Fair Value (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Assets and liabilities measured on recurring basis measured at fair value

The following tables present the balances of assets and liabilities that were measured at fair value on a recurring basis as of March 31, 2015, December 31, 2014 and March 31, 2014.

	At March 31, 2015
	Level 1		Level 2		Level 3		Total
Securities available for sale
Mortgage-backed securities	$	—	$	127,617,000	$	—	$	127,617,000
State and political subdivisions	—		25,598,000		—		25,598,000
Other equity securities	—		3,102,000		—		3,102,000
Total assets	$	—	$	156,317,000	$	—	$	156,317,000

	At December 31, 2014
	Level 1		Level 2		Level 3		Total
Securities available for sale
Mortgage-backed securities	$	—	$	151,855,000	$	—	$	151,855,000
State and political subdivisions	—		30,855,000		—		30,855,000
Other equity securities	—		2,551,000		—		2,551,000
Total assets	$	—	$	185,261,000	$	—	$	185,261,000

	At March 31, 2014
	Level 1		Level 2		Level 3		Total
Securities available for sale
Mortgage-backed securities	$	—	$	172,115,000	$	—	$	172,115,000
State and political subdivisions	—		131,315,000		—		131,315,000
Other equity securities	—		2,270,000		—		2,270,000
Total assets	$	—	$	305,700,000	$	—	$	305,700,000

Assets and liabilities measured on non-recurring basis measured at fair value

The following tables include assets measured at fair value on a nonrecurring basis that have had a fair value adjustment since their initial recognition. Other real estate owned is presented net of an allowance of $387,000, $654,000 and $215,000 at March 31, 2015, December 31, 2014, and March 31, 2014, respectively. Only collateral-dependent impaired loans with a related specific allowance for loan losses or a partial charge off are included in impaired loans for purposes of fair value disclosures. Impaired loans below are presented net of specific allowances of$799,000, $1,074,000 and $1,762,000 at March 31, 2015, December 31, 2014, and March 31, 2014, respectively.

	At March 31, 2015
	Level 1		Level 2		Level 3		Total
Other real estate owned	$	—	$	2,899,000	$	—	$	2,899,000
Impaired loans	—		1,439,000		—		1,439,000
Total assets	$	—	$	4,338,000	$	—	$	4,338,000

	At December 31, 2014
	Level 1		Level 2		Level 3		Total
Other real estate owned	$	—	$	3,785,000	$	—	$	3,785,000
Impaired loans	—		1,909,000		—		1,909,000
Total assets	$	—	$	5,694,000	$	—	$	5,694,000

	At March 31, 2014
	Level 1		Level 2		Level 3		Total
Other real estate owned	$	—	$	4,934,000	$	—	$	4,934,000
Impaired loans	—		2,327,000		—		2,327,000
Total assets	$	—	$	7,261,000	$	—	$	7,261,000

Estimated fair value of financial instruments

The carrying amount and estimated fair values for financial instruments as of March 31, 2015 were as follows:

	Carrying value		Estimated fair value		Level 1		Level 2		Level 3
Financial assets
Cash and cash equivalents	$	13,855,000	$	13,855,000	$	13,855,000	$	—	$	—
Interest bearing deposits in other banks	336,000		336,000		336,000		—		—
Securities available for sale	156,317,000		156,317,000		—		156,317,000		—
Securities to be held to maturity	262,455,000		267,247,000		—		267,247,000		—
Restricted equity securities	13,912,000		13,912,000		—		13,912,000		—
Loans (net of allowance for loan losses)
Commercial
Real estate	238,218,000		236,340,000		—		184,000		236,156,000
Construction	33,698,000		33,432,000		—		—		33,432,000
Other	113,363,000		113,409,000		—		9,000		113,400,000
Municipal	26,257,000		26,844,000		—		—		26,844,000
Residential
Term	382,517,000		389,582,000		—		1,018,000		388,564,000
Construction	13,008,000		12,988,000		—		—		12,988,000
Home equity line of credit	102,826,000		102,302,000		—		228,000		102,074,000
Consumer	19,086,000		19,259,000		—		—		19,259,000
Total loans	928,973,000		934,156,000		—		1,439,000		932,717,000
Mortgage servicing rights	1,003,000		1,746,000		—		1,746,000		—
Accrued interest receivable	5,724,000		5,724,000		—		5,724,000		—
Financial liabilities
Demand deposits	$	100,939,000	$	99,935,000	$	—	$	99,935,000	$	—
NOW deposits	199,099,000		189,139,000		—		189,139,000		—
Money market deposits	101,292,000		87,816,000		—		87,816,000		—
Savings deposits	167,338,000		151,345,000		—		151,345,000		—
Local certificates of deposit	199,553,000		200,506,000		—		200,506,000		—
National certificates of deposit	198,604,000		198,846,000		—		198,846,000		—
Total deposits	966,825,000		927,587,000		—		927,587,000		—
Repurchase agreements	85,657,000		81,693,000		—		81,693,000		—
Federal Home Loan Bank advances	226,919,000		230,230,000		—		230,230,000		—
Total borrowed funds	312,576,000		311,923,000		—		311,923,000		—
Accrued interest payable	564,000		564,000		—		564,000		—

