Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2016

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The table below presents information about certain assets and liabilities measured at fair value on a recurring basis (in thousands):



	Assets / Liabilities Measured at Fair Value at		Fair Value Measurements at March 31, 2016
Description	March 31, 2016		Level 1		Level 2		Level 3
Available-for-sale securities:
Obligations of state and political subdivisions	$	24,239	$	—	$	24,239	$	—
GSE mortgage-backed securities	83,896		—		83,896		—
Collateralized mortgage obligations: residential	187,986		—		187,986		—
Collateralized mortgage obligations: commercial	3,908		—		3,908		—
Mutual funds	2,122		2,122		—		—



	Assets / Liabilities Measured at Fair Value at	Fair Value Measurements at December 31, 2015
Description	December 31, 2015	Level 1	Level 2	Level 3
Available-for-sale securities:
Obligations of state and political subdivisions	31,493	—	31,493	—
GSE mortgage-backed securities	87,038	—	87,038	—
Collateralized mortgage obligations: residential	192,088	—	192,088	—
Collateralized mortgage obligations: commercial	5,448	—	5,448	—
Mutual funds	2,092	2,092	—	—

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

Certain assets and liabilities are measured at fair value on a nonrecurring basis and are included in the table below (in thousands). Impaired loans are Level 2 assets measured using appraisals from external parties of the collateral less any prior liens. Other real estate properties are also Level 2 assets measured using appraisals from external parties.



	Assets / Liabilities Measured at Fair Value at		Fair Value Measurements at March 31, 2016
Description	March 31, 2016		Level 1		Level 2		Level 3
Impaired loans	$	20,628	$	—	$	20,628	$	—
Other real estate	3,908		—		3,908		—

	Assets / Liabilities Measured at Fair Value at		Fair Value Measurements at December 31, 2015
Description	December 31, 2015		Level 1		Level 2		Level 3
Impaired loans	$	17,487	$	—	$	17,487	$	—
Other real estate	4,187		—		4,187		—

Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of the Company’s financial instruments are as follows at March 31, 2016 and December 31, 2015 (in thousands):



			Fair Value Measurements at March 31, 2016 Using:
	Carrying Value		Level 1		Level 2		Level 3
Financial assets:
Cash and due from banks, interest-bearing deposits in banks and federal funds sold	$	112,410	$	112,410	$	—	$	—
Securities available-for-sale	302,151		2,122		300,029		—
Securities held-to-maturity	113,623		—		115,631		—
Other investments	11,195		11,195		—		—
Loans, net	1,229,702		—		20,628		1,216,866
Cash surrender value of life insurance policies	13,690		—		13,690		—
Financial liabilities:
Non-interest-bearing deposits	383,684		—		383,684		—
Interest-bearing deposits	1,174,519		—		1,007,935		166,236
Securities sold under agreements to repurchase	87,879		87,879		—		—
Long-term Federal Home Loan Bank advances	25,744		—		—		26,561
Junior subordinated debentures	22,167		—		22,167		—



			Fair Value Measurements at December 31, 2015 Using:
	Carrying Value		Level 1		Level 2		Level 3
Financial assets:
Cash and due from banks, interest-bearing deposits in banks and federal funds sold	$	89,201	$	89,201	$	—	$	—
Securities available-for-sale	318,159		2,092		316,067		—
Securities held-to-maturity	116,792		—		117,698		—
Other investments	11,188		11,188		—		—
Loans, net	1,244,634		—		17,487		1,232,497
Cash surrender value of life insurance policies	13,622		—		13,622		—
Financial liabilities:
Non-interest-bearing deposits	374,261		—		374,261		—
Interest-bearing deposits	1,176,589		—		1,007,137		168,633
Securities sold under agreements to repurchase	85,957		85,957		—		—
Short-term Federal Home Loan Bank advances	25,000		—		25,000		—
Long-term Federal Home Loan Bank advances	25,851		—		—		26,508
Junior subordinated debentures	22,167		—		22,167		—