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FAIR VALUES (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of summary of assets and liabilities measured at fair value


(Dollars are in thousands)		Quoted market price in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
(On a recurring basis) Available for sale investments
U.S. Treasuries	$	-	$	7,671	$
U.S. Government Agencies		-		9,089		-
Taxable municipals		-		22,980		-
Corporate bonds		-		2,019		-
Mortgage backed securities		-		65,599		-

(On a non-recurring basis) Other real estate owned		-		-		1,361
Impaired loans:
Real estate secured:
Commercial		-		-		414
Construction and land development		-		-		24
Residential 1-4 family		-		-		1,848
Multifamily		-		-		-
Farmland		-		-		517
Commercial		-		-		28
Agriculture		-		-		-
Consumer installment loans		-		-		2
All other loans		-		-		-
Total	$	-	$	107,358	$	4,194

Assets and liabilities measured at fair value are as follows as of December 31, 2020 (for purpose of this table the impaired loans are shown net of the related allowance):


(Dollars are in thousands)		Quoted market price in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
(On a recurring basis) Available for sale investments
U.S. Government Agencies	$	-	$	14,107	$	-
Taxable municipals		-		5,345		-
Corporate bonds		-		6,048		-
Mortgage backed securities		-		22,906		-

(On a non-recurring basis) Other real estate owned		-		-		3,334
Impaired loans:
Real estate secured:
Commercial		-		-		1,377
Construction and land development		-		-		99
Residential 1-4 family		-		-		1,927
Multifamily		-		-		-
Farmland		-		-		597
Commercial		-		-		25
Agriculture		-		-		-
Consumer installment loans		-		-		5
All other loans		-		-		-
Total	$	-	$	48,406	$	7,364

Schedule of significant unobservable inputs In level 3 assets


(Dollars in thousands)		Fair Value at December 31, 2021		Fair Value at December 31, 2020	Valuation Technique	Significant Unobservable Inputs	General Range of Significant Unobservable Input Values

Impaired Loans	$	2,667	$	4,030	Appraised Value/Discounted Cash Flows/Market Value of Note	Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell	0 – 18%

Other Real Estate Owned	$	1,361	$	3,334	Appraised Value/Comparable Sales/Other Estimates from Independent Sources	Discounts to reflect current market conditions and estimated costs to sell	0 – 18%

Schedule of estimated fair value of financial instruments


						Fair Value Measurements
(Dollars are in thousands)		Carrying Amount		Fair Value		Quoted market price in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)

December 31, 2021
Financial Instruments – Assets
Net Loans	$	587,009	$	580,024	$	-	$	577,357	$	2,667

Financial Instruments – Liabilities
Time Deposits		196,285		198,353		-		198,353		-
Borrowed Funds		16,496		15,649		-		15,649		-

December 31, 2020
Financial Instruments – Assets
Net Loans	$	568,375	$	564,664	$	-	$	560,634	$	4,030

Financial Instruments – Liabilities
Time Deposits		234,449		237,768		-		237,768		-
Borrowed Funds		21,496		16,788		-		16,788		-

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details