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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

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):

		March 31, 2019
		Carrying Amount				Fair Value
(In thousands)						Level 1				Level 2				Level 3				Total
Financial assets:
Cash and due from banks		$	29,762			$	29,762			$	—			$	—			$	29,762
Interest-earning deposits in other banks		2,404				2,404				—				—				2,404
Federal funds sold		69				69				—				—				69
Available-for-sale debt securities		479,622				—				479,622				—				479,622
Equity securities		7,346				7,346				—				—				7,346
Loans, net		912,692				—				—				902,412				902,412
Federal Home Loan Bank stock		6,843				N/A				N/A				N/A				N/A
Accrued interest receivable		5,433				16				2,113				3,304				5,433
Financial liabilities:
Deposits		1,292,564				1,069,210				96,986				—				1,166,196
Short-term borrowings		7,000				—				7,000				—				7,000
Junior subordinated deferrable interest debentures		5,155				—				—				4,151				4,151
Accrued interest payable		163				—				106				57				163

		December 31, 2018
		Carrying Amount				Fair Value
(In thousands)						Level 1				Level 2				Level 3				Total
Financial assets:
Cash and due from banks		$	24,954			$	24,954			$	—			$	—			$	24,954
Interest-earning deposits in other banks		6,725				6,725				—				—				6,725
Federal funds sold		48				48				—				—				48
Available-for-sale debt securities		463,905				—				463,905				—				463,905
Equity securities		7,254				7,254				—				—				7,254
Loans, net		909,591				—				—				899,214				899,214
Federal Home Loan Bank stock		6,843				N/A				N/A				N/A				N/A
Accrued interest receivable		6,429				32				2,323				4,074				6,429
Financial liabilities:
Deposits		1,282,298				1,031,369				95,633				—				1,127,002
Short-term borrowings		10,000				—				10,000				—				10,000
Junior subordinated deferrable interest debentures		5,155				—				—				4,114				4,114
Accrued interest payable		134				—				81				53				134

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 March 31, 2019 (in thousands). 

Description		Fair Value				Level 1				Level 2				Level 3
Available-for-sale debt securities:
U.S. Government agencies		$	18,929			$	—			$	18,929			$	—
Obligations of states and political subdivisions		106,963				—				106,963				—
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations		222,613				—				222,613				—
Private label mortgage and asset backed securities		127,117				—				127,117				—
Corporate debt securities		4,000				—				4,000				—
Equity securities		7,346				7,346				—				—
Total assets measured at fair value on a recurring basis		$	486,968			$	7,346			$	479,622			$	—

The Company is required or permitted to record the following assets at fair value on a recurring basis as of December 31, 2018 (in thousands).

Description		Fair Value				Level 1				Level 2				Level 3
Available-for-sale debt securities:
U.S. Government agencies		$	21,321			$	—			$	21,321			$	—
Obligations of states and political subdivisions		81,504				—				81,504				—
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations		234,930				—				234,930				—
Private label mortgage and asset backed securities		126,150				—				126,150				—
Equity securities		7,254				7,254				—				—
Total assets measured at fair value on a recurring basis		$	471,159			$	7,254			$	463,905			$	—

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, 2018 (in thousands).

Description		Fair Value				Level 1				Level 2				Level 3
Impaired loans:
Real estate:
Commercial real estate		134				—				—				134
Total assets measured at fair value on a non-recurring basis		$	134			$	—			$	—			$	134

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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109250915&loc=d3e13467-108611

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section 50
-Paragraph 2
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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258

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