Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value

Assets and liabilities measured at fair value are summarized in the table below.

	Fair Value Measurements at March 31, 2020 Using:
Assets:	(Level 1)		(Level 2)		(Level 3)
Assets measured at fair value on a recurring basis:
Securities available for sale
U.S. Treasury securities and obligations of U.S.    Government agencies	$	—	$	19,611	$	—
Obligations of states and political subdivisions		—		212,149		—
Mortgage-backed securities in government sponsored    entities		—		134,126		—
Total securities available for sale		—		365,886		—
Equity securities		—		803		—
Swap asset		—		23,003		—
Liabilities measured at fair value on a recurring basis:
Swap liability		—		23,003		—
Assets measured at fair value on a nonrecurring basis:
Impaired loans	$	—	$	—	$	1

	Fair Value Measurements at December 31, 2019 Using:
Assets:	(Level 1)		(Level 2)		(Level 3)
Assets measured at fair value on a recurring basis:
Securities available for sale
U.S. Treasury securities and obligations of U.S.    Government agencies	$	—	$	19,601	$	—
Obligations of states and political subdivisions		—		206,034		—
Mortgage-backed securities in government    sponsored entities		—		132,864		—
Total securities available for sale		—		358,499		—
Equity securities		—		1,191		—
Swap asset		—		8,918		—
Liabilities measured at fair value on a recurring    basis:
Swap liability		—		8,918		—
Assets measured at fair value on a nonrecurring    basis:
Impaired loans	$	—	$	—	$	1

Quantitative Information about Level 3 Fair Value Measurements

The following table presents quantitative information about the Level 3 significant unobservable inputs for assets and liabilities measured at fair value on a nonrecurring basis at March 31, 2020.

	Quantitative Information about Level 3 Fair Value Measurements
March 31, 2020	Fair Value		Valuation Technique	Unobservable Input	Range	Weighted Average
Impaired loans	$	1	Appraisal of collateral	Appraisal adjustments	30%	30%
				Holding period	22 Months	22 Months

The following table presents quantitative information about the Level 3 significant unobservable inputs for assets and liabilities measured at fair value on a nonrecurring basis at December 31, 2019.

	Quantitative Information about Level 3 Fair Value Measurements
December 31, 2019	Fair Value		Valuation Technique	Unobservable Input	Range	Weighted Average
Impaired loans	$	1	Appraisal of collateral	Appraisal adjustments	30%	30%
				Holding period	22 months	22 months

Carrying Amount and Fair Value of Financial Instruments Not Measured at Fair Value on a Recurring or Nonrecurring Basis

The carrying amount and fair values of financial instruments not measured at fair value on a recurring or nonrecurring basis at March 31, 2020 are as follows:

March 31, 2020	Carrying Amount		Total Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and due from financial institutions	$	256,023	$	256,023	$	256,023	$	—	$	—
Other securities		20,280		20,280		20,280		—		—
Loans, held for sale		7,632		7,785		7,785		—		—
Loans, net of allowance		1,726,177		1,760,613		—		—		1,760,613
Bank owned life insurance		45,249		45,249		45,249		—		—
Accrued interest receivable		7,220		7,220		7,220		—		—
Financial Liabilities:
Nonmaturing deposits		1,703,668		1,703,235		1,703,235		—		—
Time deposits		288,271		290,726		—		—		290,726
Short-term FHLB advances		17,000		17,000		17,000		—		—
Long-term FHLB advances		125,000		129,992		—		—		129,992
Securities sold under agreement to repurchase		22,699		22,699		22,699		—		—
Subordinated debentures		29,427		31,460		—		—		31,460
Accrued interest payable		279		279		279		—		—

The carrying amount and fair values of financial instruments not measured at fair value on a recurring or nonrecurring basis at December 31, 2019 are as follows:

December 31, 2019	Carrying Amount		Total Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and due from financial institutions	$	48,535	$	48,535	$	48,535	$	—	$	—
Other securities		20,280		20,280		20,280		—		—
Loans, held for sale		2,285		2,331		2,331		—		—
Loans, net of allowance		1,694,203		1,713,863		—		—		1,713,863
Bank owned life insurance		44,999		44,999		44,999		—		—
Accrued interest receivable		7,093		7,093		7,093		—		—
Financial Liabilities:
Nonmaturing deposits		1,402,924		1,402,924		1,402,924		—		—
Time deposits		275,840		276,616		—		—		276,616
Short-term FHLB advances		101,500		101,500		101,500		—		—
Long-term FHLB advances		125,000		123,893		—		—		123,893
Securities sold under agreement to repurchase		18,674		18,674		18,674		—		—
Subordinated debentures		29,427		34,452		—		—		34,452
Accrued interest payable		277		277		277		—		—