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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2020
Fair Value Measurements [Abstract]  
Assets Measured at Fair Value on Recurring Basis
The following tables present the balances of certain assets measured at fair value on a recurring basis as of the dates indicated:

 
        
Fair Value Measurements at June 30, 2020 Using
  
(dollars in thousands)
  
Balance
    
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
    
Significant
Other
Observable
Inputs
(Level 2)
    
Significant
Unobservable
Inputs
(Level 3)
  
Available-for-sale securities
                        
U.S. Treasury securities
  
$
7,094
    
$
-
    
$
7,094
    
$
-
  
Obligations of  U.S. Government agencies
    
33,072
      
-
      
33,072
      
-
  
Obligations of state and political subdivisions
    
36,632
      
-
      
36,632
      
-
  
Mortgage-backed securities
    
70,828
      
-
      
70,828
      
-
  
Money market investments
    
4,995
      
-
      
4,995
      
-
  
Corporate bonds and other securities
    
7,680
      
-
      
7,680
      
-
  
Total available-for-sale securities
  
$
160,301
    
$
-
    
$
160,301
    
$
-
  

       
Fair Value Measurements at December 31, 2019 Using
  
(dollars in thousands)
  
Balance
    
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
    
Significant
Other
Observable
Inputs
(Level 2)
    
Significant
Unobservable
Inputs
(Level 3)
  
Available-for-sale securities
                        
U.S. Treasury securities
  
$
7,003
    
$
-
    
$
7,003
    
$
-
  
Obligations of  U.S. Government agencies
    
33,604
      
-
      
33,604
      
-
  
Obligations of state and political subdivisions
    
24,742
      
-
      
24,742
      
-
  
Mortgage-backed securities
    
71,908
      
-
      
71,908
      
-
  
Money market investments
    
3,825
      
-
      
3,825
      
-
  
Corporate bonds and other securities
    
4,633
      
-
      
4,633
      
-
  
Total available-for-sale securities
  
$
145,715
    
$
-
    
$
145,715
    
$
-
  
Assets Measured at Fair Value on Nonrecurring Basis
The following table presents the assets carried in the consolidated balance sheets for which a nonrecurring change in fair value has been recorded. Assets are shown by class of loan and by level in the fair value hierarchy, as of the dates indicated. Certain impaired loans are valued by the present value of the loan’s expected future cash flows, discounted at the loan’s effective interest rate rather than at a market rate. These loans are not carried in the consolidated balance sheets at fair value and, as such, are not included in the tables below.

        
Carrying Value at June 30, 2020
  
(dollars in thousands)
  
Fair Value
    
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
    
Significant Other
Observable
Inputs
(Level 2)
    
Significant
Unobservable
Inputs
(Level 3)
  
Impaired loans
                        
Mortgage loans on real estate:
                        
Residential 1-4 family
  
$
50
    
$
-
    
$
-
    
$
50
  
Commercial
    
1,052
      
-
      
-
      
1,052
  
Construction
    
74
      
-
      
-
      
74
  
Total mortgage loans on real estate
  
$
1,176
    
$
-
    
$
-
    
$
1,176
  
Commercial loans
    
79
      
-
      
-
      
79
  
Total
  
$
1,255
    
$
-
    
$
-
    
$
1,255
  
                                 
Loans
                                
Loans held for sale
  
$
3,494
    
$
-
    
$
3,494
    
$
-
  
                                 
Other real estate owned
                                
Residential 1-4 family
  
$
254
    
$
-
    
$
-
    
$
254
  
Total
  
$
254
    
$
-
    
$
-
    
$
254
  

       
Carrying Value at December 31, 2019
  
(dollars in thousands)
  
Fair Value
    
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
    
Significant Other
Observable
Inputs
(Level 2)
    
Significant
Unobservable
Inputs
(Level 3)
  
Impaired loans
                        
Mortgage loans on real estate:
                        
Residential 1-4 family
  
$
74
    
$
-
    
$
-
    
$
74
  
Commercial
    
1,294
      
-
      
-
      
1,294
  
Construction
    
74
      
-
      
-
      
74
  
Total mortgage loans on real estate
    
1,442
      
-
      
-
      
1,442
  
Commercial loans
    
-
      
-
      
-
      
-
  
Total
  
$
1,442
    
$
-
    
$
-
    
$
1,442
  
                                 
Loans
                                
Loans held for sale
  
$
590
    
$
-
    
$
590
    
$
-
  
Fair Value Inputs, Assets, Quantitative Information
The following tables display quantitative information about Level 3 Fair Value Measurements as of the dates indicated:

