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Fair Value (Tables)

9 Months Ended

Sep. 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 that were measured at fair value on a recurring basis as of September 30, 2016, December 31, 2015 and September 30, 2015.

	At September 30, 2016
	Level 1				Level 2				Level 3				Total
Securities available for sale
Mortgage-backed securities	$	—			$	261,514,000			$	—			$	261,514,000
State and political subdivisions	—				17,484,000				—				17,484,000
Other equity securities	—				3,295,000				—				3,295,000
Total Securities available for sale	—				282,293,000				—				282,293,000
Interest rate swap agreements	—				90,000				—				90,000
Total assets	$	—			$	282,383,000			$	—			$	282,383,000

	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 September 30, 2015
	Level 1				Level 2				Level 3				Total
Securities available for sale
Mortgage-backed securities	$	—			$	187,510,000			$	—			$	187,510,000
State and political subdivisions	—				25,290,000				—				25,290,000
Other equity securities	—				3,133,000				—				3,133,000
Total assets	$	—			$	215,933,000			$	—			$	215,933,000

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 $162,000, $162,000 and $409,000 at September 30, 2016, December 31, 2015, and September 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 $496,000, $292,000 and $394,000 at September 30, 2016, December 31, 2015, and September 30, 2015, respectively.

	At September 30, 2016
	Level 1				Level 2				Level 3				Total
Other real estate owned	$	—			$	855,000			$	—			$	855,000
Impaired loans	—				1,311,000				—				1,311,000
Total assets	$	—			$	2,166,000			$	—			$	2,166,000

	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 September 30, 2015
	Level 1				Level 2				Level 3				Total
Other real estate owned	$	—			$	1,916,000			$	—			$	1,916,000
Impaired loans	—				1,413,000				—				1,413,000
Total assets	$	—			$	3,329,000			$	—			$	3,329,000

Estimated fair value of financial instruments

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

	Carrying value				Estimated fair value				Level 1				Level 2				Level 3
Financial assets
Cash and cash equivalents	$	23,456,000			$	23,456,000			$	23,456,000			$	—			$	—
Interest bearing deposits in other banks	15,098,000				15,098,000				15,098,000				—				—
Securities available for sale	282,293,000				282,293,000				—				282,293,000				—
Securities to be held to maturity	188,770,000				195,797,000				—				195,797,000				—
Restricted equity securities	14,048,000				14,048,000				—				14,048,000				—
Loans held for sale	1,228,000				1,228,000				—				1,228,000				—
Loans (net of allowance for loan losses)
Commercial
Real estate	293,167,000				289,015,000				—				544,000				288,471,000
Construction	18,452,000				18,191,000				—				—				18,191,000
Other	129,258,000				129,143,000				—				—				129,143,000
Municipal	26,132,000				27,270,000				—				—				27,270,000
Residential
Term	401,597,000				409,916,000				—				703,000				409,213,000
Construction	14,226,000				14,170,000				—				—				14,170,000
Home equity line of credit	110,989,000				110,220,000				—				—				110,220,000
Consumer	24,873,000				24,724,000				—				64,000				24,660,000
Total loans	1,018,694,000				1,022,649,000				—				1,311,000				1,021,338,000
Mortgage servicing rights	1,071,000				1,683,000				—				1,683,000				—
Interest rate swap agreements	90,000				90,000				—				90,000				—
Accrued interest receivable	5,079,000				5,079,000				—				5,079,000				—
Financial liabilities
Demand deposits	$	158,476,000			$	163,498,000			$	—			$	163,498,000			$	—
NOW deposits	295,708,000				296,393,000				—				296,393,000				—
Money market deposits	76,685,000				71,714,000				—				71,714,000				—
Savings deposits	218,425,000				206,331,000				—				206,331,000				—
Local certificates of deposit	211,402,000				213,622,000				—				213,622,000				—
National certificates of deposit	213,053,000				213,332,000				—				213,332,000				—
Total deposits	1,173,749,000				1,164,890,000				—				1,164,890,000				—
Repurchase agreements	87,970,000				87,246,000				—				87,246,000				—
Federal Home Loan Bank advances	180,128,000				181,918,000				—				181,918,000				—
Total borrowed funds	268,098,000				269,164,000				—				269,164,000				—
Accrued interest payable	508,000				508,000				—				508,000				—

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				—

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

	Carrying value				Estimated fair value				Level 1				Level 2				Level 3
Financial assets
Cash and cash equivalents	$	19,169,000			$	19,169,000			$	19,169,000			$	—			$	—
Interest bearing deposits in other banks	301,000				301,000				301,000				—				—
Securities available for sale	215,933,000				215,933,000				—				215,933,000				—
Securities to be held to maturity	245,322,000				248,344,000				—				248,344,000				—
Restricted equity securities	13,912,000				13,912,000				—				13,912,000				—
Loans held for sale	200,000				200,000				—				200,000				—
Loans (net of allowance for loan losses)
Commercial
Real estate	264,807,000				262,197,000				—				—				262,197,000
Construction	22,927,000				22,701,000				—				—				22,701,000
Other	117,379,000				117,427,000				—				—				117,427,000
Municipal	21,357,000				21,907,000				—				—				21,907,000
Residential
Term	383,691,000				390,392,000				—				1,413,000				388,979,000
Construction	12,002,000				11,960,000				—				—				11,960,000
Home equity line of credit	108,265,000				107,589,000				—				—				107,589,000
Consumer	23,046,000				23,117,000				—				—				23,117,000
Total loans	953,474,000				957,290,000				—				1,413,000				955,877,000
Mortgage servicing rights	1,095,000				2,014,000				—				2,014,000				—
Accrued interest receivable	5,189,000				5,189,000				—				5,189,000				—
Financial liabilities
Demand deposits	$	128,555,000			$	124,979,000			$	—			$	124,979,000			$	—
NOW deposits	246,155,000				230,680,000				—				230,680,000				—
Money market deposits	95,217,000				84,535,000				—				84,535,000				—
Savings deposits	199,131,000				176,791,000				—				176,791,000				—
Local certificates of deposit	195,607,000				196,663,000				—				196,663,000				—
National certificates of deposit	193,700,000				193,774,000				—				193,774,000				—
Total deposits	1,058,365,000				1,007,422,000				—				1,007,422,000				—
Repurchase agreements	100,498,000				95,078,000				—				95,078,000				—
Federal Home Loan Bank advances	196,871,000				197,795,000				—				197,795,000				—
Total borrowed funds	297,369,000				292,873,000				—				292,873,000				—
Accrued interest payable	499,000				499,000				—				499,000				—

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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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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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