Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements of Assets Recognized in Consolidated Balance Sheets Measured at Fair Value on Recurring Basis

The following table presents the fair value measurements of assets recognized in the accompanying consolidated balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2015 and December 31, 2014:

			Fair Value Measurements 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)
September 30, 2015
U.S. government agencies	$	27,023	$	––	$	27,023	$	––
State and political subdivisions		3,623		––		3,623		––
December 31, 2014
U.S. government agencies	$	14,380	$	––	$	14,380	$	––
State and political subdivisions		4,946		––		4,946		––
Equity securities		22		22		––		––

Fair Value Measurements of Assets Recognized in Consolidated Balance Sheets Measured at Fair Value on Nonrecurring Basis

The following table presents the fair value measurements of assets recognized in the accompanying consolidated balance sheets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2015 and December 31, 2014.

			Fair Value Measurements Using
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
	Fair		Assets		Inputs		Inputs
	Value		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
September 30, 2015
Collateral dependent impaired loans	$	766	$	––	$	––	$	766
Foreclosed assets held for sale		253		––		––		253
December 31, 2014
Collateral dependent impaired loans	$	301	$	––	$	––	$	301
Foreclosed assets held for sale		991		––		––		991

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements.

	Fair Value at		Valuation
	9/30/15		Technique	Unobservable Inputs	Range
	(In thousands)
Collateral-dependent impaired loans	$	766	Market comparable properties	Comparability adjustments	Not available
Foreclosed assets held for sale		253	Market comparable properties	Marketability discount	10% – 15	%

	Fair Value at		Valuation
	12/31/14		Technique	Unobservable Inputs	Range
	(In thousands)
Collateral-dependent impaired loans	$	301	Market comparable properties	Comparability adjustments	Not available
Foreclosed assets held for sale		991	Market comparable properties	Marketability discount	10% – 15	%

Estimated Fair Values of Company's Financial Instruments

The following table presents estimated fair values of the Company’s financial instruments. The fair values of certain of these instruments were calculated by discounting expected cash flows, which involves significant judgments by management and uncertainties. Because no market exists for certain of these financial instruments and because management does not intend to sell these financial instruments, the Company does not know whether the fair values shown below represent values at which the respective financial instruments could be sold individually or in the aggregate.

			Fair Value Measurements Using
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
	Carrying		Assets		Inputs		Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
September 30, 2015
Financial assets
Cash and cash equivalents	$	24,844	$	24,844	$	––	$	––
Held-to-maturity securities		235		––		236		––
Loans, net of allowance		323,598		––		––		321,027
Federal Home Loan Bank stock		4,210		––		4,210		––
Accrued interest receivable		787		––		787		––
Financial liabilities
Deposits		323,197		––		310,493		––
Short term borrowings		10,244		––		10,244		––
Federal Home Loan Bank Advances		26,587		––		27,709		––
Subordinated debentures		4,124		––		3,962		––
Interest payable		123		––		123		––

			Fair Value Measurements Using
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
	Carrying		Assets		Inputs		Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
December 31, 2014
Financial assets
Cash and cash equivalents	$	39,164	$	39,164	$	—	$	––
Held-to-maturity securities		450		––		451		––
Loans, net of allowance		313,354		—		––		312,014
Federal Home Loan Bank stock		4,210		––		4,210		––
Accrued interest receivable		829		––		829		––
Financial liabilities
Deposits		322,681		––		309,186		––
Short term borrowings		5,098		––		5,098		––
Federal Home Loan Bank Advances		26,719		––		26,703		––
Subordinated debentures		4,124		––		3,962		––
Interest payable		135		––		135		––