Fair Value (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value under ASC 820 on a recurring basis are summarized below:

	Fair Value Measurements at December 31, 2019 Using:
	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
U.S. government sponsored enterprises	$	104,512	$	-	$	104,512	$	-
State and political subdivisions		162		-		162		-
Mortgage backed securities and collateralized mortgage obligations - residential		389,517		-		389,517		-
Corporate bonds		30,436		-		30,436		-
Small Business Administration - guaranteed participation securities		48,511		-		48,511		-
Other		685		-		685		-
	$	573,823	$	-	$	573,823	$	-

	Fair Value Measurements at December 31, 2018 Using:
	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
U.S. government sponsored enterprises	$	152,160	$	-	$	152,160	$	-
State and political subdivisions		173		-		173		-
Mortgage backed securities and collateralized mortgage obligations - residential		262,032		-		262,032		-
Corporate bonds		29,938		-		29,938		-
Small Business Administration - guaranteed participation securities		56,475		-		56,475		-
Other		685		-		685		-
Total securities available for sale	$	501,463	$	-	$	501,463	$	-

Assets Measured at Fair Value on Non-Recurring Basis

 Assets measured at fair value on a non-recurring basis are summarized below:

	Fair Value Measurements at December 31, 2019 Using:
(dollars in thousands)	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Valuation technique	Unobservable inputs	Range (Weighted Average)
Other real estate owned	$	1,579	$	-	$	-	$	1,579	Sales comparison approach	Adjustments for differences between comparable sales		1% - 21% (2	%)
Impaired loans:
Real estate mortgage - 1 to 4 family		120		-		-		120	Sales comparison approach	Adjustments for differences between comparable sales		1% - 17% (9	%)

	Fair Value Measurements at December 31, 2018 Using:
(dollars in thousands)	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Valuation technique	Unobservable inputs	Range (Weighted Average)
Other real estate owned	$	1,675	$	-	$	-	$	1,675	Sales comparison approach	Adjustments for differences between comparable sales		1% - 14% (7	%)
Impaired loans:
Real estate mortgage - 1 to 4 family		459		-		-		459	Sales comparison approach	Adjustments for differences between comparable sales		5% - 14% (10	%)

Carrying Amounts and Estimated Fair Values of Financial Instruments

In accordance with ASC 825, the carrying amounts and estimated fair values (exit price) of financial instruments at December 31, 2019 and 2018 are as follows:

(dollars in thousands)	Carrying		Fair Value Measurements at December 31, 2019 Using:
	Value		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	456,846		456,846		-		-		456,846
Securities available for sale		573,823		-		573,823		-		573,823
Held to maturity securities		18,618		-		19,680		-		19,680
Federal Reserve Bank and Federal Home Loan Bank stock		9,183		N/A		N/A		N/A		N/A
Net loans		4,017,879		-		-		4,078,210		4,078,210
Accrued interest receivable		10,915		216		2,221		8,478		10,915
Financial liabilities:
Demand deposits		463,858		463,858		-		-		463,858
Interest bearing deposits		3,986,158		2,587,981		1,397,271		-		3,985,252
Short-term borrowings		148,666		-		148,666		-		148,666
Accrued interest payable		1,459		174		1,285		-		1,459

(dollars in thousands)	Carrying		Fair Value Measurements at December 31, 2018 Using:
	Value		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	503,709		503,709		-		-		503,709
Securities available for sale		501,463		-		501,463		-		501,463
Held to maturity securities		22,501		-		22,924		-		22,924
Federal Reserve Bank and Federal Home Loan Bank stock		8,953		N/A		N/A		N/A		N/A
Net loans		3,829,330		-		-		3,753,966		3,753,966
Accrued interest receivable		11,341		353		2,371		8,617		11,341
Financial liabilities:
Demand deposits		405,069		405,069		-		-		405,069
Interest bearing deposits		3,869,178		2,594,672		1,264,772		-		3,859,444
Short-term borrowings		161,893		-		161,893		-		161,893
Accrued interest payable		1,024		104		920		-		1,024