Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis

The following table presents balances of financial assets and liabilities measured at fair value on a recurring basis at March 31, 2015 and December 31, 2014:



			Fair Value Measurements at
			March 31, 2015
			Using
	Balance as of		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	March 31, 2015		(Level 1)		(Level 2)		(Level 3)
	(in thousands)
Assets:
Securities available for sale
Obligations of U.S. government corporations and agencies	$	39,582	$	—	$	39,582	$	—
Mortgage-backed securities	17,600		—		17,600		—
Obligations of states and political subdivisions	39,965		—		39,965		—
Total assets at fair value	$	97,147	$	—	$	97,147	$	—
Liabilities:
Interest rate swap	$	272	—		$	272	—
Total liabilities at fair value	$	272	$	—	$	272	$	—

			Fair Value Measurements at
			December 31, 2014
			Using
	Balance as of		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	December 31, 2014		(Level 1)		(Level 2)		(Level 3)
	(in thousands)
Assets:
Securities available for sale
Obligations of U.S. government corporations and agencies	$	37,211	$	—	$	37,211	$	—
Mortgage-backed securities	15,779		—		15,779		—
Obligations of states and political subdivisions	40,410		—		40,410		—
Corporate securities	765		—		765		—
Total assets at fair value	$	94,165	$	—	$	94,165	$	—
Liabilities:
Interest rate swap	$	289	—		$	289	—
Total liabilities at fair value	$	289	$	—	$	289	$	—

Quantitative Information About Level 3 Fair Value Measurements For Certain Financial Assets

The following table displays quantitative information about Level 3 Fair Value Measurements for certain financial assets measured at fair value on a nonrecurring basis at March 31, 2015 (dollars in thousands):



	Quantitative information about Level 3 Fair Value Measurements for
	March 31, 2015
	Valuation Technique(s)	Unobservable Input	Range	Weighted Average
Assets:
Impaired loans	Discounted appraised value	Selling cost	10% - 60%	17%
Other real estate owned	Discounted appraised value	Selling cost	6% - 13%	9%

Financial And Nonfinancial Assets Measured At Fair Value On A Nonrecurring Basis

The following table summarizes the Company’s financial and nonfinancial assets that were measured at fair value on a nonrecurring basis at March 31, 2015 and December 31, 2014:



			Fair Value at
			March 31, 2015
	Balance as of		Identical Assets		Observable Inputs		Unobservable Inputs
	March 31, 2015		(Level 1)		(Level 2)		(Level 3)
	(in thousands)
Financial Assets:
Impaired loans	$	3,419	$	—	$	—	$	3,419
Nonfinancial Assets:
Other real estate owned	2,391		—		—		2,391
			Fair Value at
			December 31, 2014
	Balance as of		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	December 31, 2014		(Level 1)		(Level 2)		(Level 3)
	(in thousands)
Financial Assets:
Impaired loans	$	1,751	$	—	$	—	$	1,751
Nonfinancial Assets:
Other real estate owned	2,102		—		—		2,102

Company's Financial Instruments

The carrying value and fair value of the Company’s financial instruments at March 31, 2015 and December 31, 2014 were as follows:



	Fair Value Measurements at
	March 31, 2015
	Using
	Carrying Value as of		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Fair Value as of
	March 31, 2015		(Level 1)		(Level 2)		(Level 3)		March 31, 2015
	(in thousands)
Financial Assets:
Cash and due from banks and interest-bearing deposits	$	26,373	$	26,373	$	—	$	—	$	26,373
Securities	97,147		—		97,147		—		97,147
Restricted Investments	1,946		—		1,946		—		1,946
Loans, net	456,221		—		—		461,559		461,559
Accrued interest receivable	1,697		—		1,697		—		1,697

Financial Liabilities:
Deposits	$	509,703	$	—	$	509,754	$	—	$	509,754
Federal Home Loan Bank advances	20,000		—		19,994		—		19,994
Trust preferred capital notes	7,217		—		7,217		—		7,217
Accrued interest payable	74		—		74		—		74
Interest rate swap contract	272		—		272		—		272



	Fair Value Measurements at
	December 31, 2014
	Using
	Carrying Value as of		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Fair Value as of
	December 31, 2014		(Level 1)		(Level 2)		(Level 3)		December 31, 2014
	(in thousands)
Financial assets:
Cash and due from banks and interest-bearing deposits	$	34,564	$	34,564	$	—	$	—	$	34,564
Securities	94,165		—		94,165		—		94,165
Restricted Investments	2,808		—		2,808		—		2,808
Loans, net	464,740		—		—		470,781		470,781
Accrued interest receivable	1,703		—		1,703		—		1,703

Financial liabilities:
Deposits	$	503,816	$	—	$	503,917	$	—	$	503,917
Federal Home Loan Bank advances	40,000		—		40,152		—		40,152
Trust preferred capital notes	7,217		—		7,217		—		7,217
Accrued interest payable	160		—		160		—		160
Interest rate swap contract	289		—		289		—		289

- 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.

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