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Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2018 and 2017, are reflected below. The aggregate fair values in the table below do not represent the total market value of the Bank’s assets and liabilities.  The table excludes the following: Bank Premises and Equipment, Goodwill, Mortgage Servicing Rights, Other Real Estate Owned, Other Assets, Other Liabilities and Accrued Expenses.

		(In Thousands)
		December 31, 2018																					December 31, 2017
		Carrying				Fair																	Carrying				Fair
		Amount				Value				Level 1				Level 2				Level 3					Amount				Value				Level 1				Level 2				Level 3
Financial Assets:
Cash and cash equivalents		$	38,365			$	38,365			$	38,365			$	-			$	-				$	34,467			$	34,467			$	34,467			$	-			$	-
Interest-bearing time deposits			4,019				3,954				-				3,954				-					4,018				4,009				-				4,009				-
Securities - available-for-sale			168,447				168,447				36,935				130,085				1,427					196,398				196,398				20,978				173,992				1,428
Other securities			3,679				3,679				-				-				3,679					3,679				3,679				-				-				3,679
Loans held for sale			495				495				-				-				495					1,221				1,221				-				-				1,221
Loans, net			839,599				823,914				-				-				823,914					816,156				819,193				-				-				819,193
Interest receivable			4,542				4,542				-				-				4,542					4,276				4,276				-				-				4,276
Financial Liabilities:
Interest bearing deposits		$	525,955			$	525,955			$	-			$	-			$	525,955				$	532,660			$	532,660			$	-			$	-			$	532,660
Noninterest bearing deposits			215,422				215,422				-				215,422				-					199,114				199,114				-				199,114				-
Time deposits			187,413				187,545				-				-				187,545					187,566				188,335				-				-				188,335
Total Deposits			928,790				928,922				-				215,422				713,500					919,340				920,109				-				199,114				720,995
Fed funds purchased and    securities sold under    agreement to repurchase			32,181				32,181				-				-				32,181					39,495				39,495				-				-				39,495
Federal Home Loan Bank advances			-				-				-				-				-					5,000				5,021				-				-				5,021
Interest payable			418				418				-				-				418					318				318				-				-				318

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, 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)
		Quoted Prices in				Significant				Significant
		Active Markets				Observable				Observable
		for Identical				Inputs				Inputs
December 31, 2018		Assets (Level 1)				(Level 2)				(Level 3)
Assets-(Securities Available-for-Sale)
U.S. Treasury		$	22,830			$	-			$	-
U.S. Government agencies			14,105				55,222				-
Mortgage-backed securities			-				36,262				-
State and local governments			-				38,601				1,427
Total Securities Available-for-Sale		$	36,935			$	130,085			$	1,427

		Quoted Prices in				Significant				Significant
		Active Markets				Observable				Observable
		for Identical				Inputs				Inputs
December 31, 2017		Assets (Level 1)				(Level 2)				(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

		(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, 2018		$	-			$	1,428			$	1,428
Change in Market Value			-				(1	)			(1	)
Purchases			-				-				-
Sales			-				-				-
Payments & Maturities			-				-				-
Balance at December 31, 2018		$	-			$	1,427			$	1,427

		(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			-				10				10
Purchases			-				-				-
Sales			-				-				-
Payments & Maturities			-				-				-
Balance at December 31, 2017		$	-			$	1,428			$	1,428

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:

		($ in Thousands)
		Assets Measured at Fair Value on a Nonrecurring Basis at December 31, 2018
						Quoted Prices in
						Markets for				Significant				Significant
		Balance at				Identical				Observable Inputs				Unobservable Inputs
		December 31, 2018				Assets (Level 1)				(Level 2)				(Level 3)
Collateral dependent impaired     loans		$	215			$	-			$	-			$	215
Other real estate owned -     residential			-				-				-				-
Other real estate owned -     commercial			-				-				-				-

		($ in Thousands)
		Assets Measured at Fair Value on a Nonrecurring Basis at December 31, 2017
						Quoted Prices in
						Markets for				Significant				Significant
		Balance at				Identical				Observable Inputs				Unobservable Inputs
		December 31, 2017				Assets (Level 1)				(Level 2)				(Level 3)
Collateral dependent impaired     loans		$	508			$	-			$	-			$	508
Other real estate owned -     residential			22				-				-				22
Other real estate owned -     commercial			266				-				-				266

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)
		Fair Value at December 31, 2018				Valuation Technique		Unobservable Inputs		Range (Weighted Average)
State and local    government		$	1,427			Discounted Cash Flow		Credit strength of underlying project or entity / Discount rate		0-5% (3.51%)
Collateral dependent    impaired loans			215			Collateral based measurements		Discount to reflect current market conditions and ultimate collectability		0-50% (12.38%)
Other real estate    owned - residential			-			Appraisals		Discount to reflect current market		— % ( — )
Other real estate    owned - commercial			-			Appraisals		Discount to reflect current market		— % ( — )

		(In Thousands)
		Fair Value at December 31, 2017				Valuation Technique		Unobservable Inputs		Range (Weighted 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%)

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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