Fair Values of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2014

Fair Values of Financial Instruments [Abstract]

Fair Value Measurements of Assets Measured at Fair Value on Recurring Basis

The following table presents the fair value measurements of assets measured at fair value on a recurring basis and level within the ASC 820 fair value hierarchy in which the fair value measurements fall:

			Fair Value Measurements Using
	Fair Value		Level 1		Level 2		Level 3
December 31, 2014
Mortgage-backed securities
Government sponsored agencies	$	113,290	$	-	$	113,290	$	-
Collateralized mortgage obligations
Government sponsored agencies		97,759		-		97,759		-
Federal agencies		4		-		4		-
Municipal obligations		29,252		-		29,252		-
Corporate obligations		20,501		-		17,979		2,522
Available-for-sale securities	$	260,806	$	-	$	258,284	$	2,522

			Fair Value Measurements Using
	Fair Value		Level 1		Level 2		Level 3
December 31, 2013
Mortgage-backed securities
Government sponsored agencies	$	103,517	$	-	$	103,517	$	-
Collateralized mortgage obligations
Government sponsored agencies		107,578		-		107,578		-
Federal agencies		4,774		-		4,774		-
Municipal obligations		27,338		-		27,338		-
Corporate obligations		21,141		-		17,805		3,336
Available-for-sale securities	$	264,348	$	-	$	261,012	$	3,336

Reconciliation of Recurring Fair Value Measurements Recognized in Balance Sheet using Significant Unobservable (Level Three) Inputs

The following is a reconciliation of the beginning and ending balances for the years ended December 31, 2014, 2013 and 2012of recurring fair value measurements recognized in the accompanying balance sheets using significant unobservable (Level 3) inputs:

		2014		2013		2012
Beginning balance	$	3,336	$	2,475	$	2,454
Total realized and unrealized gains (losses)
Included in net income		(68)		-		-
Included in other comprehensive income (loss)		2,098		897		30
Sales		(2,826)		-		-
Settlements		(18)		(36)		(9)
Ending balance	$	2,522	$	3,336	$	2,475
Total gains or losses for the period included in net income attributable to the change in unrealized gains or losses related to assets still held at the reporting date	$	0	$	0	$	0

Fair Value Measurement of Assets Measured at Fair Value on Nonrecurring Basis

The following table presents the fair value measurement of assets measured at fair value on a nonrecurring basis and the level within the ASC 820 fair value hierarchy in which the fair value measurements fall:

			Fair Value Measurements Using
	Fair Value		Level 1		Level 2		Level 3
December 31, 2014
Other real estate owned	$	1,280	$	-	$	-	$	1,280

			Fair Value Measurements Using
	Fair Value		Level 1		Level 2		Level 3
December 31, 2013
Impaired loans	$	925	$	-	$	-	$	925
Other real estate owned		1,677		-		-		1,677
Mortgage-servicing rights		2,106		-		-		2,106

Quantitative Information about Unobservable Inputs used in Recurring and Nonrecurring Level Three Fair Value Measurements

The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements.

December 31, 2014	Fair Value		Valuation Technique	Unobservable Inputs	Range
Trust Preferred Securities	$	2,522	Discounted cash flow	Discount rate	8.0	%
				Constant prepayment rate	2.0	%
				Cumulative projected prepayments	40.0	%
				Probability of default	1.7 - 1.8	%
				Projected cures given deferral	0 - 15.0	%
				Loss severity	34.2 - 39.8	%
Other real estate owned	$	1,280	Third party valuations	Discount to reflect realizable value less estimated selling costs	24.4 - 36.7	%

December 31, 2013	Fair Value		Valuation Technique	Unobservable Inputs	Range
Trust Preferred Securities	$	3,336	Discounted cash flow	Discount rate	10.0 - 17.0	%
				Constant prepayment rate	2.0	%
				Cumulative projected prepayments	40.0	%
				Probability of default	1.5 - 2.7	%
				Projected cures given deferral	0 - 15.0	%
				Loss severity	46.9 - 73.7	%
Impaired loans (collateral dependent)	$	925	Third party valuations	Discount to reflect realizable value	7.3 - 78.3	%
Other real estate owned	$	1,677	Third party valuations	Discount to reflect realizable value less estimated selling costs	0 - 25.0	%
Mortgage-servicing rights	$	2,106	Third party valuations	Prepayment speeds	105 - 700	%
				Discount rates	10.0	%
				Servicing fee	0.25	%

Estimated Fair Values of Financial Instruments

The estimated fair values of the Company’s financial instruments not carried at fair value in the consolidated balance sheets as of the dates noted below are as follows:

					Fair Value Measurements Using
December 31, 2014		Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	29,575	$	29,575	$	29,575	$	-	$	-
Loans held for sale		6,140		6,220		-		6,220		-
Loans, net		1,003,518		1,006,233		-		-		1,006,233
FHLB stock		11,964		11,964		-		11,964		-
Interest receivable		3,730		3,730		-		3,730		-
Liabilities
Deposits		1,079,320		1,050,295		648,314		-		401,981
FHLB advances		192,442		191,995		-		191,995		-
Other borrowings		10,174		10,283		-		10,283		-
Interest payable		223		223		-		223		-

					Fair Value Measurements Using
December 31, 2013		Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	25,285	$	25,285	$	25,285	$	-	$	-
Loans held for sale		1,888		1,905		-		1,905		-
Loans, net		965,966		935,414		-		-		935,414
FHLB stock		14,391		14,391		-		14,391		-
Interest receivable		3,775		3,775		-		3,775		-
Liabilities
Deposits		1,113,084		1,068,422		593,457		-		474,965
FHLB advances		142,928		141,526		-		141,526		-
Other borrowings		10,890		11,148		-		11,148		-
Interest payable		157		157		-		157		-