Estimated Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Summary of Financial Instruments

The estimated fair values of the Corporation’s financial instruments at March 31, 2015 and December 31, 2014 are summarized as follows:

	March 31, 2015
	Carrying Value		Estimated Fair Value		Level 1		Level 2		Level 3
	(Dollars in thousands)
Financial assets
Cash and due from banks, Federal funds sold and interest bearing deposits in other banks	$	64,920	$	64,920	$	64,920	$	—	$	—
Securities	203,848		203,848		—		203,848		—
Restricted stock	5,741		N/A		N/A		N/A		N/A
Portfolio loans, net	907,606		913,139		—		—		913,139
Loans held for sale	4,652		4,767		—		4,767		—
Accrued interest receivable	3,611		3,611		—		913		2,698
Financial liabilities
Deposits:
Demand, savings and money market	614,040		603,437		—		603,437		—
Certificates of deposit	454,971		456,812		—		456,812		—
Short-term borrowings	637		637		—		637		—
Federal Home Loan Bank advances	46,974		47,484		—		47,484		—
Junior subordinated debentures	16,238		22,963		—		22,963		—
Accrued interest payable	591		591		—		—		591

Assets Measured by Fair Value on a Recurring Basis

The following table presents information about the Corporation’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014, and the valuation techniques used by the Corporation to determine those fair values.

Description	Fair Value as of March 31, 2015		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(Dollars in thousands)
Securities available for sale:
U.S. Government agencies and corporations	$	46,194	$	—	$	46,194	$	—
Mortgage backed securities: residential	91,312		—		91,312		—
Residential collateralized mortgage obligations	32,125		—		32,125		—
State and political subdivisions	34,217		—		34,217		—
Derivative interest rate swaps	280		—		280		—
Total	$	204,128	$	—	$	204,128	$	—

Balances of Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

The following table presents the balances of assets and liabilities measured at fair value on a nonrecurring basis:

March 31, 2015	Quoted Market Prices in Active Markets (Level 1)		Internal Models with Significant Observable Market Parameters (Level 2)		Internal Models with Significant Unobservable Market Parameters (Level 3)		Total
	(Dollars in thousands)
Impaired Loans: Commercial Real Estate	$	—	$	—	$	591	$	591
Total assets at fair value on a nonrecurring basis	$	—	$	—	$	591	$	591

December 31, 2014	Quoted Market Prices in Active Markets (Level 1)		Internal Models with Significant Observable Market Parameters (Level 2)		Internal Models with Significant Unobservable Market Parameters (Level 3)		Total
	(Dollars in thousands)
Impaired Loans: Commercial Real Estate	$	—	$	—	$	1,508	$	1,508
Total assets at fair value on a nonrecurring basis	$	—	$	—	$	1,508	$	1,508

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques

For the three month period ended March 31, 2015, the following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis for which the Corporation has utilized Level 3 inputs to determine fair value (dollars in thousands).

Asset	Fair Value	Valuation Technique	Unobservable Input
Collateral dependent impaired loans	$591	Sales comparison approach	Adjustment for differences between the comparable sales with a 10% to 20% cost to sell adjustment