      
Quantitative Information About Level 3 Fair Value Measurements
  
(dollars in thousands)
  
Fair Value at
June 30, 2020
  
Valuation Techniques
Unobservable Input
  
Range (Weighted
Average)
  
Impaired loans
      
 
 
      
Residential 1-4 family real estate
  
$
50
  
Market comparables
Selling costs
    
6.00% - 8.00% (7.25
%)
         
     
Liquidation discount
    
4.00
%
Commercial real estate
  
$
1,052
  
Market comparables
Selling costs
    
6.00% - 10.00% (8.00
%)
         
     
Liquidation discount
    
35.00
%
Construction
  
$
74
  
Market comparables
Selling costs
    
6.00% - 8.00% (7.25
%)
         
     
Liquidation discount
    
4.00
%
Other real estate owned
        
 
 
        
Residential 1-4 family
  
$
254
  
Market comparables
Selling costs
    
6.00% - 8.00% (7.25
%)
         
     
Liquidation discount
    
4.00
%

     
Quantitative Information About Level 3 Fair Value Measurements
  
(dollars in thousands)
  
Fair Value at
December 31,
2019
  
Valuation Techniques
Unobservable Input
  
Range (Weighted
Average)
  
Impaired loans
      
 
 
      
Residential 1-4 family real estate
  
$
74
  
Market comparables
Selling costs
    
7.25
%
         
     
Liquidation discount
    
4.00
%
Commercial real estate
  
$
1,294
  
Market comparables
Selling costs
    
6.00
%
         
     
Liquidation discount
    
35.00
%
Construction
  
$
74
  
Market comparables
Selling costs
    
7.25
%
         
     
Liquidation discount
    
4.00
%
Estimated Fair Values and Related Carrying or Notional Amounts of Financial Instruments
The estimated fair values, and related carrying or notional amounts, of the Company’s financial instruments as of the dates indicated are as follows:

        
Fair Value Measurements at June 30, 2020 Using
  
(dollars in thousands)
  
Carrying Value
    
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
    
Significant Other
Observable
Inputs
(Level 2)
    
Significant
Unobservable
Inputs
(Level 3)
  
Assets
                        
Cash and cash equivalents
  
$
129,619
    
$
129,619
    
$
-
    
$
-
  
Securities available-for-sale
    
160,301
      
-
      
160,301
      
-
  
Restricted securities
    
3,152
      
-
      
3,152
      
-
  
Loans held for sale
    
3,494
      
-
      
3,494
      
-
  
Loans, net of allowances for loan losses
    
846,912
      
-
      
-
      
838,519
  
Bank owned life insurance
    
27,970
      
-
      
27,970
      
-
  
Accrued interest receivable
    
3,883
      
-
      
3,883
      
-
  
                                 
Liabilities
                                
Deposits
  
$
1,011,920
    
$
-
    
$
1,015,429
    
$
-
  
Overnight repurchase agreements
    
7,972
      
-
      
7,972
      
-
  
Federal Home Loan Bank advances
    
42,000
      
-
      
41,217
      
-
  
Federal Reserve Bank borrowings
    
37,340
      
-
      
37,340
      
-
  
Other borrowings
    
1,650
      
-
      
1,650
      
-
  
Accrued interest payable
    
504
      
-
      
504
      
-
  

       
Fair Value Measurements at December 31, 2019 Using
  
(dollars in thousands)
  
Carrying Value
    
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
    
Significant Other
Observable
Inputs
(Level 2)
    
Significant
Unobservable
Inputs
(Level 3)
  
Assets
                        
Cash and cash equivalents
  
$
89,865
    
$
89,865
    
$
-
    
$
-
  
Securities available-for-sale
    
145,715
      
-
      
145,715
      
-
  
Restricted securities
    
2,926
      
-
      
2,926
      
-
  
Loans held for sale
    
590
      
-
      
590
      
-
  
Loans, net of allowances for loan losses
    
738,205
      
-
      
-
      
734,932
  
Bank owned life insurance
    
27,547
      
-
      
27,547
      
-
  
Accrued interest receivable
    
2,762
      
-
      
2,762
      
-
  
                                 
Liabilities
                                
Deposits
  
$
889,496
    
$
-
    
$
893,584
    
$
-
  
Overnight repurchase agreements
    
11,452
      
-
      
11,452
      
-
  
Federal Home Loan Bank advances
    
37,000
      
-
      
36,747
      
-
  
Other borrowings
    
1,950
      
-
      
1,950
      
-
  
Accrued interest payable
    
620
      
-
      
620
      
-