Fair Value (Tables)

12 Months Ended

Dec. 31, 2017

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, 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	$	—	$	1,000	$	—	$	1,000
Municipal obligations	—		9,414		—		9,414
Collateralized mortgage obligations - government issued	—		22,249		—		22,249
Collateralized mortgage obligations - government-sponsored enterprises	—		90,305		—		90,305
Other securities	—		3,037		—		3,037
Interest rate swaps	—		942		—		942
Liabilities:
Interest rate swaps	—		1,064		—		1,064



	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

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, 2017
	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
	(In Thousands)
Impaired loans	$	—	$	10,063	$	5,084	$	15,147
Foreclosed properties	—		1,069		—		1,069



	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, 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, 2017
	Carrying Amount		Fair Value
			Total		Level 1		Level 2		Level 3
	(In Thousands)
Financial assets:
Cash and cash equivalents	$	52,539	$	52,539	$	35,114	$	17,425	$	—
Securities available-for-sale	126,005		126,005		—		126,005		—
Securities held-to-maturity	37,778		37,696		—		37,696		—
Loans held for sale	2,194		2,413		—		2,413		—
Loans and lease receivables, net	1,482,832		1,482,664		—		10,063		1,472,601
Bank-owned life insurance	40,323		40,323		40,323		—		—
Federal Home Loan Bank and Federal Reserve Bank stock	5,670		5,670		—		—		5,670
Accrued interest receivable	5,019		5,019		5,019		—		—
Interest rate swaps	942		942		—		942		—
Financial liabilities:
Deposits	1,394,331		1,391,801		1,010,147		381,654		—
Federal Home Loan Bank advances and other borrowings	207,898		191,441		—		191,441		—
Junior subordinated notes	10,019		8,836		—		—		8,836
Accrued interest payable	2,095		2,095		2,095		—		—
Interest rate swaps	1,064		1,064		—		1,064		—
Off-balance-sheet items:
Standby letters of credit	75		75		—		—		75



	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