Fair Value (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2017 and December 31, 2016:

	June 30, 2017
(In thousands)	Level 1		Level 2		Level 3		Total
Securities available for sale:
U.S. Government sponsored entities	$	—	$	5,763	$	—	$	5,763
State and political subdivisions	—		5,877		—		5,877
Residential mortgage-backed securities	—		35,105		—		35,105
Corporate and other securities	—		8,080		—		8,080
Total securities available for sale	$	—	$	54,825	$	—	$	54,825
Interest rate swap agreements	—		973		—		973
Total	$	—	973		$	—	$	973
	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 June 30, 2017
(In thousands)	Level 1		Level 2		Level 3		Total
Financial assets:
OREO	$	—	$	—	$	581	$	581
Impaired collateral-dependent loans	—		—		1,091		1,091
	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 June 30, 2017 and December 31, 2016:

		June 30, 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	$	104,815	$	104,815	$	105,895	$	105,895
Securities (1)	Level 2	75,066		75,274		61,547		61,536
SBA loans held for sale	Level 2	13,950		15,708		14,773		16,440
Loans, net of allowance for loan losses (2)	Level 2	1,020,054		1,018,549		946,062		944,772
FHLB stock	Level 2	7,101		7,101		6,037		6,037
Servicing assets	Level 3	2,003		2,003		2,086		2,086
Accrued interest receivable	Level 2	4,669		4,669		4,462		4,462
OREO	Level 3	581		581		1,050		1,050
Financial liabilities:
Deposits	Level 2	1,003,967		1,003,168		945,723		944,886
Borrowed funds and subordinated debentures	Level 2	152,310		151,862		131,310		130,319
Accrued interest payable	Level 2	410		410		430		430

(1) Includes held to maturity (“HTM”) corporate securities that are considered Level 3.  These securities had book values of $3.7 million and $3.8 million at June 30, 2017 and December 31, 2016, respectively, and market values of $3.7 million and $3.6 million at June 30, 2017 and December 31, 2016, 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 $1.1 million and $1.8 million at June 30, 2017 and December 31, 2016, respectively.