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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2017

Fair Value Measurements [Abstract]

Summary of assets measured at fair value on a recurring basis

The following tables present the assets and liabilities reported on the Consolidated Balance Sheet at their fair value on a recurring basis as of June 30, 2017 and December 31, 2016 by level within the fair value hierarchy (in thousands). Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

June 30, 2017		Level I				Level II				Level III				Total
Fair value measurements on a recurring basis:
Assets
Securities available for sale:
U.S. agency securities		$	-			$	142,750			$	-			$	142,750
Obligations of state and
political subdivisions			-				86,216				-				86,216
Corporate obligations			-				3,111				-				3,111
Mortgage-backed securities in
government sponsored entities			-				41,460				-				41,460
Equity securities in financial institutions			1,671				-				-				1,671

December 31, 2016		Level I				Level II				Level III				Total
Fair value measurements on a recurring basis:
Securities available for sale:
U.S. agency securities		$	-			$	170,414			$	-			$	170,414
U.S. treasury securities			3,000				-				-				3,000
Obligations of state and
political subdivisions			-				96,926				-				96,926
Corporate obligations			-				3,050				-				3,050
Mortgage-backed securities in
government sponsored entities			-				37,728				-				37,728
Equity securities in financial institutions			2,899				-				-				2,899

Summary of assets measured at fair value on non-recurring basis

Assets measured at fair value on a nonrecurring basis as of June 30, 2017 and December 31, 2016 are included in the table below (in thousands):

June 30, 2017		Level I				Level II				Level III				Total
Impaired Loans		$	-			$	-			$	2,756			$	2,756
Other real estate owned			-				-				1,102				1,102
December 31, 2016
Impaired Loans		$	-			$	-			$	2,033			$	2,033
Other real estate owned			-				-				839				839

Significant unobservable inputs used in fair value measurement process

The following table provides a listing of the significant unobservable inputs used in the fair value measurement process for items valued utilizing Level III techniques (dollars in thousands).

Quantitative Information about Level III Fair Value Measurements
June 30, 2017		Fair Value			Valuation Technique(s)	Unobservable input		Range				Weighted average
Impaired Loans		$	2,756		Appraised Collateral Values	Discount for time since appraisal			0-100	%			27.23	%
						Selling costs			5%-9	%			7.59	%
						Holding period		0 - 24 months				11.8 months
Other real estate owned			1,102		Appraised Collateral Values	Discount for time since appraisal			12-47	%			21.75	%

December 31, 2016		Fair Value			Valuation Technique(s)	Unobservable input		Range				Weighted average
Impaired Loans			2,033		Appraised Collateral Values	Discount for time since appraisal			0-65	%			28.98	%
						Selling costs			5%-9	%			7.56	%
						Holding period		6 - 12 months				11 months
Other real estate owned			839		Appraised Collateral Values	Discount for time since appraisal			10-67	%			25.45	%

Fair value of financial instruments

The fair values of the Company's financial instruments are as follows (in thousands):

		Carrying
June 30, 2017		Amount				Fair Value				Level I				Level II				Level III
Financial assets:
Cash and due from banks		$	19,362			$	19,362			$	19,362			$	-			$	-
Interest bearing time deposits with other banks			8,791				8,791				-				-				8,791
Available-for-sale securities			275,208				275,208				1,671				273,537
Loans held for sale			393				393				393
Net loans			878,070				878,901				-				-				878,901
Bank owned life insurance			26,556				26,556				26,556				-				-
Regulatory stock			4,490				4,490				4,490				-				-
Accrued interest receivable			3,697				3,697				3,697				-				-
Financial liabilities:
Deposits		$	1,051,209			$	1,049,833			$	791,387			$	-			$	258,446
Borrowed funds			69,998				68,503				30,396				-				38,107
Accrued interest payable			628				628				628				-				-

December 31, 2016
Financial assets:
Cash and due from banks		$	17,754			$	17,754			$	17,754			$	-			$	-
Interest bearing time deposits with other banks			6,955				6,960				-				-				6,960
Available-for-sale securities			314,017				314,017				5,899				308,118				-
Loans held for sale			1,827				1,827				1,827
Net loans			790,725				797,184				-				-				797,184
Bank owned life insurance			26,223				26,223				26,223				-				-
Regulatory stock			5,306				5,306				5,306				-				-
Accrued interest receivable			4,089				4,089				4,089				-				-
Financial liabilities:
Deposits		$	1,005,503			$	1,004,072			$	740,889			$	-			$	263,183
Borrowed funds			79,662				77,425				41,330				-				36,095
Accrued interest payable			720				720				720				-

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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13476-108611

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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

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Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs.

+ 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)
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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
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258

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