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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Balances of Assets Measured at Fair Value on a Recurring Basis

The following tables present the balances of assets measured at fair value on a recurring basis as of December 31, 2014 and 2013 (in thousands).

						Fair Value Measurements at December 31, 2014
Description		Balance as of December 31, 2014				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Securities available for sale
U.S. agency and mortgage-backed securities		$	67,029			$	—			$	67,029			$	—
Obligations of states and political subdivisions			16,257				—				16,257				—
Corporate equity securities			6				6				—				—
		$	83,292			$	6			$	83,286			$	—

						Fair Value Measurements at December 31, 2013
Description		Balance as of December 31, 2013				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Securities available for sale
U.S. agency and mortgage-backed securities		$	84,897			$	—			$	84,897			$	—
Obligations of states and political subdivisions			18,399				—				18,399				—
Corporate equity securities			5				5				—				—
		$	103,301			$	5			$	103,296			$	—

Summary of Assets Measured at Fair Value on a Nonrecurring Basis

The following tables summarize the Company’s assets that were measured at fair value on a nonrecurring basis as of December 31, 2014 and 2013 (dollars in thousands).

						Fair Value Measurements at December 31, 2014
Description		Balance as of December 31, 2014				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Impaired loans, net		$	2,976			$	—			$	—			$	2,976
Other real estate owned, net			1,888				—				—				1,888

						Fair Value Measurements at December 31, 2013
Description		Balance as of December 31, 2013				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Impaired loans, net		$	3,972			$	—			$	—			$	3,972
Other real estate owned, net			3,030				—				—				3,030

Quantitative Information about Level 3 Fair Value Measurements

Quantitative information about Level 3 Fair Value Measurements for December 31, 2014

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted- Average)

Impaired loans, net

$

2,976

Property appraisals

Selling cost

10

%

Other real estate owned, net

1,888

Property appraisals

Selling cost

7

%

Quantitative information about Level 3 Fair Value Measurements for December 31, 2013

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted- Average)

Impaired loans, net

$

3,972

Property appraisals

Selling cost

10%

Discount for lack of marketability and age of appraisal

0%-41% (8%)

Other real estate owned, net

3,030

Property appraisals

Selling cost

7%

Carrying Values and Estimated Fair Values of Company's Financial Instruments

The carrying values and estimated fair values of the Company’s financial instruments at December 31, 2014 and 2013 are as follows (in thousands):

		Fair Value Measurements at December 31, 2014 Using
		Carrying Amount				Quoted Prices in Active Markets for Identical Assets Level 1				Significant Other Observable Inputs Level 2				Significant Unobservable Inputs Level 3				Fair Value
Financial Assets
Cash and short-term investments		$	24,845			$	24,845			$	—			$	—			$	24,845
Securities			83,292				6				83,286				—				83,292
Restricted securities			1,366				—				1,366				—				1,366
Loans held for sale			328				—				328				—				328
Loans, net			371,692				—				—				378,930				378,930
Bank owned life insurance			11,357				—				11,357				—				11,357
Accrued interest receivable			1,261				—				1,261				—				1,261
Financial Liabilities
Deposits		$	444,338			$	—			$	342,604			$	101,606			$	444,210
Federal funds purchased			52				—				52				—				52
Other borrowings			26				—				—				26				26
Trust preferred capital notes			9,279				—				—				9,756				9,756
Accrued interest payable			135				—				135				—				135

		Fair Value Measurements at December 31, 2013 Using
		Carrying Amount				Quoted Prices in Active Markets for Identical Assets Level 1				Significant Other Observable Inputs Level 2				Significant Unobservable Inputs Level 3				Fair Value
Financial Assets
Cash and short-term investments		$	31,508			$	31,508			$	—			$	—			$	31,508
Securities			103,301				5				103,296				—				103,301
Restricted securities			1,804				—				1,804				—				1,804
Loans, net			346,449				—				—				353,874				353,874
Bank owned life insurance			10,978				—				10,978				—				10,978
Accrued interest receivable			1,302				—				1,302				—				1,302
Financial Liabilities
Deposits		$	450,711			$	—			$	326,955			$	124,422			$	451,377
Other borrowings			6,052				—				—				6,095				6,095
Trust preferred capital notes			9,279				—				—				9,399				9,399
Accrued interest payable			177				—				177				—				177

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 5

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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

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X

- 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

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-Publisher FASB

-Name Accounting Standards Codification

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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

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