Fair Value Disclosures (Tables)

9 Months Ended

Sep. 30, 2017

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



	September 30, 2017
	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	$	—	$	3,807	$	—	$	3,807
Municipal obligations	—		9,332		—		9,332
Collateralized mortgage obligations - government issued	—		22,902		—		22,902
Collateralized mortgage obligations - government-sponsored enterprises	—		95,089		—		95,089
Interest rate swaps	—		1,380		—		1,380
Liabilities:
Interest rate swaps	—		1,380		—		1,380



	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

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



	September 30, 2017
	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
	(In Thousands)
Impaired loans	$	—	$	7,637	$	8,661	$	16,298
Foreclosed properties	—		1,472		—		1,472



	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	—		1,472		—		1,472

Fair value estimates, methods and assumptions, consistent with exit price concepts for fair value measurements, are set forth below:



	September 30, 2017
	Carrying Amount		Fair Value
			Total		Level 1		Level 2		Level 3
	(In Thousands)
Financial assets:
Cash and cash equivalents	$	73,196	$	73,218	$	56,487	$	16,731	$	—
Securities available-for-sale	131,130		131,130		—		131,130		—
Securities held-to-maturity	38,873		39,274		—		39,274		—
Loans held for sale	—		—		—		—		—
Loans and lease receivables, net	1,446,790		1,427,071		—		7,637		1,419,434
Bank-owned life insurance	39,988		39,988		39,988		—		—
Federal Home Loan Bank and Federal Reserve Bank stock	5,083		5,083		—		—		5,083
Accrued interest receivable	4,722		4,722		4,722		—		—
Interest rate swaps	1,380		1,380		—		1,380		—
Financial liabilities:
Deposits	1,423,724		1,424,275		1,032,379		391,896		—
Federal Home Loan Bank advances and other borrowings	167,884		152,391		—		152,391		—
Junior subordinated notes	10,015		8,829		—		—		8,829
Accrued interest payable	2,317		2,317		2,317		—		—
Interest rate swaps	1,380		1,380		—		1,380		—
Off-balance-sheet items:
Standby letters of credit	86		86		—		—		86



	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		1,222		—		1,222		—
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