Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2017

Fair Value Disclosures [Abstract]

Estimated Fair Value of Financial Instruments

The estimated carrying and fair values of the Company’s financial instruments are as follows (in thousands):

	September 30, 2017
	Carrying Amount		Fair Value
(In thousands)			Level 1		Level 2		Level 3		Total
Financial assets:
Cash and due from banks	$	26,195	$	26,195	$	—	$	—	$	26,195
Interest-earning deposits in other banks	9,494		9,494		—		—		9,494
Federal funds sold	—		—		—		—		—
Available-for-sale investment securities	515,077		7,486		507,591		—		515,077
Loans, net	769,810		—		—		781,683		781,683
Federal Home Loan Bank stock	5,594		N/A		N/A		N/A		N/A
Accrued interest receivable	6,345		19		3,138		3,188		6,345
Financial liabilities:
Deposits	1,218,385		1,097,742		119,843		—		1,217,585
Junior subordinated deferrable interest debentures	5,155		—		—		3,400		3,400
Accrued interest payable	103		—		64		39		103

	December 31, 2016
	Carrying Amount		Fair Value
(In thousands)			Level 1		Level 2		Level 3		Total
Financial assets:
Cash and due from banks	$	28,185	$	28,185	$	—	$	—	$	28,185
Interest-earning deposits in other banks	10,368		10,368		—		—		10,368
Federal funds sold	15		15		—		—		15
Available-for-sale investment securities	547,749		7,416		540,333		—		547,749
Loans, net	747,302		—		—		761,023		761,023
Federal Home Loan Bank stock	5,594		N/A		N/A		N/A		N/A
Accrued interest receivable	7,885		26		4,517		3,342		7,885
Financial liabilities:
Deposits	1,255,979		1,099,200		156,711		—		1,255,911
Short-term borrowings	400		—		400		—		400
Junior subordinated deferrable interest debentures	5,155		—		—		3,235		3,235
Accrued interest payable	144		—		111		33		144

Fair Value of Assets on a Recurring Basis

The Company is required or permitted to record the following assets at fair value on a recurring basis as of December 31, 2016 (in thousands).

Description	Fair Value		Level 1		Level 2		Level 3
Available-for-sale securities
Debt Securities:
U.S. Government agencies	$	68,970	$	—	$	68,970	$	—
Obligations of states and political subdivisions	290,299		—		290,299		—
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations	178,221		—		178,221		—
Private label residential mortgage backed securities	2,843		—		2,843		—
Other equity securities	7,416		7,416		—		—
Total assets measured at fair value on a recurring basis	$	547,749	$	7,416	$	540,333	$	—

The Company is required or permitted to record the following assets at fair value on a recurring basis as of September 30, 2017 (in thousands). 

Description	Fair Value		Level 1		Level 2		Level 3
Available-for-sale securities
Debt Securities:
U.S. Government agencies	$	61,804	$	—	$	61,804	$	—
Obligations of states and political subdivisions	212,985		—		212,985		—
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations	188,349		—		188,349		—
Private label residential mortgage backed securities	44,453		—		44,453		—
Other equity securities	7,486		7,486		—		—
Total assets measured at fair value on a recurring basis	$	515,077	$	7,486	$	507,591	$	—

Fair Value of Assets on a Non-recurring Basis

The Company may be required, from time to time, to measure certain assets and liabilities at fair value on a non-recurring basis. These include assets and liabilities that are measured at the lower of cost or fair value that were recognized at fair value which was below cost at September 30, 2017 (in thousands).

Description	Fair Value		Level 1		Level 2		Level 3
Consumer:
Equity loans and lines of credit	$	16	$	—	$	—	$	16
Total impaired loans	16		—		—		16
Other repossessed assets	$	194	$	—	$	—	$	194
Other real estate owned	—		—		—		—
Total assets measured at fair value on a non-recurring basis	$	210	$	—	$	—	$	210

The Company may be required, from time to time, to measure certain assets and liabilities at fair value on a non-recurring basis.  These include assets and liabilities that are measured at the lower of cost or fair value that were recognized at fair value which was below cost at December 31, 2016 (in thousands).

Description	Fair Value		Level 1		Level 2		Level 3
Impaired loans:
Consumer:
Equity loans and lines of credit	$	47	$	—	$	—	$	47
Total impaired loans	47		—		—		47
Other repossessed assets	362		—		—		362
Total assets measured at fair value on a non-recurring basis	$	409	$	—	$	—	$	409