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Fair Value Disclosure (Tables)
9 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
Fair Value
Hierarchy
September 30,
2020
December 31,
2019
(Dollars in thousands)
Available for Sales Securities:
Debt Securities:
U.S. Government Agencies
Level 2
$41,832 $48,056 
Obligations of States and Political Subdivisions
Level 2
22,051 25,843 
Mortgage-Backed Securities - Government-Sponsored Enterprises
Level 2
92,784 120,776 
Total Debt Securities
156,667 194,675 
Marketable Equity Securities:
Mutual Funds
Level 1
1,022 997 
Other
Level 1
1,267 1,713 
Total Marketable Equity Securities
2,289 2,710 
Total Available-for-Sale Securities
$158,956 $197,385 
Fair Value Measurement Inputs and Valuation Techniques The following table presents the financial assets on the Consolidated Statement of Financial Condition measured at fair value on a nonrecurring basis as of the dates indicated by level within the fair value hierarchy for only those nonrecurring assets that had a fair value below the carrying amount. The table also presents the significant unobservable inputs used in the fair value measurements.
Fair Value at
Financial AssetFair Value
Hierarchy
September 30,
2020
December 31,
2019
Valuation
Techniques
Significant
Unobservable Inputs
Range
(Dollars in thousands)
Impaired LoansLevel 3$8,171 $3,140 Market Comparable PropertiesMarketability Discount10 %to30 %(1)
Premises and Equipment, NetLevel 3240 — Market Comparable PropertiesPrice Per Square Footage$26.88to$34.79
Mortgage Servicing RightsLevel 3694 930 Discounted Cash FlowDiscount Rate%to11 %
Prepayment Rate15.7 %to21.4 %
OREOLevel 334 58 Market Comparable PropertiesMarketability Discount10 %to30 %(1)
(1)Range includes discounts taken since appraisal and estimated values.
Fair Value, by Balance Sheet Grouping
The following table presents the estimated fair values of the Company’s financial instruments at the dates indicated.
September 30, 2020December 31, 2019
Fair Value
Hierarchy
Carrying
Value
Fair
Value
Carrying
Value
Fair
Value
(Dollars in thousands)
Financial Assets:
Cash and Due From Banks:
Interest Bearing
Level 1
$102,400 $102,400 $68,798 $68,798 
Non-Interest Bearing
Level 1
9,769 9,769 11,419 11,419 
Investment Securities:
Available for Sale
See Above
158,956 158,956 197,385 197,385 
Loans, Net
Level 3
1,037,105 1,076,438 942,629 961,110 
Restricted Stock
Level 2
3,961 3,961 3,656 3,656 
Bank-Owned Life Insurance
Level 2
24,639 24,639 24,222 24,222 
Mortgage Servicing RightsLevel 3694 694 930 930 
Accrued Interest Receivable
Level 2
4,241 4,241 3,297 3,297 
Financial Liabilities:
Deposits
Level 2
1,199,036 1,207,246 1,118,359 1,128,078 
Short-term Borrowings
Level 2
42,061 42,061 30,571 30,571 
Other Borrowed Funds
Level 2
11,000 11,138 14,000 15,380 
Accrued Interest Payable
Level 2
735 735 987 987