The carrying amounts and estimated fair values for financial instruments as of December 31, 2014 were as follows:

	Carrying value		Estimated fair value		Level 1		Level 2		Level 3
Financial assets
Cash and cash equivalents	$	13,057,000	$	13,057,000	$	13,057,000	$	—	$	—
Interest bearing deposits in other banks	3,559,000		3,559,000		3,559,000		—		—
Securities available for sale	185,261,000		185,261,000		—		185,261,000		—
Securities to be held to maturity	275,919,000		279,704,000		—		279,704,000		—
Restricted equity securities	13,912,000		13,912,000		—		13,912,000		—
Loans (net of allowance for loan losses)
Commercial
Real estate	238,104,000		236,368,000		—		431,000		235,937,000
Construction	29,951,000		29,733,000		—		—		29,733,000
Other	102,738,000		102,858,000		—		—		102,858,000
Municipal	20,406,000		20,833,000		—		—		20,833,000
Residential
Term	382,620,000		389,200,000		—		990,000		388,210,000
Construction	12,136,000		12,123,000		—		—		12,123,000
Home equity line of credit	102,258,000		101,733,000		—		488,000		101,245,000
Consumer	19,007,000		19,207,000		—		—		19,207,000
Total loans	907,220,000		912,055,000		—		1,909,000		910,146,000
Mortgage servicing rights	1,086,000		2,088,000		—		2,088,000		—
Accrued interest receivable	4,748,000		4,748,000		—		4,748,000		—
Financial liabilities
Demand deposits	$	113,133,000	$	109,973,000	$	—	$	109,973,000	$	—
NOW deposits	199,977,000		186,490,000		—		186,490,000		—
Money market deposits	98,607,000		83,837,000		—		83,837,000		—
Savings deposits	165,601,000		146,936,000		—		146,936,000		—
Local certificates of deposit	205,072,000		205,360,000		—		205,360,000		—
National certificates of deposit	242,429,000		242,824,000		—		242,824,000		—
Total deposits	1,024,819,000		975,420,000		—		975,420,000		—
Repurchase agreements	74,725,000		70,783,000		—		70,783,000		—
Federal Home Loan Bank advances	205,191,000		208,259,000		—		208,259,000		—
Total borrowed funds	279,916,000		279,042,000		—		279,042,000		—
Accrued interest payable	521,000		521,000		—		521,000		—

	Carrying value		Estimated fair value		Level 1		Level 2		Level 3
Financial assets
Cash and cash equivalents	$	13,894,000	$	13,894,000	$	13,894,000	$	—	$	—
Interest bearing deposits in other banks	2,935,000		2,935,000		2,935,000		—		—
Securities available for sale	305,700,000		305,700,000		—		305,700,000		—
Securities to be held to maturity	182,853,000		176,562,000		—		176,562,000		—
Restricted equity securities	13,912,000		13,912,000		—		13,912,000		—
Loans held for sale	56,000		56,000		—		56,000		—
Loans (net of allowance for loan losses)
Commercial
Real estate	234,848,000		233,305,000		—		672,000		232,633,000
Construction	20,986,000		20,848,000		—		—		20,848,000
Other	94,618,000		94,888,000		—		199,000		94,689,000
Municipal	17,772,000		18,089,000		—		—		18,089,000
Residential
Term	371,018,000		375,802,000		—		1,397,000		374,405,000
Construction	12,334,000		12,312,000		—		—		12,312,000
Home equity line of credit	91,362,000		91,075,000		—		59,000		91,016,000
Consumer	14,321,000		14,650,000		—		—		14,650,000
Total loans	857,259,000		860,969,000		—		2,327,000		858,642,000
Mortgage servicing rights	1,129,000		2,114,000		—		2,114,000		—
Accrued interest receivable	5,962,000		5,962,000		—		5,962,000		—
Financial liabilities
Demand deposits	$	94,260,000	$	87,904,000	$	—	$	87,904,000	$	—
NOW deposits	158,278,000		140,824,000		—		140,824,000		—
Money market deposits	89,382,000		72,560,000		—		72,560,000		—
Savings deposits	149,076,000		126,637,000		—		126,637,000		—
Local certificates of deposit	224,552,000		226,091,000		—		226,091,000		—
National certificates of deposit	330,422,000		332,069,000		—		332,069,000		—
Total deposits	1,045,970,000		986,085,000		—		986,085,000		—
Repurchase agreements	83,372,000		83,372,000		—		83,372,000		—
Federal Home Loan Bank advances	170,147,000		174,646,000		—		174,646,000		—
Total borrowed funds	253,519,000		258,018,000		—		258,018,000		—
Accrued interest payable	607,000		607,000		—		607,000		—