Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Assets Measured at Fair Value on Recurring Basis

The following tables present the balances of certain assets measured at fair value on a recurring basis as of the dates indicated:

			Fair Value Measurements at March 31, 2021 Using
(dollars in thousands)	Balance		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Available-for-sale securities
U.S. Treasury securities	$	7,016	$	-	$	7,016	$	-
Obligations of U.S. Government agencies		35,432		-		35,432		-
Obligations of state and political subdivisions		53,159		-		53,159		-
Mortgage-backed securities		75,939		-		75,939		-
Money market investments		4,558		-		4,558		-
Corporate bonds and other securities		18,414		-		18,414		-
Total available-for-sale securities	$	194,518	$	-	$	194,518	$	-

			Fair Value Measurements at December 31, 2020 Using
(dollars in thousands)	Balance		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Available-for-sale securities
U.S. Treasury securities	$	7,043	$	-	$	7,043	$	-
Obligations of U.S. Government agencies		36,696		-		36,696		-
Obligations of state and political subdivisions		45,995		-		45,995		-
Mortgage-backed securities		73,501		-		73,501		-
Money market investments		4,743		-		4,743		-
Corporate bonds and other securities		18,431		-		18,431		-
Total available-for-sale securities	$	186,409	$	-	$	186,409	$	-

Assets Measured at Fair Value on Nonrecurring Basis

The following table presents the assets carried in the consolidated balance sheets for which a nonrecurring change in fair value has been recorded. Assets are shown by class of loan and by level in the fair value hierarchy, as of the dates indicated. Certain impaired loans are valued by the present value of the loan’s expected future cash flows, discounted at the loan’s effective interest rate rather than at a market rate. These loans are not carried in the consolidated balance sheets at fair value and, as such, are not included in the tables below.

			Carrying Value at March 31, 2021
(dollars in thousands)	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Loans
Loans held for sale	$	9,291	$	-	$	9,291	$	-

			Carrying Value at December 31, 2020
(dollars in thousands)	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Loans
Loans held for sale	$	14,413	$	-	$	14,413	$	-

Estimated Fair Values and Related Carrying or Notional Amounts of Financial Instruments

The estimated fair values, and related carrying or notional amounts, of the Company's financial instruments as of the dates indicated are as follows:

			Fair Value Measurements at March 31, 2021 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)
Assets
Cash and cash equivalents	$	177,404	$	177,404	$	-	$	-
Securities available-for-sale		194,518		-		194,518		-
Restricted securities		1,033		-		1,033		-
Loans held for sale		9,291		-		9,291		-
Loans, net of allowances for loan losses		798,000		-		-		801,357
Bank owned life insurance		28,612		-		28,612		-
Accrued interest receivable		3,302		-		3,302		-

Liabilities
Deposits	$	1,111,558	$	-	$	1,114,120	$	-
Overnight repurchase agreements		6,204		-		6,204		-
Federal Reserve Bank borrowings		10,995		-		10,995		-
Accrued interest payable		311		-		311		-

			Fair Value Measurements at December 31, 2020 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)
Assets
Cash and cash equivalents	$	120,437	$	120,437	$	-	$	-
Securities available-for-sale		186,409		-		186,409		-
Restricted securities		1,367		-		1,367		-
Loans held for sale		14,413		-		14,413		-
Loans, net of allowances for loan losses		826,759		-		-		826,083
Bank owned life insurance		28,386		-		28,386		-
Accrued interest receivable		3,613		-		3,613		-

Liabilities
Deposits	$	1,067,236	$	-	$	1,070,236	$	-
Overnight repurchase agreements		6,619		-		6,619		-
Federal Reserve Bank borrowings		28,550		-		28,550		-
Other borrowings		1,350		-		1,350		-
Accrued interest payable		384		-		384		-