Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2014 and December 31, 2013:

	Carrying		Fair		Fair Value Measurements at September 30, 2014
(In Thousands)	Value		Value		Level I		Level II		Level III
Financial assets:
Cash and cash equivalents	$	25,242	$	25,242	$	25,242	$	—	$	—
Investment securities:
Available for sale	233,634		233,634		12,614		221,020		—
Loans held for sale	1,602		1,602		1,602		—		—
Loans, net	881,477		880,287		—		—		880,287
Bank-owned life insurance	25,781		25,781		25,781		—		—
Accrued interest receivable	4,298		4,298		4,298		—		—
Financial liabilities:
Interest-bearing deposits	$	756,540	$	734,161	$	516,131	$	—	$	218,030
Noninterest-bearing deposits	232,588		232,588		232,588		—		—
Short-term borrowings	17,213		17,213		17,213		—		—
Long-term borrowings	71,202		73,194		—		—		73,194
Accrued interest payable	411		411		411		—		—

	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		—		—