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Fair Value of Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2015
Fair Value of Financial Instruments [Abstract] |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques | For Level 3 assets and liabilities measured at fair value on a recurring and non-recurring basis as of December 31, 2015 and 2014, the significant unobservable inputs used in the fair value measurements were as follows:
(in thousands) |  | Fair Value at December 31, 2015 | Valuation Technique | Significant Unobservable Inputs | Significant Unobservable Input Value
Recurring: |  |  |  |  |
Investment Securities – available for sale - CDO | $ | 22,211 | Discounted Cash Flow | Discount Rate | Range of Libor+ 4.5% to 5.5%
Cash Flow Hedge | $ | (66) | Discounted Cash Flow | Reuters Third Party Market Quote | 99.9% (weighted avg 99.9%)
Non-recurring: |  |  |  |  |
Impaired Loans | $ | 6,247 | Market Comparable Properties | Marketability Discount | 3% to 15% (1) (weighted avg 11.3%)
OREO | $ | 4,133 | Market Comparable Properties | Marketability Discount | 10% to 15% (1) (weighted avg 12.5%)
(in thousands) |  | Fair Value at December 31, 2014 | Valuation Technique | Significant Unobservable Inputs | Significant Unobservable Input Value
Recurring: |  |  |  |  |
Investment Securities – available for sale - CDO | $ | 25,339 | Discounted Cash Flow | Discount Rate | Range of Libor+ 5% to 12%
Cash Flow Hedge | $ | (199) | Discounted Cash Flow | Reuters Third Party Market Quote | 99.9% (weighted avg 99.9%)
Non-recurring: |  |  |  |  |
Impaired Loans | $ | 9,122 | Market Comparable Properties | Marketability Discount | 10% (1) (weighted avg 10%)
OREO | $ | 2,511 | Market Comparable Properties | Marketability Discount | 10% to 15% (1) (weighted avg 11%)
| (1) Range would include discounts taken since appraisal and estimated values
Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | For assets measured at fair value on a recurring and non-recurring basis, the fair value measurements by level within the fair value hierarchy used at December 31, 2015 and 2014 are as follows:
|  |  |  | Fair Value Measurements at
|  |  |  | December 31, 2015 Using
|  |  |  | (In Thousands)
| Assets Measured at | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs
Description | 12/31/2015 | (Level 1) | (Level 2) | (Level 3)
Recurring: |  |  |  |  |  |  |  |
Investment securities available-for-sale: |  |  |  |  |  |  |  |
U.S. government agencies | $ | 33,964 |  |  | $ | 33,964 |  |
Residential mortgage-backed agencies | $ | 14,170 |  |  | $ | 14,170 |  |
Commercial mortgage-backed agencies | $ | 43,636 |  |  | $ | 43,636 |  |
Collateralized mortgage obligations | $ | 9,610 |  |  | $ | 9,610 |  |
Obligations of states and political subdivisions | $ | 46,641 |  |  | $ | 46,641 |  |
Collateralized debt obligations | $ | 22,211 |  |  |  |  | $ | 22,211
Financial Derivative | $ | (66) |  |  |  |  | $ | (66)
Non-recurring: |  |  |  |  |  |  |  |
Impaired loans | $ | 6,247 |  |  |  |  | $ | 6,247
Other real estate owned | $ | 4,133 |  |  |  |  | $ | 4,133
|  |  |  | Fair Value Measurements at
|  |  |  | December 31, 2014 Using
|  |  |  | (In Thousands)
|  | Assets Measured at | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs
Description | 12/31/2014 | (Level 1) | (Level 2) | (Level 3)
Recurring: |  |  |  |  |  |  |  |
Investment securities available-for-sale: |  |  |  |  |  |  |  |
U.S. treasuries |  | $ | 29,596 |  |  | $ | 29,596 |  |
U.S. government agencies | $ | 38,941 |  |  | $ | 38,941 |  |
Residential mortgage-backed agencies | $ | 45,273 |  |  | $ | 45,273 |  |
Commercial mortgage-backed agencies | $ | 25,957 |  |  | $ | 25,957 |  |
Collateralized mortgage obligations | $ | 8,707 |  |  | $ | 8,707 |  |
Obligations of states and political subdivisions | $ | 47,304 |  |  | $ | 47,304 |  |
Collateralized debt obligations | $ | 25,339 |  |  |  |  | $ | 25,339
Financial Derivative | $ | (199) |  |  |  |  | $ | (199)
Non-recurring: |  |  |  |  |  |  |  |
Impaired loans | $ | 9,122 |  |  |  |  | $ | 9,122
Other real estate owned | $ | 2,511 |  |  |  |  | $ | 2,511
Reconciliation of Fair Valued Assets Measured on a Recurring Basis | The following tables show a reconciliation of the beginning and ending balances for fair valued assets measured using Level 3 significant unobservable inputs for the years ended December 31, 2015 and 2014:
|  | Fair Value Measurements Using Significant
|  | Unobservable Inputs
|  | (Level 3)
|  | (In Thousands)
| Investment Securities Available for Sale | Cash Flow Hedge
Beginning balance January 1, 2015 | $ | 25,339 | $ | (199)
Total gains/(losses) realized/unrealized: |  |  |  |
Included in earnings |  | (2,703) |  | 0
Included in other comprehensive income |  | (425) |  | 133
Ending balance December 31, 2015 | $ | 22,211 | $ | (66)
The amount of total gains or losses for the period |  |  |  |
included in earnings attributable to the change in |  |  |  |
realized/unrealized gains or losses related to assets |  |  |  |
