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Fair Value (Tables)

9 Months Ended

Sep. 30, 2017

Fair Value Disclosures [Abstract]

Assets Measured on Recurring Basis Measured at Fair Value

The following tables present the balances of assets that were measured at fair value on a recurring basis as of September 30, 2017, December 31, 2016 and September 30, 2016.

	At September 30, 2017
	Level 1				Level 2				Level 3				Total
Securities available for sale
Mortgage-backed securities	$	—			$	288,789,000			$	—			$	288,789,000
State and political subdivisions	—				6,842,000				—				6,842,000
Other equity securities	—				3,368,000				—				3,368,000
Total securities available for sale	—				298,999,000				—				298,999,000
Interest rate swap agreements	—				1,592,000				—				1,592,000
Total assets	$	—			$	300,591,000			$	—			$	300,591,000

	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 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

Assets 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 $53,000, $205,000 and $162,000 at September 30, 2017, December 31, 2016, and September 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 $1,553,000, $478,000 and $496,000 at September 30, 2017, December 31, 2016, and September 30, 2016, respectively.

	At September 30, 2017
	Level 1				Level 2				Level 3				Total
Other real estate owned	$	—			$	320,000			$	—			$	320,000
Impaired loans	—				7,334,000				—				7,334,000
Total assets	$	—			$	7,654,000			$	—			$	7,654,000

	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 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

Estimated Fair Value of Financial Instruments

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

	Carrying value				Estimated fair value				Level 1				Level 2				Level 3
Financial assets
Cash and cash equivalents	$	22,375,000			$	22,375,000			$	22,375,000			$	—			$	—
Interest bearing deposits in other banks	584,000				584,000				584,000				—				—
Securities available for sale	298,999,000				298,999,000				—				298,999,000				—
Securities to be held to maturity	242,679,000				245,021,000				—				245,021,000				—
Restricted equity securities	10,798,000				10,798,000				—				10,798,000				—
Loans held for sale	434,000				434,000				—				434,000				—
Loans (net of allowance for loan losses)
Commercial
Real estate	296,888,000				290,475,000				—				351,000				290,124,000
Construction	32,348,000				31,649,000				—				—				31,649,000
Other	169,493,000				167,710,000				—				6,259,000				161,451,000
Municipal	33,289,000				33,466,000				—				—				33,466,000
Residential
Term	428,318,000				431,112,000				—				724,000				430,388,000
Construction	15,461,000				15,307,000				—				—				15,307,000
Home equity line of credit	109,433,000				107,891,000				—				—				107,891,000
Consumer	24,844,000				24,416,000				—				—				24,416,000
Total loans	1,110,074,000				1,102,026,000				—				7,334,000				1,094,692,000
Mortgage servicing rights	1,109,000				1,888,000				—				1,888,000				—
Interest rate swap agreements	1,592,000				1,592,000				—				1,592,000				—
Accrued interest receivable	5,820,000				5,820,000				—				5,820,000				—
Financial liabilities
Demand deposits	$	193,089,000			$	187,310,000			$	—			$	187,310,000			$	—
NOW deposits	291,403,000				274,629,000				—				274,629,000				—
Money market deposits	134,257,000				126,541,000				—				126,541,000				—
Savings deposits	234,456,000				207,813,000				—				207,813,000				—
Local certificates of deposit	220,702,000				220,047,000				—				220,047,000				—
National certificates of deposit	276,142,000				276,078,000				—				276,078,000				—
Total deposits	1,350,049,000				1,292,418,000				—				1,292,418,000				—
Repurchase agreements	75,412,000				72,948,000				—				72,948,000				—
Federal Home Loan Bank advances	158,916,000				158,424,000				—				158,424,000				—
Total borrowed funds	234,328,000				231,372,000				—				231,372,000				—
Accrued interest payable	605,000				605,000				—				605,000				—

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 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				—

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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
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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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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
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-Topic 820
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