Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

Schedule of Fair Value Measured on a Recurring Basis

			Fair Value Measurement Using
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

	(In thousands)
March 31, 2015
U.S. government agencies	$	123	$	-	$	123	$	-
Mortgage-backed securities of government sponsored entities		84,574		-		84,574		-
Private-label collateralized mortgage obligations		454		-		454		-
State and political subdivisions		19,185		-		19,185		-

			Fair Value Measurement Using
		Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

		(In thousands)
December 31, 2014
U.S. government agencies		126	$	-	$	126	$	-
Mortgage-backed securities of government sponsored entities		88,213		-		88,213		-
Private-label collateralized mortgage obligations		502		-		502		-
State and political subdivisions		20,128		-		20,128		-

Schedule of Fair Value Measured on a Nonrecurring Basis

			Fair Value Measurement Using
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

	(In thousands)
March 31, 2015
Collateral-dependent impaired loans	$	613	$	-	$	-	$	613

December 31, 2014
Collateral-dependent impaired loans	$	634	$	-	$	-	$	634
Foreclosed assets		59		-		-		59

Schedule of Level 3 Fair Value Measurements

Fair Value

Valuation Technique

Unobservable
Inputs

Range
(Weighted
Average)

March 31, 2015

Collateral-dependent
impaired loans

613

Market Comparable Properties, less delinquent real estate taxes

Selling and fixed costs

10%

December 31, 2014

Collateral-dependent
impaired loans

634

Market Comparable Properties, less delinquent real estate taxes

N/A

Foreclosed assets

Estimated Selling Price

Selling Costs

10%

Schedule of Fair Value of Financial Instruments

			Fair Value Measurements Using
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

	(In thousands)
March 31, 2015
Financial assets
Cash and cash equivalents	$	12,100	$	12,100	$	-	$	-
Held-to-maturity securities		8,274		-		8,227		-
Loans, net of allowance for loan losses		268,233		-		-		278,305
Federal Home Loan Bank stock		4,226		-		4,226		-
Interest receivable		1,331		-		1,331		-

Financial liabilities
Deposits		349,883		34,003		297,985		-
Other short-term borrowings		7,076		-		7,076		-
Federal Home Loan Bank advances		16,459		-		16,574		-
Advances from borrowers for taxes and insurance		690		-		690		-
Interest payable		65		-		65		-

			Fair Value Measurements Using
		Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

	(In thousands)
December 31, 2014
Financial assets
Cash and cash equivalents	$	10,783	$	10,783	$	-	$	-
Held-to-maturity securities		6,989		-		6,837
Loans, net of allowance for loan losses		265,609		-		-		274,443
Federal Home Loan Bank stock		4,226		-		4,226		-
Interest receivable		1,154		-		1,154		-

Financial liabilities
Deposits		348,922		34,403		294,365		-
Other short-term borrowings		7,000		-		7,000		-
Federal Home Loan Bank advances		16,438		-		16,572		-
Advances from borrowers for taxes and insurance		1,135		-		1,135		-
Interest payable		47		-		47		-

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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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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