still held at the reporting date | $ | (3,522) | $ | 0
|  | Fair Value Measurements Using Significant
|  | Unobservable Inputs
|  | (Level 3)
|  | (In Thousands)
| Investment Securities Available for Sale | Cash Flow Hedge
Beginning balance January 1, 2014 | $ | 17,538 | $ | (457)
Total gains/(losses) realized/unrealized: |  |  |  |
Included in earnings |  | 0 |  | 0
Included in other comprehensive income |  | 7,801 |  | 258
Ending balance December 31, 2014 | $ | 25,339 | $ | (199)
The amount of total gains or losses for the period |  |  |  |
included in earnings attributable to the change in |  |  |  |
realized/unrealized gains or losses related to assets |  |  |  |
still held at the reporting date | $ | 0 | $ | 0
Fair Value by Balance Sheet Grouping | The following table presents fair value information about financial instruments, whether or not recognized in the statement of financial condition, for which it is practicable to estimate that value. The actual carrying amounts and estimated fair values of the Corporation’s financial instruments that are included in the statement of financial condition are as follows:
| December 31, 2015 |  | Fair Value Measurements
|  |  | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs
(in thousands) | Carrying Amount | Fair Value | (Level 1) | (Level 2) | (Level 3)
Financial Assets: |  |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 50,188 | $ | 50,188 | $ | 50,188 |  |  |  |
Interest bearing deposits in banks |  | 1,953 |  | 1,953 |  | 1,953 |  |  |  |
Investment securities - AFS |  | 170,232 |  | 170,232 |  |  | $ | 148,021 | $ | 22,211
Investment securities - HTM |  | 105,560 |  | 106,742 |  |  |  | 103,779 |  | 2,963
Restricted Bank stock |  | 5,904 |  | 5,904 |  |  |  | 5,904 |  |
Loans, net |  | 867,101 |  | 872,991 |  |  |  |  |  | 872,991
Accrued interest receivable |  | 4,218 |  | 4,218 |  |  |  | 4,218 |  |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |
Deposits – non-maturity |  | 744,219 |  | 744,219 |  |  |  | 744,219 |  |
Deposits – time deposits |  | 254,575 |  | 258,267 |  |  |  | 258,267 |  |
Short-term borrowed funds |  | 35,828 |  | 35,828 |  |  |  | 35,828 |  |
Long-term borrowed funds |  | 147,537 |  | 151,562 |  |  |  | 151,562 |  |
Accrued interest payable |  | 478 |  | 478 |  |  |  | 478 |  |
Financial derivative |  | 66 |  | 66 |  |  |  |  |  | 66
Off balance sheet financial instruments |  | 0 |  | 0 |  | 0 |  |  |  |
| December 31, 2014 |  | Fair Value Measurements
|  |  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
(In thousands) | Carrying Amount | Fair Value |  | (Level 1) |  | (Level 2) |  | (Level 3)
Financial Assets: |  |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 27,554 | $ | 27,554 | $ | 27,554 |  |  |  |
Interest bearing deposits in banks |  | 7,897 |  | 7,897 |  | 7,897 |  |  |  |
Investment securities - AFS |  | 221,117 |  | 221,117 |  |  | $ | 195,778 | $ | 25,339
Investment securities - HTM |  | 109,449 |  | 110,771 |  |  |  | 108,163 |  | 2,608
Restricted Bank stock |  | 7,524 |  | 7,524 |  |  |  | 7,524 |  |
Loans, net |  | 827,926 |  | 830,904 |  |  |  |  |  | 830,904
Accrued interest receivable |  | 4,152 |  | 4,152 |  |  |  | 4,152 |  |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |
Deposits – non-maturity |  | 689,581 |  | 689,581 |  |  |  | 689,581 |  |
Deposits – time deposits |  | 291,742 |  | 296,713 |  |  |  | 296,713 |  |
Short-term borrowed funds |  | 39,801 |  | 39,801 |  |  |  | 39,801 |  |
Long-term borrowed funds |  | 182,606 |  | 187,143 |  |  |  | 187,143 |  |
Accrued interest payable |  | 882 |  | 882 |  |  |  | 882 |  |
Financial derivative |  | 199 |  | 199 |  |  |  |  |  | 199
Off balance sheet financial instruments |  | 0 |  | 0 |  | 0 |  |  |  |

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 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,b,bb) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=36462937&loc=SL7498348-110258 Reference 4: 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=36462937&loc=d3e19190-110258 + Details
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- Definition Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis. + 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=36462937&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + 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 (c) -URI http://asc.fasb.org/extlink&oid=36462937&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 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 + Details
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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=35750535&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=36462937&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=35750535&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=6447952&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=6957238&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=35750535&loc=d3e13433-108611 + Details
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