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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2016

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, 2016
		Carrying Amount				Fair Value
(In thousands)						Level 1				Level 2				Level 3				Total
Financial assets:
Cash and due from banks		$	23,274			$	23,274			$	—			$	—			$	23,274
Interest-earning deposits in other banks		21,803				21,803				—				—				21,803
Federal funds sold		1				1				—				—				1
Available-for-sale investment securities		551,075				7,676				543,399				—				551,075
Loans, net		620,528				—				—				625,587				625,587
Federal Home Loan Bank stock		4,823				N/A				N/A				N/A				N/A
Accrued interest receivable		6,428				19				3,281				3,128				6,428
Financial liabilities:
Deposits		1,127,497				999,635				127,678				—				1,127,313
Junior subordinated deferrable interest debentures		5,155				—				—				3,088				3,088
Accrued interest payable		104				—				74				30				104

		December 31, 2015
		Carrying Amount				Fair Value
(In thousands)						Level 1				Level 2				Level 3				Total
Financial assets:
Cash and due from banks		$	23,339			$	23,339			$	—			$	—			$	23,339
Interest-earning deposits in other banks		70,988				70,988				—				—				70,988
Federal funds sold		290				290				—				—				290
Available-for-sale investment securities		477,554				7,536				470,018				—				477,554
Held-to-maturity investment securities		31,712				—				35,142				—				35,142
Loans, net		588,501				—				—				585,737				585,737
Federal Home Loan Bank stock		4,823				N/A				N/A				N/A				N/A
Accrued interest receivable		6,355				27				3,414				2,914				6,355
Financial liabilities:
Deposits		1,116,267				976,433				139,353				—				1,115,786
Junior subordinated deferrable interest debentures		5,155				—				—				3,200				3,200
Accrued interest payable		101				—				76				25				101

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, 2016 (in thousands). 

Description		Fair Value				Level 1				Level 2				Level 3
Available-for-sale securities
Debt Securities:
U.S. Government agencies		$	48,266			$	—			$	48,266			$	—
Obligations of states and political subdivisions		242,208				—				242,208				—
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations		249,966				—				249,966				—
Private label residential mortgage backed securities		2,959				—				2,959				—
Other equity securities		7,676				7,676				—				—
Total assets measured at fair value on a recurring basis		$	551,075			$	7,676			$	543,399			$	—

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

Description		Fair Value				Level 1				Level 2				Level 3
Available-for-sale securities
Debt Securities:
U.S. Government agencies		$	52,901			$	—			$	52,901			$	—
Obligations of states and political subdivisions		188,268				—				188,268				—
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations		225,259				—				225,259				—
Private label residential mortgage backed securities		3,590				—				3,590				—
Other equity securities		7,536				7,536				—				—
Total assets measured at fair value on a recurring basis		$	477,554			$	7,536			$	470,018			$	—

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, 2016 (in thousands).

Description		Fair Value				Level 1				Level 2				Level 3
Assets:
Impaired loans:
Consumer:
Equity loans and lines of credit		$	23			$	—			$	—			$	23
Total impaired loans		23				—				—				23
Other repossessed assets		363				—				—				363
Total assets measured at fair value on a non-recurring basis		$	386			$	—			$	—			$	386

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, 2015 (in thousands).

Description		Fair Value				Level 1				Level 2				Level 3
Impaired loans:
Commercial:
Commercial and industrial		$	—			$	—			$	—			$	—
Total commercial		—				—				—				—
Consumer:
Equity loans and lines of credit		$	132			$	—			$	—			$	132
Total consumer		132				—				—				132
Total impaired loans		132				—				—				132
Total assets measured at fair value on a non-recurring basis		$	132			$	—			$	—			$	132

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).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19296-110258

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- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13476-108611

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13467-108611

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
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-Section 50
-Paragraph 30
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-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
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- Definition

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).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258

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