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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2016

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 September 30, 2016 and December 31, 2015 (in thousands).

						Fair Value Measurements at September 30, 2016
						Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		Balance as of September 30, 2016
Description
Securities available for sale
U.S. agency and mortgage-backed securities		$	75,762			$	—			$	75,762			$	—
Obligations of states and political subdivisions			12,550				—				12,550				—
Corporate equity securities			11				11				—				—
		$	88,323			$	11			$	88,312			$	—
						Fair Value Measurements at December 31, 2015
						Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		Balance as of December 31, 2015
Description
Securities available for sale
U.S. agency and mortgage-backed securities		$	89,337			$	—			$	89,337			$	—
Obligations of states and political subdivisions			16,214				—				16,214				—
Corporate equity securities			8				8				—				—
		$	105,559			$	8			$	105,551			$	—

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 during the periods (dollars in thousands):

						Fair Value Measurements at September 30, 2016
						Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		Balance as of September 30, 2016
Description
Impaired loans, net		$	376			$	—			$	—			$	376
Other real estate owned, net			250				—				—				250
						Fair Value Measurements at December 31, 2015
						Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		Balance as of December 31, 2015
Description
Impaired loans, net		$	377			$	—			$	—			$	377
Other real estate owned, net			2,679				—				—				2,679

Quantitative Information about Level 3 Fair Value Measurements

Quantitative information about Level 3 Fair Value Measurements for September 30, 2016

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted- Average)

Impaired loans, net

$

376

Property appraisals

Selling cost

10%

Other real estate owned, net

$

250

Property appraisals

Selling cost

0%

The amount disclosed as fair value of other real estate owned at September 30, 2016 represents the carrying value of the property. Since the appraised value of the property, net of selling costs, exceeded the Company’s carrying value on the date the property was transferred from premises and equipment to other real estate owned, the Company did not adjust the carrying value for selling costs.

Quantitative information about Level 3 Fair Value Measurements for December 31, 2015

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted- Average)

Impaired loans, net

$

377

Property appraisals

Selling cost

2-10% (5%)

Other real estate owned, net

$

2,679

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 September 30, 2016 and December 31, 2015 are as follows (in thousands):

		Fair Value Measurements at September 30, 2016 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		$	56,857			$	56,857			$	—			$	—			$	56,857
Securities available for sale			88,323				11				88,312				—				88,323
Securities held to maturity			55,263				—				54,781				1,524				56,305
Restricted securities			1,548				—				1,548				—				1,548
Loans held for sale			1,053				—				1,053				—				1,053
Loans, net			465,224				—				—				471,778				471,778
Bank owned life insurance			13,808				—				13,808				—				13,808
Accrued interest receivable			1,631				—				1,631				—				1,631
Financial Liabilities
Deposits		$	640,742			$	—			$	509,088			$	131,611			$	640,699
Subordinated debt			4,926				—				—				4,986				4,986
Junior subordinated debt			9,279				—				—				8,109				8,109
Accrued interest payable			91				—				91				—				91
		Fair Value Measurements at December 31, 2015 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		$	39,334			$	39,334			$	—			$	—			$	39,334
Securities available for sale			105,559				8				105,551				—				105,559
Securities held to maturity			66,519				—				64,938				1,500				66,438
Restricted securities			1,391				—				1,391				—				1,391
Loans held for sale			323				—				323				—				323
Loans, net			433,475				—				—				438,392				438,392
Bank owned life insurance			11,742				—				11,742				—				11,742
Accrued interest receivable			1,661				—				1,661				—				1,661
Financial Liabilities
Deposits		$	627,116			$	—			$	486,015			$	140,306			$	626,321
Subordinated debt			4,913				—				—				4,913				4,913
Junior subordinated debt			9,279				—				—				8,141				8,141
Accrued interest payable			117				—				117				—				117

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 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=66048111&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 1
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

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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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=66048111&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 1
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

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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=73719730&loc=d3e13476-108611

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-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

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-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
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

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