Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Estimated Fair Value of Financial Instruments

The estimated carrying and fair values of the Company’s financial instruments are as follows (in thousands):

	December 31, 2015
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Financial assets:
Cash and due from banks	$	23,339	$	23,339	$	—	$	—	$	23,339
Interest-earning deposits in other banks	70,988		70,988		—		—		70,988
Federal funds sold	290		290		—		—		290
Available-for-sale investment securities	477,554		7,536		470,018		—		477,554
Held-to-maturity investment securities	31,712		—		35,142		—		35,142
Loans, net	588,501		—		—		585,737		585,737
Federal Home Loan Bank stock	4,823		N/A		N/A		N/A		N/A
Accrued interest receivable	6,355		27		3,414		2,914		6,355
Financial liabilities:
Deposits	1,116,267		976,433		139,353		—		1,115,786
Junior subordinated deferrable interest debentures	5,155		—		—		3,200		3,200
Accrued interest payable	101		—		76		25		101

	December 31, 2014
	Carrying Amount		Fair Value
			Level 1		Level 2		Level 3		Total
Financial assets:
Cash and due from banks	$	21,316	$	21,316	$	—	$	—	$	21,316
Interest-earning deposits in other banks	55,646		55,646		—		—		55,646
Federal funds sold	366		366		—		—		366
Available-for-sale investment securities	432,535		7,585		424,950		—		432,535
Held-to-maturity investment securities	31,964		—		35,096		—		35,096
Loans, net	564,280		—		—		564,667		564,667
Federal Home Loan Bank stock	4,791		N/A		N/A		N/A		N/A
Accrued interest receivable	5,793		25		3,212		2,556		5,793
Financial liabilities:
Deposits	1,039,152		885,704		153,475		—		1,039,179
Junior subordinated deferrable interest debentures	5,155		—		—		3,119		3,119
Accrued interest payable	114		—		90		24		114

Fair Value of Assets on a Recurring Basis

The Company is required or permitted to record the following assets at fair value on a recurring basis under other accounting pronouncements (in thousands):

	Fair Value		Level 1		Level 2		Level 3
Available-for-sale securities
Debt Securities:
U.S. Government agencies	$	33,090	$	—	$	33,090	$	—
Obligations of states and political subdivisions	149,295		—		149,295		—
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations	237,872		—		237,872		—
Private label residential mortgage backed securities	4,693		—		4,693		—
Other equity securities	7,585		7,585		—		—
Total assets measured at fair value on a recurring basis	$	432,535	$	7,585	$	424,950	$	—

The Company is required or permitted to record the following assets at fair value on a recurring basis under other accounting pronouncements (in thousands):

	Fair Value		Level 1		Level 2		Level 3
Available-for-sale investment securities
Debt Securities:
U.S. Government agencies	$	52,901	$	—	$	52,901	$	—
Obligations of states and political subdivisions	188,268		—		188,268		—
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations	225,259		—		225,259		—
Private label residential mortgage backed securities	3,590		—		3,590		—
Other equity securities	7,536		7,536		—		—
Total assets measured at fair value on a recurring basis	$	477,554	$	7,536	$	470,018	$	—

Fair Value of Assets on a Non-recurring Basis

The Company may be required, from time to time, to measure certain assets and liabilities at fair value on a non-recurring basis.  These include the following assets and liabilities that are measured at the lower of cost or fair value that were recognized at fair value which was below cost at December 31, 2014 (in thousands):

	Fair Value		Level 1		Level 2		Level 3
Impaired loans:
Commercial:
Commercial and industrial	$	7,019	$	—	$	—	$	7,019
Total commercial	7,019		—		—		7,019
Consumer:
Equity loans and lines of credit	777		—		—		777
Total consumer	777		—		—		777
Total impaired loans	$	7,796	$	—	$	—	$	7,796
Total assets measured at fair value on a non-recurring basis	$	7,796	$	—	$	—	$	7,796

The Company may be required, from time to time, to measure certain assets and liabilities at fair value on a non-recurring basis.  These include the following assets and liabilities that are measured at the lower of cost or fair value that were recognized at fair value which was below cost at December 31, 2015 (in thousands):

	Fair Value		Level 1		Level 2		Level 3
Impaired loans:
Consumer:
Equity loans and lines of credit	$	132	$	—	$	—	$	132
Total consumer	132		—		—		132
Total impaired loans	132		—		—		132
Total assets measured at fair value on a non-recurring basis	$	132	$	—	$	—	$	132

Quantitative Information about Level 3 Fair Value Measurements

The following table presents quantitative information about level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2014 (dollars in thousands):

Description	Fair Value		Valuation Technique(s)	Significant Unobservable Input(s)	Range (Weighted Average)
Commercial and industrial	$	7,019	Sales comparison	Appraiser adjustments on sales comparable data	0.00%-6.00%
			Management estimates	Management adjustments for depreciation in values depending on property types	8.00%-25.00%
Equity loans and lines of credit	$	777	Sales comparison	Appraiser adjustments on sales comparable data	0.00%-3.50%
			Management estimates	Management adjustments for depreciation in values depending on property types	11.00%