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Fair Value of Instruments (Tables) | 9 Months Ended
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Sep. 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 September 30, 2016 and December 31, 2015 are reflected below.
|  | (In Thousands) |
|  | September 30, 2016 |
|  | Carrying |  |  | Fair |  |  |  |  |  |  |  |  |  |
|  | Amount |  |  | Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and Cash Equivalents |  | $ | 31,498 |  |  | $ | 31,498 |  |  | $ | 31,498 |  |  | $ | — |  |  | $ | — |
Interest-bearing time deposits |  |  | 1,915 |  |  |  | 1,915 |  |  |  | — |  |  |  | 1,915 |  |  |  | — |
Securities—available-for-sale |  |  | 224,473 |  |  |  | 224,473 |  |  |  | 31,059 |  |  |  | 191,873 |  |  |  | 1,541 |
Other Securities |  |  | 3,717 |  |  |  | 3,717 |  |  |  | — |  |  |  | — |  |  |  | 3,717 |
Loans, net |  |  | 732,070 |  |  |  | 735,456 |  |  |  | — |  |  |  | — |  |  |  | 735,456 |
Interest receivable |  |  | 4,430 |  |  |  | 4,430 |  |  |  | — |  |  |  | — |  |  |  | 4,430 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest bearing Deposits |  | $ | 449,879 |  |  | $ | 449,879 |  |  | $ | — |  |  | $ | — |  |  | $ | 449,879 |
Non-interest bearing Deposits |  |  | 176,180 |  |  |  | 176,180 |  |  |  | — |  |  |  | 176,180 |  |  |  | — |
Time Deposits |  |  | 212,042 |  |  |  | 212,254 |  |  |  | — |  |  |  | — |  |  |  | 212,254 |
Total Deposits |  | $ | 838,101 |  |  | $ | 838,313 |  |  | $ | — |  |  | $ | 176,180 |  |  | $ | 662,133 |
Fed Funds purchased and Securities sold under agreements to repurchase |  | $ | 59,487 |  |  | $ | 59,487 |  |  | $ | — |  |  | $ | — |  |  | $ | 59,487 |
Federal Home Loan Bank advances |  |  | 10,000 |  |  |  | 10,041 |  |  |  | — |  |  |  | — |  |  |  | 10,041 |
Interest payable |  |  | 228 |  |  |  | 228 |  |  |  | — |  |  |  | — |  |  |  | 228 |
|  | (In Thousands) |
|  | December 31, 2015 |
|  | Carrying |  |  | Fair |  |  |  |  |  |  |  |  |  |
|  | Amount |  |  | 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 September 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) |
|  | Quoted Prices in |  |  | Significant |  |  | Significant |
|  | Active Markets |  |  | Observable |  |  | Observable |
|  | for Identical |  |  | Inputs |  |  | Inputs |
September 30, 2016 |  | Assets (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Assets - (Securities Available-for-Sale) |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 31,059 |  |  | $ | — |  |  | $ | — |
U.S. Government agencies |  |  | — |  |  |  | 99,654 |  |  |  | — |
Mortgage-backed securities |  |  | — |  |  |  | 30,390 |  |  |  | — |
State and local governments |  |  | — |  |  |  | 61,829 |  |  |  | 1,541 |
Total Securities Available-for-Sale |  | $ | 31,059 |  |  | $ | 191,873 |  |  | $ | 1,541 |
|  | Quoted Prices in |  |  | Significant |  |  | Significant |
|  | Active Markets |  |  | Observable |  |  | Observable |
|  | for Identical |  |  | Inputs |  |  | Inputs |
December 31, 2015 |  | Assets (Level 1) |  |  | (Level 2) |  |  | (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 September 30, 2016 and September 30, 2015.
