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Fair Value (Tables)

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

Assets and liabilities measured on recurring basis measured at fair value

The following tables present the balances of assets and liabilities that were measured at fair value on a recurring basis as of June 30, 2016, December 31, 2015 and June 30, 2015.

	At June 30, 2016
	Level 1				Level 2				Level 3				Total
Securities available for sale
U.S. Treasury and agency	$	—			$	522,000			$	—			$	522,000
Mortgage-backed securities	$	—			$	219,353,000			$	—			$	219,353,000
State and political subdivisions	—				18,415,000				—				18,415,000
Other equity securities	—				3,037,000				—				3,037,000
Total assets	$	—			$	241,327,000			$	—			$	241,327,000

	At June 30, 2016
	Level 1				Level 2				Level 3				Total
Interest rate swap agreements	$	—			$	208,000			$	—			$	208,000
Total liabilities	$	—			$	208,000			$	—			$	208,000

	At December 31, 2015
	Level 1				Level 2				Level 3				Total
Securities available for sale
Mortgage-backed securities	$	—			$	195,110,000			$	—			$	195,110,000
State and political subdivisions	—				24,506,000				—				24,506,000
Other equity securities	—				3,423,000				—				3,423,000
Total assets	$	—			$	223,039,000			$	—			$	223,039,000

	At June 30, 2015
	Level 1				Level 2				Level 3				Total
Securities available for sale
Mortgage-backed securities	$	—			$	185,592,000			$	—			$	185,592,000
State and political subdivisions	—				25,040,000				—				25,040,000
Other equity securities	—				3,182,000				—				3,182,000
Total assets	$	—			$	213,814,000			$	—			$	213,814,000

Assets and liabilities measured on non-recurring basis measured at fair value

The following tables include assets measured at fair value on a nonrecurring basis that have had a fair value adjustment since their initial recognition. Other real estate owned is presented net of an allowance of $115,000, $162,000 and $332,000 at June 30, 2016, December 31, 2015, and June 30, 2015, respectively. Only collateral-dependent impaired loans with a related specific allowance for loan losses or a partial charge off are included in impaired loans for purposes of fair value disclosures. Impaired loans below are presented net of specific allowances of $567,000, $292,000 and $805,000 at June 30, 2016, December 31, 2015, and June 30, 2015, respectively.

	At June 30, 2016
	Level 1				Level 2				Level 3				Total
Other real estate owned	$	—			$	1,129,000			$	—			$	1,129,000
Impaired loans	—				1,889,000				—				1,889,000
Total assets	$	—			$	3,018,000			$	—			$	3,018,000

	At December 31, 2015
	Level 1				Level 2				Level 3				Total
Other real estate owned	$	—			$	1,532,000			$	—			$	1,532,000
Impaired loans	—				699,000				—				699,000
Total assets	$	—			$	2,231,000			$	—			$	2,231,000

	At June 30, 2015
	Level 1				Level 2				Level 3				Total
Other real estate owned	$	—			$	2,192,000			$	—			$	2,192,000
Impaired loans	—				1,830,000				—				1,830,000
Total assets	$	—			$	4,022,000			$	—			$	4,022,000

Estimated fair value of financial instruments

The carrying amount and estimated fair values for financial instruments as of June 30, 2015 were as follows:

	Carrying value				Estimated fair value				Level 1				Level 2				Level 3
Financial assets
Cash and cash equivalents	$	16,481,000			$	16,481,000			$	16,481,000			$	—			$	—
Interest bearing deposits in other banks	24,565,000				24,565,000				24,565,000				—				—
Securities available for sale	213,814,000				213,814,000				—				213,814,000				—
Securities to be held to maturity	249,250,000				248,698,000				—				248,698,000				—
Restricted equity securities	13,912,000				13,912,000				—				13,912,000				—
Loans (net of allowance for loan losses)
Commercial
Real estate	245,788,000				243,426,000				—				170,000				243,256,000
Construction	38,636,000				38,265,000				—				—				38,265,000
Other	126,191,000				126,149,000				—				25,000				126,124,000
Municipal	22,801,000				23,092,000				—				—				23,092,000
Residential
Term	376,632,000				382,268,000				—				1,635,000				380,633,000
Construction	14,182,000				14,150,000				—				—				14,150,000
Home equity line of credit	107,657,000				106,966,000				—				—				106,966,000
Consumer	21,314,000				21,393,000				—				—				21,393,000
Total loans	953,201,000				955,709,000				—				1,830,000				953,879,000
Mortgage servicing rights	1,071,000				1,914,000				—				1,914,000				—
Accrued interest receivable	6,180,000				6,180,000				—				6,180,000				—
Financial liabilities
Demand deposits	$	107,244,000			$	102,223,000			$	—			$	102,223,000			$	—
NOW deposits	221,964,000				202,972,000				—				202,972,000				—
Money market deposits	102,219,000				89,208,000				—				89,208,000				—
Savings deposits	186,777,000				162,469,000				—				162,469,000				—
Local certificates of deposit	194,653,000				194,877,000				—				194,877,000				—
National certificates of deposit	283,466,000				283,514,000				—				283,514,000				—
Total deposits	1,096,323,000				1,035,263,000				—				1,035,263,000				—
Repurchase agreements	87,875,000				82,365,000				—				82,365,000				—
Federal Home Loan Bank advances	190,138,000				192,471,000				—				192,471,000				—
Total borrowed funds	278,013,000				274,836,000				—				274,836,000				—
Accrued interest payable	506,000				506,000				—				506,000				—

