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Fair Value (Tables)

3 Months Ended

Mar. 31, 2017

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 March 31, 2017, December 31, 2016 and March 31, 2016.

	At March 31, 2017
	Level 1				Level 2				Level 3				Total
Securities available for sale
Mortgage-backed securities	$	—			$	293,627,000			$	—			$	293,627,000
State and political subdivisions	—				15,705,000				—				15,705,000
Other equity securities	—				3,292,000				—				3,292,000
Total securities available for sale	—				312,624,000				—				312,624,000
Interest rate swap agreements	—				1,886,000				—				1,886,000
Total assets	$	—			$	314,510,000			$	—			$	314,510,000

	At December 31, 2016
	Level 1				Level 2				Level 3				Total
Securities available for sale
Mortgage-backed securities	$	—			$	280,604,000			$	—			$	280,604,000
State and political subdivisions	—				16,482,000				—				16,482,000
Other equity securities	—				3,330,000				—				3,330,000
Total securities available for sale	$	—			$	300,416,000			$	—			$	300,416,000
Interest rate swap agreements	$	—			$	1,790,000			$	—			$	1,790,000
Total assets	$	—			$	302,206,000			$	—			$	302,206,000

	At March 31, 2016
	Level 1				Level 2				Level 3				Total
Securities available for sale
Mortgage-backed securities	$	—			$	193,657,000			$	—			$	193,657,000
State and political subdivisions	—				19,904,000				—				19,904,000
Other equity securities	—				3,164,000				—				3,164,000
Total assets	$	—			$	216,725,000			$	—			$	216,725,000

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 $78,000, $205,000 and $130,000 at March 31, 2017, December 31, 2016, and March 31, 2016, 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 $356,000, $478,000 and $158,000 at March 31, 2017, December 31, 2016, and March 31, 2016, respectively.

	At March 31, 2017
	Level 1				Level 2				Level 3				Total
Other real estate owned	$	—			$	525,000			$	—			$	525,000
Impaired loans	—				718,000				—				718,000
Total assets	$	—			$	1,243,000			$	—			$	1,243,000

	At December 31, 2016
	Level 1				Level 2				Level 3				Total
Other real estate owned	$	—			$	375,000			$	—			$	375,000
Impaired loans	—				827,000				—				827,000
Total assets	$	—			$	1,202,000			$	—			$	1,202,000

	At March 31, 2016
	Level 1				Level 2				Level 3				Total
Other real estate owned	$	—			$	1,592,000			$	—			$	1,592,000
Impaired loans	—				879,000				—				879,000
Total assets	$	—			$	2,471,000			$	—			$	2,471,000

Estimated fair value of financial instruments

The carrying amount and estimated fair values for financial instruments as of March 31, 2016 were as follows:

	Carrying value				Estimated fair value				Level 1				Level 2				Level 3
Financial assets
Cash and cash equivalents	$	14,533,000			$	14,533,000			$	14,533,000			$	—			$	—
Interest bearing deposits in other banks	6,372,000				6,372,000				6,372,000				—				—
Securities available for sale	216,725,000				216,725,000				—				216,725,000				—
Securities to be held to maturity	236,611,000				243,337,000				—				243,337,000				—
Restricted equity securities	13,875,000				13,875,000				—				13,875,000				—
Loans held for sale	224,000				224,000				—				224,000				—
Loans (net of allowance for loan losses)
Commercial
Real estate	275,510,000				272,302,000				—				—				272,302,000
Construction	19,729,000				19,499,000				—				—				19,499,000
Other	131,644,000				131,637,000				—				—				131,637,000
Municipal	19,022,000				19,994,000				—				—				19,994,000
Residential
Term	403,749,000				410,670,000				—				17,000				410,653,000
Construction	11,715,000				11,648,000				—				—				11,648,000
Home equity line of credit	109,177,000				108,274,000				—				862,000				107,412,000
Consumer	24,177,000				24,153,000				—				—				24,153,000
Total loans	994,723,000				998,177,000				—				879,000				997,298,000
Mortgage servicing rights	924,000				1,543,000				—				1,543,000				—
Accrued interest receivable	6,271,000				6,271,000				—				6,271,000				—
Financial liabilities
Demand deposits	$	116,756,000			$	116,614,000			$	—			$	116,614,000			$	—
NOW deposits	240,112,000				230,934,000				—				230,934,000				—
Money market deposits	74,643,000				68,221,000				—				68,221,000				—
Savings deposits	205,218,000				187,346,000				—				187,346,000				—
Local certificates of deposit	207,664,000				209,455,000				—				209,455,000				—
National certificates of deposit	265,048,000				265,335,000				—				265,335,000				—
Total deposits	1,109,441,000				1,077,905,000				—				1,077,905,000				—
Repurchase agreements	91,399,000				88,442,000				—				88,442,000				—
Federal Home Loan Bank advances	185,132,000				186,398,000				—				186,398,000				—
Total borrowed funds	276,531,000				274,840,000				—				274,840,000				—
Accrued interest payable	495,000				495,000				—				495,000				—

