XML 41 R31.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Fair Value Measurements (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2018
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 March 31, 2018 and December 31, 2017 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.
March 31, 2018 |  | Level I |  |  | Level II |  |  | Level III |  |  | Total |
Fair value measurements on a recurring basis: |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Equity securities in financial institutions |  | $ | 188 |  |  | $ | - |  |  | $ | - |  |  | $ | 188 |
Available for sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Agency securities |  |  | - |  |  |  | 99,186 |  |  |  | - |  |  |  | 99,186 |
U.S. Treasury securities |  |  | 33,112 |  |  |  | - |  |  |  | - |  |  |  | 33,112 |
Obligations of state and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
political subdivisions |  |  | - |  |  |  | 71,532 |  |  |  | - |  |  |  | 71,532 |
Corporate obligations |  |  | - |  |  |  | 3,050 |  |  |  | - |  |  |  | 3,050 |
Mortgage-backed securities in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
government sponsored entities |  |  | - |  |  |  | 44,460 |  |  |  | - |  |  |  | 44,460 |
December 31, 2017 |  | Level I |  |  | Level II |  |  | Level III |  |  | Total |
Fair value measurements on a recurring basis: |  |  |  |  |  |  |  |  |  |  |  |
Available for sale securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Agency securities |  | $ | - |  |  | $ | 98,887 |  |  | $ | - |  |  | $ | 98,887 |
U.S. Treasuries securities |  |  | 28,604 |  |  |  | - |  |  |  | - |  |  |  | 28,604 |
Obligations of state and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
political subdivisions |  |  | - |  |  |  | 79,090 |  |  |  | - |  |  |  | 79,090 |
Corporate obligations |  |  | - |  |  |  | 3,083 |  |  |  | - |  |  |  | 3,083 |
Mortgage-backed securities in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
government sponsored entities |  |  | - |  |  |  | 45,027 |  |  |  | - |  |  |  | 45,027 |
Equity securities in financial institutions |  |  | 91 |  |  |  | - |  |  |  | - |  |  |  | 91 |
Summary of assets measured at fair value on non-recurring basis | Assets measured at fair value on a nonrecurring basis as of March 31, 2018 and December 31, 2017 are included in the table below (in thousands):
March 31, 2018 |  | Level I |  |  | Level II |  |  | Level III |  |  | Total |
Impaired Loans |  | $ | - |  |  | $ | - |  |  | $ | 2,425 |  |  | $ | 2,425 |
Other real estate owned |  |  | - |  |  |  | - |  |  |  | 844 |  |  |  | 844 |
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impaired Loans |  | $ | - |  |  | $ | - |  |  | $ | 1,569 |  |  | $ | 1,569 |
Other real estate owned |  |  | - |  |  |  | - |  |  |  | 1,024 |  |  |  | 1,024 |
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).
