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Fair Value of Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2018
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, 2018 and December 31, 2017 are reflected below.
|  | (In Thousands) |
|  | June 30, 2018 |
|  | Carrying |  |  | Fair |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Amount |  |  | Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and Cash Equivalents |  | $ | 32,564 |  |  | $ | 32,564 |  |  | $ | 32,564 |  |  | $ | - |  |  | $ | - |
Interest-bearing time deposits |  |  | 4,019 |  |  |  | 4,019 |  |  |  | - |  |  |  | 4,019 |  |  |  | - |
Securities - available-for-sale |  |  | 187,036 |  |  |  | 187,036 |  |  |  | 20,791 |  |  |  | 164,835 |  |  |  | 1,410 |
Other Securities |  |  | 3,717 |  |  |  | 3,717 |  |  |  | - |  |  |  | - |  |  |  | 3,717 |
Loans held for sale |  |  | 913 |  |  |  | 913 |  |  |  | - |  |  |  | - |  |  |  | 913 |
Loans, net |  |  | 824,226 |  |  |  | 809,064 |  |  |  | - |  |  |  | - |  |  |  | 809,064 |
Interest receivable |  |  | 4,686 |  |  |  | 4,686 |  |  |  | - |  |  |  | - |  |  |  | 4,686 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest bearing Deposits |  | $ | 549,352 |  |  | $ | 550,699 |  |  | $ | - |  |  | $ | - |  |  | $ | 550,699 |
Non-interest bearing Deposits |  |  | 200,067 |  |  |  | 200,067 |  |  |  | - |  |  |  | 200,067 |  |  |  | - |
Time Deposits |  |  | 181,347 |  |  |  | 179,959 |  |  |  | - |  |  |  | - |  |  |  | 179,959 |
Total Deposits |  |  | 930,766 |  |  |  | 930,725 |  |  |  | - |  |  |  | 200,067 |  |  |  | 730,658 |
Federal Funds Purchased and Securities Sold Under Agreement to Repurchase |  |  | 23,898 |  |  |  | 23,898 |  |  |  | - |  |  |  | - |  |  |  | 23,898 |
Federal Home Loan Bank advances |  |  | 5,000 |  |  |  | 5,001 |  |  |  | - |  |  |  | - |  |  |  | 5,001 |
Interest payable |  |  | 316 |  |  |  | 316 |  |  |  | - |  |  |  | - |  |  |  | 316 |
|  | (In Thousands) |
|  | December 31, 2017 |
|  | Carrying |  |  | Fair |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Amount |  |  | Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and Cash Equivalents |  | $ | 34,467 |  |  | $ | 34,467 |  |  | $ | 34,467 |  |  | $ | - |  |  | $ | - |
Interest-bearing time deposits |  |  | 4,018 |  |  |  | 4,009 |  |  |  | - |  |  |  | 4,009 |  |  |  | - |
Securities - available-for-sale |  |  | 196,398 |  |  |  | 196,398 |  |  |  | 20,978 |  |  |  | 173,992 |  |  |  | 1,428 |
Other Securities |  |  | 3,717 |  |  |  | 3,717 |  |  |  | - |  |  |  | - |  |  |  | 3,717 |
Loans held for sale |  |  | 1,221 |  |  |  | 1,221 |  |  |  | - |  |  |  | - |  |  |  | 1,221 |
Loans, net |  |  | 816,156 |  |  |  | 819,193 |  |  |  | - |  |  |  | - |  |  |  | 819,193 |
Interest receivable |  |  | 4,276 |  |  |  | 4,276 |  |  |  | - |  |  |  | - |  |  |  | 4,276 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest bearing Deposits |  | $ | 532,660 |  |  | $ | 532,660 |  |  | $ | - |  |  | $ | - |  |  | $ | 532,660 |
Non-interest bearing Deposits |  |  | 199,114 |  |  |  | 199,114 |  |  |  | - |  |  |  | 199,114 |  |  |  | - |
Time Deposits |  |  | 187,566 |  |  |  | 188,335 |  |  |  | - |  |  |  | - |  |  |  | 188,335 |
Total Deposits |  |  | 919,340 |  |  |  | 920,109 |  |  |  | - |  |  |  | 199,114 |  |  |  | 720,995 |
Federal Funds Purchased and Securities Sold Under Agreement to Repurchase |  |  | 39,495 |  |  |  | 39,495 |  |  |  | - |  |  |  | - |  |  |  | 39,495 |
Federal Home Loan Bank advances |  |  | 5,000 |  |  |  | 5,021 |  |  |  | - |  |  |  | - |  |  |  | 5,021 |
Interest payable |  |  | 318 |  |  |  | 318 |  |  |  | - |  |  |  | - |  |  |  | 318 |
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, 2018 and December 31, 2017, 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, 2018 |  | 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 |  | $ | 20,791 |  |  | $ | - |  |  | $ | - |
U.S. Government agencies |  |  | - |  |  |  | 76,310 |  |  |  | - |
Mortgage-backed securities |  |  | - |  |  |  | 34,836 |  |  |  | - |
State and local governments |  |  | - |  |  |  | 53,689 |  |  |  | 1,410 |
Total Securities Available-for-Sale |  | $ | 20,791 |  |  | $ | 164,835 |  |  | $ | 1,410 |
December 31, 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 |  | $ | 20,978 |  |  | $ | - |  |  | $ | - |
U.S. Government agencies |  |  | - |  |  |  | 80,466 |  |  |  | - |
Mortgage-backed securities |  |  | - |  |  |  | 39,510 |  |  |  | - |
State and local governments |  |  | - |  |  |  | 54,016 |  |  |  | 1,428 |
Total Securities Available-for-Sale |  | $ | 20,978 |  |  | $ | 173,992 |  |  | $ | 1,428 |
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, 2018 and June 30, 2017.
