Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value of Financial Instruments

Schedule of fair values of financial instruments

The fair values of the Company’s financial instruments are as follows at March 31, 2014 and December 31, 2013:

	Carrying		Fair		Fair Value Measurements at March 31, 2014
(In Thousands)	Value		Value		Level I		Level II		Level III
Financial assets:
Cash and cash equivalents	$	39,663	$	39,663	$	39,663	$	—	$	—
Investment securities:
Available for sale	276,033		276,033		13,697		262,336		—
Loans held for sale	1,647		1,647		1,647		—		—
Loans, net	812,091		810,492		—		—		810,492
Bank-owned life insurance	25,430		25,430		25,430		—		—
Accrued interest receivable	4,514		4,514		4,514		—		—
Financial liabilities:
Interest-bearing deposits	$	764,286	$	734,347	$	505,865	$	—	$	228,482
Noninterest-bearing deposits	218,740		218,740		218,740		—		—
Short-term borrowings	14,127		14,127		14,127		—		—
Long-term borrowings	71,202		73,209		—		—		73,209
Accrued interest payable	388		388		388		—		—

	Carrying		Fair		Fair Value Measurements at December 31, 2013
(In Thousands)	Value		Value		Level I		Level II		Level III
Financial assets:
Cash and cash equivalents	$	24,606	$	24,606	$	24,606	$	—	$	—
Investment securities:
Available for sale	288,612		288,612		12,965		275,647		—
Loans held for sale	1,626		1,626		1,626		—		—
Loans, net	808,200		808,895		—		—		808,895
Bank-owned life insurance	25,410		25,410		25,410		—		—
Accrued interest receivable	4,696		4,696		4,696		—		—
Financial liabilities:
Interest-bearing deposits	$	755,625	$	724,456	$	488,818	$	—	$	235,638
Noninterest-bearing deposits	217,377		217,377		217,377		—		—
Short-term borrowings	26,716		26,716		26,716		—		—
Long-term borrowings	71,202		73,248		—		—		73,248
Accrued interest payable	405		405		405		—		—