Fair Value (Tables)

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping

For assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy are as follows:

(Dollar amounts in thousands)			(Level 1)		(Level 2)		(Level 3)
Description	Total		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
June 30, 2018:
Securities available for sale
U.S. Treasury and federal agency	$	4,411	$	4,411	$	—	$	—
U.S. government sponsored entities and agencies	20,590		—		20,590		—
U.S. agency mortgage-backed securities: residential	22,544		—		22,544		—
U.S. agency collateralized mortgage obligations: residential	20,254		—		20,254		—
State and political subdivision	24,660		—		24,660		—
Corporate debt securities	7,427		—		3,927		3,500
	$	99,886	$	4,411	$	91,975	$	3,500
Equity securities	$	474	$	474	$	—	$	—
December 31, 2017:
Securities available for sale
U.S. Treasury and federal agency	4,472		4,472		—		—
U.S. government sponsored entities and agencies	13,926		—		13,926		—
U.S. agency mortgage-backed securities: residential	20,758		—		20,758		—
U.S. agency collateralized mortgage obligations: residential	21,924		—		21,924		—
State and political subdivisions	29,240		—		29,240		—
Corporate debt securities	9,030		—		1,032		7,998
	$	99,350	$	4,472	$	86,880	$	7,998
Equity securities	$	1,817	$	1,683	$	—	$	134

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents changes in Level 3 assets measured on a recurring basis for the three and six month periods ended June 30, 2018 and 2017:

(Dollar amounts in thousands)	Three months ended June 30,						Six months ended June 30,
	2018			2017			2018			2017
Balance at the beginning of the period	$	3,525		$	136		$	8,132		$	136
Total gains or losses (realized/unrealized):
Included in earnings	—			—			1			—
Included in other comprehensive income	—			(1		)	—			(1		)
Acquired	—			—			—			—
Sold out of Level 3	(25		)	—			(25		)	—
Transfers in and/or out of Level 3	—			—			(4,608		)	—
Balance at the end of the period	$	3,500		$	135		$	3,500		$	135

Schedule of Carrying Amount and Fair Values of Financial Instruments

The following table sets forth the carrying amount and estimated fair values of the Corporation’s financial instruments included in the consolidated balance sheet as of June 30, 2018 and December 31, 2017:

(Dollar amounts in thousands)
	Carrying		Fair Value Measurements using:
Description	Amount		Total		Level 1		Level 2		Level 3
June 30, 2018:
Financial Assets:
Cash and cash equivalents	$	30,576	$	30,576	$	30,576	$	—	$	—
Securities - available for sale	99,886		99,886		4,411		91,975		3,500
Securities - equities	474		474		474		—		—
Loans held for sale	—		—		—		—		—
Loans, net	587,258		578,642		—		—		578,642
Federal bank stock	4,403		N/A		N/A		N/A		N/A
Accrued interest receivable	2,250		2,250		65		382		1,803
	$	724,847	$	711,828	$	35,526	$	92,357	$	583,945
Financial Liabilities:
Deposits	685,551		687,403		515,638		171,765		—
Borrowed funds	20,050		19,653		—		19,653		—
Accrued interest payable	410		410		32		378		—
	$	706,011	$	707,466	$	515,670	$	191,796	$	—

	Carrying		Fair Value Measurements using:
	Amount		Total		Level 1		Level 2		Level 3
December 31, 2017:
Financial Assets:
Cash and cash equivalents	$	14,374	$	14,374	$	14,374	$	—	$	—
Securities - available for sale	99,350		99,350		4,472		86,880		7,998
Securities - equities	1,817		1,817		1,683		—		134
Loans held for sale	504		504		—		504		—
Loans, net	577,234		577,616		—		—		577,616
Federal bank stock	4,662		—		N/A		N/A		N/A
Accrued interest receivable	2,217		2,217		59		338		1,820
	$	700,158	$	695,878	$	20,588	$	87,722	$	587,568
Financial Liabilities:
Deposits	654,643		657,414		483,956		173,458		—
Borrowed funds	26,000		25,499		—		25,499		—
Accrued interest payable	413		413		23		390		—
	$	681,056	$	683,326	$	483,979	$	199,347	$	—