Balances of Assets Measured at Fair Value on a Recurring Basis |
The following tables present the balances of assets measured at
fair value on a recurring basis as of March 31, 2017 and
December 31, 2016 (in thousands).
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Fair Value Measurements at
March 31, 2017 |
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Description
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Balance as of
March 31,
2017 |
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Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1) |
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Significant
Other
Observable
Inputs
(Level 2) |
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Significant
Unobservable
Inputs
(Level 3) |
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Securities available for sale
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U.S. agency and mortgage-backed securities
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$ |
77,227 |
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$ |
— |
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$ |
77,227 |
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$ |
— |
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Obligations of states and political subdivisions
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14,669 |
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— |
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14,669 |
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— |
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Corporate equity securities
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11 |
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11 |
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— |
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— |
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$ |
91,907 |
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$ |
11 |
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$ |
91,896 |
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$ |
— |
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Fair Value Measurements at December 31, 2016 |
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Description
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Balance as of
December 31,
2016 |
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|
Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1) |
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|
Significant
Other
Observable
Inputs
(Level 2) |
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|
Significant
Unobservable
Inputs
(Level 3) |
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Securities available for sale
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U.S. agency and mortgage-backed securities
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$ |
80,171 |
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$ |
— |
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$ |
80,171 |
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$ |
— |
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Obligations of states and political subdivisions
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14,620 |
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— |
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14,620 |
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— |
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Corporate equity securities
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11 |
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11 |
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— |
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— |
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$ |
94,802 |
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$ |
11 |
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$ |
94,791 |
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$ |
— |
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Carrying Values and Estimated Fair Values of Company's Financial Instruments |
The carrying values and estimated fair values of the
Company’s financial instruments at March 31, 2017 and
December 31, 2016 are as follows (in thousands):
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Fair Value Measurements at
March 31, 2017 Using |
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Carrying
Amount |
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Quoted
Prices in
Active
Markets for
Identical
Assets
Level 1 |
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Significant
Other
Observable
Inputs
Level 2 |
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Significant
Unobservable
Inputs
Level 3 |
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Fair Value |
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Financial Assets
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Cash and short-term investments
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$ |
45,839 |
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$ |
45,839 |
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$ |
— |
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$ |
— |
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$ |
45,839 |
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Securities available for sale
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91,907 |
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11 |
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91,896 |
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— |
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91,907 |
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Securities held to maturity
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51,999 |
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— |
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50,124 |
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1,484 |
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51,608 |
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Restricted securities
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1,570 |
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— |
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1,570 |
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— |
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1,570 |
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Loans, net
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492,319 |
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— |
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— |
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492,578 |
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492,578 |
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Bank owned life insurance
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14,013 |
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— |
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14,013 |
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— |
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14,013 |
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Accrued interest receivable
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1,753 |
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— |
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1,753 |
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— |
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1,753 |
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Financial Liabilities
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Deposits
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$ |
654,769 |
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$ |
— |
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$ |
527,921 |
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$ |
125,608 |
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$ |
653,529 |
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Subordinated debt
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4,934 |
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— |
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— |
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4,709 |
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4,709 |
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Junior subordinated debt
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9,279 |
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— |
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— |
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9,175 |
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9,175 |
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Accrued interest payable
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88 |
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— |
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88 |
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— |
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88 |
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Fair Value Measurements at
December 31, 2016 Using |
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Carrying
Amount |
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Quoted
Prices in
Active
Markets for
Identical
Assets
Level 1 |
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Significant
Other
Observable
Inputs
Level 2 |
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Significant
Unobservable
Inputs
Level 3 |
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Fair Value |
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Financial Assets
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Cash and short-term investments
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$ |
41,092 |
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$ |
41,092 |
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$ |
— |
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$ |
— |
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$ |
41,092 |
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Securities available for sale
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94,802 |
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11 |
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94,791 |
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— |
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94,802 |
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Securities held to maturity
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53,398 |
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— |
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51,223 |
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1,486 |
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52,709 |
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Restricted securities
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1,548 |
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— |
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1,548 |
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— |
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1,548 |
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Loans held for sale
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337 |
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— |
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|
337 |
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— |
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337 |
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Loans, net
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480,746 |
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— |
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— |
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481,475 |
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481,475 |
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Bank owned life insurance
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13,928 |
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— |
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13,928 |
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— |
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13,928 |
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Accrued interest receivable
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1,746 |
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— |
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1,746 |
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— |
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1,746 |
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Financial Liabilities
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Deposits
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$ |
645,570 |
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$ |
— |
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$ |
517,143 |
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$ |
127,179 |
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$ |
644,322 |
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Subordinated debt
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4,930 |
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— |
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— |
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4,715 |
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4,715 |
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Junior subordinated debt
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9,279 |
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— |
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— |
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9,075 |
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9,075 |
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Accrued interest payable
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95 |
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— |
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95 |
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— |
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95 |
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