XML 53 R42.htm IDEA: XBRL DOCUMENT v3.22.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2021
Fair Value Measurements [Abstract]  
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 December 31, 2021 Using
  
         
Quoted Prices in Active Markets for Identical Assets
(Level 1)
    
Significant Other Observable Inputs
(Level 2)
    
Significant Unobservable Inputs
(Level 3)
  
       
(dollars in thousands)
  
Balance
  
Assets:
                        
Available-for-sale securities
                        
U.S. Treasury securities
  
$
14,904
    
$
-
    
$
14,904
    
$
-
  
Obligations of  U.S. Government agencies
    
38,558
      
-
      
38,558
      
-
  
Obligations of state and political subdivisions
    
65,803
      
-
      
65,803
      
-
  
Mortgage-backed securities
    
89,058
      
-
      
89,058
      
-
  
Money market investments
    
2,413
      
-
      
2,413
      
-
  
Corporate bonds and other securities
    
23,585
      
-
      
23,585
      
-
  
Total available-for-sale securities
  

234,321
    

-
    

234,321
    

-
  
Derivatives
                                
Interest rate lock
     43       -       43       -  
Interest rate swap on loans
     181       -       181       -  
Total assets
   $
234,545     $
 -     $
234,545     $
-  
                                 
Liabilities:                                
Derivatives                                
Interest rate swap on loans
     181       -       181       -  
Total liabilities
   $
181     $
 -     $
 181     $ -  

         
Fair Value Measurements at December 31, 2020 Using
  
         
Quoted Prices in Active Markets for Identical Assets
(Level 1)
    
Significant Other Observable Inputs
(Level 2)
    
Significant Unobservable Inputs
(Level 3)
  
       
(dollars in thousands)
  
Balance
  
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 on 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. These loans are not carried on the consolidated balance sheets at fair value and, as such, are not included in the table below.

         
Carrying Value at December 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)
  
Impaired loans
                        
Commercial loans
   $
87     $ -     $
-     $ 87  
Total   $
87     $
-     $
-     $
87  
                                 
Loans
                                
Loans held for sale
  
$
3,287
    
$
-
    
$
3,287
    
$
-
  

         
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
    
$
 -
  
Fair Value Inputs, Assets, Quantitative Information
The Company did not have any Level 3 Fair Value Measurements at December 31, 2020.  The following table displays quantitative information about Level 3 Fair Value Measurements as of December 31, 2021:

       
Quantitative Information About Level 3 Fair Value Measurements
  
(dollars in thousands)
  
Fair Value at December 31, 2021
  
Valuation Techniques
Unobservable Input
  
Range (Weighted Average)
  
Impaired loans
                
Commercial loans
   $ 87  
 Market comparables
 Selling costs
     0.00% - 8.00% (7.00 %)
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 December 31, 2021 Using
  
     
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
  
$
187,922
    
$
187,922
    
$
-
    
$
-
  
Securities available-for-sale
    
234,321
      
-
      
234,321
      
-
  
Restricted securities
    
1,034
      
-
      
1,034
      
-
  
Loans held for sale
    
3,287
      
-
      
3,287
      
-
  
Loans, net of allowances for loan losses
    
833,661
      
-
      
-
      
834,693
  
Derivatives
                                
Interest rate lock
     43       -       43       -  
Interest rate swap on loans
     181       -       181       -  
Bank owned life insurance
    
28,168
      
-
      
28,168
      
-
  
Accrued interest receivable
    
3,339
      
-
      
3,339
      
-
  
                                 
Liabilities
                                
Deposits
  
$
1,177,099
    
$
-
    
$
1,179,631
    
$
-
  
Overnight repurchase agreements
    
4,536
      
-
      
4,536
      
-
  
Federal Reserve Bank borrowings
    
480
      
-
      
480
      
-
  
Long term borrowings
    
29,407
      
-
      
29,657
      
-
  
Derivatives
                                
Interest rate swap on loans
     181       -       181       -  
Accrued interest payable
    
693
      
-
      
693
      
-
  

         
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
      
-
      
-
      
825,963
  
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
      
-