Fair Value (Tables)

3 Months Ended

Mar. 31, 2017

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 March 31, 2017 and December 31, 2016:

	March 31, 2017
(In thousands)	Level 1		Level 2		Level 3		Total
Securities available for sale:
U.S. Government sponsored entities	$	—	$	3,721	$	—	$	3,721
State and political subdivisions	—		5,863		—		5,863
Residential mortgage-backed securities	—		32,794		—		32,794
Corporate and other securities	—		9,868		—		9,868
Total securities available for sale	$	—	$	52,246	$	—	$	52,246
Interest rate swap agreements	—		1,285		—		1,285
Total	$	—	1,285		$	—	$	1,285
	December 31, 2016
(In thousands)	Level 1		Level 2		Level 3		Total
Securities available for sale:
U.S. Government sponsored entities	$	—	$	3,716	$	—	$	3,716
State and political subdivisions	—		5,502		—		5,502
Residential mortgage-backed securities	—		21,631		—		21,631
Corporate and other securities	—		9,719		—		9,719
Total securities available for sale	$	—	$	40,568	$	—	$	40,568
Interest rate swap agreements	—		1,204		—		1,204
Total	$	—	$	1,204	$	—	$	1,204

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 March 31, 2017
(In thousands)	Level 1		Level 2		Level 3		Total
Financial assets:
OREO	$	—	$	—	$	1,172	$	1,172
Impaired collateral-dependent loans	—		—		2,619		2,619
	Fair value at December 31, 2016
(In thousands)	Level 1		Level 2		Level 3		Total
Financial assets:
OREO	$	—	$	—	$	1,050	$	1,050
Impaired collateral-dependent loans	—		—		1,767		1,767

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 March 31, 2017 and December 31, 2016:

		March 31, 2017				December 31, 2016
(In thousands)	Fair value level	Carrying amount		Estimated fair value		Carrying amount		Estimated fair value
Financial assets:
Cash and cash equivalents	Level 1	$	103,204	$	103,204	$	105,895	$	105,895
Securities (1)	Level 2	73,022		72,975		61,547		61,536
SBA loans held for sale	Level 2	12,163		13,665		14,773		16,440
Loans, net of allowance for loan losses (2)	Level 2	975,833		975,009		946,062		944,772
FHLB stock	Level 2	5,992		5,992		6,037		6,037
Servicing assets	Level 3	2,150		2,150		2,086		2,086
Accrued interest receivable	Level 2	4,483		4,483		4,462		4,462
OREO	Level 3	1,172		1,172		1,050		1,050
Financial liabilities:
Deposits	Level 2	980,703		979,793		945,723		944,886
Borrowed funds and subordinated debentures	Level 2	130,310		129,834		131,310		130,319
Accrued interest payable	Level 2	405		405		430		430

(1) Includes held to maturity (“HTM”) corporate securities that are considered Level 3.  These securities had book values of $3.8 million at March 31, 2017 and December 31, 2016, and market values of $3.6 million at March 31, 2017 and December 31, 2016.

(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 $2.6 million and $1.8 million at March 31, 2017 and December 31, 2016, respectively.