Fair Value (Tables)

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

Balances of Assets And Liabilities Measured at Fair Value on Recurring Basis

The tables below present the balances of assets and liabilities measured at fair value on a recurring basis as of June 30, 2016 and December 31, 2015:

	June 30, 2016
(In thousands)	Level 1		Level 2			Level 3		Total
Securities available for sale:
U.S. Government sponsored entities	$	—	$	7,042		$	—	$	7,042
State and political subdivisions	—		5,650			—		5,650
Residential mortgage-backed securities	—		23,707			—		23,707
Corporate and other securities	—		8,867			—		8,867
Total securities available for sale	$	—	$	45,266		$	—	$	45,266
Interest rate swap agreements	—		(886		)	—		(886		)
Total	$	—	(886		)	$	—	$	(886	)
	December 31, 2015
(In thousands)	Level 1		Level 2			Level 3		Total
Securities available for sale:
U.S. Government sponsored entities	$	—	$	6,581		$	—	$	6,581
State and political subdivisions	—		10,782			—		10,782
Residential mortgage-backed securities	—		26,439			—		26,439
Corporate and other securities	—		9,063			—		9,063
Total securities available for sale	$	—	$	52,865		$	—	$	52,865
Interest rate swap agreements	—		(28		)	—		(28		)
Total	$	—	$	(28	)	$	—	$	(28	)

Assets and Liabilities Subject to Fair Value Adjustments (Impairment) on Non-Recurring Basis Carried on Balance Sheet by Caption and by Level within Hierarchy

The following tables present the assets and liabilities subject to fair value adjustments (impairment) on a non-recurring basis carried on the balance sheet by caption and by level within the hierarchy (as described above):

	Fair value at June 30, 2016
(In thousands)	Level 1		Level 2		Level 3		Total
Financial assets:
OREO	$	—	$	—	$	1,702	$	1,702
Impaired collateral-dependent loans	—		—		4,402		4,402
	Fair value at December 31, 2015
(In thousands)	Level 1		Level 2		Level 3		Total
Financial assets:
OREO	$	—	$	—	$	1,591	$	1,591
Impaired collateral-dependent loans	—		—		6,331		6,331

Carrying Amount and Estimated Fair Values of Financial Instruments

The table below presents the carrying amount and estimated fair values of the Company’s financial instruments presented as of June 30, 2016 and December 31, 2015:

		June 30, 2016				December 31, 2015
(In thousands)	Fair value level	Carrying amount		Estimated fair value		Carrying amount		Estimated fair value
Financial assets:
Cash and cash equivalents	Level 1	$	96,077	$	96,077	$	88,157	$	88,157
Securities (1)	Level 2	73,994		74,599		71,336		71,472
SBA loans held for sale	Level 2	13,245		14,692		13,114		14,324
Loans, net of allowance for loan losses (2)	Level 2	889,040		895,597		863,085		864,691
FHLB stock	Level 2	5,092		5,092		4,600		4,600
Servicing assets	Level 3	1,953		1,953		1,389		1,389
Accrued interest receivable	Level 2	3,953		3,953		3,884		3,884
OREO	Level 3	1,702		1,702		1,591		1,591
Financial liabilities:
Deposits	Level 2	912,198		914,353		894,493		893,651
Borrowed funds and subordinated debentures	Level 2	124,310		126,652		107,465		109,549
Accrued interest payable	Level 2	368		368		461		461

(1) Includes held to maturity (“HTM”) commercial mortgage-backed securities that are considered Level 3.  These securities had book values of $3.8 million and $3.9 million at June 30, 2016 and December 31, 2015, respectively, and market values of $4.0 million and $3.8 million at June 30, 2016 and December 31, 2015, respectively.

(2) Includes collateral-dependent impaired loans that are considered Level 3 and reported separately in the tables under the “Fair Value on a Nonrecurring Basis” heading.  Collateral-dependent impaired loans, net of specific reserves totaled $4.4 million and $6.3 million at June 30, 2016 and December 31, 2015, respectively.