impaired loans or leases, classes of assets or liabilities that the Company carries at fair value on a non-recurring basis, and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value for the periods indicated. Not all impaired loans or leases are carried at fair value. Impaired loans or leases are only included in the following tables when their fair value is based upon a current appraisal of the collateral, and if that appraisal results in a partial charge-off or the establishment of a specific reserve.

			Fair Value Measurements At June 30, 2020, Using
(in thousands)	Fair Value Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Impaired Loans
Residential 1st Mortgage	$	1,613	$	-	$	-	$	1,613
Home Equity Lines and Loans		63		-		-		63
Agricultural		259		-		-		259
Consumer		135		-		-		135
Total Impaired Loans		2,070		-		-		2,070
Other Real Estate
Real Estate Construction		873		-		-		873
Total Other Real Estate		873		-		-		873
Total Assets Measured at Fair Value On a Non-Recurring Basis	$	2,943	$	-	$	-	$	2,943

			Fair Value Measurements At December 31, 2019, Using
(in thousands)	Fair Value Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Impaired Loans:
Commercial Real Estate	$	2,588	$	-	$	-	$	2,588
Residential 1st Mortgage		1,403		-		-		1,403
Home Equity Lines and Loans		142		-		-		142
Agricultural		88		-		-		88
Commercial		1,391		-		-		1,391
Consumer		139		-		-		139
Total Impaired Loans		5,751		-		-		5,751
Other Real Estate:
Real Estate Construction		873		-		-		873
Total Other Real Estate		873		-		-		873
Total Assets Measured at Fair Value On a Non-Recurring Basis	$	6,624	$	-	$	-	$	6,624

			Fair Value Measurements At June 30, 2019, Using
(in thousands)	Fair Value Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Impaired Loans
Commercial Real Estate	$	2,656	$	-	$	-	$	2,656
Residential 1st Mortgage		1,530		-		-		1,530
Home Equity Lines and Loans		67		-		-		67
Agricultural		98		-		-		98
Commercial		1,390		-		-		1,390
Consumer		-						-
Total Impaired Loans		5,741		-		-		5,741
Other Real Estate
Real Estate Construction		873		-		-		873
Total Other Real Estate		873		-		-		873
Total Assets Measured at Fair Value On a Non-Recurring Basis	$	6,614	$	-	$	-	$	6,614

Quantitative Information about Level 3 Fair Value Measurements for Financial Instruments Measured at Fair Value on a Nonrecurring Basis

The following tables present quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at the dates indicated.

June 30, 2020 (in thousands)	Fair Value		Valuation Technique	Unobservable Inputs	Range, Weighted Avg.
Impaired Loans
Residential 1st Mortgage	$	1,613	Sales Comparison Approach	Adjustment for Difference Between Comparable Sales		0.8% - 4.2%, 2.6	%
Home Equity Lines and Loans	$	63	Sales Comparison Approach	Adjustment for Difference Between Comparable Sales		0.22% - 1.42%, 1.3	%
Agricultural	$	259	Income Approach	Capitalization Rate		10%, 10	%
Consumer	$	135	Income Approach	Capitalization Rate		10%, 10	%

Other Real Estate
Real Estate Construction	$	873	Sales Comparison Approach	Adjustment for Difference Between Comparable Sales		10%, 10	%

December 31, 2019 (in thousands)	Fair Value		Valuation Technique	Unobservable Inputs	Range, Weighted Avg.
Impaired Loans:
Commercial Real Estate	$	2,588	Income Approach	Capitalization Rate		3.3%, 3.3	%
Residential 1st Mortgages	$	1,403	Sales Comparison Approach	Adjustment for Difference Between Comparable Sales		0.8% - 6.4%, 3	%
Home Equity Lines and Loans	$	142	Sales Comparison Approach	Adjustment for Difference Between Comparable Sales		1% - 2%, 1.3	%
Agricultural	$	88	Income Approach	Capitalization Rate		4.3%, 4.3	%
Commercial	$	1,391	Income Approach	Capitalization Rate		3.3%, 3.3	%
Consumer	$	139	Sales Comparison Approach	Adjustment for Difference Between Comparable Sales		40.6%, 40.6	%

Other Real Estate:
Real Estate Construction	$	873	Sales Comparison Approach	Adjustment for Difference Between Comparable Sales		10%, 10	%

June 30, 2019 (in thousands)	Fair Value		Valuation Technique	Unobservable Inputs	Range, Weighted Avg.
Impaired Loans
Commercial Real Estate	$	2,656	Income Approach	Capitalization Rate		3.25%, 3.25	%
Residential 1st Mortgage	$	1,530	Sales Comparison Approach	Adjustment for Difference Between Comparable Sales		1% -4%, 2.83	%
Home Equity Lines and Loans	$	67	Sales Comparison Approach	Adjustment for Difference Between Comparable Sales		1% - 2%, 1.40	%
Agricultural	$	98	Income Approach	Capitalization Rate		5.10%, 5.10	%
Commercial	$	1,390	Income Approach	Capitalization Rate		3.25%, 3.25	%

Other Real Estate
Real Estate Construction	$	873	Sales Comparison Approach	Adjustment for Difference Between Comparable Sales		10%, 10	%