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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2021
Fair Value Measurements [Abstract]  
Assets Measured at Fair Value on a Recurring Basis

The following tables present the assets and liabilities reported on the Consolidated Balance Sheet at their fair value on a recurring basis as of June 30, 2021 and December 31, 2020 by level within the fair value hierarchy (in thousands). Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

June 30, 2021
  
Level I
    
Level II
    
Level III
    
Total
  
Fair value measurements on a recurring basis:
                        
Assets:
                        
Equity securities
  
$
2,148
    
$
-
    
$
-
    
$
2,148
  
Available for sale securities:
                                
U.S. Agency securities
    
-
      
84,511
      
-
      
84,511
  
U.S. Treasury securities
    
69,685
      
-
      
-
      
69,685
  
Obligations of state and political subdivisions
    
-
      
109,155
      
-
      
109,155
  
Corporate obligations
    
-
      
10,955
      
-
      
10,955
  
Mortgage-backed securities in government sponsored entities
    
-
      
94,696
      
-
      
94,696
  
Derivative instruments
    
-
      
2,934
      
-
      
2,934
  
Liabilities:
                                
Derivative instruments
    
-
      
(1,651
)
    
-
      
(1,651
)

December 31, 2020
  
Level I
    
Level II
    
Level III
    
Total
  
Fair value measurements on a recurring basis:
                        
Assets:
                        
Equity securities
  
$
1,931
    
$
-
    
$
-
    
$
1,931
  
Available for sale securities:
                                
U.S. Agency securities
    
-
      
81,416
      
-
      
81,416
  
U.S. Treasuries securities
    
28,043
      
-
      
-
      
28,043
  
Obligations of state and political subdivisions
    
-
      
102,972
      
-
      
102,972
  
Corporate obligations
    
-
      
6,509
      
-
      
6,509
  
Mortgage-backed securities in government sponsored entities
    
-
      
76,249
      
-
      
76,249
  
Derivative instruments
    
-
      
1,111
      
-
      
1,111
  
Liabilities:
                                
Derivative instruments
    
-
      
(1,122
)
    
-
      
(1,122
)
Assets Measured at Fair Value on Non-recurring Basis

Assets measured at fair value on a nonrecurring basis as of June 30, 2021 and December 31, 2020 are included in the table below (in thousands):

June 30, 2021
  
Level I
    
Level II
    
Level III
    
Total
  
Impaired Loans
  
$
-
    
$
-
    
$
3,146
    
$
3,146
  
Other real estate owned
    
-
      
-
      
1,132
      
1,132
  
                                 
December 31, 2020
  
Level I
    
Level II
    
Level III
    
Total
  
Impaired Loans
  
$
-
    
$
-
    
$
3,243
    
$
3,243
  
Other real estate owned
    
-
      
-
      
1,700
      
1,700
  
Significant Unobservable Inputs Used in Fair Value Measurement Process

The following table provides a listing of the significant unobservable inputs used in the fair value measurement process for items valued utilizing Level III techniques (dollars in thousands).

June 30, 2021
  
Fair Value
  
Valuation Technique(s)
Unobservable input
  
Range
    
Weighted
average
  
Impaired Loans
  
$
3,146
  
Appraised Collateral Values
Discount for time since appraisal
    
0-100
%
    
16.69
%
         
     
Selling costs
    
5%-11
%
    
9.64
%
         
     
Holding period
  
0 - 12 months
    
11.91 months
  
         
 
 
                
Other real estate owned
    
1,132
  
Appraised Collateral Values
Discount for time since appraisal
    
20-37
%
    
33.12
%

December 31, 2020
  
Fair Value
  
Valuation Technique(s)
Unobservable input
  
Range
    
Weighted
average
  
Impaired Loans
    
3,243
  
Appraised Collateral Values
Discount for time since appraisal
    
0-100
%
    
20.61
%
         
     
Selling costs
    
5%-10
%
    
9.51
%
         
     
Holding period
  
6 - 12 months
    
11.65 months
  
         
 
 
                
Other real estate owned
    
1,700
  
Appraised Collateral Values
Discount for time since appraisal
    
20-31
%
    
28.67
%
Carrying Amount and Fair Value of Financial Instruments

The carrying amount and fair value of the Company’s financial instruments that are not required to be measured or reported at fair value on a recurring basis are as follows (in thousands):

June 30, 2021
  
Carrying
Amount
    
Fair Value
    
Level I
    
Level II
    
Level III
  
Financial assets:
                              
Interest bearing time deposits with other banks
  
$
12,266
    
$
12,266
    
$
-
    
$
-
    
$
12,266
  
Loans held for sale
    
5,282
      
5,282
      
-
      
-
      
5,282
  
Net loans
    
1,398,178
      
1,404,869
      
-
      
-
      
1,404,869
  
                                         
Financial liabilities:
                                        
Deposits
    
1,682,387
      
1,691,801
      
1,342,815
      
-
      
348,986
  
Borrowed funds
    
97,830
      
98,675
      
-
      
-
      
98,675
  
                                         
December 31, 2020
                                        
Financial assets:
                                        
Interest bearing time deposits with other banks
  
$
13,758
    
$
13,758
    
$
-
    
$
-
    
$
13,758
  
Loans held for sale
    
14,640
      
14,640
      
-
      
-
      
14,640
  
Net loans
    
1,389,466
      
1,404,166
      
-
      
-
      
1,404,166
  
                                         
Financial liabilities:
                                        
Deposits
    
1,588,858
      
1,593,738
      
1,207,666
      
-
      
386,075
  
Borrowed funds
    
88,838
      
88,263
      
-
      
-
      
88,263