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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Estimated Fair Value of Financial Instruments

The estimated carrying and fair values of the Company’s financial instruments are as follows (in thousands):

		March 31, 2015
		Carrying Amount				Fair Value
(In thousands)						Level 1				Level 2				Level 3				Total
Financial assets:
Cash and due from banks		$	27,213			$	27,213			$	—			$	—			$	27,213
Interest-earning deposits in other banks		57,974				57,974				—				—				57,974
Federal funds sold		184				184				—				—				184
Available-for-sale investment securities		427,811				7,655				420,156				—				427,811
Held-to-maturity investment securities		32,096				—				35,486				—				35,486
Loans, net		568,594				—				—				566,525				566,525
Federal Home Loan Bank stock		4,791				N/A				N/A				N/A				N/A
Accrued interest receivable		5,203				24				2,811				2,368				5,203
Financial liabilities:
Deposits		1,041,863				890,367				151,438				—				1,041,805
Junior subordinated deferrable interest debentures		5,155				—				—				3,175				3,175
Accrued interest payable		111				—				87				24				111

		December 31, 2014
		Carrying Amount				Fair Value
(In thousands)						Level 1				Level 2				Level 3				Total
Financial assets:
Cash and due from banks		$	21,316			$	21,316			$	—			$	—			$	21,316
Interest-earning deposits in other banks		55,646				55,646				—				—				55,646
Federal funds sold		366				366				—				—				366
Available-for-sale investment securities		432,535				7,585				424,950				—				432,535
Held-to-maturity investment securities		31,964				—				35,096				—				35,096
Loans, net		564,280				—				—				564,667				564,667
Federal Home Loan Bank stock		4,791				N/A				N/A				N/A				N/A
Accrued interest receivable		5,793				25				3,212				2,556				5,793
Financial liabilities:
Deposits		1,039,152				885,704				153,475				—				1,039,179
Junior subordinated deferrable interest debentures		5,155				—				—				3,119				3,119
Accrued interest payable		114				—				90				24				114

Fair Value of Assets on a Recurring Basis

The Company is required or permitted to record the following assets at fair value on a recurring basis as of December 31, 2014 (in thousands).

Description		Fair Value				Level 1				Level 2				Level 3
Available-for-sale securities
Debt Securities:
U.S. Government agencies		$	33,090			$	—			$	33,090			$	—
Obligations of states and political subdivisions		149,295				—				149,295				—
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations		237,872				—				237,872				—
Private label residential mortgage backed securities		4,693				—				4,693				—
Other equity securities		7,585				7,585				—				—
Total assets measured at fair value on a recurring basis		$	432,535			$	7,585			$	424,950			$	—

The Company is required or permitted to record the following assets at fair value on a recurring basis as of March 31, 2015 (in thousands). 

Description		Fair Value				Level 1				Level 2				Level 3
Available-for-sale securities
Debt Securities:
U.S. Government agencies		$	50,648			$	—			$	50,648			$	—
Obligations of states and political subdivisions		152,451				—				152,451				—
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations		212,581				—				212,581				—
Private label residential mortgage backed securities		4,476				—				4,476				—
Other equity securities		7,655				7,655				—				—
Total assets measured at fair value on a recurring basis		$	427,811			$	7,655			$	420,156			$	—

Fair Value of Assets on a Non-recurring Basis

The Company may be required, from time to time, to measure certain assets and liabilities at fair value on a non-recurring basis.  These include assets and liabilities that are measured at the lower of cost or fair value that were recognized at fair value which was below cost at December 31, 2014 (in thousands).

Description		Fair Value				Level 1				Level 2				Level 3
Impaired loans:
Commercial:
Commercial and industrial		$	7,019			$	—			$	—			$	7,019
Total commercial		7,019				—				—				7,019
Consumer:
Equity loans and lines of credit		$	777			$	—			$	—			$	777
Total consumer		777				—				—				777
Total impaired loans		7,796				—				—				7,796
Total assets measured at fair value on a non-recurring basis		$	7,796			$	—			$	—			$	7,796

The Company may be required, from time to time, to measure certain assets and liabilities at fair value on a non-recurring basis. These include assets and liabilities that are measured at the lower of cost or fair value that were recognized at fair value which was below cost at March 31, 2015 (in thousands).

Description		Fair Value				Level 1				Level 2				Level 3
Assets:
Impaired loans:
Commercial:
Commercial and industrial		$	320			$	—			$	—			$	320
Total commercial		320				—				—				320
Consumer:
Equity loans and lines of credit		$	144			$	—			$	—			$	144
Total impaired loans		464				—				—				464
Other real estate owned		348				—				—				348
Total assets measured at fair value on a non-recurring basis		$	812			$	—			$	—			$	812

Fair Value Assumptions

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 December 31, 2014 (dollars in thousands):

Description		Fair Value				Valuation Technique(s)		Significant Unobservable Input(s)		Range (Weighted Average)
Commercial and industrial		$	7,019			Sales comparison		Appraiser adjustments on sales comparable data		0.00%-6.00%
						Management estimates		Management adjustments for depreciation in values depending on property types		8.00%-25.00%
Equity loans and lines of credit		$	777			Sales comparison		Appraiser adjustments on sales comparable data		0.00%-3.50%
						Management estimates		Management adjustments for depreciation in values depending on property types		11.00%

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 March 31, 2015 (dollars in thousands):

Description		Fair Value				Valuation Technique(s)		Significant Unobservable Input(s)		Range (Weighted Average)
Commercial and industrial		$	320			Sales comparison		Appraiser adjustments on sales comparable data		3.20%-18.00%
						Management estimates		Management adjustments for depreciation in values depending on property types		26.80%
Equity loans and lines of credit		$	144			Sales comparison		Appraiser adjustments on sales comparable data		9.60%-18.00%
						Management estimates		Management adjustments for depreciation in values depending on property types		15.00%
Other real estate owned		$	348			Collateral		External appraised values, management assumptions regarding market trends or other relevant factors less estimated selling costs		6.00%-8.00%

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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 fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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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