Fair Value (Tables)

12 Months Ended

Dec. 31, 2016

Fair Value Measurements, Recurring Basis

Assets and liabilities measured at fair value on a recurring basis, segregated by fair value hierarchy level, are summarized below:



	December 31, 2016
	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
	(In Thousands)
Assets:
Securities available-for-sale:
U.S. Government agency obligations - government-sponsored enterprises	$	—	$	6,295	$	—	$	6,295
Municipal obligations	—		8,156		—		8,156
Asset backed securities	—		1,081		—		1,081
Collateralized mortgage obligations - government issued	—		31,213		—		31,213
Collateralized mortgage obligations - government-sponsored enterprises	—		99,148		—		99,148
Interest rate swaps	—		352		—		352
Liabilities:
Interest rate swaps	—		352		—		352



	December 31, 2015
	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
	(In Thousands)
Assets:
Securities available-for-sale:
U.S. Government agency obligations - government-sponsored enterprises	$	—	$	8,017	$	—	$	8,017
Municipal obligations	—		4,283		—		4,283
Asset backed securities	—		1,269		—		1,269
Collateralized mortgage obligations - government issued	—		44,543		—		44,543
Collateralized mortgage obligations - government-sponsored enterprises	—		82,436		—		82,436
Interest rate swaps	—		552		—		552
Liabilities:
Interest rate swaps	—		552		—		552

Fair Value Measurements, Nonrecurring Basis

Assets and liabilities measured at fair value on a non-recurring basis, segregated by fair value hierarchy, are summarized below:



	December 31, 2016
	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
	(In Thousands)
Impaired loans	$	—	$	12,268	$	1,097	$	13,365
Foreclosed properties	—		1,473		—		1,473
Loan servicing rights	—		—		1,906		1,906



	December 31, 2015
	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
	(In Thousands)
Impaired loans	$	—	$	11,518	$	6,245	$	17,763
Foreclosed properties	—		1,677		—		1,677
Loan servicing rights	—		—		1,563		1,563

Fair Value, by Balance Sheet Grouping

The Corporation is required to disclose estimated fair values for its financial instruments. Fair value estimates, methods and assumptions, consistent with exit price concepts for fair value measurements, are set forth below:



	December 31, 2016
	Carrying Amount		Fair Value
			Total		Level 1		Level 2		Level 3
	(In Thousands)
Financial assets:
Cash and cash equivalents	$	77,517	$	77,517	$	55,622	$	21,895	$	—
Securities available-for-sale	145,893		145,893		—		145,893		—
Securities held-to-maturity	38,612		38,520		—		38,520		—
Loans held for sale	1,111		1,111		—		1,111		—
Loans and lease receivables, net	1,429,763		1,447,044		—		12,268		1,434,776
Bank-owned life insurance	39,048		39,048		—		39,048		—
Federal Home Loan Bank and Federal Reserve Bank stock	2,131		2,131		—		2,131		—
Accrued interest receivable	4,677		4,677		4,677		—		—
Interest rate swaps	352		352		—		352		—
Financial liabilities:
Deposits	1,538,855		1,539,413		$	1,063,720	475,693		—
Federal Home Loan Bank advances and other borrowings	59,676		60,893		—		60,893		—
Junior subordinated notes	10,004		9,072		—		—		9,072
Accrued interest payable	1,765		1,765		1,765		—		—
Interest rate swaps	352		352		—		352		—
Off balance sheet items:
Standby letters of credit	58		58		—		—		58



	December 31, 2015
	Carrying Amount		Fair Value
			Total		Level 1		Level 2		Level 3
	(In Thousands)
Financial assets:
Cash and cash equivalents	$	113,564	$	113,564	$	100,063	$	13,501	$	—
Securities available-for-sale	140,548		140,548		—		140,548		—
Securities held-to-maturity	37,282		37,558		—		37,558		—
Loans held for sale	2,702		2,702		—		2,702		—
Loans and lease receivables, net	1,414,649		1,445,773		—		11,518		1,434,255
Bank-owned life insurance	28,298		28,298		—		28,298		—
Federal Home Loan Bank and Federal Reserve Bank stock	2,843		2,843		—		2,843		—
Accrued interest receivable	4,412		4,412		4,412		—		—
Interest rate swaps	552		552		—		552		—
Financial liabilities:
Deposits	1,577,231		1,577,838		1,009,762		$	568,076	—
Federal Home Loan Bank advances and other borrowings	34,740		35,353		—		35,353		—
Junior subordinated notes	9,990		6,614		—		—		6,614
Accrued interest payable	1,766		1,766		1,766		—		—
Interest rate swaps	552		552		—		552		—
Off balance sheet items:
Standby letters of credit	183		183		—		—		183