Fair Value (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

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

The tables below present the balances of assets measured at fair value on a recurring basis as of December 31^st for the past two years: 

	Fair Value Measurements at December 31, 2018 Using
(In thousands)	Assets/Liabilities Measured at Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Measured on a recurring basis:
Assets:
Securities available for sale:
U.S. Government sponsored entities	$	5,642	$	—	$	5,642	$	—
State and political subdivisions	4,498		—		4,498		—
Residential mortgage-backed securities	26,613		—		26,613		—
Corporate and other securities	9,960		—		9,960		—
Total securities available for sale	$	46,713	$	—	$	46,713	$	—
Equity securities	2,144		—		2,144		—
Total equity securities	$	2,144	$	—	$	2,144	$	—
Interest rate swap agreements	1,433		—		1,433		—
Total swap agreements	$	1,433	$	—	$	1,433	$	—
	Fair Value Measurements at December 31, 2017 Using
(In thousands)	Assets/Liabilities Measured at Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Measured on a recurring basis:
Assets:
Securities available for sale:
U.S. Government sponsored entities	$	5,691	$	—	$	5,691	$	—
State and political subdivisions	5,192		—		5,192		—
Residential mortgage-backed securities	31,878		—		31,878		—
Corporate and other securities	10,732		—		10,732		—
Total securities available for sale (1)	$	53,493	$	—	$	53,493	$	—
Interest rate swap agreements	1,407		—		1,407		—
Total swap agreements	$	1,407	$	—	$	1,407	$	—

(1) Securities available for sale at December 31, 2017, include equity securities of $1.2 million.

Assets and Liabilities Carried on the Balance Sheet by Caption And By Level Within The 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 Measurements at December 31, 2018 Using
(In thousands)	Assets/Liabilities Measured at Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Net (Credit) Provision During Period
Measured on a non-recurring basis:
Financial assets:
OREO	$	56	$	—	$	—	$	56	$	(196	)
Impaired collateral-dependent loans	2,625		—		—		2,625		(335		)
	Fair Value Measurements at December 31, 2017 Using
(In thousands)	Assets/Liabilities Measured at Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Net (Credit) Provision During Period
Measured on a non-recurring basis:
Financial assets:
OREO	$	426	$	—	$	—	$	426	$	(299	)
Impaired collateral-dependent loans	1,126		—		—		1,126		(86		)

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 not previously presented as of December 31^st for the past two years:

		December 31, 2018				December 31, 2017
(In thousands)	Fair value level	Carrying amount		Estimated fair value		Carrying amount		Estimated fair value
Financial assets:
Cash and cash equivalents	Level 1	$	145,515	$	145,515	$	150,254	$	150,254
Securities (1)	Level 2	63,732		63,600		69,800		69,839
SBA loans held for sale	Level 2	11,171		12,177		22,810		25,568
Loans, net of allowance for loan losses (2)	Level 2	1,277,907		1,268,909		1,134,308		1,133,739
Federal Home Loan Bank stock	Level 2	10,795		10,795		12,863		12,863
Servicing assets	Level 3	2,375		2,375		1,800		1,800
Accrued interest receivable	Level 2	6,399		6,399		5,447		5,447
OREO	Level 3	56		56		426		426
Financial liabilities:
Deposits	Level 2	1,207,687		1,204,731		1,043,137		1,041,111
Borrowed funds and subordinated debentures	Level 2	220,310		218,879		285,310		284,117
Accrued interest payable	Level 2	406		406		436		436

(1) Includes held to maturity commercial mortgage-backed securities that are considered Level 3. These securities had book values of $3.6 million and $3.7 million at December 31, 2018 and 2017, respectively, with market values of $3.4 million and $3.5 million. Includes one corporate bond with a book value and market value of $1.0 million at December 31, 2018 and 2017.

(2) Includes 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 $1.1 million at December 31, 2018 and 2017.