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Disclosures about Fair Value Measurements and Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2018

Disclosures about Fair Value Measurements [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following tables present the assets measured and recorded on the Consolidated Balance Sheets at their fair value as of March 31, 2018 and December 31, 2017, by level within the fair value hierarchy (in thousands).

		Fair Value Measurements at March 31, 2018
		Total				(Level 1)				(Level 2)				(Level 3)
US Agency securities		$	6,655			$	—			$	6,655			$	—
US Agency mortgage-backed securities			81,546				—				81,546				—
Taxable municipal			8,590				—				8,590				—
Corporate bonds			35,599				—				35,599				—
Fair value swap asset			511				—				511				—
Fair value swap liability			(511	)			—				(511	)			—

		Fair Value Measurements at December 31, 2017
		Total				(Level 1)				(Level 2)				(Level 3)
US Agency securities		$	6,572			$	—			$	6,572			$	—
US Agency mortgage-backed securities			79,746				—				79,746				—
Taxable municipal			7,036				—				7,036				—
Corporate bonds			35,784				—				35,784				—
Fair value swap asset			92				—				92				—
Fair value swap liability			(92	)			—				(92	)			—

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block]

Assets measured and recorded at fair value on a non-recurring basis are summarized below (in thousands, except range data):

		Fair Value Measurements at March 31, 2018
		Total				(Level 1)				(Level 2)				(Level 3)
Impaired loans		$	91			$	—			$	—			$	91
Other real estate owned			168				—				—				168

		Fair Value Measurements at December 31, 2017
		Total				(Level 1)				(Level 2)				(Level 3)
Impaired loans		$	850			$	—			$	—			$	850
Other real estate owned			18				—				—				18

March 31, 2018

Quantitative Information About Level 3 Fair Value Measurements

Fair Value Estimate

Valuation Techniques

Unobservable Input

Range(Wgtd Avg)

Impaired loans

$

91

Appraisal of collateral(1),(3)

Appraisal adjustments(2)

0% to 100%(90%)

Other real estate owned

168

Appraisal of collateral(1),(3)

Appraisal adjustments(2) Liquidation expenses

0% to 25%(2%) 0% to 186%(35%)

December 31, 2017

Quantitative Information About Level 3 Fair Value Measurements

Fair Value Estimate

Valuation Techniques

Unobservable Input

Range(Wgtd Avg)

Impaired loans

$

850

Appraisal of collateral(1),(3)

Appraisal adjustments(2)

21% to 75%(54%)

Other real estate owned

18

Appraisal of collateral(1),(3)

Appraisal adjustments(2) Liquidation expenses

16% to 64%(29%) 2% to 206%(79%)

(1) Fair Value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not identifiable.

(2) Appraisals may be adjusted by management for qualitative factors such as economic conditions.

(3) Includes qualitative adjustments by management and estimated liquidation expenses.

Fair Value, by Balance Sheet Grouping [Table Text Block]

The estimation methodologies used, the estimated fair values based on US GAAP measurements, and recorded book balances at March 31, 2018 and December 31, 2017, were as follows (in thousands):

		March 31, 2018
		Carrying Value				Fair Value				(Level 1)				(Level 2)				(Level 3)
FINANCIAL ASSETS:
Cash and cash equivalents		$	30,594			$	30,594			$	30,594			$	—			$	—
Investment securities – AFS			132,390				132,390				—				132,390				—
Investment securities – HTM			38,663				38,041				—				35,084				2,957
Regulatory stock			6,390				6,390				6,390				—				—
Loans held for sale			843				862				862				—				—
Loans, net of allowance for loan loss and unearned income			864,941				850,224				—				—				850,224
Accrued interest income receivable			3,555				3,555				3,555				—				—
Bank owned life insurance			37,992				37,992				37,992				—				—
Fair value swap asset			511				511				—				511				—
FINANCIAL LIABILITIES:
Deposits with no stated maturities		$	682,946			$	682,946			$	682,946			$	—			$	—
Deposits with stated maturities			261,260				261,070				—				—				261,070
Short-term borrowings			36,895				36,895				36,895				—				—
All other borrowings			66,366				68,894				—				—				68,894
Accrued interest payable			1,633				1,633				1,633				—				—
Fair value swap liability			511				511				—				511				—

		December 31, 2017
		Carrying Value				Fair Value				(Level 1)				(Level 2)				(Level 3)
FINANCIAL ASSETS:
Cash and cash equivalents		$	34,188			$	34,188			$	34,188			$	—			$	—
Investment securities – AFS			129,138				129,138				—				129,138				—
Investment securities – HTM			38,752				38,811				—				35,859				2,952
Regulatory stock			6,800				6,800				6,800				—				—
Loans held for sale			3,125				3,173				3,173				—				—
Loans, net of allowance for loan loss and unearned income			879,419				873,784				—				—				873,784
Accrued interest income receivable			3,603				3,603				3,603				—				—
Bank owned life insurance			37,860				37,860				37,860				—				—
Fair value swap asset			92				92				—				92				—
FINANCIAL LIABILITIES:
Deposits with no stated maturities		$	688,648			$	688,648			$	688,648			$	—			$	—
Deposits with stated maturities			259,297				260,153				—				—				260,153
Short-term borrowings			49,084				49,084				49,084				—				—
All other borrowings			66,617				69,684				—				—				69,684
Accrued interest payable			1,754				1,754				1,754				—				—
Fair value swap liability			92				92				—				92				—

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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).

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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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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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

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