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Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Estimated Fair Values and Related Carrying or Notional Amounts

The estimated fair values, and related carrying or notional amounts, for on and off-balance sheet financial instruments as of December 31, 2014 and 2013, are reflected below.  

		(In Thousands)
		December 2014																				December 2013
		Carrying Amount				Fair Value				Level 1				Level 2				Level 3				Carrying Amount				Fair Value				Level 1				Level 2				Level 3
Financial Assets:
Cash and Cash Equivalents		$	24,295			$	24,295			$	24,295			$	—			$	—			$	19,263			$	19,263			$	19,263			$	—			$	—
Securities - available for sale			248,492				248,492				25,393				215,168				7,931				324,509				324,509				25,272				288,891				10,346
Other Securities			3,717				3,717				—				—				3,717				4,216				4,216				—				—				4,216
Loans, net			616,021				625,377				—				—				625,377				570,919				579,992				—				—				579,992
Interest receivable			3,578				3,578				—				—				3,578				3,694				3,694				—				—				3,694
Total Assets		$	896,103			$	905,459			$	49,688			$	215,168			$	640,603			$	922,601			$	931,674			$	44,535			$	288,891			$	598,248
Financial Liabilities:
Interest bearing Deposits		$	403,051			$	403,801			$	—			$	—			$	403,801			$	429,652			$	429,750			$	—			$	—			$	429,750
Non-interest bearing Deposits			164,009				164,009				—				164,009				—				110,452				110,452				—				110,452				—
Time Deposits			195,500				196,545				—				—				196,545				236,360				236,027				—				—				236,027
Total Deposits		$	762,560			$	764,355			$	—			$	164,009			$	600,346			$	776,464			$	776,229			$	—			$	110,452			$	665,777
Federal Funds purchased and Securities sold under agreement to repurchase			55,962				55,962				—				—				55,962				69,756				69,756				—				—				69,756
Federal Home Loan Bank advances			—				—				—				—				—				4,500				4,570				—				—				4,570
Interest payable			207				207				—				—				207				223				223				—				—				223
Dividends payable			965				965				—				965				—				967				967				—				967				—
Total Liabilities		$	819,694			$	821,489			$	—			$	164,974			$	656,515			$	851,910			$	851,745			$	—			$	111,419			$	740,326

Financial Assets Measured at Fair Value on Recurring Basis

The following summarizes financial assets measured at fair value on a recurring basis as of December 31, 2014 and December 31, 2013 segregated by level or the valuation inputs within the fair value hierarchy utilized to measure fair value:

($ in Thousands)		Quoted Prices in Active				Significant				Significant
December 31, 2014		Active Markets for Identical Assets (Level 1)				Observable Inputs (Level 2)				Observable Inputs (Level 3)
Assets-(Securities Available for Sale)
U.S. Treasury		$	25,393			$	—			$	—
U.S. Government agency			—				119,234				—
Mortgage-backed securities			—				29,562				—
State and local governments			—				66,372				7,931
Total Securities Available for Sale		$	25,393			$	215,168			$	7,931
($ in Thousands)		Quoted Prices in Active				Significant				Significant
December 31, 2013		Active Markets for Identical Assets (Level 1)				Observable Inputs (Level 2)				Observable Inputs (Level 3)
Assets-(Securities Available for Sale)
U.S. Treasury		$	25,272			$	—			$	—
U.S. Government agency			—				172,972				—
Mortgage-backed securities			—				44,792				—
State and local governments			—				71,127				10,346
Total Securities Available for Sale		$	25,272			$	288,891			$	10,346

Changes in the Level 3 Fair-Value Category of Which Unobservable Inputs

		(In Thousands)
		Fair Value Measurements Using Significant
		Unobservable Inputs (Level 3)
		State and Local Governments Tax-Exempt				State and Local Governments Taxable				State and Local Governments Total
Balance at January 1, 2014		$	8,802			$	1,544			$	10,346
Change in Market Value			(1,104	)			(251	)			(1,355	)
Purchases			—				—				—
Sales			—				—				—
Payments & Maturities			(1,060	)			—				(1,060	)
Balance at December 31, 2014		$	6,638			$	1,293			$	7,931

		(In Thousands)
		Fair Value Measurements Using Significant
		Unobservable Inputs (Level 3)
		State and Local Governments Tax-Exempt				State and Local Governments Taxable				State and Local Governments Total
Balance at January 1, 2013		$	14,863			$	1,545			$	16,408
Change in Market Value			(1,852	)			(1	)			(1,853	)
Purchases			519				—				519
Sales			—				—				—
Payments & Maturities			(4,728	)			—				(4,728	)
Balance at December 31, 2013		$	8,802			$	1,544			$	10,346

Impaired Loans and Other Real Estate

The following table presents impaired loans and other real estate owned as recorded at fair value:

		Assets Measured at Fair Value on a Nonrecurring Basis at December 31, 2014
($ in Thousands)		Balance at December 31, 2014				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Change in fair value for twelve-month period ended Dec. 31,  2014
Impaired loans		$	1,456			$	—			$	—			$	1,456			$	(168	)
Other real estate owned - residential mortgages			21				—				—				21				(8	)
Other real estate owned - commercial			23				—				—				23				(32	)
Total change in fair value																		$	(208	)
		Assets Measured at Fair Value on a Nonrecurring Basis at December 31, 2013
($ in Thousands)		Balance at December 31, 2013				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Change in fair value for twelve-month period ended Dec. 31, 2013
Impaired loans		$	1,924			$	—			$	—			$	1,924			$	(525	)
Other real estate owned - residential mortgages			964				—				—				964				—
Other real estate owned - commercial			1,127				—				—				1,127				(64	)
Total change in fair value																		$	(589	)

Quantitative Information about Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements

The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements:

		Fair Value at December 31, 2014				Valuation Technique		Unobservable Inputs		Range (Weighted Average)
State and political subdivision securities		$	7,931			Discounted Cash Flow		Credit strength of underlying project or entity / Discount rate		0-5%
Impaired Loans			1,456			Collateral based measurements		Discount to reflect current market conditions and ultimate collectability		0-50%
Other real estate owned - residential			21			Appraisals		Discount to reflect current market		0-20%
Other real estate owned - commercial			23			Appraisals		Discount to reflect current market		0-20%
		Fair Value at December 31, 2013				Valuation Technique		Unobservable Inputs		Range (Weighted Average)
State and political subdivision securities		$	10,346			Discounted Cash Flow		Credit strength of underlying project or entity / Discount rate		0-5%
Impaired Loans			1,924			Collateral based measurements		Discount to reflect current market conditions and ultimate collectability		0-50%
Other real estate owned - residential			964			Appraisals		Discount to reflect current market		0-20%
Other real estate owned - commercial			1,127			Appraisals		Discount to reflect current market		0-20%

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Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, used to measure similar assets in prior periods (non-recurring basis) by class of asset or liability.

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Tabular disclosure of financial instrument classified as a derivative asset (liability) after deduction of derivative liability (asset) using recurring unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing.

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