The carrying amount and estimated fair values for financial instruments as of June 30, 2016 were as follows:

	Carrying value				Estimated fair value				Level 1				Level 2				Level 3
Financial assets
Cash and cash equivalents	$	20,838,000			$	20,838,000			$	20,838,000			$	—			$	—
Interest bearing deposits in other banks	7,568,000				7,568,000				7,568,000				—				—
Securities available for sale	241,327,000				241,327,000				—				241,327,000				—
Securities to be held to maturity	216,272,000				225,200,000				—				225,200,000				—
Restricted equity securities	14,441,000				14,441,000				—				14,441,000				—
Loans held for sale	1,553,000				1,553,000				—				1,553,000				—
Loans (net of allowance for loan losses)
Commercial
Real estate	298,822,000				294,749,000				—				544,000				294,205,000
Construction	18,078,000				17,832,000				—				—				17,832,000
Other	134,632,000				134,567,000				—				348,000				134,219,000
Municipal	25,512,000				26,833,000				—				—				26,833,000
Residential
Term	401,911,000				410,502,000				—				933,000				409,569,000
Construction	13,364,000				13,289,000				—				—				13,289,000
Home equity line of credit	111,537,000				110,635,000				—				—				110,635,000
Consumer	24,159,000				24,126,000				—				64,000				24,062,000
Total loans	1,028,015,000				1,032,533,000				—				1,889,000				1,030,644,000
Mortgage servicing rights	948,000				1,489,000				—				1,489,000				—
Accrued interest receivable	6,372,000				6,372,000				—				6,372,000				—
Financial liabilities
Demand deposits	$	130,168,000			$	134,043,000			$	—			$	134,043,000			$	—
NOW deposits	254,136,000				253,251,000				—				253,251,000				—
Money market deposits	73,030,000				68,204,000				—				68,204,000				—
Savings deposits	208,826,000				196,812,000				—				196,812,000				—
Local certificates of deposit	211,006,000				213,726,000				—				213,726,000				—
National certificates of deposit	268,543,000				268,873,000				—				268,873,000				—
Total deposits	1,145,709,000				1,134,909,000				—				1,134,909,000				—
Repurchase agreements	82,965,000				81,775,000				—				81,775,000				—
Federal Home Loan Bank advances	200,130,000				202,184,000				—				202,184,000				—
Total borrowed funds	283,095,000				283,959,000				—				283,959,000				—
Interest rate swap agreements	208,000				208,000				—				208,000				—
Accrued interest payable	499,000				499,000				—				499,000				—

The carrying amounts and estimated fair values for financial instruments as of December 31, 2015 were as follows:

	Carrying value				Estimated fair value				Level 1				Level 2				Level 3
Financial assets
Cash and cash equivalents	$	14,299,000			$	14,299,000			$	14,299,000			$	—			$	—
Interest bearing deposits in other banks	4,013,000				4,013,000				4,013,000				—				—
Securities available for sale	223,039,000				223,039,000				—				223,039,000				—
Securities to be held to maturity	240,023,000				243,123,000				—				243,123,000				—
Restricted equity securities	14,257,000				14,257,000				—				14,257,000				—
Loans held for sale	349,000				349,000				—				349,000				—
Loans (net of allowance for loan losses)
Commercial
Real estate	265,616,000				262,763,000				—				—				262,763,000
Construction	24,166,000				23,906,000				—				—				23,906,000
Other	126,551,000				126,141,000				—				—				126,141,000
Municipal	19,730,000				20,331,000				—				—				20,331,000
Residential
Term	401,315,000				405,315,000				—				—				405,315,000
Construction	8,421,000				8,379,000				—				—				8,379,000
Home equity line of credit	109,101,000				108,118,000				—				699,000				107,419,000
Consumer	23,822,000				23,754,000				—				—				23,754,000
Total loans	978,722,000				978,707,000				—				699,000				978,008,000
Mortgage servicing rights	1,093,000				1,915,000				—				1,915,000				—
Accrued interest receivable	4,912,000				4,912,000				—				4,912,000				—
Financial liabilities
Demand deposits	$	130,566,000			$	125,651,000			$	—			$	125,651,000			$	—
NOW deposits	242,638,000				224,627,000				—				224,627,000				—
Money market deposits	92,994,000				82,050,000				—				82,050,000				—
Savings deposits	206,009,000				181,010,000				—				181,010,000				—
Local certificates of deposit	201,420,000				201,013,000				—				201,013,000				—
National certificates of deposit	169,562,000				169,617,000				—				169,617,000				—
Total deposits	1,043,189,000				983,968,000				—				983,968,000				—
Repurchase agreements	87,103,000				82,168,000				—				82,168,000				—
Federal Home Loan Bank advances	250,354,000				250,027,000				—				250,027,000				—
Total borrowed funds	337,457,000				332,195,000				—				332,195,000				—
Accrued interest payable	435,000				435,000				—				435,000				—

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- Definition

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).

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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