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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2016

Fair Value Disclosures [Abstract]

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, 2016 and December 31, 2015:

					Fair Value Measurements at
					September 30, 2016
					Using
	Balance as of				Quoted Prices in  Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
	September 30, 2016				(Level 1)				(Level 2)				(Level 3)
	(in thousands)
Assets:
Securities available for sale
Obligations of U.S. government corporations and agencies	$	30,419			$	—			$	30,419			$	—
Mortgage-backed securities	31,489				—				31,489				—
Obligations of states and political subdivisions	43,646				—				43,024				622
Total assets at fair value	$	105,554			$	—			$	104,932			$	622
Liabilities:
Interest rate swap	$	36			—				$	36			—
Total liabilities at fair value	$	36			$	—			$	36			$	—
					Fair Value Measurements at
					December 31, 2015
					Using
	Balance as of				Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
	December 31, 2015				(Level 1)				(Level 2)				(Level 3)
	(in thousands)
Assets:
Securities available for sale
Obligations of U.S. government corporations and agencies	$	37,665			$	—			$	37,665			$	—
Mortgage-backed securities	28,931				—				28,931				—
Obligations of states and political subdivisions	39,227				—				38,543				684
Total assets at fair value	$	105,823			$	—			$	105,139			$	684
Liabilities:
Interest rate swap	$	149			—				$	149			—
Total liabilities at fair value	$	149			$	—			$	149			$	—

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, 2016 and December 31, 2015:

	Quantitative information about Level 3 Fair Value Measurements for
	September 30, 2016
	Valuation Technique(s)		Unobservable Input		Range		Weighted Average
Assets:
Impaired loans	Discounted appraised value		Selling cost		12%		12%
Impaired loans	Present value of cash flows		Discount rate		4% - 8%		5%
Other real estate owned	Discounted appraised value		Selling cost		2% - 6%		5%
	December 31, 2015
	Valuation Technique(s)		Unobservable Input		Range		Weighted Average
Impaired loans	Discounted appraised value		Selling cost		12%		12%
Impaired loans	Present value of cash flows		Discount rate		3% - 8%		5%
Other real estate owned	Discounted appraised value		Selling cost		2% - 6%		5%

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, 2016 and December 31, 2015:

					Fair Value at
					September 30, 2016
	Balance as of				Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
	September 30, 2016				(Level 1)				(Level 2)				(Level 3)
	(in thousands)
Financial Assets:
Impaired loans	$	3,669			$	—			$	—			$	3,669
Nonfinancial Assets:
Other real estate owned	863				—				—				863
					Fair Value at
					December 31, 2015
	Balance as of				Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
	December 31, 2015				(Level 1)				(Level 2)				(Level 3)
	(in thousands)
Financial Assets:
Impaired loans	$	5,099			$	—			$	—			$	5,099
Nonfinancial Assets:
Other real estate owned	571				—				—				571

Company's Financial Instruments

The carrying value and fair value of the Company’s financial instruments at September 30, 2016 and December 31, 2015 were as follows:

	Fair Value Measurements at
	September 30, 2016
	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, 2016				(Level 1)				(Level 2)				(Level 3)				September 30, 2016
	(in thousands)
Financial Assets:
Cash and short-term investments	$	19,394			$	19,394			$	—			$	—			$	19,394
Securities	105,554				—				104,932				622				105,554
Restricted Investments	1,068				—				1,068				—				1,068
Loans, net	509,654				—				—				513,783				513,783
Bank owned life insurance	618				—				618				—				618
Accrued interest receivable	1,696				—				1,696				—				1,696
Financial Liabilities:
Deposits	$	581,023			$	—			$	580,943			$	—			$	580,943
Accrued interest payable	43				—				43				—				43
Interest rate swap contract	36				—				36				—				36

	Fair Value Measurements at
	December 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
	December 31, 2015				(Level 1)				(Level 2)				(Level 3)				December 31, 2015
	(in thousands)
Financial assets:
Cash and short-term investments	$	23,221			$	23,221			$	—			$	—			$	23,221
Securities	105,823				—				105,139				684				105,823
Restricted Investments	1,896				—				1,896				—				1,896
Loans, net	490,614				—				—				493,804				493,804
Bank owned life insurance	632				—				632				—				632
Accrued interest receivable	1,739				—				1,739				—				1,739
Financial liabilities:
Deposits	$	550,718			$	—			$	550,509			$	—			$	550,509
Federal Home Loan Bank advances	20,000				—				19,992				—				19,992
Accrued interest payable	66				—				66				—				66
Interest rate swap contract	149				—				149				—				149

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 5
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19296-110258

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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=49121117&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=49121117&loc=d3e13467-108611

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-Publisher FASB
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-Publisher FASB
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-Section 50
-Paragraph 30
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-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

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-Name Accounting Standards Codification
-Topic 825
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- 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)
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- 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=36462937&loc=d3e19190-110258

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