Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of fair value measurements by level within the fair value hierarchy and the basis of measurement used

For assets measured at fair value, the fair value measurements by level within the fair value hierarchy, and the basis of measurement used at March 31, 2021, and December 31, 2020, are as follows:

		March 31, 2021
In thousands	Basis	Total		Level 1		Level 2		Level 3
U.S. Government and agencies		$	196,130	$	—	$	196,130	$	—
Mortgage-backed securities, residential		114,301		—		114,301		—
State and municipal		35,706		—		35,706		—
Corporate bonds		8,871		—		8,871		—
Total securities available for sale	Recurring	$	355,008	$	—	$	355,008	$	—
Equity securities with readily determinable fair values	Recurring	$	2,535	$	2,535	$	—	$	—
Collateral dependent impaired loans	Nonrecurring	$	6,430	$	—	$	—	$	6,430

		December 31, 2020
In thousands	Basis	Total		Level 1		Level 2		Level 3
U.S. Government and agencies		$	183,603	$	—	$	183,603	$	—
Mortgage-backed securities, residential		108,822		—		108,822		—
State and municipal		36,484		—		36,484		—
Corporate bonds		8,809		—		8,809		—
Total securities available for sale	Recurring	$	337,718	$	—	$	337,718	$	—
Equity securities with readily determinable fair values	Recurring	$	2,170	$	2,170	$	—	$	—
Collateral dependent impaired loans	Nonrecurring	$	7,498	$	—	$	—	$	7,498

Schedule of additional quantitative information about assets measured at fair value on a nonrecurring basis

The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis for which the Corporation has utilized Level 3 inputs to determine fair value:

	Quantitative Information about Level 3 Fair Value Measurements
Dollars in thousands	Fair Value Estimate		Valuation Technique		Unobservable Input		Range	Weighted Average
March 31, 2021
Impaired loans	$	6,430	Appraisal of collateral	(a)	Appraisal adjustments	(b)	(10) – (50)%	(54)%
December 31, 2020
Impaired loans	$	7,498	Appraisal of collateral	(a)	Appraisal adjustments	(b)	(10) – (50)%	(52)%

(a) Fair value is generally determined through management’s estimate or independent third-party appraisals of the underlying collateral, which generally includes various Level 3 inputs which are not observable.

(b) Appraisals may be adjusted downward by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percentage of the appraisal. Higher downward adjustments are caused by negative changes to the collateral or conditions in the real estate market, actual offers or sales contracts received, and/or age of the appraisal.

Schedule of carrying amount, exit pricing concept fair value and placement in the fair value hierarchy

The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Corporation’s financial instruments as of March 31, 2021:

	March 31, 2021
In thousands	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and due from banks	$	24,305	$	24,305	$	10,252	$	14,053	$	—
Interest-bearing deposits in banks	482,453		482,453		482,453		—		—
Equity securities available for sale	2,535		2,535		2,535		—		—
Investment securities available for sale	355,008		355,008		—		355,008		—
Investment securities held to maturity	9,155		9,451		—		9,451		—
Loans held for sale	12,000		12,000		—		12,000		—
Loans, less allowance for loan losses	1,590,481		1,616,326		—		—		1,616,326
Accrued interest receivable	6,767		6,767		—		6,767		—
Restricted investment in bank stocks	2,798		2,798		—		2,798		—
Financial liabilities:
Demand deposits and savings	1,816,731		1,816,731		—		1,816,731		—
Time deposits	461,891		465,265		—		465,265		—
Short-term borrowings	31,282		31,282		—		31,282		—
Long-term borrowings	54,616		55,329		—		55,329		—
Trust preferred subordinated debt	11,000		9,914		—		9,914		—
Accrued interest payable	822		822		—		822		—
Off-balance sheet financial instruments	—		—		—		—		—

The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Corporation’s financial instruments as of December 31, 2020:

	December 31, 2020
In thousands	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and due from banks	$	23,739	$	23,739	$	12,436	$	11,303	$	—
Interest-bearing deposits in banks	375,613		375,613		375,613		—		—
Equity securities available for sale	2,170		2,170		2,170		—		—
Investment securities available for sale	337,718		337,718		—		337,718		—
Investment securities held to maturity	10,294		10,768		—		10,768		—
Loans held for sale	11,034		11,034		—		11,034		—
Loans, less allowance for loan losses	1,617,558		1,662,342		—		—		1,662,342
Accrued interest receivable	6,950		6,950		—		6,950		—
Restricted investment in bank stocks	2,942		2,942		—		2,942		—
Financial liabilities:
Demand deposits and savings	1,708,868		1,708,868		—		1,708,868		—
Time deposits	476,657		481,138		—		481,138		—
Short-term borrowings	38,464		38,464		—		38,464		—
Long-term borrowings	42,745		43,669		—		43,669		—
Trust preferred subordinated debt	11,000		9,902		—		9,902		—
Accrued interest payable	1,434		1,434		—		1,434		—
Off-balance sheet financial instruments	—		—		—		—		—