Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Measurement [Abstract]

Financial assets and liabilities measured at fair value on recurring basis

The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014 by levels within the valuation hierarchy:

	Fair Value Measurements Using
(In thousands)	Balance		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets at March 31, 2015:
Available for sale securities:
Obligations of U.S. Government corporations and agencies	$	45,657	$	-	$	45,657	$	-
Obligations of states and political subdivisions		6,642		-		6,642		-
Corporate bonds		3,082		-		3,082		-
Mutual funds		371		371		-		-
Total available for sale securities		55,752		371		55,381		-
Total assets at fair value	$	55,752	$	371	$	55,381	$	-
Liabilities at March 31, 2015:
Interest rate swaps	$	607	$	-	$	607	$	-
Total liabilities at fair value	$	607	$	-	$	607	$	-
Assets at December 31, 2014:
Available for sale securities:
Obligations of U.S. Government corporations and agencies	$	46,965	$	-	$	46,965	$	-
Obligations of states and political subdivisions		6,914		-		6,914		-
Corporate bonds		3,161		-		3,161		-
Mutual funds		366		366		-		-
Total available for sale securities		57,406		366		57,040		-
Interest rate swaps		16		-		16		-
Total assets at fair value	$	57,422	$	366	$	57,056	$	-
Liabilities at December 31, 2014:
Interest rate swaps	$	433	$	-	$	433	$	-
Total liabilities at fair value	$	433	$	-	$	433	$	-

There were no Level 3 assets measured at estimated fair value on a recurring basis as of March 31, 2015 or December 31, 2014.

Financial assets measured at fair value on a nonrecurring basis

The following table summarizes the Company's financial assets that were measured at fair value at March 31, 2015 and December 31, 2014.

	Carrying Value at March 31, 2015
	Balance as of March 31, 2015		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
Impaired loans, net	$	3,013	$	-	$	2,964	$	49
Other real estate owned, net		1,406		-		1,406		-

	Carrying Value at December 31, 2014
	Balance as of December 31, 2014		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
Impaired loans, net	$	3,158	$	-	$	3,109	$	49
Other real estate owned, net		1,406		-		1,406		-

Quantitative Information about level 3 fair value measurements

The following table displays quantitative information about Level 3 Fair Value Measurements at March 31, 2015.

	Quantitative Information about Level 3 Fair Value Measurements
(In thousands)	Fair Value		Valuation Technique(s)	Unobservable Input	Weighted Average Discount
Impaired loans	$	49	Appraised values	Age of appraisal, current market conditons, and experience within local markets		89	%
Total	$	49

Estimated fair values of the financial instruments

The estimated fair values of the Company's financial instruments are as follows:

	Fair Value Measurements at March 31, 2015
(In thousands)	Carrying Value as of March 31, 2015		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Fair Value as of March 31, 2015
Assets
Cash and short-term investments	$	53,254	$	53,315	$	-	$	-	$	53,315
Securities available for sale		55,752		371		55,381		-		55,752
Restricted investments		1,286		-		1,286		-		1,286
Net loans		439,318		-		438,444		49		438,493
Accrued interest receivable		1,434		-		1,434		-		1,434
Interest rate swaps		-		-		-		-		-
BOLI		12,549		-		12,549		-		12,549
Total financial assets	$	563,593	$	53,686	$	509,094	$	49	$	562,829
Liabilities
Deposits	$	516,157	$	-	$	516,740	$	-	$	516,740
Borrowings		13,058		-		13,317		-		13,317
Company obligated mandatorily redeemable capital securities		4,124		-		4,117		-		4,117
Accrued interest payable		163		-		163		-		163
Interest rate swaps		607		-		607		-		607
Total financial liabilities	$	534,109	$	-	$	534,944	$	-	$	534,944

	Fair Value Measurements at December 31, 2014
(In thousands)	Carrying Value as of December 31, 2014		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Fair Value as of December 31, 2014
Assets
Cash and short-term investments	$	64,376	$	64,441	$	-	$	-	$	64,441
Securities available for sale		57,406		366		57,040		-		57,406
Restricted investments		1,294		-		1,294		-		1,294
Net loans		435,070		-		434,356		49		434,405
Accrued interest receivable		1,473		-		1,473		-		1,473
Interest rate swaps		16		-		16		-		16
BOLI		12,458		-		12,458		-		12,458
Total financial assets	$	572,093	$	64,807	$	506,637	$	49	$	571,493
Liabilities
Deposits	$	525,215	$	-	$	525,636	$	-	$	525,636
Borrowings		13,075		-		13,182		-		13,182
Company obligated mandatorily redeemable capital securities		4,124		-		4,117		-		4,117
Accrued interest payable		185		-		185		-		185
Interest rate swaps		433		-		433		-		433
Total financial liabilities	$	543,032	$	-	$	543,553	$	-	$	543,553