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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 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 September 30, 2018 and December 31, 2017 are reflected below.

		(In Thousands)
		September 30, 2018
		Carrying				Fair
		Amount				Value				Level 1				Level 2				Level 3
Financial Assets:
Cash and Cash Equivalents		$	29,721			$	29,721			$	29,721			$	-			$	-
Interest-bearing time deposits			4,019				4,019				-				4,019				-
Securities - available-for-sale			183,075				183,075				20,771				160,911				1,393
Other Securities			3,717				3,717				-				-				3,717
Loans held for sale			1,679				1,679				-				-				1,679
Loans, net			831,943				815,856				-				-				815,856
Interest receivable			5,826				5,826				-				-				5,826
Financial Liabilities:
Interest bearing Deposits		$	545,179			$	545,208			$	-			$	-			$	545,208
Non-interest bearing Deposits			197,088				197,088				-				197,088				-
Time Deposits			186,592				186,690				-				-				186,690
Total Deposits			928,859				928,986				-				197,088				731,898
Federal Funds Purchased and Securities Sold Under    Agreement to Repurchase			27,026				27,026				-				-				27,026
Federal Home Loan Bank advances			5,000				5,001				-				-				5,001
Interest payable			367				367				-				-				367

		(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 September 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)
September 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		$	20,771			$	-			$	-
U.S. Government agencies			-				75,767				-
Mortgage-backed securities			-				34,600				-
State and local governments			-				50,544				1,393
Total Securities Available-for-Sale		$	20,771			$	160,911			$	1,393

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 September 30, 2018 and September 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			-				(35	)			(35	)
Payments & Maturities			-				-				-
Balance at September 30, 2018		$	-			$	1,393			$	1,393

		(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			-				24				24
Payments & Maturities			-				-				-
Balance at September 30, 2017		$	-			$	1,442			$	1,442

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
		September 30, 2018				Valuation Technique		Unobservable Inputs		Average)
State and local government		$	1,393			Discounted Cash Flow		Credit strength of underlying project or entity / Discount rate		0-5% (3.92% )
Collateral dependent    impaired loans			822			Collateral based measurements		Discount to reflect current market conditions and ultimate collectability		0-50% (15.28%)
Other real estate owned -    residential			-			Appraisals		Discount to reflect current market		— % ( — )
Other real estate owned -    commercial			-			Appraisals		Discount to reflect current market		— % ( — )

		(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 September 30, 2018 and December 31, 2017:

		Assets Measured at Fair Value on a Nonrecurring Basis at September 30, 2018
		(In Thousands)
		Balance at September 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		$	822			$	-			$	-			$	822
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

X

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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