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Fair Values of Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2021
Fair Values of Financial Instruments [Abstract]  
Fair Value, Assets Measured on Recurring Basis Fair Value Measurement Reporting Date usingDescription Total Level 1 Level 2 Level 3December 31, 2021 ASSETS U.S. Treasury securities $ 19,351 $ — $ 19,351 $ —U.S. Government agencies 16,011 — 16,011 —States and political subdivisions 145,867 — 145,867 —Mortgage-backed securities-government sponsored entities 225,553 — 225,553 —Interest rate derivatives 235 — 235 — LIABILITIES Interest rate derivatives 235 — 235 — December 31, 2020 ASSETS U.S. Government agencies $ 3,969 $ — $ 3,969 $ —States and political subdivisions 73,091 — 73,091 —Corporate obligations 3,032 — 3,032 —Mortgage-backed securities-government sponsored entities 146,494 — 146,494 —Interest rate derivatives 276 — 276 — LIABILITIES Interest rate derivatives 276 — 276 —
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis Fair Value Measurement Reporting Date using Description Total Level 1 Level 2 Level 3December 31, 2021 Impaired Loans $ 1,402 $ — $ — $ 1,402Foreclosed real estate 1,742 — — 1,742 December 31, 2020 Impaired Loans $ 2,662 $ — $ — $ 2,662Foreclosed real estate 965 — — 965
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)December 31, 2021 Impaired loans$ 1,402 Appraisal of collateral(1) Appraisal adjustments(2) 0%-10.0% (1.12%) Foreclosed real estate owned$ 1,742 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, 2020 Impaired loans$ 2,662 Appraisal of collateral(1) Appraisal adjustments(2) 0%-10.59% (9.75%) Foreclosed real estate owned$ 965 Appraisal of collateral(1) Liquidation Expenses(2) 7.00%‎(7.00%) (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 December 31, 2021 Carrying Fair Amount Value Level 1 Level 2 Level 3Financial assets: Cash and cash equivalents (1)$ 206,681 $ 206,681 $ 206,681 $ — $ —Loans receivable, net 1,338,489 1,389,870 — — 1,389,870Mortgage servicing rights 289 500 — — 500Regulatory stock (1) 3,927 3,927 3,927 — —Bank owned life insurance (1) 40,038 40,038 40,038 — —Accrued interest receivable (1) 5,889 5,889 5,889 — — Financial liabilities: Deposits 1,756,793 1,759,722 1,228,091 — 531,631Short-term borrowings (1) 60,822 60,822 60,822 — —Other borrowings 29,998 30,221 — — 30,221Accrued interest payable (1) 1,203 1,203 1,203 — — Off-balance sheet financial instruments: Commitments to extend credit and‎outstanding letters of credit — — — — — Fair Value Measurements at December 31, 2020 Carrying Fair Amount Value Level 1 Level 2 Level 3Financial assets: Cash and cash equivalents (1)$ 111,693 $ 111,693 $ 111,693 $ — $ —Loans receivable, net 1,397,582 1,493,480 — — 1,493,480Mortgage servicing rights 337 476 — — 476Regulatory stock (1) 3,981 3,981 3,981 — —Bank owned life insurance (1) 39,608 39,608 39,608 — —Accrued interest receivable (1) 6,232 6,232 6,232 — — Financial liabilities: Deposits 1,535,385 1,540,661 1,001,554 — 539,107Short-term borrowings (1) 63,303 63,303 63,303 — —Other borrowings 42,459 43,452 — — 43,452Accrued interest payable (1) 1,601 1,601 1,601 — — Off-balance sheet financial instruments: Commitments to extend credit and‎outstanding letters of credit — — — — — (1) This financial instrument is carried at cost, which approximates the fair value of the instrument.