|  | (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, 2018 |  | $ | - |  |  | $ | 1,428 |  |  | $ | 1,428 |
Change in Market Value |  |  | - |  |  |  | (18 | ) |  |  | (18 | )
Payments & Maturities |  |  | - |  |  |  | - |  |  |  | - |
Balance at June 30, 2018 |  | $ | - |  |  | $ | 1,410 |  |  | $ | 1,410 |
|  | (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, 2017 |  | $ | - |  |  | $ | 1,418 |  |  | $ | 1,418 |
Change in Market Value |  |  | - |  |  |  | 30 |  |  |  | 30 |
Payments & Maturities |  |  | - |  |  |  | - |  |  |  | - |
Balance at June 30, 2017 |  | $ | - |  |  | $ | 1,448 |  |  | $ | 1,448 |
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:
|  | (In Thousands) |  |  |  |  |  |  | Range
|  | Fair Value at |  |  |  |  |  |  | (Weighted
|  | June 30, 2018 |  |  | Valuation Technique |  | Unobservable Inputs |  | Average)
State and local government |  | $ | 1,410 |  |  | Discounted Cash Flow |  | Credit strength of underlying project or entity / Discount rate |  | 0-5% (3.78% )
Collateral dependent impaired loans |  |  | 516 |  |  | Collateral based measurements |  | Discount to reflect current market conditions and ultimate collectability |  | 0-50% (20.37%)
Other real estate owned - residential |  |  | - |  |  | Appraisals |  | Discount to reflect current market |  | 0-20% ( — )
Other real estate owned - commercial |  |  | - |  |  | Appraisals |  | Discount to reflect current market |  | 0-20% ( — )
|  | (In Thousands) |  |  |  |  |  |  | Range
|  | Fair Value at |  |  |  |  |  |  | (Weighted
|  | December 31, 2017 |  |  | Valuation Technique |  | Unobservable Inputs |  | Average)
State and local government |  | $ | 1,428 |  |  | Discounted Cash Flow |  | Credit strength of underlying project or entity / Discount rate |  | 0-5% (3.68%)
Collateral dependent impaired loans |  |  | 508 |  |  | Collateral based measurements |  | Discount to reflect current market conditions and ultimate collectability |  | 0-50% (17.28%)
Other real estate owned - residential |  |  | 22 |  |  | Appraisals |  | Discount to reflect current market |  | 0-20% (2.22%)
Other real estate owned - commercial |  |  | 266 |  |  | Appraisals |  | Discount to reflect current market |  | 0-20% (5.15%)
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, 2018 and December 31, 2017:
|  | Assets Measured at Fair Value on a Nonrecurring Basis at June 30, 2018 |
|  | (In Thousands) |
|  | Balance at June 30, 2018 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Collateral dependent impaired loans |  | $ | 516 |  |  | $ | - |  |  | $ | - |  |  | $ | 516 |
Other real estate owned - residential |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Other real estate owned - commercial |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
|  | Assets Measured at Fair Value on a Nonrecurring Basis at December 31, 2017 |
|  | (In Thousands) |
|  | Balance at December 31, 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 |  | $ | 508 |  |  | $ | - |  |  | $ | - |  |  | $ | 508 |
Other real estate owned - residential |  |  | 22 |  |  |  | - |  |  |  | - |  |  |  | 22 |
Other real estate owned - commercial |  |  | 266 |  |  |  | - |  |  |  | - |  |  |  | 266 |

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