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Fair Value (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2017, December 31, 2016 and June 30, 2016.

	At June 30, 2017
	Level 1				Level 2				Level 3				Total
Securities available for sale
Mortgage-backed securities	$	—			$	288,991,000			$	—			$	288,991,000
State and political subdivisions	—				15,828,000				—				15,828,000
Other equity securities	—				3,327,000				—				3,327,000
Total securities available for sale	—				308,146,000				—				308,146,000
Interest rate swap agreements	—				1,623,000				—				1,623,000
Total assets	$	—			$	309,769,000			$	—			$	309,769,000

	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 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

Assets and Liabilities Measured on Nonrecurring 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 $39,000, $205,000 and $115,000 at June 30, 2017, December 31, 2016, and June 30, 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 $202,000, $478,000 and $567,000 at June 30, 2017, December 31, 2016, and June 30, 2016, respectively.

	At June 30, 2017
	Level 1				Level 2				Level 3				Total
Other real estate owned	$	—			$	324,000			$	—			$	324,000
Impaired loans	—				269,000				—				269,000
Total assets	$	—			$	593,000			$	—			$	593,000

	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 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

Estimated Fair Value of Financial Instruments

The carrying amount and estimated fair values for financial instruments as of June 30, 2017 were as follows:

	Carrying value				Estimated fair value				Level 1				Level 2				Level 3
Financial assets
Cash and cash equivalents	$	20,189,000			$	20,189,000			$	20,189,000			$	—			$	—
Interest bearing deposits in other banks	3,820,000				3,820,000				3,820,000				—				—
Securities available for sale	308,146,000				308,146,000				—				308,146,000				—
Securities to be held to maturity	244,123,000				246,238,000				—				246,238,000				—
Restricted equity securities	12,311,000				12,311,000				—				12,311,000				—
Loans held for sale	865,000				865,000				—				865,000				—
Loans (net of allowance for loan losses)
Commercial
Real estate	301,722,000				295,339,000				—				—				295,339,000
Construction	32,989,000				32,291,000				—				—				32,291,000
Other	171,099,000				169,509,000				—				33,000				169,476,000
Municipal	28,672,000				28,902,000				—				—				28,902,000
Residential
Term	425,985,000				428,556,000				—				236,000				428,320,000
Construction	15,025,000				14,983,000				—				—				14,983,000
Home equity line of credit	109,516,000				107,855,000				—				—				107,855,000
Consumer	25,046,000				24,654,000				—				—				24,654,000
Total loans	1,110,054,000				1,102,089,000				—				269,000				1,101,820,000
Mortgage servicing rights	1,109,000				1,888,000				—				1,888,000				—
Interest rate swap agreements	1,623,000				1,623,000				—				1,623,000				—
Accrued interest receivable	7,192,000				7,192,000				—				7,192,000				—
Financial liabilities
Demand deposits	$	180,298,000			$	174,958,000			$	—			$	174,958,000			$	—
NOW deposits	250,316,000				234,049,000				—				234,049,000				—
Money market deposits	134,760,000				126,402,000				—				126,402,000				—
Savings deposits	226,391,000				200,712,000				—				200,712,000				—
Local certificates of deposit	217,495,000				217,021,000				—				217,021,000				—
National certificates of deposit	309,999,000				309,853,000				—				309,853,000				—
Total deposits	1,319,259,000				1,262,995,000				—				1,262,995,000				—
Repurchase agreements	67,154,000				64,852,000				—				64,852,000				—
Federal Home Loan Bank advances	215,123,000				214,893,000				—				214,893,000				—
Total borrowed funds	282,277,000				279,745,000				—				279,745,000				—
Accrued interest payable	603,000				603,000				—				603,000				—

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				—

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				—

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

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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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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