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Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2016 and 2015, are reflected below.  

		(In Thousands)
		December 2016																				December 2015
		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		$	28,322			$	28,322			$	28,322			$	—			$	—			$	22,018			$	22,018			$	22,018			$	—			$	—
Interest-bearing time deposits			1,915				1,918				—				1,918				—				—				—				—				—				—
Securities - available for sale			218,527				218,527				24,775				192,334				1,418				235,115				235,115				38,505				189,258				7,352
Other Securities			3,717				3,717				—				—				3,717				3,717				3,717				—				—				3,717
Loans, net			753,365				755,412				—				—				755,412				679,821				683,332				—				—				683,332
Interest receivable			3,880				3,880				—				—				3,880				3,589				3,589				—				—				3,589
Financial Liabilities:
Interest bearing Deposits		$	456,983			$	456,983			$	—			$	—			$	456,983			$	415,942			$	415,942			$	—			$	—			$	415,942
Non-interest bearing Deposits			186,390				186,390				—				186,390				—				171,112				171,112				—				171,112				—
Time Deposits			198,830				199,658				—				—				199,658				184,285				184,308				—				—				184,308
Total Deposits		$	842,203			$	843,031			$	—			$	186,390			$	656,641			$	771,339			$	771,362			$	—			$	171,112			$	600,250
Federal Funds purchased and Securities sold under agreement to repurchase			70,324				70,324				—				—				70,324				78,815				78,815				—				—				78,815
Federal Home Loan Bank advances			10,000				10,041				—				—				10,041				10,000				9,986				—				—				9,986
Interest payable			256				256				—				—				256				185				185				—				—				185

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, 2016 and December 31, 2015 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, 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		$	24,775			$	—			$	—
U.S. Government agencies			—				82,474				—
Mortgage-backed securities			—				48,461				—
State and local governments			—				61,399				1,418
Total Securities Available for Sale		$	24,775			$	192,334			$	1,418
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

(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			(264	)			(30	)			(294	)
Purchases			—				—				—
Sales			—				—				—
Payments & Maturities			(5,640	)			—				(5,640	)
Balance at December 31, 2016		$	—			$	1,418			$	1,418

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

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, 2016

						Quoted Prices in												Change in
						Markets for				Significant				Significant				fair value for
		Balance at				Identical				Observable Inputs				Unobservable Inputs				twelve-month period
($ in Thousands)		December 31, 2016				Assets (Level 1)				(Level 2)				(Level 3)				ended Dec. 31, 2016
Collateral dependent impaired loans		$	576			$	—			$	—			$	576			$	(1,564	)
Other real estate owned - residential			144				—				—				144				(1	)
Total change in fair value																		$	(1,565	)
Assets Measured at Fair Value on a Nonrecurring Basis at December 31, 2015
						Quoted Prices in												Change in
						Markets for				Significant				Significant				fair value for
		Balance at				Identical				Observable Inputs				Unobservable Inputs				twelve-month period
($ in Thousands)		December 31, 2015				Assets (Level 1)				(Level 2)				(Level 3)				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	)

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 (Weighted
		December 31, 2016				Valuation Technique		Unobservable Inputs		Average)
State and local government		$	1,418			Discounted Cash Flow		Credit strength of underlying project or entity / Discount rate			0-5 (3.92	%  %)
Collateral dependent Impaired Loans			576			Collateral based measurements		Discount to reflect current market conditions and ultimate collectability			0-50 (18.92	%  %)
Other real estate owned - residential			144			Appraisals		Discount to reflect current market			0-20 (0.51	%  %)
		Fair Value at								Range (Weighted
		December 31, 2015				Valuation Technique		Unobservable Inputs		Average)
State and local government		$	7,352			Discounted Cash Flow		Credit strength of underlying project or entity / Discount rate			0-5 (2.57	%  %)
Collateral dependent Impaired Loans			549			Collateral based measurements		Discount to reflect current market conditions and ultimate collectability			0-50 (37.46	%  %)
Other real estate owned - commercial			216			Appraisals		Discount to reflect current market			0-20 (12.28	%  %)

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-Publisher FASB
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