Fair Value (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Assets Measured at Fair Value on Recurring Basis

Assets measured at fair value on a recurring basis are summarized below:

	Fair Value Measurements at December 31, 2020 Using:
	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial Assets
Investment securities available-for sale
U.S. Treasury and U.S. government sponsored entities	$	11,845	$	0	$	11,845	$	0
State and political subdivisions		366,306		0		366,306		0
Corporate bonds		3,712		0		3,712		0
Mortgage-backed securities-residential		161,782		0		161,778		4
Collateralized mortgage obligations		26,393		0		26,393		0
Small Business Administration		5,562		0		5,562		0
Equity securities
Equity securities at fair value		538		538		0		0
Other equity investments measured at net asset value		6,343	n/a		n/a		n/a
Total investment securities	$	582,481	$	538	$	575,596	$	4
Loan yield maintenance provisions	$	4,221	$	0	$	4,221	$	0
Financial Liabilities
Interest rate swaps	$	4,221	$	0	$	4,221	$	0

	Fair Value Measurements at December 31, 2019 Using:
	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial Assets
Investment securities available-for sale
U.S. Treasury and U.S. government sponsored entities	$	3,811	$	0	$	3,811	$	0
State and political subdivisions		261,425		0		261,425		0
Corporate bonds		1,260		0		1,260		0
Mortgage-backed securities-residential		147,910		0		147,905		5
Collateralized mortgage obligations		11,347		0		11,347		0
Small Business Administration		6,480		0		6,480		0
Equity securities
Equity securities at fair value		594		594		0		0
Other equity investments measured at net asset value		7,315	n/a		n/a		n/a
Total investment securities	$	440,142	$	594	$	432,228	$	5
Loan yield maintenance provisions	$	1,898	$	0	$	1,898	$	0
Financial Liabilities
Interest rate swaps	$	1,898	$	0	$	1,898	$	0

Reconciliation of All Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs

The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31:  

	Investment Securities Available-for-sale (Level 3)
	2020			2019			2018
Beginning Balance	$	5		$	6		$	8
Repayments, calls and maturities		(1	)		(1	)		(2	)
Acquired and/or purchased		0			0			0
Ending Balance	$	4		$	5		$	6

Assets Measured at Fair Value on Non-Recurring Basis

Assets measured at fair value on a non-recurring basis are summarized below:

	Fair Value Measurements
	at December 31, 2020 Using:
	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial Assets
Impaired loans
Commercial
Commercial	$	1,770	$	0	$	0	$	1,770
1–4 family residential		82		0		0		82
Consumer		36		0		0		36

	Fair Value Measurements
	at December 31, 2019 Using:
	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial Assets
Impaired loans
Commercial real estate
1–4 family residential	$	183	$	0	$	0	$	183
Consumer		12		0		0		12

Fair Value Measurements for Financial Instruments

The following table presents quantitative information about level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at year ended 2020 and 2019:

December 31, 2020	Fair value		Valuation Technique(s)	Unobservable Input(s)	Range Weighted Average
Impaired loans
Commercial	$	1,770	Sales comparison	Adjustment for differences between comparable sales	(24.01%) - 17.93% (0.48%)
Residential		82	Sales comparison	Adjustment for differences between comparable sales	(40.00%) - 47.15% (17.77%)
Consumer		36	Sales comparison	Adjustment for differences between comparable sales	(23.60%) - 23.60% (0.00%)

December 31, 2019	Fair value		Valuation Technique(s)	Unobservable Input(s)	Range Weighted Average
Impaired loans
Residential	$	183	Sales comparison	Adjustment for differences between comparable sales	(24.26%) - 23.74% 14.53%
Consumer		12	Sales comparison	Adjustment for differences between comparable sales	(12.95%) - 12.95% (0.00%)

Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of financial instruments measured on a recurring basis and not previously presented, at December 31, 2020 and December 31, 2019 are as follows:

			Fair Value Measurements at December 31, 2020 Using:
	Carrying Amount		Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	254,621	$	20,503	$	234,118	$	0	$	254,621
Restricted stock		14,647	n/a		n/a		n/a		n/a
Loans held for sale		4,766		0		4,909		0		4,909
Loans, net		2,055,900		0		0		2,036,872		2,036,872
Accrued interest receivable		9,880		0		3,297		6,583		9,880
Financial liabilities
Deposits		2,610,878		2,097,732		487,105		0		2,606,872
Short-term borrowings		2,521		0		2,521		0		2,521
Long-term borrowings		76,385		0		77,189		0		77,189
Accrued interest payable		690		36		654		0		690

			Fair Value Measurements at December 31, 2019 Using:
	Carrying Amount		Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	70,760	$	23,229	$	47,531	$	0	$	70,760
Restricted stock		11,729	n/a		n/a		n/a		n/a
Loans held for sale		2,600		0		2,678		0		2,678
Loans, net		1,797,052		0		0		1,760,062		1,760,062
Accrued interest receivable		7,552		0		2,578		4,974		7,552
Financial liabilities
Deposits		2,008,964		1,457,309		495,222		0		2,009,568
Short-term borrowings		77,050		0		77,050		0		77,050
Long-term borrowings		45,147		0		45,998		0		45,998
Accrued interest payable		1,070		61		1,009		0		1,070