Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Estimated Fair Value of Financial Instruments

The estimated carrying and fair values of the Company’s financial instruments are as follows (in thousands):

	September 30, 2020
	Carrying Amount		Fair Value
(In thousands)			Level 1		Level 2		Level 3		Total
Financial assets:
Cash and due from banks	$	33,447	$	33,447	$	—	$	—	$	33,447
Interest-earning deposits in other banks	53,563		53,563		—		—		53,563
Available-for-sale debt securities	631,854		—		631,854		—		631,854
Equity securities	7,655		7,655		—		—		7,655
Loans, net	1,095,232		—		—		1,086,793		1,086,793
Federal Home Loan Bank stock	5,595		N/A		N/A		N/A		N/A
Accrued interest receivable	8,308		11		2,919		5,378		8,308
Financial liabilities:
Deposits	1,681,214		1,668,057		88,264		—		1,756,321
Junior subordinated deferrable interest debentures	5,155		—		—		3,504		3,504
Accrued interest payable	98		—		73		25		98

	December 31, 2019
	Carrying Amount		Fair Value
(In thousands)			Level 1		Level 2		Level 3		Total
Financial assets:
Cash and due from banks	$	24,195	$	24,195	$	—	$	—	$	24,195
Interest-earning deposits in other banks	28,379		28,379		—		—		28,379
Available-for-sale debt securities	470,746		—		470,746		—		470,746
Equity securities	7,472		7,472		—		—		7,472
Loans, net	934,250		—		—		928,807		928,807
Federal Home Loan Bank stock	6,062		N/A		N/A		N/A		N/A
Accrued interest receivable	5,591		33		1,798		3,760		5,591
Financial liabilities:
Deposits	1,333,285		1,160,224		93,395		—		1,253,619
Junior subordinated deferrable interest debentures	5,155		—		—		3,976		3,976
Accrued interest payable	176		—		129		47		176

Fair Value of Assets on a Recurring Basis

The Company is required or permitted to record the following assets at fair value on a recurring basis as of September 30, 2020 (in thousands). 

Description	Fair Value		Level 1		Level 2		Level 3
Available-for-sale debt securities:
U.S. Government agencies	$	40,628	$	—	$	40,628	$	—
Obligations of states and political subdivisions	294,873		—		294,873		—
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations	217,282		—		217,282		—
Private label mortgage and asset backed securities	55,222		—		55,222		—
Corporate debt securities	23,849		—		23,849		—
Equity securities	7,655		7,655		—		—
Total assets measured at fair value on a recurring basis	$	639,509	$	7,655	$	631,854	$	—

The Company is required or permitted to record the following assets at fair value on a recurring basis as of December 31, 2019 (in thousands).

Description	Fair Value		Level 1		Level 2		Level 3
Available-for-sale debt securities:
U.S. Government agencies	$	14,494	$	—	$	14,494	$	—
Obligations of states and political subdivisions	91,111		—		91,111		—
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations	196,719		—		196,719		—
Private label mortgage and asset backed securities	159,378		—		159,378		—
Corporate debt securities	9,044		—		9,044		—
Equity securities	7,472		7,472		—		—
Total assets measured at fair value on a recurring basis	$	478,218	$	7,472	$	470,746	$	—

Fair Value of Assets on a Non-recurring Basis

The Company may be required, from time to time, to measure certain assets and liabilities at fair value on a non-recurring basis.  As of December 31, 2019 there were no loans or assets that were measured at the lower of cost or fair value.