|  | (In Thousands) |
|  | Fair Value Measurements Using Significant |
|  | Unobservable Inputs (Level 3) |
|  | State and Local |  |  | State and Local |  |  | State and Local |
|  | Governments |  |  | Governments |  |  | Governments |
|  | Tax-Exempt |  |  | Taxable |  |  | Total |
Balance at January 1, 2016 |  | $ | 5,904 |  |  | $ | 1,448 |  |  | $ | 7,352 |
Change in Market Value |  |  | — |  |  |  | 93 |  |  |  | 93 |
Payments & Maturities |  |  | (5,904 | ) |  |  | — |  |  |  | (5,904 | )
Balance at September 30, 2016 |  | $ | — |  |  | $ | 1,541 |  |  | $ | 1,541 |
|  | (In Thousands) |
|  | Fair Value Measurements Using Significant |
|  | Unobservable Inputs (Level 3) |
|  | State and Local |  |  | State and Local |  |  | State and Local |
|  | Governments |  |  | Governments |  |  | Governments |
|  | Tax-Exempt |  |  | Taxable |  |  | Total |
Balance at January 1, 2015 |  | $ | 6,638 |  |  | $ | 1,293 |  |  | $ | 7,931 |
Change in Market Value |  |  | (256 | ) |  |  | 130 |  |  |  | (126 | )
Payments & Maturities |  |  | (200 | ) |  |  | — |  |  |  | (200 | )
Balance at September 30, 2015 |  | $ | 6,182 |  |  | $ | 1,423 |  |  | $ | 7,605 |
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 |  |  |  |  |  |  |  | Range |
|  | September 30, 2016 |  |  | Valuation Technique |  |  | Unobservable Inputs |  | (Weighted Average) |
State and local government |  | $ | 1,541 |  |  |  | Discounted Cash Flow |  |  | Credit strength of underlying project or |  |  | 0-5 | %
|  |  |  |  |  |  |  |  |  | entity / Discount rate |  |  |  |
Collateral dependent Impaired loans |  |  | 766 |  |  |  | Collateral based measurements |  |  | Discount to reflect current market |  |  | 0-50 | %
|  |  |  |  |  |  |  |  |  | conditions and ultimate collectability |  |  |  |
Other real estate owned - residential |  |  | 165 |  |  |  | Appraisals |  |  | Discount to reflect current market |  |  | 0-20 | %
Other real estate owned - commercial |  |  | — |  |  |  | Appraisals |  |  | Discount to reflect current market |  |  | 0-20 | %
|  |  |  |  |  |  |  |  |  |  |  |  | Range |
|  |  |  |  |  |  |  |  |  | Range |
|  | Fair Value at December 31, 2015 |  |  | Valuation Technique |  |  | Unobservable Inputs |  | (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 - residential |  |  | — |  |  |  | Appraisals |  |  | Discount to reflect current market |  |  | 0-20 | %
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 September 30, 2016 and December 31, 2015:
|  | Assets Measured at Fair Value on a Nonrecurring Basis at September 30, 2016 |
|  |  |  |  | Quoted Prices in Active |  |  |  |  |  |  |
(In Thousands) |  | Balance at |  |  | Markets for Identical |  |  | Significant Observable Inputs |  |  | Significant Unobservable Inputs |
|  | September 30, 2016 |  |  | Assets (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Collateral dependent impaired loans |  | $ | 766 |  |  | $ | — |  |  | $ | — |  |  | $ | 766 |
Other real estate owned residential mortgages |  | $ | 165 |  |  | $ | — |  |  | $ | — |  |  | $ | 165 |
|  | Assets Measured at Fair Value on a Nonrecurring Basis at December 31, 2015 |
|  |  |  |  | Quoted Prices in Active |  |  |  |  |  |  |
(In Thousands) |  |  |  |  | Markets for |  |  | Significant |  |  | Significant |
|  | Balance at |  |  | Identical |  |  | Observable Inputs |  |  | Unobservable Inputs |
|  | December 31, 2015 |  |  | Assets (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Collateral dependent impaired loans |  | $ | 549 |  |  | $ | — |  |  | $ | — |  |  | $ | 549 |
Other real estate owned commercial |  | $ | 216 |  |  | $ | — |  |  | $ | — |  |  | $ | 216 |

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- Definition 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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + Details
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- Definition 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). + References 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 Reference 2: 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=66048111&loc=d3e19190-110258 Reference 3: 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=66048111&loc=d3e19207-110258 + Details
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