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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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):

		December 31, 2016
		Carrying Amount				Fair Value
						Level 1				Level 2				Level 3				Total
Financial assets:
Cash and due from banks		$	28,185			$	28,185			$	—			$	—			$	28,185
Interest-earning deposits in other banks		10,368				10,368				—				—				10,368
Federal funds sold		15				15				—				—				15
Available-for-sale investment securities		547,749				7,416				540,333				—				547,749
Loans, net		747,302				—				—				761,023				761,023
Federal Home Loan Bank stock		5,594				N/A				N/A				N/A				N/A
Accrued interest receivable		7,885				26				4,517				3,342				7,885
Financial liabilities:
Deposits		1,255,979				1,099,200				156,711				—				1,255,911
Short-term borrowings		400				—				400				—				400
Junior subordinated deferrable interest debentures		5,155				—				—				3,235				3,235
Accrued interest payable		144				—				111				33				144

		December 31, 2015
		Carrying Amount				Fair Value
						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 under other accounting pronouncements (in thousands):

		Fair Value				Level 1				Level 2				Level 3
Available-for-sale investment securities
Debt Securities:
U.S. Government agencies		$	68,970			$	—			$	68,970			$	—
Obligations of states and political subdivisions		290,299				—				290,299				—
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations		178,221				—				178,221				—
Private label residential mortgage backed securities		2,843				—				2,843				—
Other equity securities		7,416				7,416				—				—
Total assets measured at fair value on a recurring basis		$	547,749			$	7,416			$	540,333			$	—

The Company is required or permitted to record the following assets at fair value on a recurring basis under other accounting pronouncements (in thousands):

		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 the following 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):

		Fair Value				Level 1				Level 2				Level 3
Impaired loans:
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

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 the following 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, 2016 (in thousands):

		Fair Value				Level 1				Level 2				Level 3
Impaired loans:
Consumer:
Equity loans and lines of credit		$	47			$	—			$	—			$	47
Total impaired loans		47				—				—				47
Other repossessed assets		362				—				—				362
Total assets measured at fair value on a non-recurring basis		$	409			$	—			$	—			$	409

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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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
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-Section 45
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-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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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).

+ 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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