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Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2019
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 September 30, 2019, and December 31, 2018, are as follows:
 
 
 
 
September 30, 2019
In thousands
 
Basis
 
Total
 
Level 1
 
Level 2
 
Level 3
U.S. Government and agencies
 
 
 
$
116,269

 
$

 
$
116,269

 
$

Mortgage-backed securities, residential
 
 
 
60,719

 

 
60,719

 

State and municipal
 
 
 
7,690

 

 
7,690

 

Total securities available for sale
 
Recurring
 
$
184,678

 
$

 
$
184,678

 
$

Equity securities with readily determinable fair values
 
Recurring
 
$
2,032

 
$
2,032

 
$

 
$

Collateral dependent impaired loans
 
Nonrecurring
 
$
3,856

 
$

 
$

 
$
3,856

 
 
 
 
 
December 31, 2018
In thousands
 
Basis
 
Total
 
Level 1
 
Level 2
 
Level 3
U.S. Government and agencies
 
 
 
$
118,413

 
$

 
$
118,413

 
$

Mortgage-backed securities, residential
 
 
 
33,811

 

 
33,811

 

State and municipal
 
 
 
9,506

 

 
9,506

 

Total securities available for sale
 
Recurring
 
$
161,730

 
$

 
$
161,730

 
$

Equity securities with readily determinable fair values
 
Recurring
 
$
1,839

 
$
1,839

 
$

 
$

Collateral dependent impaired loans
 
Nonrecurring
 
$
3,883

 
$

 
$

 
$
3,883

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
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
  Impaired loans
 
$
3,856

 
Appraisal of collateral
(a)
Appraisal adjustments
(b)
 
 (10) - (50)%
 
(21)%
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
  Impaired loans
 
$
3,883

 
Appraisal of collateral
(a)
Appraisal adjustments
(b)
 
 (10) - (50)%
 
(16)%
(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 September 30, 2019:

 
 
September 30, 2019
In thousands
 
Carrying Amount
 
Fair Value
 
Level 1
 
Level 2
 
Level 3
Financial assets:
 
 
 
 
 
 
 
 
 
 
Cash and due from banks
 
$
22,999

 
$
22,999

 
$
7,212

 
$
15,787

 
$

Interest-bearing deposits in banks
 
94,716

 
94,716

 
94,716

 

 

Equity securities available for sale
 
2,032

 
2,032

 
2,032

 

 

Investment securities available for sale
 
184,678

 
184,678

 

 
184,678

 

Investment securities held to maturity
 
22,443

 
22,518

 

 
22,518

 

Loans held for sale
 
3,010

 
3,010

 

 
3,010

 

Loans, less allowance for loan losses
 
1,274,361

 
1,286,849

 

 

 
1,286,849

Accrued interest receivable
 
4,512

 
4,512

 

 
4,512

 

Restricted investment in bank stocks
 
3,905

 
3,905

 

 
3,905

 

 
 
 
 
 
 
 
 
 
 
 
Financial liabilities:
 
 
 
 
 
 
 
 
 
 
Demand deposits and savings
 
1,006,110

 
1,006,110

 

 
1,006,110

 

Time deposits
 
411,500

 
412,828

 

 
412,828

 

Short-term borrowings
 
41,509

 
41,509

 

 
41,509

 

Long-term borrowings
 
67,068

 
67,766

 

 
67,766

 

Trust preferred subordinated debt
 
5,000

 
4,709

 

 
4,709

 

Accrued interest payable
 
2,448

 
2,448

 

 
2,448

 

 
 
 
 
 
 
 
 
 
 
 
Off-balance sheet financial instruments
 

 

 

 

 


The following presents the carrying amount, exit pricing concept fair value, and placement in the fair value hierarchy of the Corporation’s financial instruments as of December 31, 2018:

 
 
December 31, 2018
In thousands
 
Carrying Amount
 
Fair Value
 
Level 1
 
Level 2
 
Level 3
Financial assets:
 
 
 
 
 
 
 
 
 
 
Cash and due from banks
 
$
20,105

 
$
20,105

 
$
8,190

 
$
11,915

 
$

Interest-bearing deposits in banks
 
20,800

 
20,800

 
20,800

 

 

Equity securities available for sale
 
1,839

 
1,839

 
1,839

 

 

Investment securities available for sale
 
161,730

 
161,730

 

 
161,730

 

Investment securities held to maturity
 
27,266

 
26,911

 

 
26,911

 

Loans held for sale
 
408

 
408

 

 
408

 

Loans, less allowance for loan losses
 
1,288,501

 
1,272,393

 

 

 
1,272,393

Accrued interest receivable
 
4,545

 
4,545

 

 
4,545

 

Restricted investment in bank stocks
 
4,336

 
4,336

 

 
4,336

 

 
 
 
 
 
 
 
 
 
 
 
Financial liabilities:
 
 
 
 
 
 
 
 
 
 
Demand deposits and savings
 
979,964

 
979,964

 

 
979,964

 

Time deposits
 
368,128

 
364,093

 

 
364,093

 

Short-term borrowings
 
34,648

 
34,648

 

 
34,648

 

Long-term borrowings
 
78,516

 
78,545

 

 
78,545

 

Trust preferred subordinated debt
 
5,000

 
4,701

 

 
4,701

 

Accrued interest payable
 
1,364

 
1,364

 

 
1,364

 

 
 
 
 
 
 
 
 
 
 
 
Off-balance sheet financial instruments