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 | | $ | - |
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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.
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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.
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