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Fair Value of Instruments (Tables)

6 Months Ended

Jun. 30, 2017

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, 2017 and December 31, 2016 are reflected below.

		(In Thousands)
		June 30, 2017
		Carrying Amount				Fair Value				Level 1				Level 2				Level 3
Financial Assets:
Cash and Cash Equivalents		$	29,259			$	29,259			$	29,259			$	—			$	—
Interest-bearing time deposits			2,541				2,541				—				2,541				—
Securities - available-for-sale			195,582				195,582				15,717				178,417				1,448
Other Securities			3,717				3,717				—				—				3,717
Loans held for sale			1,666				1,666				—				—				1,666
Loans, net			783,980				786,555				—				—				786,555
Interest receivable			4,010				4,010				—				—				4,010
Financial Liabilities:
Interest bearing Deposits		$	500,741			$	500,774			$	—			$	—			$	500,774
Non-interest bearing Deposits			189,770				189,770				—				189,770				—
Time Deposits			186,964				187,675				—				—				187,675
Total Deposits		$	877,475			$	878,219			$	—			$	189,770			$	688,449
Federal Funds Purchased and Securities Sold Under Agreement to Repurchase		$	40,095			$	40,095			$	—			$	—			$	40,095
Federal Home Loan Bank advances			10,000				10,041				—				—				10,041
Interest payable			252				252				—				—				252

[Remainder of this page intentionally left blank]

		(In Thousands)
		December 31, 2016
		Carrying Amount				Fair Value				Level 1				Level 2				Level 3
Financial Assets:
Cash and Cash Equivalents		$	28,322			$	28,322			$	28,322			$	—			$	—
Interest-bearing time deposits			1,915				1,918				—				1,918				—
Securities - available-for-sale			218,527				218,527				24,775				192,334				1,418
Other Securities			3,717				3,717				—				—				3,717
Loans held for sale			2,055				2,055				—				—				2,055
Loans, net			751,310				753,357				—				—				753,357
Interest receivable			3,880				3,880				—				—				3,880
Financial Liabilities:
Interest bearing Deposits		$	456,983			$	456,983			$	—			$	—			$	456,983
Non-interest bearing Deposits			186,390				186,390				—				186,390				—
Time Deposits			198,830				199,658				—				—				199,658
Total Deposits		$	842,203			$	843,031			$	—			$	186,390			$	656,641
Federal Funds Purchased and Securities Sold Under Agreement to Repurchase		$	70,324			$	70,324			$	—			$	—			$	70,324
Federal Home Loan Bank advances			10,000				10,041				—				—				10,041
Interest payable			256				256				—				—				256

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, 2017 and December 31, 2016, 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, 2017		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		$	15,717			$	—			$	—
U.S. Government agencies			—				78,358				—
Mortgage-backed securities			—				44,234				—
State and local governments			—				55,825				1,448
Total Securities Available-for-Sale		$	15,717			$	178,417			$	1,448
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

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, 2017 and June 30, 2016.

		(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, 2017		$	—			$	1,418			$	1,418
Change in Market Value			—				30				30
Payments & Maturities			—				—				—
Balance at June 30, 2017		$	—			$	1,448			$	1,448
		(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			—				58				58
Payments & Maturities			(5,904	)			—				(5,904	)
Balance at June , 2016		$	—			$	1,506			$	1,506

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
		June 30, 2017				Valuation Technique		Unobservable Inputs		Average)
		(In Thousands)
State and local government		$	1,448			Discounted Cash Flow		Credit strength of underlying project or entity / Discount rate		0-5% (3.58%)
Collateral dependent Impaired Loans			577			Collateral based measurements		Discount to reflect current market conditions and ultimate collectability		0-50% (16.59%)
Other real estate owned - residential			—			Appraisals		Discount to reflect current market		0-20% (0.0%)
		Fair Value at								Range
										(Weighted
		December 31, 2016				Valuation Technique		Unobservable Inputs		Average)
		(In Thousands)
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%)

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, 2017 and December 31, 2016:

		Assets Measured at Fair Value on a Nonrecurring Basis at June 30, 2017
		(In Thousands)
		Balance at June 30, 2017				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Collateral dependent impaired loans		$	577			$	—			$	—			$	577
Other real estate owned - residential			—				—				—				—
Total fair value														$	577
		Assets Measured at Fair Value on a Nonrecurring Basis at December 31, 2016
		(In Thousands)
		Balance at December 31, 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		$	576			$	—			$	—			$	576
Other real estate owned - residential			144				—				—				144
Total fair value														$	720

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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
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-Section 50
-Paragraph 2
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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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