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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2016
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 June 30, 2016 and December 31, 2015:
 
 
 
 
 
 
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)
 
June 30, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
$
29,991
 
$
 
$
29,991
 
$
 
State and political subdivisions
 
 
1,821
 
 
 
 
1,821
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
 
$
31,961
 
$
 
$
31,961
 
$
 
State and political subdivisions
 
 
2,662
 
 
 
 
2,662
 
 
 
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 June 30, 2016 and December 31, 2015.
 
 
 
 
 
 
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)
 
June 30, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
Collateral dependent impaired loans
 
$
679
 
$
 
$
 
$
679
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
Collateral dependent impaired loans
 
$
641
 
$
 
$
 
$
641
 
Foreclosed assets held for sale
 
 
327
 
 
 
 
 
 
327
 
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
6/30/16
 
Valuation
Technique
 
Unobservable Inputs
 
Range
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
 
Collateral-dependent impaired loans
 
$
679
 
Market comparable properties
 
Marketability discount
 
Not available
 
 
 
 
Fair Value at
12/31/15
 
Valuation Technique
 
Unobservable Inputs
 
Range
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
 
Collateral-dependent impaired loans
 
$
641
 
Market comparable properties
 
Marketability discount
 
Not available
 
 
 
 
 
 
 
 
 
 
 
 
Foreclosed assets held for sale
 
$
327
 
Market comparable properties
 
Selling costs
 
10% – 35%
 
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
 
 
 
Carrying
Amount
 
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
 
 
(In thousands)
 
June 30, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial assets
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
9,788
 
$
9,788
 
$
 
$
 
Loans, net of allowance
 
 
346,357
 
 
 
 
 
 
346,446
 
Federal Home Loan Bank stock
 
 
4,210
 
 
 
 
4,210
 
 
 
Accrued interest receivable
 
 
788
 
 
 
 
788
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits
 
 
326,979
 
 
 
 
314,134
 
 
 
Short term borrowings
 
 
10,065
 
 
 
 
10,065
 
 
 
Federal Home Loan Bank Advances
 
 
33,249
 
 
 
 
33,858
 
 
 
Subordinated debentures
 
 
4,124
 
 
 
 
3,238
 
 
 
Interest payable
 
 
99
 
 
 
 
 
99
 
 
 
 
 
 
 
 
 
 
Fair Value Measurements Using
 
 
 
Carrying
Amount
 
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
 
 
(In thousands)
 
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial assets
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
12,701
 
$
12,701
 
$
 
$
 
Loans, net of allowance
 
 
327,226
 
 
 
 
 
 
325,354
 
Federal Home Loan Bank stock
 
 
4,210
 
 
 
 
4,210
 
 
 
Accrued interest receivable
 
 
803
 
 
 
 
803
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits
 
 
323,622
 
 
 
 
307,172
 
 
 
Short term borrowings
 
 
5,691
 
 
 
 
5,691
 
 
 
Federal Home Loan Bank Advances
 
 
26,530
 
 
 
 
27,347
 
 
 
Subordinated debentures
 
 
4,124
 
 
 
 
3,238
 
 
 
Interest payable
 
 
123
 
 
 
 
123