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Fair Value (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value [Abstract]

Assets and liabilities measured at fair value on a recurring basis, including financial assets and liabilities

	Fair Value Measurements at December 31, 2015 Using Significant Other Observable Inputs
	(Level 2)
Financial Assets:
Securities available for sale:
Issued by U.S. government-sponsored entities and agencies:
U.S. Treasury	$	8,536
Mortgage-backed securities - residential		481
Collateralized mortgage obligations		351
Total securities available for sale	$	9,368
Loans held for sale	$	889
Yield maintenance provisions (embedded derivatives)	$	213
Interest rate lock commitments	$	8
Financial Liabilities:
Interest-rate swaps	$	213

	Fair Value Measurements at December 31, 2014 Using Significant Other Observable Inputs
	(Level 2)
Financial Assets:
Securities available for sale:
Corporate debt	$	2,936
State and municipal		886
Issued by U.S. government-sponsored entities and agencies:
U.S. Treasury		5,011
Mortgage-backed securities - residential		727
Collateralized mortgage obligations		885
Total securities available for sale	$	10,445
Loans held for sale	$	1,672
Yield maintenance provisions (embedded derivatives)	$	318
Interest rate lock commitments	$	25
Financial Liabilities:
Interest-rate swaps	$	318

Assets measured at fair value on a non-recurring basis

Fair Value Measurements at December 31, 2015 Using
Significant Unobservable Inputs (Level 3)
Impaired loans:
Commercial	$	143
Real Estate:
Single-family residential		128
Multi-family residential		45
Commercial:
Non-owner occupied		2,215
Owner occupied		213
Land		245
Total impaired loans	$	2,989

Fair Value Measurements at December 31, 2014 Using
Significant Unobservable Inputs (Level 3)
Impaired loans:
Commercial	$	157
Real Estate:
Single-family residential		123
Multi-family residential		-
Commercial:
Non-owner occupied
Owner occupied		225
Land		289
Total impaired loans	$	794

Financial instruments measured at fair value on a non-recurring basis

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2015:

	Fair Value			Valuation Technique(s)		Unobservable Inputs		(Range) Weighted Average
Impaired loans:
Commercial	$	143		Comparable sales approach		Adjustment for differences between the comparable market transactions		1.10%
Commercial real estate:
Single-family residential		128		Comparable sales approach		Adjustment for differences between the comparable market transactions		(-1.23% , 4.63%)  -.17%
Multi-family residential		45		Comparable sales approach		Adjustment for differences between the comparable market transactions		5.74%
Commercial:
Non-owner occupied		2,215		Comparable sales approach		Adjustment for differences between the comparable market transactions		(1.10%,  5.74%) 1.35%
Owner occupied		213		Comparable sales approach		Adjustment for differences between the comparable market transactions		-29.30%
Land		245		Comparable sales approach		Adjustment for differences between the comparable market transactions		(-1.89%,  2.54%) .08%

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2014:

	Fair Value			Valuation Technique(s)		Unobservable Inputs		(Range) Weighted Average
Impaired loans:
Commercial	$	157		Income approach		Adjustments by management to reflect current discount rates		-16.00%
Commercial real estate:
Single -family residential		123		Comparable sales approach		Adjustment for differences between the comparable market transactions		2.35%
Commercial:
Owner occupied		225		Comparable sales approach		Adjustment for differences between the comparable market transactions		-12.21%
Land		289		Comparable sales approach		Adjustment for differences between the comparable market transactions		8.10%

Aggregate fair value, contractual balance (including accrued interest) and gain or loss

	December 31, 2015			December 31, 2014
Aggregate fair value	$	889		$	1,672
Contractual balance		884			1,657
Gain (loss)		5			15

Amount of gains and losses from changes in fair value included in earnings

	2015			2014
Interest income	$	56		$	97
Interest expense		-			-
Change in fair value		(10)			-
Total change in fair value	$	46		$	97

Carrying amounts and estimated fair values of financial instruments

The carrying amounts and estimated fair values of financial instruments at year-end were as follows:

