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Fair Value of Instruments (Tables)

3 Months Ended

Mar. 31, 2015

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 March 31, 2015 and December 31, 2014 are reflected below.

		(In Thousands)
		March 31, 2015
		Carrying Amount				Fair Value				Level 1				Level 2				Level 3
Financial Assets:
Cash and Cash Equivalents		$	45,101			$	45,101			$	45,101			$	—			$	—
Securities - available-for-sale			246,070				246,070				33,871				204,362				7,837
Other Securities			3,717				3,717				—				—				3,717
Loans, net			608,732				617,945				—				—				617,945
Interest receivable			3,998				3,998				—				—				3,998
Total Assets		$	907,618			$	916,831			$	78,972			$	204,362			$	633,497
Financial Liabilities:
Interest bearing Deposits		$	428,231			$	428,242			$	—			$	—			$	422,806
Non-interest bearing Deposits			156,994				156,994				—				156,994				—
Time Deposits			191,462				192,262				—				—				197,698
Total Deposits		$	776,687			$	777,498			$	—			$	156,994			$	620,504
Federal Funds Purchased and Securities Sold Under Agreement to Repurchase			51,741				51,741				—				—				51,741
Interest payable			213				213				—				—				213
Dividends payable			963				963				—				963				—
Total Liabilities		$	829,604			$	830,415			$	—			$	157,957			$	672,458

		(In Thousands)
		December 31, 2014
		Carrying Amount				Fair Value				Level 1				Level 2				Level 3
Financial Assets:
Cash and Cash Equivalents		$	24,295			$	24,295			$	24,295			$	—			$	—
Securities - available-for-sale			248,492				248,492				25,393				215,168				7,931
Other Securities			3,717				3,717				—				—				3,717
Loans, net			616,021				625,377				—				—				625,377
Interest receivable			3,578				3,578				—				—				3,578
Total Assets		$	896,103			$	905,459			$	49,688			$	215,168			$	640,603
Financial Liabilities:
Interest bearing Deposits		$	403,051			$	403,801			$	—			$	—			$	403,801
Non-interest bearing Deposits			164,009				164,009				—				164,009				—
Time Deposits			195,500				196,545				—				—				196,545
Total Deposits		$	762,560			$	764,355			$	—			$	164,009			$	600,346
Federal Funds Purchased and Securities
Sold Under Agreement to Repurchase			55,962				55,962				—				—				55,962
Interest payable			207				207				—				—				207
Dividends payable			965				965				—				965				—
Total Liabilities		$	819,694			$	821,489			$	—			$	164,974			$	656,515

Financial Assets Measured at Fair Value on Recurring Basis

The following summarizes financial assets measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014, segregated by level or the valuation inputs within the fair value hierarchy utilized to measure fair value:

		Assets and Liabilities Measured at Fair Value on a Recurring Basis (In  Thousands)
		Quoted Prices in Active Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Observable Inputs (Level 3)
March 31, 2015
Assets - (Securities Available-for-Sale)
U.S. Treasury		$	33,871			$	—			$	—
U.S. Government agency			—				106,475				—
Mortgage-backed securities			—				28,016				—
State and local governments			—				69,871				7,837
Total Securities Available-for-Sale		$	33,871			$	204,362			$	7,837
		Quoted Prices in Active Active Markets for Identical  Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Observable Inputs  (Level 3)
December 31, 2014
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

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

The following table represents the changes in the Level 3 fair-value category of which unobservable inputs are relied upon as of March 31, 2015 and March 31, 2014.

		(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, 2015		$	6,638			$	1,293			$	7,931
Change in Market Value			(3	)			109				106
Payments & Maturities			(200	)			—				(200	)
Balance at March 31, 2015		$	6,435			$	1,402			$	7,837
		(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			(1,121	)			(369	)			(1,490	)
Payments & Maturities			(200	)			—				(200	)
Balance at March 31, 2014		$	7,481			$	1,175			$	8,656

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 March 31, 2015				Valuation Technique		Unobservable Inputs		Range (Weighted Average)
State and political subdivision securities		$	7,837			Discounted cash flow		Credit strength of underlying project or entity / Discount rate			0-5	%
Impaired Loans		$	1,815			Collateral based measurements		Discount to reflect current market conditions and ultimate collectability			0-50	%
		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	%

Impaired Loans and Other Real Estate

The following table presents impaired loans and other real estate owned as recorded at fair value on March 31, 2015 and December 31, 2014:

		Assets Measured at Fair Value on a Nonrecurring Basis at March 31, 2015
(In Thousands)		Balance at March 31, 2015				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Impaired loans		$	1,815			$	—			$	—			$	1,815
		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)
Impaired loans		$	1,456			$	—			$	—			$	1,456
Other real estate owned residential mortgages		$	21			$	—			$	—			$	21
Other real estate owned commercial		$	23			$	—			$	—			$	23

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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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-Publisher FASB

-Name Accounting Standards Codification

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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).

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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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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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