March 31, 2018 |  | Fair Value |  | Valuation Technique(s) | Unobservable input |  | Range |  |  | Weighted average |
Impaired Loans |  | $ | 2,425 |  | Appraised Collateral Values | Discount for time since appraisal |  |  | 0-100 | % |  |  | 33.77 | %
|  |  |  |  |  | Selling costs |  |  | 5%-11 | % |  |  | 8.47 | %
|  |  |  |  |  | Holding period |  | 0 - 24 months |  |  | 11.15 months |
Other real estate owned |  |  | 844 |  | Appraised Collateral Values | Discount for time since appraisal |  |  | 17-35 | % |  |  | 24.57 | %
December 31, 2017 |  | Fair Value |  | Valuation Technique(s) | Unobservable input |  | Range |  |  |  |  |
Impaired Loans |  |  | 1,569 |  | Appraised Collateral Values | Discount for time since appraisal |  |  | 0-100 | % |  |  | 30.83 | %
|  |  |  |  |  | Selling costs |  |  | 5%-9 | % |  |  | 8.35 | %
|  |  |  |  |  | Holding period |  | 6 - 12 months |  |  | 11 months |
Other real estate owned |  |  | 1,024 |  | Appraised Collateral Values | Discount for time since appraisal |  |  | 15-65 | % |  |  | 26.26 | %
Fair value of financial instruments | The carrying amount and fair value of the Company's financial instruments that are not required to be measured or reported at fair value are as follows (in thousands):
|  | Carrying |  |  |  |  |  |  |  |  |  |  |  |  |
March 31, 2018 |  | Amount |  |  | Fair Value |  |  | Level I |  |  | Level II |  |  | Level III |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 12,475 |  |  | $ | 12,475 |  |  | $ | 12,475 |  |  | $ | - |  |  | $ | - |
Interest bearing time deposits with other banks |  |  | 10,532 |  |  |  | 10,543 |  |  |  | - |  |  |  | - |  |  |  | 10,543 |
Loans held for sale |  |  | 233 |  |  |  | 233 |  |  |  | 233 |  |  |  | - |  |  |  | - |
Net loans |  |  | 1,020,151 |  |  |  | 1,001,421 |  |  |  | - |  |  |  | - |  |  |  | 1,001,421 |
Bank owned life insurance |  |  | 27,035 |  |  |  | 27,035 |  |  |  | 27,035 |  |  |  | - |  |  |  | - |
Regulatory stock |  |  | 6,705 |  |  |  | 6,705 |  |  |  | 6,705 |  |  |  | - |  |  |  | - |
Accrued interest receivable |  |  | 4,283 |  |  |  | 4,283 |  |  |  | 4,283 |  |  |  | - |  |  |  | - |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 1,115,153 |  |  | $ | 1,110,055 |  |  | $ | 847,737 |  |  | $ | - |  |  | $ | 262,318 |
Borrowed funds |  |  | 124,121 |  |  |  | 122,822 |  |  |  | 87,413 |  |  |  | - |  |  |  | 35,409 |
Accrued interest payable |  |  | 867 |  |  |  | 867 |  |  |  | 867 |  |  |  | - |  |  |  | - |
|  | Carrying |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2017 |  | Amount |  |  | Fair Value |  |  | Level I |  |  | Level II |  |  | Level III |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 18,517 |  |  | $ | 18,517 |  |  | $ | 18,517 |  |  | $ | - |  |  | $ | - |
Interest bearing time deposits with other banks |  |  | 10,283 |  |  |  | 10,287 |  |  |  | - |  |  |  | - |  |  |  | 10,287 |
Loans held for sale |  |  | 1,439 |  |  |  | 1,439 |  |  |  | 1,439 |  |  |  |  |  |  |  |  |
Net loans |  |  | 989,335 |  |  |  | 981,238 |  |  |  | - |  |  |  | - |  |  |  | 981,238 |
Bank owned life insurance |  |  | 26,883 |  |  |  | 26,883 |  |  |  | 26,883 |  |  |  | - |  |  |  | - |
Regulatory stock |  |  | 6,784 |  |  |  | 6,784 |  |  |  | 6,784 |  |  |  | - |  |  |  | - |
Accrued interest receivable |  |  | 4,196 |  |  |  | 4,196 |  |  |  | 4,196 |  |  |  | - |  |  |  | - |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 1,104,943 |  |  | $ | 1,101,583 |  |  | $ | 838,490 |  |  | $ | - |  |  | $ | 263,093 |
Borrowed funds |  |  | 114,664 |  |  |  | 113,452 |  |  |  | 77,650 |  |  |  | - |  |  |  | 35,802 |
Accrued interest payable |  |  | 897 |  |  |  | 897 |  |  |  | 897 |  |  |  | - |  |  |  | - |

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 Reference 2: 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 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=77997519&loc=d3e13476-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=77997519&loc=d3e13467-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=75026489&loc=d3e13220-108610 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=77997519&loc=d3e13433-108611 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueInputsAssetsQuantitativeInformationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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://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 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration