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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2018

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, 2018
		Carrying Amount				Fair Value
(In thousands)						Level 1				Level 2				Level 3				Total
Financial assets:
Cash and due from banks		$	29,811			$	29,811			$	—			$	—			$	29,811
Interest-earning deposits in other banks		16,812				16,812				—				—				16,812
Federal funds sold		7				7				—				—				7
Available-for-sale debt securities		484,001				—				484,001				—				484,001
Equity securities		7,254				7,254				—				—				7,254
Loans, net		925,914				—				—				918,264				918,264
Federal Home Loan Bank stock		6,843				N/A				N/A				N/A				N/A
Accrued interest receivable		6,343				19				2,930				3,394				6,343
Financial liabilities:
Deposits		1,324,211				1,211,307				111,308				—				1,322,615
Short-term borrowings		30,000				—				30,000				—				30,000
Junior subordinated deferrable interest debentures		5,155				—				—				4,161				4,161
Accrued interest payable		122				—				71				51				122

		December 31, 2017
		Carrying Amount				Fair Value
(In thousands)						Level 1				Level 2				Level 3				Total
Financial assets:
Cash and due from banks		$	38,286			$	38,286			$	—			$	—			$	38,286
Interest-earning deposits in other banks		62,080				62,080				—				—				62,080
Federal funds sold		17				17				—				—				17
Available-for-sale debt securities		535,281				—				535,281				—				535,281
Equity securities		7,423				7,423				—				—				7,423
Loans, net		891,901				—				—				899,191				899,191
Federal Home Loan Bank stock		6,843				N/A				N/A				N/A				N/A
Accrued interest receivable		7,168				57				3,256				3,855				7,168
Financial liabilities:
Deposits		1,425,687				1,296,048				127,966				—				1,424,014
Junior subordinated deferrable interest debentures		5,155				—				—				3,550				3,550
Accrued interest payable		110				—				72				38				110

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, 2018 (in thousands). 

Description		Fair Value				Level 1				Level 2				Level 3
Available-for-sale debt securities:
U.S. Treasury securities		$	32,692			$	—			$	32,692			$	—
U.S. Government agencies		7,103				—				7,103				—
Obligations of states and political subdivisions		133,008				—				133,008				—
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations		221,593				—				221,593				—
Private label mortgage and asset backed securities		89,605				—				89,605				—
Equity securities		7,254				7,254				—				—
Total assets measured at fair value on a recurring basis		$	491,255			$	7,254			$	484,001			$	—

The Company is required or permitted to record the following assets at fair value on a recurring basis as of December 31, 2017 (in thousands).

Description		Fair Value				Level 1				Level 2				Level 3
Available-for-sale debt securities:
U.S. Government agencies		$	66,587			$	—			$	66,587			$	—
Obligations of states and political subdivisions		143,105				—				143,105				—
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations		234,908				—				234,908				—
Private label mortgage and asset backed securities		90,681				—				90,681				—
Equity securities		7,423				7,423				—				—
Total assets measured at fair value on a recurring basis		$	542,704			$	7,423			$	535,281			$	—

Fair Value of Assets 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, 2018 (in thousands).

Description		Fair Value				Level 1				Level 2				Level 3
Impaired loans:
Consumer:
Equity loans and lines of credit		$	123			$	—			$	—			$	123
Total assets measured at fair value on a non-recurring basis		$	123			$	—			$	—			$	123

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, 2017 (in thousands).

Description		Fair Value				Level 1				Level 2				Level 3
Other repossessed assets		70				—				—				70
Total assets measured at fair value on a non-recurring basis		$	70			$	—			$	—			$	70

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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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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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
-Subparagraph (a)
-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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