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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present information about the Company’s assets and liabilities 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 December 31, 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)
Available-for-Sale Securities:
US Treasury Notes	$	15,288	$	15,288	$	-	$	-
US Government Agency SBA		8,160		-		8,160		-
Mortgage Backed Securities		737,873		-		737,873		-
Corporate Securities		45,919		-		45,919		-
Other		492		182		310		-
Total Assets Measured at Fair Value On a Recurring Basis	$	807,732	$	15,470	$	792,262	$	-

			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)
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	$	-

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

The following tables present information about the Company’s impaired loans & leases and other real estate, 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 & leases are carried at fair value. Impaired loans & leases are only included in the following tables when their fair value is based upon an 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 December 31, 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	$	1,584	$	-	$	-	$	1,584
Home Equity Lines and Loans		61		-		-		61
Agricultural		400		-		-		400
Commercial		213		-		-		213
Consumer		138		-		-		138
Total Impaired Loans		2,396		-		-		2,396
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	$	3,269	$	-	$	-	$	3,269

			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

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

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at December 31, 2020 and 2019:

December 31, 2020 (in thousands)	Fair Value		Valuation Technique	Unobservable Inputs	Range, Weighted Avg.
Impaired Loans:
Residential 1st Mortgage	$	1,584	Sales Comparison Approach	Adjustment for Difference Between Comparable Sales		0.72% - 4.13%, 2.57	%
Home Equity Lines and Loans	$	61	Sales Comparison Approach	Adjustment for Difference Between Comparable Sales		1.1% - 1.4%, 1.25	%
Agricultural	$	400	Income Approach	Capitalization Rate		10%, 10	%
Commercial	$	213	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	%
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	%
Commercial	$	1,391	Income Approach	Capitalization Rate		3.3	%
Consumer	$	139	Sales Comparison Approach	Adjustment for Difference Between Comparable Sales		40.6	%

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