	Fair Value Measurements at December 31, 2015 Using:
	Carrying
	Value			Level 1			Level 2			Level 3			Total
Financial assets
Cash and cash equivalents	$	25,895		$	25,895		$	-		$	-		$	25,895
Interest-bearing deposits in other financial institutions		-			-			-			-			-
Securities available for sale		9,368			-			9,368			-			9,368
Loans held for sale		889			-			889			-			889
Loans, net		297,064			-			-			295,498			295,498
FHLB stock		1,942			n/a			n/a			n/a			n/a
Accrued interest receivable		831			1			21			809			831
Yield maintenance provisions (embedded derivatives)		213			-			213			-			213
Interest rate lock commitments		8			-			8			-			8
Financial liabilities
Deposits	$	(290,467)		$	(147,523)		$	(143,236)		$	-		$	(290,759)
FHLB advances and other borrowings		(14,500)			-			(14,693)			-			(14,693)
Advances by borrowers for taxes and insurance		(656)			-			-			(656)			(656)
Subordinated debentures		(5,155)			-			(2,269)			-			(2,269)
Accrued interest payable		(44)			-			(44)			-			(44)
Interest-rate swaps		(213)			-			(213)			-			(213)

The carrying amounts and estimated fair values of financial instruments at December 31, 2014 were as follows:

	Fair Value Measurements at December 31, 2014 Using:
	Carrying
	Value			Level 1			Level 2			Level 3			Total
Financial assets
Cash and cash equivalents	$	28,207		$	28,207		$	-		$	-		$	28,207
Interest-bearing deposits in other financial institutions		494			494			-			-			494
Securities available for sale		10,445			-			10,445			-			10,445
Loans held for sale		1,672			-			1,672			-			1,672
Loans, net		257,085			-			-			257,333			257,333
FHLB stock		1,942			n/a			n/a			n/a			n/a
Accrued interest receivable		780			2			32			746			780
Yield maintenance provisions (embedded derivatives)		318			-			318			-			318
Interest rate lock commitments		25			-			25			-			25
Financial liabilities
Deposits	$	(258,315)		$	(121,132)		$	(137,700)		$	-		$	(258,832)
FHLB advances and other borrowings		(14,500)			-			(14,663)			-			(14,663)
Advances by borrowers for taxes and insurance		(401)			-			-			(401)			(401)
Subordinated debentures		(5,155)			-			(2,536)			-			(2,536)
Accrued interest payable		(48)			-			(48)			-			(48)
Interest-rate swaps		(318)			-			(318)			-			(318)

X

- Definition

Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258

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- Definition

Tabular disclosure of the amount of gains or losses for the period included in earnings or resulted in a change to net assets, have arisen from the use of significant unobservable inputs (level 3) to measure the fair value of assets, liabilities, and financial instruments classified in shareholders' equity.

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- 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).

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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.

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-Publisher FASB
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Tabular disclosure of the application of the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected, provide the aggregate carrying amount of ineligible items included in each line item in the balance sheet, if any; (b) the difference between the aggregate fair value and the aggregate unpaid principal balance (assuming contractual principal amounts and fair value option elected) of: (i) loans and long-term receivables (other than securities otherwise reported at fair value) and (ii) long-term debt instruments; (c) for loans held as assets for which the fair value option has been elected: (i) the aggregate fair value of loans that are 90 days or more past due, (ii) if the policy is to recognize interest income separately from other changes in fair value, the aggregate fair value of loans in nonaccrual status, and (iii) the difference between the aggregate fair value and the aggregate unpaid principal balance for loans that are 90 days or more past due, in nonaccrual status, or both; (2) for items included in the income statement: (a) the amounts of gains and losses from fair value changes included in earnings and in which line in the income statement those gains and losses are reported whether or not combined with gains and losses from items required to be accounted for at fair value; (b) for loans and other receivables held as assets, the estimated amount of gains or losses included in earnings attributable to changes in instrument-specific credit risk; (c) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk, the estimated amount of gains and losses from fair value changes included in earnings that are attributable to changes in the instrument-specific credit risk; and (3) certain other disclosures as required or determined to be provided.

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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).

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