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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2022
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, 2022 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)
  
Assets:
                        
Available-for-sale securities
                        
U.S. Treasury securities
  
$
17,551
    
$
-
    
$
17,551
    
$
-
  
Obligations of  U.S. Government agencies
    
35,385
      
-
      
35,385
      
-
  
Obligations of state and political subdivisions
    
68,873
      
-
      
68,873
      
-
  
Mortgage-backed securities
    
87,303
      
-
      
87,303
      
-
  
Money market investments
    
1,614
      
-
      
1,614
      
-
  
Corporate bonds and other securities
    
28,630
      
-
      
28,630
      
-
  
Total available-for-sale securities
    
239,356
      
-
      
239,356
      
-
  
Derivatives
                               
Interest rate lock
    21       -       21       -  
Interest rate swap on loans
    735       -       735       -  
Total assets
  $ 240,112     $ -     $ 240,112     $ -  
                                 
Liabilities:
                               
Derivatives
                               
Interest rate swap on loans
    735       -       735       -  
Total liabilities
  $ 735     $ -     $ 735     $ -  

         
Fair Value Measurements at December 31, 2021 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
  
$
14,904
    
$
-
    
$
14,904
    
$
-
  
Obligations of  U.S. Government agencies
    
38,558
      
-
      
38,558
      
-
  
Obligations of state and political subdivisions
    
65,803
      
-
      
65,803
      
-
  
Mortgage-backed securities
    
89,058
      
-
      
89,058
      
-
  
Money market investments
    
2,413
      
-
      
2,413
      
-
  
Corporate bonds and other securities
    
23,585
      
-
      
23,585
      
-
  
Total available-for-sale securities
  
$
234,321
    
$
-
    
$
234,321
    
$
-
  
Derivatives
                               
Interest rate lock
    43       -       43       -  
Interest rate swap on loans
    181       -       181       -  
Total assets
  $ 234,545     $ -     $ 234,545     $ -  
                                 
Liabilities:                                
Derivatives                                
Interest rate swap on loans
     181       -       181       -  
Total assets   $ 181     $ -     $ 181     $ -  
Assets Measured at Fair Value on Nonrecurring Basis
The following table presents the assets carried on 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 on the consolidated balance sheets at fair value and, as such, are not included in the tables below.

         
Carrying Value at June 30, 2022
  
(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)
  
Loans
                        
Loans held for sale
  
$
1,325
    
$
-
    
$
1,325
    
$
-
  

         
Carrying Value at December 31, 2021
  
(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:
                           
Commercial loans
   $
87     $
-     $
-     $
87  
Total
  $
87     $
-     $
-     $
87  
                                 
Loans
                               
Loans held for sale
  
$
3,287
    
$
-
    
$
3,287
    
$
-
  
Fair Value Inputs, Assets, Quantitative Information
The following tables display the 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
December 31,
2021
  
Valuation Techniques
Unobservable Input
  
Range (Weighted Average)
  
Impaired loans
      
 
 
      
Commercial loans
  
$
87
  
Market comparables
Selling costs
    
0.00% -8.00% (7.00
%)
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, 2022 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
  
$
86,816
    
$
86,816
    
$
-
    
$
-
  
Securities available-for-sale
    
239,356
      
-
      
239,356
      
-
  
Restricted securities
    
1,389
      
-
      
1,389
      
-
  
Loans held for sale
    
1,325
      
-
      
1,325
      
-
  
Loans, net of allowances for loan losses
    
904,376
      
-
      
-
      
897,827
  
Derivatives
                               
Interest rate lock
    21       -       21       -  
Interest rate swap on loans
    735       -       735       -  
Bank owned life insurance
    
28,566
      
-
      
28,566
      
-
  
Accrued interest receivable
    
3,505
      
-
      
3,505
      
-
  
                                 
Liabilities
                                
Deposits
  
$
1,172,994
    
$
-
    
$
1,174,165
    
$
-
  
Overnight repurchase agreements
    
4,384
      
-
      
4,384
      
-
  
Long term borrowings
     29,472
       -
       27,124
       -
  
Derivatives
                               
Interest rate swap on loans
    735       -       735       -  
Accrued interest payable
    
642
      
-
      
642
      
-
  

         
Fair Value Measurements at December 31, 2021 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
  
$
187,922
    
$
187,922
    
$
-
    
$
-
  
Securities available-for-sale
    
234,321
      
-
      
234,321
      
-
  
Restricted securities
    
1,034
      
-
      
1,034
      
-
  
Loans held for sale
    
3,287
      
-
      
3,287
      
-
  
Loans, net of allowances for loan losses
    
833,661
      
-
      
-
      
834,693
  
Derivatives
                               
Interest rate lock
    43       -       43       -  
Interest rate swap on loans
    181       -       181       -  
Bank owned life insurance
    
28,168
      
-
      
28,168
      
-
  
Accrued interest receivable
    
3,339
      
-
      
3,339
      
-
  
                                 
Liabilities
                                
Deposits
  
$
1,177,099
    
$
-
    
$
1,179,631
    
$
-
  
Overnight repurchase agreements
    
4,536
      
-
      
4,536
      
-
  
Federal Reserve Bank borrowings
    
480
      
-
      
480
      
-
  
Long term borrowings
    29,407       -       29,657       -  
Derivatives
                               
Interest rate swap on loans
    181       -       181       -  
Accrued interest payable
    
693
      
-
      
693
      
-