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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 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 September 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.

September 30, 2021
  
Level I
    
Level II
    
Level III
    
Total
  
Fair value measurements on a recurring basis:
                        
Assets:
                        
Equity securities
  
$
2,219
    
$
-
    
$
-
    
$
2,219
  
Available for sale securities:
                                
U.S. Agency securities
    
-
      
68,256
      
-
      
68,256
  
U.S. Treasury securities
    
103,719
      
-
      
-
      
103,719
  
Obligations of state and political subdivisions
    
-
      
108,831
      
-
      
108,831
  
Corporate obligations
    
-
      
10,937
      
-
      
10,937
  
Mortgage-backed securities in government sponsored entities
    
-
      
105,300
      
-
      
105,300
  
Other Assets
                                
Derivative instruments
    
-
      
3,390
      
-
      
3,390
  
Liabilities:
                                
Derivative instruments
    
-
      
(1,913
)
    
-
      
(1,913
)

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 September 30, 2021 and December 31, 2020 are included in the table below (in thousands):

September 30, 2021
  
Level I
    
Level II
    
Level III
    
Total
  
Impaired Loans
  
$
-
    
$
-
    
$
3,031
    
$
3,031
  
Other real estate owned
    
-
      
-
      
631
      
631
  
                                 
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).

September 30, 2021
  
Fair Value
  
Valuation Technique(s)
Unobservable input
  
Range
    
Weighted average
  
Impaired Loans
  
$
3,031
  
Appraised Collateral Values
Discount for time since appraisal
    
0-100
%
    
15.89
%
         
     
Selling costs
    
5%-10
%
    
9.56
%
         
     
Holding period
  
0 - 12 months
    
11.91 months
  
         
 
 
                
Other real estate owned
    
631
  
Appraised Collateral Values
Discount for time since appraisal
    
20-41
%
    
39.67
%

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):

September 30, 2021
  
Carrying
Amount
    
Fair Value
    
Level I
    
Level II
    
Level III
  
Financial assets:
                              
Interest bearing time deposits with other banks
  
$
11,274
    
$
11,274
    
$
-
    
$
-
    
$
11,274
  
Loans held for sale
    
3,199
      
3,199
      
-
      
-
      
3,199
  
Net loans
    
1,425,574
      
1,430,157
      
-
      
-
      
1,430,157
  
                                         
Financial liabilities:
                                        
Deposits
    
1,740,969
      
1,742,914
      
1,407,228
      
-
      
335,686
  
Borrowed funds
    
78,200
      
77,000
      
-
      
-
      
77,000
  
                                         
December 31, 2020
    
Carrying
Amount
       Fair Value
      Level I
      Level II
      Level III
 
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