Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value of Assets and Liabilities [Abstract]

Fair Value, Assets Measured on Recurring Basis

	Fair Value Measurement Using
	Reporting Date
Description	Total		Level 1		Level 2		Level 3
	(In thousands)
September 30, 2020
Available for Sale:
States and political subdivisions	$	53,065	$	-	$	53,065	$	-
Corporate obligations		3,063		-		3,063		-
Mortgage-backed securities-government
sponsored entities		141,308		-		141,308		-
Total	$	197,436	$	-	$	197,436	$	-
Description	Total		Level 1		Level 2		Level 3
	(In thousands)
December 31, 2019
Available for Sale:
States and political subdivisions	$	71,305	$	-	$	71,305	$	-
Corporate obligations		4,100		-		4,100		-
Mortgage-backed securities-government
sponsored entities		134,800		-		134,800		-
Total	$	210,205	$	-	$	210,205	$	-

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis

			Fair Value Measurement Using Reporting Date
(In thousands)
Description	Total		Level 1		Level 2		Level 3
September 30, 2020
Impaired Loans	$	-	$	-	$	-	$	-
Foreclosed Real Estate Owned		965		-		-		965
December 31, 2019
Impaired Loans	$	1,584	$	-	$	-	$	1,584
Foreclosed Real Estate Owned		1,556		-		-		1,556

Additional Qualitative Information about Level 3 Assets

	Quantitative Information about Level 3 Fair Value Measurements
(dollars in thousands)	Fair Value Estimate		Valuation Techniques	Unobservable Input	Range (Weighted Average)
September 30, 2020
Impaired loans	$	-	Appraisal of collateral(1)	Appraisal adjustments(2)	-
Foreclosed real estate owned	$	965	Appraisal of collateral(1)	Liquidation Expenses(2)	7.00% (7.00%)

	Quantitative Information about Level 3 Fair Value Measurements
(dollars in thousands)	Fair Value Estimate		Valuation Techniques	Unobservable Input	Range (Weighted Average)
December 31, 2019
Impaired loans	$	1,531	Appraisal of collateral(1)	Appraisal adjustments(2)	10.00% (10.00%)
Impaired loans	$	53	Present value of future cash flows	Loan discount rate	4.00-6.97% (5.55%)
				Probability of default	0%
Foreclosed real estate owned	$	1,556	Appraisal of collateral(1)	Liquidation Expenses(2)	0-7.00% (4.34%)

(1)Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable, less any associated allowance.

(2)Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal.

Fair Value, by Balance Sheet Grouping

	Fair Value Measurements at September 30, 2020
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents (1)	$	124,440	$	124,440	$	124,440	$	-	$	-
Loans receivable, net		1,402,988		1,494,158		-		-		1,494,158
Mortgage servicing rights		324		406		-		-		406
Regulatory stock (1)		3,876		3,876		3,876		-		-
Bank owned life insurance (1)		39,400		39,400		39,400		-		-
Accrued interest receivable (1)		6,104		6,104		6,104		-		-
Financial liabilities:
Deposits		1,515,922		1,521,857		980,745		-		541,112
Short-term borrowings (1)		69,294		69,294		69,294		-		-
Other borrowings		46,438		47,567		-		-		47,567
Accrued interest payable (1)		2,194		2,194		2,194		-		-
Off-balance sheet financial instruments:
Commitments to extend credit and ‎outstanding letters of credit		-		-		-		-		-

	Fair Value Measurements at December 31, 2019
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents (1)	$	15,415	$	15,415	$	15,415	$	-	$	-
Loans receivable, net		916,072		943,143		-		-		943,143
Mortgage servicing rights		187		226		-		-		226
Regulatory stock (1)		4,844		4,844		4,844		-		-
Bank owned life insurance (1)		38,763		38,763		38,763		-		-
Accrued interest receivable (1)		3,719		3,719		3,719		-		-
Financial liabilities:
Deposits		957,529		961,120		596,811		-		364,309
Short-term borrowings (1)		62,256		62,256		62,256		-		-
Other borrowings		56,438		56,618		-		-		56,618
Accrued interest payable (1)		2,432		2,432		2,432		-		-
Off-balance sheet financial instruments:
Commitments to extend credit and ‎outstanding letters of credit		-		-		-		-		-

(1)This financial instrument is carried at cost, which approximates the fair value of the instrument.