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Fair Value (Tables)
 6 Months Ended
Jun. 30, 2021
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 June 30, 2021 Using:

 

(In Thousands of Dollars)

 

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

 

$

17,082

 

 

$

0

 

 

$

17,082

 

 

$

0

 

State and political subdivisions

 

 

501,521

 

 

 

0

 

 

 

501,521

 

 

 

0

 

Corporate bonds

 

 

3,978

 

 

 

0

 

 

 

3,978

 

 

 

0

 

Mortgage-backed securities-residential

 

 

454,643

 

 

 

0

 

 

 

454,640

 

 

 

3

 

Collateralized mortgage obligations

 

 

14,172

 

 

 

0

 

 

 

14,172

 

 

 

0

 

Small Business Administration

 

 

4,875

 

 

 

0

 

 

 

4,875

 

 

 

0

 

Equity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities at fair value

 

 

680

 

 

 

680

 

 

 

0

 

 

 

0

 

Other investments measured at net asset value

 

 

5,978

 

 

n/a

 

 

n/a

 

 

n/a

 

Total investment securities

 

$

1,002,929

 

 

$

680

 

 

$

996,268

 

 

$

3

 

Interest rate swaps

 

$

2,984

 

 

$

0

 

 

$

2,984

 

 

$

0

 

Financial Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

$

2,984

 

 

$

0

 

 

$

2,984

 

 

$

0

 

 

 

 

 

Fair Value Measurements at December 31, 2020 Using:

 

(In Thousands of Dollars)

 

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 investments measured at net asset value

 

 

6,343

 

 

n/a

 

 

n/a

 

 

n/a

 

Total investment securities

 

$

582,481

 

 

$

538

 

 

$

575,596

 

 

$

4

 

      Interest rate swaps

 

$

4,221

 

 

$

0

 

 

$

4,221

 

 

$

0

 

Financial Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

$

4,221

 

 

$

0

 

 

$

4,221

 

 

$

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):

 

 

 

Investment Securities Available-for-sale (Level 3)

 

 

 

Three Months ended

June 30,

 

 

Six Months ended

June 30,

 

(In Thousands of Dollars)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Beginning Balance

 

$

4

 

 

$

5

 

 

$

4

 

 

$

5

 

Transfers from level 2

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

Repayments, calls and maturities

 

 

(1

)

 

 

(1

)

 

 

(1

)

 

 

(1

)

Ending Balance

 

$

3

 

 

$

4

 

 

$

3

 

 

$

4

 
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 June 30, 2021 Using:

 

(In Thousands of Dollars)

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

 

$

4,118

 

 

$

0

 

 

$

0

 

 

$

4,118

 

1–4 family residential

 

 

114

 

 

 

0

 

 

 

0

 

 

 

114

 

Home equity lines of credit

 

 

3

 

 

 

0

 

 

 

0

 

 

 

3

 

Consumer indirect

 

 

4

 

 

 

0

 

 

 

0

 

 

 

4

 

 

 

 

 

Fair Value Measurements at December 31, 2020 Using:

 

(In Thousands of Dollars)

 

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

 

$

1,770

 

 

$

0

 

 

$

0

 

 

$

1,770

 

1–4 family residential

 

 

82

 

 

 

0

 

 

 

0

 

 

 

82

 

Consumer

 

 

36

 

 

 

0

 

 

 

0

 

 

 

36

 

 
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 the periods ended June 30, 2021 and December 31, 2020:

 

June 30, 2021

Fair value

 

 

Valuation

Technique(s)

 

Unobservable Input(s)

 

Range

(Weighted Average)

 

Individually evaluated loans

 

 

 

 

 

 

 

 

 

 

 

Commercial

$

3,514

 

 

Sales Comparison

 

Adjustment for differences between comparable sales

 

(6.98%) - 2.56%

(0%)

 

Commercial

 

604

 

 

Quoted price for loan relationship

 

Offer Price

 

25.61%

 

Residential

 

117

 

 

Sales comparison

 

Adjustment for differences between comparable sales

 

(40.00%) - 47.15%

(17.77%)

 

Consumer

 

4

 

 

Sales comparison

 

Adjustment for differences between comparable sales

 

(8.20%) - 8.20%

0.00%

 

 

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%)

 

 
Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of financial instruments not previously disclosed at June 30, 2021 and December 31, 2020 are as follows:

 

 

 

 

 

 

 

Fair Value Measurements at June 30, 2021 Using:

 

(In Thousands of Dollars)

 

Carrying

Amount

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

149,357

 

 

$

149,357

 

 

$

0

 

 

$

0

 

 

$

149,357

 

Restricted stock

 

 

13,915

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

Loans held for sale

 

 

1,922

 

 

 

0

 

 

 

1,980

 

 

 

0

 

 

 

1,980

 

Loans, net

 

 

1,935,059

 

 

 

0

 

 

 

0

 

 

 

1,909,393

 

 

 

1,909,393

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

2,778,823

 

 

 

2,405,353

 

 

 

373,665

 

 

 

0

 

 

 

2,779,018

 

Short-term borrowings

 

 

3,828

 

 

 

0

 

 

 

3,828

 

 

 

0

 

 

 

3,828

 

Long-term borrowings

 

 

74,541

 

 

 

0

 

 

 

74,554

 

 

 

0

 

 

 

74,554

 

 

 

 

 

 

 

 

Fair Value Measurements at December 31, 2020 Using:

 

(In Thousands of Dollars)

 

Carrying

Amount

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

254,621

 

 

$

254,621

 

 

$

0

 

 

$

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

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

2,610,878

 

 

 

2,097,732

 

 

 

487,105

 

 

 

0

 

 

 

2,584,837

 

Short-term borrowings

 

 

2,521

 

 

 

0

 

 

 

2,521

 

 

 

0

 

 

 

2,521

 

Long-term borrowings

 

 

76,385

 

 

 

0

 

 

 

77,189

 

 

 

0

 

 

 

77,189