Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value

Assets and liabilities measured at fair value are summarized below.

Fair Value Measurements at December 31, 2019 Using:

	(Level 1)		(Level 2)		(Level 3)
Assets measured at fair value on a recurring basis:
Securities available for sale
U.S. Treasury securities and obligations of    U.S. Government agencies	$	—	$	19,601	$	—
Obligations of states and political subdivisions		—		206,034		—
Mortgage-backed securities in government    sponsored entities		—		132,864		—
Total securities available for sale		—		358,499		—
Equity securities		—		1,191		—
Swap asset		—		8,918		—
Liabilities measured at fair value on a recurring    basis:
Swap liability		—		8,918		—
Assets measured at fair value on a nonrecurring    basis:
Impaired Loans	$	—	$	—	$	1

NOTE 17 - FAIR VALUE MEASUREMENT (Continued)

Fair Value Measurements at December 31, 2018 Using:

	(Level 1)		(Level 2)		(Level 3)
Assets measured at fair value on a recurring basis:
Securities available for sale
U.S. Treasury securities and obligations of    U.S. Government agencies	$	—	$	30,685	$	—
Obligations of states and political subdivisions		—		172,071		—
Mortgage-backed securities in government    sponsored entities		—		143,538		—
Total securities available for sale		—		346,294		—
Equity securities		—		1,070		—
Swap asset		—		2,837		—
Liabilities measured at fair value on a recurring    basis:
Swap liability		—		2,837		—
Assets measured at fair value on a nonrecurring    basis:
Impaired Loans	$	—	$	—	$	1,803

Quantitative Information about Level 3 Fair Value Measurements

The following tables presents quantitative information about the Level 3 significant unobservable inputs for assets and liabilities measured at fair value on a nonrecurring basis at December 31, 2019 and 2018.

	Quantitative Information about Level 3 Fair Value Measurements
December 31, 2019	Fair Value		Valuation Technique	Unobservable Input	Range	Weighted Average
Impaired loans	$	1	Appraisal of collateral	Appraisal adjustments	30%	30%
				Holding period	22 months	22 months

	Quantitative Information about Level 3 Fair Value Measurements
December 31, 2018	Fair Value		Valuation Technique	Unobservable Input	Range	Weighted Average
Impaired loans	$	1,803	Appraisal of collateral	Appraisal adjustments	0% - 30%	26%
				Liquidation expense	0% - 10%	8%
				Holding period	0 - 30 months	21 months

Carrying Amount and Fair Value of Financial Instruments Carried at Amortized Cost

NOTE 17 - FAIR VALUE MEASUREMENT (Continued)

The carrying amount and fair value of financial instruments carried at amortized cost were as follows:

December 31, 2019	Carrying Amount		Total Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and due from financial institutions	$	48,535	$	48,535	$	48,535	$	—	$	—
Other securities		20,280		20,280		20,280		—		—
Loans, held for sale		2,285		2,331		2,331		—		—
Loans, net of allowance for loan losses		1,694,203		1,713,863		—		—		1,713,863
Bank owned life insurance		44,999		44,999		44,999		—		—
Accrued interest receivable		7,093		7,093		7,093		—		—
Financial Liabilities:
Nonmaturing deposits		1,402,924		1,402,924		1,402,924		—		—
Time deposits		275,840		276,616		—		—		276,616
Short-term FHLB advances		101,500		101,500		101,500		—		—
Long-term FHLB advances		125,000		123,893		—		—		123,893
Securities sold under agreement to repurchase		18,674		18,674		18,674		—		—
Subordinated debentures		29,427		34,452		—		—		34,452
Accrued interest payable		277		277		277		—		—

December 31, 2018	Carrying Amount		Total Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and due from financial institutions	$	42,779	$	42,779	$	42,779	$	—	$	—
Other securities		21,021		21,021		21,021		—		—
Loans, held for sale		1,391		1,391		1,391		—		—
Loans, net of allowance for loan losses		1,548,262		1,517,278		—		—		1,517,278
Bank owned life insurance		43,037		43,037		43,037		—		—
Accrued interest receivable		6,723		6,723		6,723		—		—
Financial Liabilities:
Nonmaturing deposits		1,312,207		1,312,207		1,312,207		—		—
Time deposits		267,686		267,943		—		—		267,943
Short-term FHLB advances		188,600		188,600		188,600		—		—
Long-term FHLB advances		5,000		4,983		—		—		4,983
Securities sold under agreement to repurchase		22,199		22,199		22,199		—		—
Subordinated debentures		29,427		34,620		—		—		34,620
Accrued interest payable		230		230		230		—		—