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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2017

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):

		June 30, 2017
		Carrying Amount				Fair Value
(In thousands)						Level 1				Level 2				Level 3				Total
Financial assets:
Cash and due from banks		$	29,943			$	29,943			$	—			$	—			$	29,943
Interest-earning deposits in other banks		24,594				24,594				—				—				24,594
Federal funds sold		48				48				—				—				48
Available-for-sale investment securities		528,127				7,479				520,648				—				528,127
Loans, net		759,691				—				—				770,699				770,699
Federal Home Loan Bank stock		5,594				N/A				N/A				N/A				N/A
Accrued interest receivable		6,444				24				3,814				2,606				6,444
Financial liabilities:
Deposits		1,245,391				1,110,310				134,775				—				1,245,085
Junior subordinated deferrable interest debentures		5,155				—				—				3,350				3,350
Accrued interest payable		133				—				97				36				133

		December 31, 2016
		Carrying Amount				Fair Value
(In thousands)						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

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 June 30, 2017 (in thousands). 

Description		Fair Value				Level 1				Level 2				Level 3
Available-for-sale securities
Debt Securities:
U.S. Government agencies		$	64,421			$	—			$	64,421			$	—
Obligations of states and political subdivisions		225,010				—				225,010				—
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations		191,903				—				191,903				—
Private label residential mortgage backed securities		39,314				—				39,314				—
Other equity securities		7,479				7,479				—				—
Total assets measured at fair value on a recurring basis		$	528,127			$	7,479			$	520,648			$	—

The Company is required or permitted to record the following assets at fair value on a recurring basis as of December 31, 2016 (in thousands).

Description		Fair Value				Level 1				Level 2				Level 3
Available-for-sale 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			$	—

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, 2016 (in thousands).

Description		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

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 June 30, 2017 (in thousands).

Description		Fair Value				Level 1				Level 2				Level 3
Assets:
Other repossessed assets		$	194			$	—			$	—			$	194
Total assets measured at fair value on a non-recurring basis		$	194			$	—			$	—			$	194

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
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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=77997519&loc=d3e13476-108611

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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 2
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-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

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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=66048111&loc=d3e19190-110258

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