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Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 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	$	95,342	$	95,342	$	-	$	-
US Government Agency SBA		8,429		-		8,429		-
Mortgage Backed Securities		439,274		-		439,274		-
Corporate Securities		25,063		-		25,063		-
Other		428		118		310		-
Total Assets Measured at Fair Value On a Recurring Basis	$	568,536	$	95,460	$	473,076	$	-

			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 September 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:
US Treasury Notes	$	129,989	$	129,989	$	-	$	-
US Government Agency SBA		11,744		-		11,744		-
Mortgage Backed Securities		347,557		-		347,557		-
Other		3,640		204		310		3,126
Total Assets Measured at Fair Value On a Recurring Basis	$	492,930	$	130,193	$	359,611	$	3,126

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 September 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	$	1,599	$	-	$	-	$	1,599
Home Equity Lines and Loans		62		-		-		62
Agricultural		400		-		-		400
Commercial		222		-		-		222
Consumer		138		-		-		138
Total Impaired Loans	$	2,421	$	-	$	-	$	2,421
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	$	3,294	$	-	$	-	$	3,294

			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 September 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	$	2,587	$	-	$	-	$	2,587
Residential 1st Mortgage		1,518		-		-		1,518
Home Equity Lines and Loans		66		-		-		66
Agricultural		97		-		-		97
Commercial		1,390		-		-		1,390
Total Impaired Loans	$	5,658	$	-	$	-	$	5,658
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	$	6,531	$	-	$	-	$	6,531

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

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

September 30, 2020 (in thousands)	Fair Value		Valuation Technique	Unobservable Inputs	Range, Weighted Avg.
Impaired Loans:
Residential 1st Mortgage	$	1,599	Sales Comparison Approach	Adjustment for Difference Between Comparable Sales		0.73% - 4.16%, 2.58	%
Home Equity Lines and Loans	$	62	Sales Comparison Approach	Adjustment for Difference Between Comparable Sales		1.1% - 1.4%, 1.28	%
Agricultural	$	400	Income Approach	Capitalization Rate		10%, 10	%
Commercial	$	222	Income Approach	Capitalization Rate		10%, 10	%
Consumer	$	138	Income Approach	Adjustment for Difference Between Comparable Sales		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	%

September 30, 2019 (in thousands)	Fair Value		Valuation Technique	Unobservable Inputs	Range, Weighted Avg.
Impaired Loans:
Commercial Real Estate	$	2,587	Income Approach	Capitalization Rate		3.25%, 3.25	%
Residential 1st Mortgage	$	1,518	Sales Comparison Approach	Adjustment for Difference Between Comparable Sales		1.00% - 4.50%, 2.81	%
Home Equity Lines and Loans	$	66	Sales Comparison Approach	Adjustment for Difference Between Comparable Sales		1.00% - 2.00%, 1.38	%
Agricultural	$	97	Income Approach	Capitalization Rate		3.25%, 3.25	%
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	%