Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2017

Fair Value Measurements [Abstract]

Assets Measured at Fair Value on Recurring Basis

The following table presents the balances of certain assets measured at fair value on a recurring basis as of the dates indicated:

				Fair Value Measurements at March 31, 2017 Using
	Balance			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
	(in thousands)
Available-for-sale securities
Obligations of  U.S. Government agencies		$	29,366		$	0		$	29,366		$	0
Obligations of state and political subdivisions			75,843			0			75,843			0
Mortgage-backed securities			81,517			0			81,517			0
Money market investments			699			0			699			0
Corporate bonds			7,625			0			7,625			0
Other marketable equity securities			148			0			148			0
Total available-for-sale securities		$	195,198		$	0		$	195,198		$	0

			Fair Value Measurements at December 31, 2016 Using
	Balance		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Available-for-sale securities
U.S. Treasury securities	$	20,000	$	0	$	20,000	$	0
Obligations of  U.S. Government agencies		9,195		0		9,195		0
Obligations of state and political subdivisions		77,987		0		77,987		0
Mortgage-backed securities		83,694		0		83,694		0
Money market investments		647		0		647		0
Corporate bonds		7,678		0		7,678		0
Other marketable equity securities		164		0		164		0
Total available-for-sale securities	$	199,365	$	0	$	199,365	$	0

Assets Measured at Fair Value on Nonrecurring Basis

The following table presents the assets carried on the consolidated balance sheets for which a nonrecurring change in fair value has been recorded. Assets are shown by class of loan and by level in the fair value hierarchy, as of the dates indicated. Certain impaired loans are valued by the present value of the loan's expected future cash flows, discounted at the loan's effective interest rate rather than at a market rate. These loans are not carried on the consolidated balance sheets at fair value and, as such, are not included in the table below.

			Carrying Value at March 31, 2017 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)
Impaired loans
Mortgage loans on real estate:
Residential 1-4 family	$	400	$	0	$	0	$	400
Commercial		2,056		0		0		2,056
Construction		74		0		0		74
Total mortgage loans on real estate	$	2,530	$	0	$	0	$	2,530
Commercial loans		1,033		0		0		1,033
Total	$	3,563	$	0	$	0	$	3,563
Other real estate owned
Construction	$	940	$	0	$	0	$	940

			Carrying Value at December 31, 2016 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)
Impaired loans
Mortgage loans on real estate:
Residential 1-4 family	$	400	$	0	$	0	$	400
Commercial		1,483		0		0		1,483
Construction		74		0		0		74
Total mortgage loans on real estate	$	1,957	$	0	$	0	$	1,957
Commercial loans		718		0		0		718
Total	$	2,675	$	0	$	0	$	2,675
Other real estate owned
Construction	$	940	$	0	$	0	$	940

Fair Value Inputs, Assets, Quantitative Information

The following table displays quantitative information about Level 3 Fair Value Measurements as of the dates indicated:

Quantitative Information About Level 3 Fair Value Measurements
	Fair Value at March 31, 2017 (dollars in thousands)		Valuation Techniques	Unobservable Input	Range (Weighted Average)
Impaired loans
Residential 1-4 family real estate	$	400	Market comparables	Selling costs		7.25	%
				Liquidation discount		4.00	%
Commercial real estate	$	2,056	Market comparables	Selling costs		5.38% - 7.25% (6.47	%)
				Liquidation discount		0.00% - 4.01% (2.71	%)
Construction	$	74	Market comparables	Selling costs		7.25	%
				Liquidation discount		4.00	%
Commercial not secured by real estate	$	1,033	Market comparables	Liquidation discount		33.30% - 42.89% (38.52	%)
Other real estate owned
Construction	$	940	Market comparables	Selling costs		7.25	%
				Liquidation discount		0.00	%

Quantitative Information About Level 3 Fair Value Measurements
	Fair Value at December 31, 2016 (dollars in thousands)		Valuation Techniques	Unobservable Input	Range (Weighted Average)
Impaired loans
Residential 1-4 family real estate	$	400	Market comparables	Selling costs		7.25	%
				Liquidation discount		4.00	%
Commercial real estate	$	1,483	Market comparables	Selling costs		7.25	%
				Liquidation discount		4.00	%
Construction	$	74	Market comparables	Selling costs		7.25	%
				Liquidation discount		4.00	%
Commercial loans	$	718	Market comparables	Selling costs		0.00	%
				Liquidation discount		0.00% - 38.58% (32.40	%)
Other real estate owned
Construction	$	940	Market comparables	Selling costs		7.25	%
				Liquidation discount		0.00	%

Estimated Fair Values and Related Carrying or Notional Amounts of Financial Instruments

The estimated fair values, and related carrying or notional amounts, of the Company's financial instruments as of the dates indicated are as follows:

			Fair Value Measurements at March 31, 2017 Using
	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Assets
Cash and cash equivalents	$	20,510	$	20,510	$	0	$	0
Securities available-for-sale		195,198		0		195,198		0
Restricted securities		977		0		977		0
Loans, net of allowances for loan losses		625,787		0		0		623,636
Bank-owned life insurance		25,404		0		25,404		0
Accrued interest receivable		2,940		0		2,940		0
Liabilities
Deposits	$	793,392	$	0	$	791,995	$	0
Overnight repurchase agreements		28,128		0		28,128		0
Accrued interest payable		221		0		221		0

			Fair Value Measurements at December 31, 2016 Using
	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Assets
Cash and cash equivalents	$	25,854	$	25,854	$	0	$	0
Securities available-for-sale		199,365		0		199,365		0
Restricted securities		970		0		970		0
Loans, net of allowances for loan losses		595,637		0		0		594,190
Bank-owned life insurance		25,206		0		25,206		0
Accrued interest receivable		3,189		0		3,189		0
Liabilities
Deposits	$	784,502	$	0	$	783,450	$	0
Overnight repurchase agreements		18,704		0		18,704		0
Accrued interest payable		228		0		228		0