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Fair Value of Assets and Liabilities (Tables) | 9 Months Ended
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Sep. 30, 2015
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table summarizes our assets and liabilities that were required to be recorded at fair value on a recurring basis.
(in thousands) Description of Financial Instruments | Carrying Value |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
At September 30, 2015: |  |  |  |  |  |  |
Securities available-for-sale: |  |  |  |  |  |  |
Mortgage-backed securities and collateralized mortgage obligations issued by U.S. government-sponsored agencies | $ | 171,417 |  |  | $ | — |  |  | $ | 169,677 |  |  | $ | 1,740 |
Debentures of government-sponsored agencies | $ | 102,165 |  |  | $ | — |  |  | $ | 102,165 |  |  | $ | — |
Privately-issued collateralized mortgage obligations | $ | 4,891 |  |  | $ | — |  |  | $ | 4,891 |  |  | $ | — |
Obligations of state and political subdivisions | $ | 50,377 |  |  | $ | — |  |  | $ | 50,377 |  |  | $ | — |
Corporate bonds | $ | 5,006 |  |  | $ | — |  |  | 5,006 |  |  | $ | — |
Derivative financial liabilities (interest rate contracts) | $ | 2,328 |  |  | $ | — |  |  | $ | 2,328 |  |  | $ | — |
At December 31, 2014: |  |  |  |  |  |  |  |  |  |
Securities available-for-sale: |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities and collateralized mortgage obligations issued by U.S. government-sponsored agencies | $ | 158,119 |  |  | $ | — |  |  | $ | 155,421 |  |  | $ | 2,698 |
Debentures of government-sponsored agencies | $ | 14,557 |  |  | $ | — |  |  | $ | 14,557 |  |  | $ | — |
Privately-issued collateralized mortgage obligations | $ | 7,294 |  |  | $ | — |  |  | $ | 7,294 |  |  | $ | — |
Obligations of state and political subdivisions | $ | 15,880 |  |  | $ | — |  |  | $ | 15,771 |  |  | $ | — |
Corporate bonds | $ | 4,998 |  |  | $ | — |  |  | $ | 5,437 |  |  | $ | — |
Derivative financial assets (interest rate contracts) | $ | 61 |  |  | $ | — |  |  | $ | 61 |  |  | $ | — |
Derivative financial liabilities (interest rate contracts) | $ | 1,996 |  |  | $ | — |  |  | $ | 1,996 |  |  | $ | — |
Fair Value Measurements, Nonrecurring | The following table presents the carrying value of assets and liabilities measured at fair value on a non-recurring basis and that were held in the consolidated statements of condition at each respective period end, by level within the fair value hierarchy as of September 30, 2015 and December 31, 2014. Impaired loans are only included in the following table when they are collateral dependent and the recorded investments of these loans are at the net realizable value of the collateral based on an impairment analysis.
(in thousands) | Carrying Value 1 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
At September 30, 2015: |  |  |  |  |  |  |  |  |  |
Other real estate | $ | 421 |  |  | $ | — |  |  | $ | — |  |  | $ | 421 |
At December 31, 2014: |  |  |  |  |  |  |  |  |  |  |
Impaired loans: |  |  |  |  |  |  |  |
Installment and other consumer 1 | $ | 77 |  |  | $ | — |  |  | $ | — |  |  | $ | 77 |
Other real estate | $ | 461 |  |  | $ | — |  |  | $ | — |  |  | $ | 461 |
1 Represents collateral-dependent loan principal balances that had been generally written down to the values of the underlying collateral, net of specific valuation allowances. At December 31, 2014, the $77 thousand carrying value of a consumer loan was net of a $26 thousand specific valuation allowance. The carrying value of loans fully charged-off, which includes unsecured lines of credit, overdrafts and all other loans, is zero.
Fair Value, by Balance Sheet Grouping | The table below is a summary of fair value estimates for financial instruments as of September 30, 2015 and December 31, 2014, excluding financial instruments recorded at fair value on a recurring basis (summarized in the first table in this note). The carrying amounts in the following table are recorded in the consolidated statements of condition under the indicated captions. We have excluded non-financial assets and non-financial liabilities defined by the Codification (ASC 820-10-15-1A), such as Bank premises and equipment, deferred taxes and other liabilities. In addition, we have not disclosed the fair value of financial instruments specifically excluded from disclosure requirements of the Financial Instruments Topic of the Codification (ASC 825-10-50-8), such as Bank-owned life insurance policies.
| September 30, 2015 |  | December 31, 2014
(in thousands) | Carrying Amounts |  | Fair Value |  | Fair Value Hierarchy |  | Carrying Amounts |  | Fair Value |  | Fair Value Hierarchy
Financial assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 35,315 |  | $ | 35,315 |  | Level 1 |  | $ | 41,367 |  | $ | 41,367 |  | Level 1
Investment securities held-to-maturity | 86,471 |  | 88,104 |  | Level 2 |  | 116,437 |  | 118,643 |  | Level 2
Loans, net | 1,348,743 |  | 1,364,940 |  | Level 3 |  | 1,348,252 |  | 1,361,244 |  | Level 3
Interest receivable | 5,606 |  | 5,606 |  | Level 2 |  | 5,909 |  | 5,909 |  | Level 2
Financial liabilities |  |  |  |  |  |  |  |  |  |  |
Deposits | 1,635,482 |  | 1,636,088 |  | Level 2 |  | 1,551,619 |  | 1,552,446 |  | Level 2
Federal Home Loan Bank borrowings | 15,000 |  | 15,437 |  | Level 2 |  | 15,000 |  | 15,484 |  | Level 2
Subordinated debentures | 5,343 |  | 5,178 |  | Level 3 |  | 5,185 |  | 5,290 |  | Level 3
Interest payable | 200 |  | 200 |  | Level 2 |  | 213 |  | 213 |  | Level 2

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- 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 + Details
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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 Reference 4: http://www.xbrl.org/2003/role/presentationRef -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 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13433-108611 + Details
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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 + Details
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