Summary of Financial Assets Measured on a Recurring Basis |
The following table summarizes the fair value of our financial assets measured on a recurring basis by the above pricing observability levels as of September 30, 2016 and December 31, 2015: | | | | | | | | | | | | | | | | | (Dollars in thousands) | Fair Value Measurements | | Quoted Prices in Active Markets for Identical Assets (Level I) | | Significant Other Observable Inputs (Level II) | | Significant Unobservable Inputs (Level III) | September 30, 2016 | | | | | | | | U.S. government agencies | $ | 13,653 |
| | $ | — |
| | $ | 13,653 |
| | $ | — |
| State and political subdivisions | 34,031 |
| | — |
| | 34,031 |
| | — |
| Mortgage-backed securities - | |
| | |
| | |
| | |
| U.S. government-sponsored enterprises | 41,946 |
| | — |
| | 41,946 |
| | — |
| Corporate debt | 2,000 |
| | — |
| | 2,000 |
| | — |
| Derivative instruments | |
| | |
| | |
| | |
| Interest rate swaps | (1,359 | ) | | — |
| | (1,359 | ) | | — |
|
| | | | | | | | | | | | | | | | | December 31, 2015 | | | | | | | | U.S. government agencies | $ | 12,788 |
| | $ | — |
| | $ | 12,788 |
| | $ | — |
| State and political subdivisions | 38,149 |
| | — |
| | 38,149 |
| | — |
| Mortgage-backed securities - | |
| | |
| | |
| | |
| U.S. government-sponsored enterprises | 42,839 |
| | — |
| | 42,839 |
| | — |
|
|
Estimated Fair Values of Financial Instruments |
The fair values of our financial instruments at September 30, 2016 and December 31, 2015, were as follows: | | | | | | | | | | | | | | | | | | | | | | September 30, 2016 | | Quoted Prices in Active Markets for Identical Assets (Level I) | | Significant Other Observable Inputs (Level II) | | Significant Unobservable Inputs (Level III) | (Dollars in thousands) | Carrying Amount | | Fair Value | | | | Financial assets: | | | | | | | | | | Cash and cash equivalents | $ | 12,410 |
| | $ | 12,410 |
| | $ | 12,410 |
| | $ | — |
| | $ | — |
| Time deposits with other banks | 100 |
| | 100 |
| | — |
| | 100 |
| | — |
| Securities available for sale | 91,630 |
| | 91,630 |
| | — |
| | 91,630 |
| | — |
| Securities held to maturity | 6,628 |
| | 6,863 |
| | — |
| | 6,863 |
| | — |
| Federal Home Loan Bank stock | 5,633 |
| | 5,633 |
| | — |
| | 5,633 |
| | — |
| Loans receivable, net of allowance | 656,927 |
| | 655,302 |
| | — |
| | — |
| | 655,302 |
| Accrued interest receivable | 1,797 |
| | 1,797 |
| | — |
| | 1,797 |
| | — |
| | | | | | | | | | | Financial liabilities: | | | | | | | | | | Non-maturity deposits | 446,559 |
| | 446,559 |
| | — |
| | 446,559 |
| | — |
| Time deposits | 178,362 |
| | 178,558 |
| | — |
| | 178,558 |
| | — |
| Short-term borrowings | 36,500 |
| | 36,500 |
| | 36,500 |
| | — |
| | — |
| Long-term borrowings | 71,000 |
| | 72,063 |
| | — |
| | 72,063 |
| | — |
| Junior subordinated debentures | 12,887 |
| | 11,580 |
| | — |
| | 11,580 |
| | — |
| Accrued interest payable | 330 |
| | 330 |
| | — |
| | 330 |
| | — |
| | | | | | | | | | | Derivative instruments: | | | | | | | | | | Interest rate swaps | (1,359 | ) | | (1,359 | ) | | — |
| | (1,359 | ) | | — |
|
| | | | | | | | | | | | | | | | | | | | | | December 31, 2015 | | Quoted Prices in Active Markets for Identical Assets (Level I) | | Significant Other Observable Inputs (Level II) | | Significant Unobservable Inputs (Level III) | (Dollars in thousands) | Carrying Amount | | Fair Value | | | | Financial assets: | | | | | | | | | | Cash and cash equivalents | $ | 6,120 |
| | $ | 6,120 |
| | $ | 6,120 |
| | $ | — |
| | $ | — |
| Time deposits with other banks | 100 |
| | 100 |
| | — |
| | 100 |
| | — |
| Securities available for sale | 93,776 |
| | 93,776 |
| | — |
| | 93,776 |
| | — |
| Securities held to maturity | 6,834 |
| | 7,008 |
| | — |
| | 7,008 |
| | — |
| Federal Home Loan Bank stock | 5,165 |
| | 5,165 |
| | — |
| | 5,165 |
| | — |
| Loans receivable, net of allowance | 537,833 |
| | 528,065 |
| | — |
| | — |
| | 528,065 |
| Accrued interest receivable | 1,764 |
| | 1,764 |
| | — |
| | 1,764 |
| | — |
| | | | | | | | | | | Financial liabilities: | | | | | | | | | | Non-maturity deposits | 380,983 |
| | 380,983 |
| | — |
| | 380,983 |
| | — |
| Time deposits | 136,873 |
| | 136,619 |
| | — |
| | 136,619 |
| | — |
| Short-term borrowings | 34,650 |
| | 34,650 |
| | 34,650 |
| | — |
| | — |
| Long-term borrowings | 61,000 |
| | 58,685 |
| | — |
| | 58,685 |
| | — |
| Junior subordinated debentures | 12,887 |
| | 9,344 |
| | — |
| | 9,344 |
| | — |
| Accrued interest payable | 281 |
| | 281 |
| | — |
| | 281 |
| | — |
|
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