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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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 September 30, 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:
U.S. Treasury Notes	$	10,150	$	10,150	$	-	$	-
U.S. Government Agency SBA		6,919		-		6,919		-
Mortgage-Backed Securities		269,569		-		269,569		-
Other		46,513		46,203		310		-
Total Assets Measured at Fair Value On a Recurring Basis	$	333,151	$	56,353	$	276,798	$	-

			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:
U.S. Treasury Notes	$	15,288	$	15,288	$	-	$	-
U.S. 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 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:
U.S. Treasury Notes	$	95,342	$	95,342	$	-	$	-
U.S. 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	$	-

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, 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:
Residential 1st Mortgage	$	1,423	$	-	$	-	$	1,423
Home Equity Lines & Loans		57		-		-		57
Commercial		204		-		-		204
Consumer		138		-		-		138
Total Impaired Loans		1,822		-		-		1,822
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	$	2,695	$	-	$	-	$	2,695

			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 & 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 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 & 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

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.

September 30, 2021
(in thousands)	Fair Value		Valuation Technique	Unobservable Inputs	Range, Weighted Avg.
Impaired Loans:
Residential 1st Mortgage	$	1,423	Sales Comparison Approach	Adjustment for Difference Between Comparable Sales		0.68% - 4.02%, 2.54	%
Home Equity Lines & Loans	$	57	Sales Comparison Approach	Adjustment for Difference Between Comparable Sales		1.1% - 1.3%, 1.20	%
Commercial	$	204	Income Approach	Capitalization Rate		10%, 10	%
Consumer	$	138	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, 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 & 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	%

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 & 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	%