The carrying amount and estimated fair values for financial instruments as of March 31, 2017 were as follows:

	Carrying value				Estimated fair value				Level 1				Level 2				Level 3
Financial assets
Cash and cash equivalents	$	17,600,000			$	17,600,000			$	17,600,000			$	—			$	—
Interest bearing deposits in other banks	3,272,000				3,272,000				3,272,000				—				—
Securities available for sale	312,624,000				312,624,000				—				312,624,000				—
Securities to be held to maturity	240,829,000				239,378,000				—				239,378,000				—
Restricted equity securities	13,363,000				13,363,000				—				13,363,000				—
Loans held for sale	979,000				979,000				—				979,000				—
Loans (net of allowance for loan losses)
Commercial
Real estate	299,920,000				295,039,000				—				424,000				294,615,000
Construction	28,254,000				27,794,000				—				—				27,794,000
Other	156,233,000				154,823,000				—				33,000				154,790,000
Municipal	28,306,000				28,737,000				—				—				28,737,000
Residential
Term	420,057,000				420,393,000				—				261,000				420,132,000
Construction	13,689,000				13,593,000				—				—				13,593,000
Home equity line of credit	109,058,000				107,823,000				—				—				107,823,000
Consumer	23,851,000				23,519,000				—				—				23,519,000
Total loans	1,079,368,000				1,071,721,000				—				718,000				1,071,003,000
Mortgage servicing rights	1,054,000				1,853,000				—				1,853,000				—
Interest rate swap agreements	1,886,000				1,886,000				—				1,886,000				—
Accrued interest receivable	6,854,000				6,854,000				—				6,854,000				—
Financial liabilities
Demand deposits	$	181,188,000			$	171,979,000			$	—			$	171,979,000			$	—
NOW deposits	273,050,000				250,323,000				—				250,323,000				—
Money market deposits	142,220,000				130,374,000				—				130,374,000				—
Savings deposits	222,976,000				193,142,000				—				193,142,000				—
Local certificates of deposit	213,296,000				212,337,000				—				212,337,000				—
National certificates of deposit	313,753,000				313,833,000				—				313,833,000				—
Total deposits	1,346,483,000				1,271,988,000				—				1,271,988,000				—
Repurchase agreements	76,342,000				72,399,000				—				72,399,000				—
Federal Home Loan Bank advances	150,125,000				149,358,000				—				149,358,000				—
Total borrowed funds	226,467,000				221,757,000				—				221,757,000				—
Accrued interest payable	519,000				519,000				—				519,000				—

The carrying amounts and estimated fair values for financial instruments as of December 31, 2016 were as follows:

	Carrying value				Estimated fair value				Level 1				Level 2				Level 3
Financial assets
Cash and cash equivalents	$	17,366,000			$	17,366,000			$	17,366,000			$	—			$	—
Interest bearing deposits in other banks	293,000				293,000				293,000				—				—
Securities available for sale	300,416,000				300,416,000				—				300,416,000				—
Securities to be held to maturity	226,828,000				225,537,000				—				225,537,000				—
Restricted equity securities	11,930,000				11,930,000				—				11,930,000				—
Loans held for sale	782,000				782,000				—				782,000				—
Loans (net of allowance for loan losses)
Commercial
Real estate	297,952,000				293,103,000				—				558,000				292,545,000
Construction	24,954,000				24,548,000				—				—				24,548,000
Other	148,737,000				147,394,000				—				33,000				147,361,000
Municipal	27,035,000				27,446,000				—				—				27,446,000
Residential
Term	409,999,000				410,327,000				—				236,000				410,091,000
Construction	18,253,000				18,125,000				—				—				18,125,000
Home equity line of credit	109,986,000				108,740,000				—				—				108,740,000
Consumer	24,472,000				24,131,000				—				—				24,131,000
Total loans	1,061,388,000				1,053,814,000				—				827,000				1,052,987,000
Mortgage servicing rights	1,113,000				1,696,000				—				1,696,000				—
Interest rate swap agreements	1,790,000				1,790,000				—				1,790,000				—
Accrued interest receivable	5,532,000				5,532,000				—				5,532,000				—
Financial liabilities
Demand deposits	$	140,482,000			$	133,342,000			$	—			$	133,342,000			$	—
NOW deposits	282,971,000				259,418,000				—				259,418,000				—
Money market deposits	125,544,000				115,087,000				—				115,087,000				—
Savings deposits	217,340,000				188,260,000				—				188,260,000				—
Local certificates of deposit	210,316,000				209,370,000				—				209,370,000				—
National certificates of deposit	266,304,000				266,372,000				—				266,372,000				—
Total deposits	1,242,957,000				1,171,849,000				—				1,171,849,000				—
Repurchase agreements	84,174,000				79,827,000				—				79,827,000				—
Federal Home Loan Bank advances	194,727,000				193,733,000				—				193,733,000				—
Total borrowed funds	278,901,000				273,560,000				—				273,560,000				—
Accrued interest payable	479,000				479,000				—				479,000				—

X

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-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
-SubTopic 10
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