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Fair Value of Financial Instruments (Tables)

12 Months Ended

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

		(In Thousands)
		December 2015																				December 2014
		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		$	22,018			$	22,018			$	22,018			$	—			$	—			$	24,295			$	24,295			$	24,295			$	—			$	—
Securities - available for sale			235,115				235,115				38,505				189,258				7,352				248,492				248,492				25,393				215,168				7,931
Other Securities			3,717				3,717				—				—				3,717				3,717				3,717				—				—				3,717
Loans, net			679,821				683,332				—				—				683,332				616,021				625,377				—				—				625,377
Interest receivable			3,589				3,589				—				—				3,589				3,578				3,578				—				—				3,578
Financial Liabilities:
Interest bearing Deposits		$	415,942			$	415,942			$	—			$	—			$	415,942			$	403,051			$	403,801			$	—			$	—			$	403,801
Non-interest bearing Deposits			171,112				171,112				—				171,112				—				164,009				164,009				—				164,009				—
Time Deposits			184,285				184,308				—				—				184,308				195,500				196,545				—				—				196,545
Total Deposits		$	771,339			$	771,362			$	—			$	171,112			$	600,250			$	762,560			$	764,355			$	—			$	164,009			$	600,346
Federal Funds purchased and Securities sold under agreement to repurchase			78,815				78,815				—				—				78,815				55,962				55,962				—				—				55,962
Federal Home Loan Bank advances			10,000				9,986				—				—				9,986				—				—				—				—				—
Interest payable			185				185				—				—				185				207				207				—				—				207

Financial Assets Measured at Fair Value on Recurring Basis

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

Assest and Liabilities Measured at Fair Value on a Recurring Basis (In Thousands)
December 31, 2015		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Observable Inputs (Level 3)
Assets-(Securities Available for Sale)
U.S. Treasury		$	38,505			$	—			$	—
U.S. Government agencies			—				98,220				—
Mortgage-backed securities			—				26,324				—
State and local governments			—				64,714				7,352
Total Securities Available for Sale		$	38,505			$	189,258			$	7,352
December 31, 2014		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Observable Inputs (Level 3)
Assets-(Securities Available for Sale)
U.S. Treasury		$	25,393			$	—			$	—
U.S. Government agencies			—				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

		(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			(259	)			155				(104	)
Purchases			—				—				—
Sales			—				—				—
Payments & Maturities			(475	)			—				(475	)
Balance at December 31, 2015		$	5,904			$	1,448			$	7,352

		(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

Collateral Dependent Impaired Loans and Other Real Estate

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

Assets Measured at Fair Value on a Nonrecurring Basis at December 31, 2015
($ in Thousands)
		Balance at December 31, 2015				Quoted Prices in 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, 2015
Collateral dependent impaired loans		$	549			$	—			$	—			$	549			$	(17	)
Other real estate owned - commercial			216				—				—				216				(32	)
Total change in fair value																		$	(49	)
Assets Measured at Fair Value on a Nonrecurring Basis at December 31, 2014
($ in Thousands)
		Balance at December 31, 2015				Quoted Prices in 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, 2015
Collateral dependent impaired loans		$	781			$	—			$	—			$	781			$	(168	)
Other real estate owned - residentialmortgages							—				—				44				(40	)
Total change in fair value																		$	(208	)

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, 2015				Valuation Technique		Unobservable Inputs		Range (Weighted Average)
State and local government		$	7,352			Discounted Cash Flow		Credit strength of underlying project or		0-5%
								entity / Discount rate
Collateral dependent Impaired Loans			549			Collateral based measurements		Discount to reflect current market		0-50%
								conditions and ultimate collectability
Other real estate owned - commercial			216			Appraisals		Discount to reflect current market		0-20%
		Fair Value at December 31, 2014				Valuation Technique		Unobservable Inputs		Range (Weighted Average)
State and local government		$	7,931			Discounted Cash Flow		Credit strength of underlying project or		0-5%
								entity / Discount rate
Collateral dependent Impaired Loans			782			Collateral based measurements		Discount to reflect current market		0-50%
								conditions and ultimate collectability
Other real estate owned - residential			44			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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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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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-Name Accounting Standards Codification
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