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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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):

		September 30, 2015
		Carrying Amount				Fair Value
(In thousands)						Level 1				Level 2				Level 3				Total
Financial assets:
Cash and due from banks		$	27,148			$	27,148			$	—			$	—			$	27,148
Interest-earning deposits in other banks		47,872				47,872				—				—				47,872
Federal funds sold		266				266				—				—				266
Available-for-sale investment securities		452,842				7,641				445,201				—				452,842
Held-to-maturity investment securities		32,367				—				35,256				—				35,256
Loans, net		590,197				—				—				587,752				587,752
Federal Home Loan Bank stock		4,823				N/A				N/A				N/A				N/A
Accrued interest receivable		5,592				24				2,968				2,600				5,592
Financial liabilities:
Deposits		1,074,854				925,902				148,783				—				1,074,685
Junior subordinated deferrable interest debentures		5,155				—				—				3,019				3,019
Accrued interest payable		108				—				83				25				108

		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 September 30, 2015 (in thousands). 

Description		Fair Value				Level 1				Level 2				Level 3
Available-for-sale securities
Debt Securities:
U.S. Government agencies		$	51,914			$	—			$	51,914			$	—
Obligations of states and political subdivisions		178,999				—				178,999				—
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations		210,543				—				210,543				—
Private label residential mortgage backed securities		3,745				—				3,745				—
Other equity securities		7,641				7,641				—				—
Total assets measured at fair value on a recurring basis		$	452,842			$	7,641			$	445,201			$	—

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			$	—

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 September 30, 2015 (in thousands).

Description		Fair Value				Level 1				Level 2				Level 3
Assets:
Impaired loans:
Commercial:
Commercial and industrial		$	9			$	—			$	—			$	9
Total commercial		9				—				—				9
Consumer:
Equity loans and lines of credit		$	142			$	—			$	—			$	142
Total impaired loans		151				—				—				151
Other real estate owned		—				—				—				—
Total assets measured at fair value on a non-recurring basis		$	151			$	—			$	—			$	151

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

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%

X

- 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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