Fair Value of Financial Instruments - (As Restated) (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value of Financial Instruments - (As Restated) [Abstract]

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques

For Level 3 assets and liabilities measured at fair value on a recurring and non-recurring basis as of December 31, 2015 and 2014, the significant unobservable inputs used in the fair value measurements were as follows:


(in thousands)		Fair Value at December 31, 2015	Valuation Technique	Significant Unobservable Inputs	Significant Unobservable Input Value
Recurring:

Investment Securities – available for sale - CDO	$	22,211	Discounted Cash Flow	Discount Rate	Range of Libor+ 4.5% to 5.5%
Cash Flow Hedge	$	(66)	Discounted Cash Flow	Reuters Third Party Market Quote	99.9% (weighted avg 99.9%)

Non-recurring:

Impaired Loans	$	6,247	Market Comparable Properties	Marketability Discount	3% to 15% (1) (weighted avg 11.3%)

OREO	$	4,133	Market Comparable Properties	Marketability Discount	10% to 15% (1) (weighted avg 12.5%)


(in thousands)		Fair Value at December 31, 2014	Valuation Technique	Significant Unobservable Inputs	Significant Unobservable Input Value
Recurring:

Investment Securities – available for sale - CDO	$	25,339	Discounted Cash Flow	Discount Rate	Range of Libor+ 5% to 12%
Cash Flow Hedge	$	(199)	Discounted Cash Flow	Reuters Third Party Market Quote	99.9% (weighted avg 99.9%)

Non-recurring:

Impaired Loans	$	9,122	Market Comparable Properties	Marketability Discount	10% (1) (weighted avg 10%)

OREO	$	2,511	Market Comparable Properties	Marketability Discount	10% to 15% (1) (weighted avg 11%)

(1) Range would include discounts taken since appraisal and estimated values

Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis

For assets measured at fair value on a recurring and non-recurring basis, the fair value measurements by level within the fair value hierarchy used at December 31, 2015 and 2014 are as follows:



			Fair Value Measurements at
			December 31, 2015 Using
			(In Thousands)
	Assets Measured at		Quoted Prices in Active Markets for Identical Assets	Significant Other Observable Inputs		Significant Unobservable Inputs
Description	12/31/2015		(Level 1)	(Level 2)		(Level 3)
Recurring:
Investment securities available-for-sale:
U.S. government agencies	$	33,964		$	33,964
Residential mortgage-backed agencies	$	14,170		$	14,170
Commercial mortgage-backed agencies	$	43,636		$	43,636
Collateralized mortgage obligations	$	9,610		$	9,610
Obligations of states and political subdivisions	$	46,641		$	46,641
Collateralized debt obligations	$	22,211				$	22,211
Financial Derivative	$	(66)				$	(66)
Non-recurring:
Impaired loans	$	6,247				$	6,247
Other real estate owned	$	4,133				$	4,133


			Fair Value Measurements at
			December 31, 2014 Using
			(In Thousands)
	Assets Measured at		Quoted Prices in Active Markets for Identical Assets	Significant Other Observable Inputs		Significant Unobservable Inputs
Description	12/31/2014		(Level 1)	(Level 2)		(Level 3)
Recurring:
Investment securities available-for-sale:
U.S. treasuries	$	29,596		$	29,596
U.S. government agencies	$	38,941		$	38,941
Residential mortgage-backed agencies	$	45,273		$	45,273
Commercial mortgage-backed agencies	$	25,957		$	25,957
Collateralized mortgage obligations	$	8,707		$	8,707
Obligations of states and political subdivisions	$	47,304		$	47,304
Collateralized debt obligations	$	25,339				$	25,339
Financial Derivative	$	(199)				$	(199)
Non-recurring:
Impaired loans	$	9,122				$	9,122
Other real estate owned	$	2,511				$	2,511

Reconciliation of Fair Valued Assets Measured on a Recurring Basis

The following tables show a reconciliation of the beginning and ending balances for fair valued assets measured using Level 3 significant unobservable inputs for the years ended December 31, 2015 and 2014:



		Fair Value Measurements Using Significant
		Unobservable Inputs
		(Level 3)
		(In Thousands)
	Investment Securities Available for Sale		Cash Flow Hedge
Beginning balance January 1, 2015	$	25,339	$	(199)
Total gains/(losses) realized/unrealized:
Included in earnings		818		0
Included in other comprehensive income		(3,946)		133
Ending balance December 31, 2015	$	22,211	$	(66)

The amount of total gains or losses for the period
included in earnings attributable to the change in
realized/unrealized gains or losses related to assets
still held at the reporting date	$	0	$	0


		Fair Value Measurements Using Significant
		Unobservable Inputs
		(Level 3)
		(In Thousands)
			Cash Flow Hedge
Beginning balance January 1, 2014		17,538	$	(457)
Total gains/(losses) realized/unrealized:
Included in earnings		0		0
Included in other comprehensive income		7,801		258
Ending balance December 31, 2014		25,339	$	(199)

The amount of total gains or losses for the period
included in earnings attributable to the change in
realized/unrealized gains or losses related to assets
still held at the reporting date		0	$	0

Fair Value by Balance Sheet Grouping

The following table presents fair value information about financial instruments, whether or not recognized in the statement of financial condition, for which it is practicable to estimate that value. The actual carrying amounts and estimated fair values of the Corporation’s financial instruments that are included in the statement of financial condition are as follows:



	December 31, 2015					Fair Value Measurements
					Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	Carrying Amount		Fair Value		(Level 1)		(Level 2)		(Level 3)
Financial Assets:
Cash and due from banks	$	50,188	$	50,188	$	50,188
Interest bearing deposits in banks		1,953		1,953		1,953
Investment securities - AFS		170,232		170,232			$	148,021	$	22,211
Investment securities - HTM		105,560		106,742				103,779		2,963
Restricted Bank stock		5,904		5,904				5,904
Loans, net		867,101		872,991						872,991
Accrued interest receivable		4,218		4,218				4,218

Financial Liabilities:
Deposits – non-maturity		744,219		744,219				744,219
Deposits – time deposits		254,575		258,267				258,267
Short-term borrowed funds		35,828		35,828				35,828
Long-term borrowed funds		147,537		151,562				151,562
Accrued interest payable		478		478				478
Financial derivative		66		66						66
Off balance sheet financial instruments		0		0		0


	December 31, 2014					Fair Value Measurements
						Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(In thousands)	Carrying Amount		Fair Value			(Level 1)		(Level 2)		(Level 3)
Financial Assets:
Cash and due from banks	$	27,554	$	27,554	$	27,554
Interest bearing deposits in banks		7,897		7,897		7,897
Investment securities - AFS		221,117		221,117			$	195,778	$	25,339
Investment securities - HTM		109,449		110,771				108,163		2,608
Restricted Bank stock		7,524		7,524				7,524
Loans, net		827,926		830,904						830,904
Accrued interest receivable		4,152		4,152				4,152

Financial Liabilities:
Deposits – non-maturity		689,581		689,581				689,581
Deposits – time deposits		291,742		296,713				296,713
Short-term borrowed funds		39,801		39,801				39,801
Long-term borrowed funds		182,606		187,143				187,143
Accrued interest payable		882		882				882
Financial derivative		199		199						199
Off balance sheet financial instruments		0		0		0