Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2015 and December 31, 2014:



			Fair Value Measurements at
			September 30, 2015
			Using
	Balance as of		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	September 30, 2015		(Level 1)		(Level 2)		(Level 3)
	(in thousands)
Assets:
Securities available for sale
Obligations of U.S. government corporations and agencies	$	39,385	$	—	$	39,385	$	—
Mortgage-backed securities	21,412		—		21,412		—
Obligations of states and political subdivisions	40,385		—		40,385		—
Total assets at fair value	$	101,182	$	—	$	101,182	$	—
Liabilities:
Interest rate swap	$	207	—		$	207	—
Total liabilities at fair value	$	207	$	—	$	207	$	—

			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 September 30, 2015 (dollars in thousands):



	Quantitative information about Level 3 Fair Value Measurements for
	September 30, 2015
	Valuation Technique(s)	Unobservable Input	Range	Weighted Average
Assets:
Impaired loans	Discounted appraised value	Selling cost	6% - 20%	14%
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 September 30, 2015 and December 31, 2014:



			Fair Value at
			September 30, 2015
	Balance as of		Identical Assets		Observable Inputs		Unobservable Inputs
	September 30, 2015		(Level 1)		(Level 2)		(Level 3)
	(in thousands)
Financial Assets:
Impaired loans	$	3,853	$	—	$	—	$	3,853
Nonfinancial Assets:
Other real estate owned	1,848		—		—		1,848
			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 September 30, 2015 and December 31, 2014 were as follows:



	Fair Value Measurements at
	September 30, 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
	September 30, 2015		(Level 1)		(Level 2)		(Level 3)		September 30, 2015
	(in thousands)
Financial Assets:
Cash and due from banks and interest-bearing deposits	$	16,941	$	16,941	$	—	$	—	$	16,941
Securities available for sale	101,182		—		101,182		—		101,182
Restricted Investments	2,321		—		2,321		—		2,321
Loans, net	486,052		—		—		490,524		490,524
Accrued interest receivable	1,723		—		1,723		—		1,723

Financial Liabilities:
Deposits	$	527,871	$	—	$	527,765	$	—	$	527,765
Federal Home Loan Bank advances	30,000		—		30,042		—		30,042
Accrued interest payable	64		—		64		—		64
Interest rate swap contract	207		—		207		—		207



	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 available for sale	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