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Fair Value of Instruments (Tables)

6 Months Ended

Jun. 30, 2016

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 June 30, 2016 and December 31, 2015 are reflected below.

		(In Thousands)
		June 30, 2016
		Carrying Amount				Fair Value				Level 1				Level 2				Level 3
Financial Assets:
Cash and Cash Equivalents		$	23,379			$	23,379			$	23,379			$	—			$	—
Interest-bearing time deposits			1,960				1,960				—				1,960				—
Securities - available-for-sale			217,063				217,063				26,124				189,433				1,506
Other Securities			3,717				3,717				—				—				3,717
Loans, net			725,198				728,789				—				—				728,789
Interest receivable			3,785				3,785				—				—				3,785
Financial Liabilities:
Interest bearing Deposits		$	441,470			$	441,470			$	—			$	—			$	441,470
Non-interest bearing Deposits			170,126				170,126				—				170,126				—
Time Deposits			191,250				191,415				—				—				191,415
Total Deposits		$	802,846			$	803,011			$	—			$	170,126			$	632,885
Fed Funds purchased and Securities sold under agreements to repurchase		$	75,942			$	75,942			$	—			$	—			$	75,942
Federal Home Loan Bank advances			10,000				10,041				—				—				10,041
Interest payable			229				229				—				—				229

		(In Thousands)
		December 31, 2015
		Carrying Amount				Fair Value				Level 1				Level 2				Level 3
Financial Assets:
Cash and Cash Equivalents		$	22,018			$	22,018			$	22,018			$	—			$	—
Securities - available-for-sale			235,115				235,115				38,505				189,258				7,352
Other Securities			3,717				3,717				—				—				3,717
Loans, net			679,821				683,332				—				—				683,332
Interest receivable			3,589				3,589				—				—				3,589
Financial Liabilities:
Interest bearing Deposits		$	415,942			$	415,942			$	—			$	—			$	415,942
Non-interest bearing Deposits			171,112				171,112				—				171,112				—
Time Deposits			184,285				184,308				—				—				184,308
Total Deposits		$	771,339			$	771,362			$	—			$	171,112			$	600,250
Federal Funds Purchased and Securities Sold Under Agreement to Repurchase		$	78,815			$	78,815			$	—			$	—			$	78,815
Federal Home Loan Bank advances			10,000				9,986				—				—				9,986
Interest payable			185				185				—				—				185

Financial Assets Measured at Fair Value on Recurring Basis

The following summarizes financial assets measured at fair value on a recurring basis as of June 30, 2016 and December 31, 2015, 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)
June 30, 2016		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		$	26,124			$	—			$	—
U.S. Government agencies			—				93,493				—
Mortgage-backed securities			—				32,711				—
State and local governments			—				63,229				1,506
Total Securities Available-for-Sale		$	26,124			$	189,433			$	1,506
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

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 June 30, 2016 and June 30, 2015.

		(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, 2016		$	5,904			$	1,448			$	7,352
Change in Market Value			—				58				58
Payments & Maturities			(5,904	)			—				(5,904	)
Balance at June 30, 2016		$	—			$	1,506			$	1,506
		(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			(6	)			90				84
Payments & Maturities			(200	)			—				(200	)
Balance at June 30, 2015		$	6,432			$	1,383			$	7,815

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 June 30, 2016				Valuation Technique		Unobservable Inputs		Range (Weighted Average)
		(In Thousands)
State and local government		$	1,506			Discounted cash flow		Credit strength of underlying project or entity / Discount rate			0-5	%
Collateral dependent Impaired loans		$	405			Collateral based measurements		Discount to reflect current market conditions and ultimate collectability			0-50	%
		Fair Value at December 31, 2015				Valuation Technique		Unobservable Inputs		Range (Weighted Average)
		(In Thousands)
State and local government		$	7,352			Discounted cash flow		Credit strength of underlying project or entity / Discount rate			0-5	%
Collateral dependent Impaired loans		$	549			Collateral based measurements		Discount to reflect current market conditions and ultimate collectability			0-50	%
Other real estate owned - commercial		$	216			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 June 30, 2016 and December 31, 2015:

		Assets Measured at Fair Value on a Nonrecurring Basis at June 30, 2016
(In Thousands)		Balance at June 30, 2016				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Collateral dependent impaired loans		$	405			$	—			$	—			$	405
		Assets Measured at Fair Value on a Nonrecurring Basis at December 31, 2015
(In Thousands)		Balance at December 31, 2015				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Collateral dependent impaired loans		$	549			$	—			$	—			$	549
Other real estate owned - commercial		$	216			$	—			$	—			$	216

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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

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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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-Publisher FASB
-Name Accounting Standards Codification
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