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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31, 2021, 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	$	15,233	$	15,233	$	-	$	-
US Government Agency SBA		7,809		-		7,809		-
Mortgage Backed Securities		492,511		-		492,511		-
Corporate Securities		44,775		-		44,775		-
Other		645		335		310		-
Total Assets Measured at Fair Value On a Recurring Basis	$	560,973	$	15,568	$	545,405	$	-

			Fair Value Measurements At December 31, 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	$	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 March 31, 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	$	15,399	$	15,399	$	-	$	-
US Government Agency SBA		9,954		-		9,954		-
Mortgage Backed Securities		501,376		-		501,376		-
Other		5,517		5,207		310		-
Total Assets Measured at Fair Value On a Recurring Basis	$	532,246	$	20,606	$	511,640	$	-

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

The following tables present information about the Company’s impaired loans or 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 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 March 31, 2021, 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	$	82	$	-	$	-	$	82
Residential 1st Mortgage		1,572		-		-		1,572
Home Equity Lines and Loans		60		-		-		60
Commercial		212		-		-		212
Consumer		138		-		-		138
Total Impaired Loans		2,064		-		-		2,064
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	$	2,937	$	-	$	-	$	2,937

			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 March 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	$	1,470	$	-	$	-	$	1,470
Home Equity Lines and Loans		64		-		-		64
Consumer		135		-		-		135
Total Impaired Loans		1,669		-		-		1,669
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	$	2,542	$	-	$	-	$	2,542

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 instruments measured at fair value on a nonrecurring basis at the dates indicated.

March 31, 2021 (in thousands)	Fair Value		Valuation Technique	Unobservable Inputs	Range, Weighted Avg.
Impaired Loans:
Commercial Real Estate	$	82	Income Approach	Capitalization Rate		7%, 7	%
Residential 1st Mortgage	$	1,572	Sales Comparison Approach	Adjustment for Difference Between Comparable Sales		0.71% - 4.10%, 2.55	%
Home Equity Lines and Loans	$	60	Sales Comparison Approach	Adjustment for Difference Between Comparable Sales		1.1% - 1.3%, 1.23	%
Commercial	$	212	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, 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	%

March 31, 2020 (in thousands)	Fair Value		Valuation Technique	Unobservable Inputs	Range, Weighted Avg.
Impaired Loans:
Residential 1st Mortgage	$	1,470	Sales Comparison Approach	Adjustment for Difference Between Comparable Sales		1% - 4%, 2.84	%
Home Equity Lines and Loans	$	64	Sales Comparison Approach	Adjustment for Difference Between Comparable Sales		1% - 2%, 1.07	%
Consumer	$	135	Sales Comparison Approach	Adjustment for Difference Between Comparable Sales		4%, 4	%

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