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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
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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=77997519&loc=d3e13476-108611

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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

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-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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