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Fair Value (Tables)

9 Months Ended

Sep. 30, 2017

Fair Value Disclosures [Abstract]

Assets Measured at Fair Value on Recurring Basis

Assets measured at fair value on a recurring basis are summarized below:

		Fair Value Measurements at September 30, 2017 Using:
(In Thousands of Dollars)		Carrying Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Financial Assets
Investment securities available-for sale
U.S. Treasury and U.S. government sponsored entities		$	8,708			$	0			$	8,708			$	0
State and political subdivisions			184,427				0				184,427				0
Corporate bonds			1,241				0				1,241				0
Mortgage-backed securities-residential			167,237				0				167,228				9
Collateralized mortgage obligations			18,140				0				18,140				0
Small Business Administration			15,100				0				15,100				0
Equity securities			382				382				0				0
Total investment securities		$	395,235			$	382			$	394,844			$	9
Loan yield maintenance provisions		$	723			$	0			$	723			$	0
Financial Liabilities
Interest rate swaps		$	723			$	0			$	723			$	0

		Fair Value Measurements at December 31, 2016 Using:
(In Thousands of Dollars)		Carrying Value				Quoted Prices  in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Financial Assets
Investment securities available-for sale
U.S. Treasury and U.S. government sponsored entities		$	5,921			$	0			$	5,921			$	0
State and political subdivisions			155,303				0				155,303				0
Corporate bonds			1,339				0				1,339				0
Mortgage-backed securities-residential			169,682				0				169,670				12
Collateralized mortgage obligations			20,693				0				20,693				0
Small Business Administration			16,706				0				16,706				0
Equity securities			351				351				0				0
Total investment securities		$	369,995			$	351			$	369,632			$	12
Loan yield maintenance provisions		$	685			$	0			$	685			$	0
Financial Liabilities
Interest rate swaps		$	685			$	0			$	685			$	0

Reconciliation of All Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs

The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3):

		Investment Securities Available-for-sale (Level 3)
		Three Months ended September 30,								Nine Months ended September 30,
(In Thousands of Dollars)		2017				2016				2017				2016
Beginning Balance		$	10			$	1,820			$	12			$	15
Total unrealized gains or losses:
Included in other comprehensive income			0				0				0				0
Transfers from level 2			0				0				0				1,806
Repayments, calls and maturities			(1	)			(1,194	)			(3	)			(1,195	)
Ending Balance		$	9			$	626			$	9			$	626

Assets Measured at Fair Value on Non-Recurring Basis

Assets measured at fair value on a non-recurring basis are summarized below:

		Fair Value Measurements at September 30, 2017 Using:
(In Thousands of Dollars)		Carrying Value				Quoted Prices  in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Financial Assets
Impaired loans
Commercial real estate
Owner occupied		$	23			$	0			$	0			$	23
1–4 family residential			117				0				0				117
Consumer			14				0				0				14

		Fair Value Measurements at December 31, 2016 Using:
(In Thousands of Dollars)		Carrying Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Financial Assets
Impaired loans
Commercial real estate
Owner occupied		$	23			$	0			$	0			$	23
Farmland			339				0				0				339
Commercial
Agricultural			113				0				0				113
1–4 family residential			77				0				0				77
Consumer			2				0				0				2
Other real estate owned
1–4 family residential			16				0				0				16

Fair Value Measurements for Financial Instruments

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at the periods ended September 30, 2017 and December 31, 2016:

September 30, 2017	Fair value				Valuation Technique(s)		Unobservable Input(s)		Range (Weighted Average)
Impaired loans
Commercial real estate	$	23			Sales Comparison		Adjustment for differences between comparable sales		(24.02%)
Residential		117			Sales comparison		Adjustment for differences between comparable sales		(28.20%) - 20.17% (12.45%)
Consumer		14			Sales comparison		Adjustment for differences between comparable sales		(16.18%) - 16.18% 0.00%

December 31, 2016	Fair value				Valuation Technique(s)		Unobservable Input(s)		Range (Weighted Average)
Impaired loans
Commercial real estate	$	23			Sales comparison		Adjustment for differences between comparable sales		(24.02%)
		339			Quoted price for loan relationship		Offer price		35.77%
Commercial		113			Quoted price for loan relationship		Offer price		34.98%
Residential		77			Sales comparison		Adjustment for differences between comparable sales		(12.97%) - 14.22% (3.38%)
Consumer		2			Sales comparison		Adjustment for differences between comparable sales		(20.00%) - 20.00% (0.00%)
Other Real Estate owned residential		16			Sales comparison		Adjustment for differences between comparable sales		(10.36%) - 17.10% (1.90%)

Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of financial instruments not previously disclosed at September 30, 2017 and December 31, 2016 are as follows:

						Fair Value Measurements at September 30, 2017 Using:
(In Thousands of Dollars)		Carrying Amount				Level 1				Level 2				Level 3				Total
Financial assets
Cash and cash equivalents		$	84,006			$	22,510			$	61,496			$	0			$	84,006
Restricted stock			10,439			n/a				n/a				n/a				n/a
Loans held for sale			502				0				502				0				502
Loans, net			1,539,333				0				0				1,544,465				1,544,465
Mortgage servicing rights			1,154				0				1,154				0				1,154
Accrued interest receivable			6,576				0				2,235				4,341				6,576
Financial liabilities
Deposits			1,609,524				1,361,638				244,758				0				1,606,396
Short-term borrowings			286,088				0				286,088				0				286,088
Long-term borrowings			9,182				0				9,018				0				9,018
Accrued interest payable			696				39				657				0				696

						Fair Value Measurements at December 31, 2016 Using:
(In Thousands of Dollars)		Carrying Amount				Level 1				Level 2				Level 3				Total
Financial assets
Cash and cash equivalents		$	41,778			$	19,678			$	22,100			$	0			$	41,778
Restricted stock			9,583			n/a				n/a				n/a				n/a
Loans held for sale			355				0				365				0				365
Loans, net			1,416,783				0				0				1,406,951				1,406,951
Mortgage servicing rights			854				0				854				0				854
Accrued interest receivable			5,504				0				1,924				3,580				5,504
Financial liabilities
Deposits			1,524,756				1,289,037				232,410				0				1,521,447
Short-term borrowings			198,460				0				198,460				0				198,460
Long-term borrowings			15,036				0				15,009				0				15,009
Accrued interest payable			507				35				472				0				507

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- Definition

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).

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Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, used to measure similar assets in prior periods (non-recurring basis) by class of asset or liability.

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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).

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Tabular disclosure of the fair value measurement of assets 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 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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