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Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping

Assets recorded at fair value on a recurring basis are as follows, in thousands

		Balance as of December 31, 2016				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Other Unobservable Inputs (Level 3)
Securities available-for-sale:
U.S. Government-sponsored enterprises (GSEs)		$	17,723			$	—			$	17,723			$	—
Municipal securities		8,019				—				8,019				—
Mortgage-backed securities		103,680				—				103,680				—
Total securities available-for-sale		$	129,422			$	—			$	129,422			$	—

		Balance as of December 31, 2015				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Other Unobservable Inputs (Level 3)
Securities available-for-sale:
U.S. Government-sponsored enterprises (GSEs)		$	22,743			$	—			$	22,743			$	—
Municipal securities		7,649				—				7,649				—
Mortgage-backed securities		136,021				—				136,021				—
Total securities available-for-sale		$	166,413			$	—			$	166,413			$	—

Fair Value Assets Measured On Non Recurring Basis Unobservable Input Reconciliation

The following tables present the financial instruments carried on the consolidated balance sheets by caption and by level in the fair value hierarchy, for which a nonrecurring change in fair value has been recorded (in thousands):

		Balance as of December 31, 2016				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Other Unobservable Inputs (Level 3)
Impaired loans		$	239			$	—			$	—			$	239
Foreclosed assets		2,386				—				—				2,386

Assets Measured at Fair Value on a Nonrecurring Basis (continued):

		Balance as of December 31, 2015				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Other Unobservable Inputs (Level 3)
Impaired loans		$	160			$	—			$	—			$	160
Foreclosed assets		5,358				—				—				5,358

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

For Level 3 assets measured at fair value on a non-recurring basis as of December 31, 2016 and 2015, the significant unobservable inputs used in the fair value measurements are presented below.

		Balance as of December 31, 2016 (in thousands)				Valuation Technique		Significant Other Unobservable Input		Weighted Average of Input
Impaired loans		$	239			Cash Flow		Discounted Cash Flow / Appraisal Discounts		2.4	%
Foreclosed assets		2,386				Appraisal		Appraisal Discounts		12.2	%

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis

The carrying amount and estimated fair value of the Company’s financial instruments at December 31, 2016 and December 31, 2015 are as follows (in thousands): 

		December 31, 2016								December 31, 2015
		Carrying Amount				Estimated Fair Value				Carrying Amount				Estimated Fair Value
Assets:
Cash and cash equivalents		$	68,748			$	68,748			$	79,965			$	79,965
Securities available for sale		129,422				129,422				166,413				166,413
Restricted investments		5,628				N/A				4,451				N/A
Loans, net		808,271				803,057				723,361				721,338
Liabilities:
Noninterest-bearing demand deposits		153,483				153,483				131,419				131,419
Interest-bearing demand deposits		162,702				162,702				149,424				149,424
Savings deposits		274,605				274,605				236,901				236,901
Time deposits		316,275				316,734				340,739				342,873
Securities sold under agreements to repurchase		26,622				26,622				28,068				28,068
Federal Home Loan Bank advances and other borrowings		18,505				18,505				34,187				34,169

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- Definition

Tabular disclosure of the fair value measurement of assets on non-recurring basis using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 5
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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13476-108611

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

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