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Fair Value (Tables)

6 Months Ended

Jun. 30, 2018

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 June 30, 2018, December 31, 2017 and June 30, 2017.

	At June 30, 2018
	Level 1				Level 2				Level 3				Total
Securities available for sale
Mortgage-backed securities	$	—			$	297,378,000			$	—			$	297,378,000
State and political subdivisions	—				4,692,000				—				4,692,000
Other equity securities	—				2,978,000				—				2,978,000
Total securities available for sale	—				305,048,000				—				305,048,000
Interest rate swap agreements	—				2,616,000				—				2,616,000
Total assets	$	—			$	307,664,000			$	—			$	307,664,000

	At December 31, 2017
	Level 1				Level 2				Level 3				Total
Securities available for sale
Mortgage-backed securities	$	—			$	289,989,000			$	—			$	289,989,000
State and political subdivisions	—				6,769,000				—				6,769,000
Other equity securities	—				3,414,000				—				3,414,000
Total securities available for sale	—				300,172,000				—				300,172,000
Interest rate swap agreements	—				1,955,000				—				1,955,000
Total assets	$	—			$	302,127,000			$	—			$	302,127,000

	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

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 and $39,000 at December 31, 2017, and June 30, 2017, respectively. There was no allowance at June 30, 2018. 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 $1,893,000, $1,531,000 and $202,000 at June 30, 2018, December 31, 2017, and June 30, 2017, respectively.

	At June 30, 2018
	Level 1				Level 2				Level 3				Total
Other real estate owned	$	—			$	609,000			$	—			$	609,000
Impaired loans	—				6,387,000				—				6,387,000
Total assets	$	—			$	6,996,000			$	—			$	6,996,000

	At December 31, 2017
	Level 1				Level 2				Level 3				Total
Other real estate owned	$	—			$	1,012,000			$	—			$	1,012,000
Impaired loans	—				6,521,000				—				6,521,000
Total assets	$	—			$	7,533,000			$	—			$	7,533,000

	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

Estimated Fair Value of Financial Instruments

The carrying amount and estimated fair values for financial instruments as of June 30, 2018 were as follows:

	Carrying value				Estimated fair value				Level 1				Level 2				Level 3
Financial assets
Cash and cash equivalents	$	21,056,000			$	21,056,000			$	21,056,000			$	—			$	—
Interest bearing deposits in other banks	1,616,000				1,616,000				1,616,000				—				—
Securities available for sale	305,048,000				305,048,000				—				305,048,000				—
Securities to be held to maturity	260,077,000				256,316,000				—				256,316,000				—
Restricted equity securities	12,363,000				12,363,000				—				12,363,000				—
Loans held for sale	481,000				481,000				—				481,000				—
Loans (net of allowance for loan losses)
Commercial
Real estate	345,853,000				338,784,000				—				423,000				338,361,000
Construction	39,852,000				39,037,000				—				—				39,037,000
Other	180,750,000				178,904,000				—				5,527,000				173,377,000
Municipal	48,693,000				47,790,000				—				—				47,790,000
Residential
Term	452,289,000				441,029,000				—				339,000				440,690,000
Construction	14,550,000				14,443,000				—				—				14,443,000
Home equity line of credit	106,892,000				105,264,000				—				98,000				105,166,000
Consumer	24,089,000				23,322,000				—				—				23,322,000
Total loans	1,212,968,000				1,188,573,000				—				6,387,000				1,182,186,000
Mortgage servicing rights	1,285,000				2,581,000				—				2,581,000				—
Interest rate swap agreements	2,616,000				2,616,000				—				2,616,000				—
Accrued interest receivable	7,723,000				7,723,000				—				7,723,000				—
Financial liabilities
Demand deposits	$	146,964,000			$	136,167,000			$	—			$	136,167,000			$	—
NOW deposits	282,449,000				254,619,000				—				254,619,000				—
Money market deposits	100,378,000				93,978,000				—				93,978,000				—
Savings deposits	229,464,000				194,141,000				—				194,141,000				—
Local certificates of deposit	267,932,000				263,342,000				—				263,342,000				—
National certificates of deposit	389,459,000				389,062,000				—				389,062,000				—
Total deposits	1,416,646,000				1,331,309,000				—				1,331,309,000				—
Repurchase agreements	91,764,000				88,560,000				—				88,560,000				—
Federal Home Loan Bank advances	205,691,000				204,476,000				—				204,476,000				—
Total borrowed funds	297,455,000				293,036,000				—				293,036,000				—
Accrued interest payable	943,000				943,000				—				943,000				—

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

	Carrying value				Estimated fair value				Level 1				Level 2				Level 3
Financial assets
Cash and cash equivalents	$	19,207,000			$	19,207,000			$	19,207,000			$	—			$	—
Interest bearing deposits in other banks	860,000				860,000				860,000				—				—
Securities available for sale	300,172,000				300,172,000				—				300,172,000				—
Securities to be held to maturity	256,567,000				259,655,000				—				259,655,000				—
Restricted equity securities	10,358,000				10,358,000				—				10,358,000				—
Loans held for sale	386,000				386,000				—				386,000				—
Loans (net of allowance for loan losses)
Commercial
Real estate	319,691,000				311,321,000				—				72,000				311,249,000
Construction	37,594,000				36,610,000				—				—				36,610,000
Other	177,956,000				175,455,000				—				6,018,000				169,437,000
Municipal	33,370,000				33,280,000				—				—				33,280,000
Residential
Term	431,459,000				431,028,000				—				391,000				430,637,000
Construction	17,830,000				17,613,000				—				—				17,613,000
Home equity line of credit	110,566,000				109,012,000				—				40,000				108,972,000
Consumer	24,944,000				24,408,000				—				—				24,408,000
Total loans	1,153,410,000				1,138,727,000				—				6,521,000				1,132,206,000
Mortgage servicing rights	1,268,000				2,321,000				—				2,321,000				—
Interest rate swap agreements	1,955,000				1,955,000				—				1,955,000				—
Accrued interest receivable	5,867,000				5,867,000				—				5,867,000				—
Financial liabilities
Demand deposits	$	145,332,000			$	139,350,000			$	—			$	139,350,000			$	—
NOW deposits	318,043,000				295,775,000				—				295,775,000				—
Money market deposits	163,898,000				153,497,000				—				153,497,000				—
Savings deposits	232,605,000				203,799,000				—				203,799,000				—
Local certificates of deposit	223,074,000				220,734,000				—				220,734,000				—
National certificates of deposit	335,927,000				335,775,000				—				335,775,000				—
Total deposits	1,418,879,000				1,348,930,000				—				1,348,930,000				—
Repurchase agreements	70,564,000				67,976,000				—				67,976,000				—
Federal Home Loan Bank advances	158,194,000				156,396,000				—				156,396,000				—
Total borrowed funds	228,758,000				224,372,000				—				224,372,000				—
Accrued interest payable	642,000				642,000				—				642,000				—

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	$	137,061,000			$	133,002,000			$	—			$	133,002,000			$	—
NOW deposits	293,553,000				274,476,000				—				274,476,000				—
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				1,261,466,000				—				1,261,466,000				—
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				—

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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=99377789&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
-Topic 825
-SubTopic 10
-Section 50
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- Definition

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://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
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