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Fair Value (Tables)

3 Months Ended

Mar. 31, 2018

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 March 31, 2018 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		$	6,029			$	0			$	6,029			$	0
State and political subdivisions			190,034				0				190,034				0
Corporate bonds			1,161				0				1,161				0
Mortgage-backed securities-residential			157,296				0				157,289				7
Collateralized mortgage obligations			16,133				0				16,133				0
Small Business Administration			13,743				0				13,743				0
Equity securities			416				416				0				0
Other investments measured at net asset value			5,593			n/a				n/a				n/a
Total investment securities		$	390,405			$	416			$	384,389			$	7
Loan yield maintenance provisions		$	859			$	0			$	859			$	0
Financial Liabilities
Interest rate swaps		$	859			$	0			$	859			$	0

		Fair Value Measurements at December 31, 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		$	8,917			$	0			$	8,917			$	0
State and political subdivisions			191,003				0				191,003				0
Corporate bonds			1,234				0				1,234				0
Mortgage-backed securities-residential			160,450				0				160,442				8
Collateralized mortgage obligations			17,121				0				17,121				0
Small Business Administration			14,212				0				14,212				0
Equity securities			394				394				0				0
Other investments measured at net asset value			5,185			n/a				n/a				n/a
Total investment securities		$	398,516			$	394			$	392,929			$	8
Loan yield maintenance provisions		$	653			$	0			$	653			$	0
Financial Liabilities
Interest rate swaps		$	653			$	0			$	653			$	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 March 31,
(In Thousands of Dollars)		2018				2017
Beginning Balance		$	8			$	12
Transfers from level 2			0				0
Repayments, calls and maturities			(1	)			(1	)
Ending Balance		$	7			$	11

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 March 30, 2018 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
1–4 family residential		$	735			$	0			$	0			$	735
Consumer			4				0				0				4

		Fair Value Measurements at December 31, 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
1–4 family residential		$	740			$	0			$	0			$	740
Consumer			2				0				0				2

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 March 31, 2018 and December 31, 2017:

March 31, 2018	Fair value				Valuation Technique(s)		Unobservable Input(s)		Range (Weighted Average)
Impaired loans
Residential	$	735			Sales comparison		Adjustment for differences between comparable sales		(15.76%) - 27.92% 0.53%
Consumer		4			Sales comparison		Adjustment for differences between comparable sales		(21.98%) - 21.98% 0.00%

December 31, 2017	Fair value				Valuation Technique(s)		Unobservable Input(s)		Range (Weighted Average)
Impaired loans
Residential	$	740			Sales comparison		Adjustment for differences between comparable sales		(15.76%) - 27.92% 0.53%
Consumer		2			Sales comparison		Adjustment for differences between comparable sales		(21.98%) - 21.98% (0.00%)

Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of financial instruments not previously disclosed at March 31, 2018 and December 31, 2017 are as follows:

						Fair Value Measurements at March 31, 2018 Using:
(In Thousands of Dollars)		Carrying Amount				Level 1				Level 2				Level 3				Total
Financial assets
Cash and cash equivalents		$	52,149			$	21,433			$	30,716			$	0			$	52,149
Restricted stock			11,134			n/a				n/a				n/a				n/a
Loans held for sale			399				0				411				0				411
Loans, net			1,586,789				0				0				1,544,307				1,544,307
Accrued interest receivable			6,623				0				2,220				4,403				6,623
Financial liabilities
Deposits			1,637,159				1,354,581				276,247				0				1,630,828
Short-term borrowings			268,012				0				268,012				0				268,012
Long-term borrowings			6,804				0				6,507				0				6,507
Accrued interest payable			663				46				617				0				663

						Fair Value Measurements at December 31, 2017 Using:
(In Thousands of Dollars)		Carrying Amount				Level 1				Level 2				Level 3				Total
Financial assets
Cash and cash equivalents		$	57,614			$	17,785			$	39,829			$	0			$	57,614
Restricted stock			10,491			n/a				n/a				n/a				n/a
Loans held for sale			272				0				283				0				283
Loans, net			1,565,066				0				0				1,569,381				1,569,381
Accrued interest receivable			6,669				0				2,255				4,414				6,669
Financial liabilities
Deposits			1,604,719				1,340,814				259,346				0				1,600,160
Short-term borrowings			289,565				0				289,565				0				289,565
Long-term borrowings			6,994				0				6,690				0				6,690
Accrued interest payable			633				46				587				0				633

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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).

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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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