Fair Value (Tables)

3 Months Ended

Mar. 31, 2016

Fair Value [Abstract]

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

	March 31, 2016
(In thousands)	Level 1		Level 2		Level 3		Total
Securities available for sale:
U.S. Government sponsored entities	$	-	$	7,004	$	-	$	7,004
State and political subdivisions		-		7,573		-		7,573
Residential mortgage-backed securities		-		25,034		-		25,034
Corporate and other securities		-		8,955		-		8,955
Total securities available for sale	$	-	$	48,566	$	-	$	48,566
Interest rate swap agreements		-		(520)		-		(520)
Total	$	-	$	(520)	$	-	$	(520)
	December 31, 2015
(In thousands)	Level 1		Level 2		Level 3		Total
Securities available for sale:
U.S. Government sponsored entities	$	-	$	6,581	$	-	$	6,581
State and political subdivisions		-		10,782		-		10,782
Residential mortgage-backed securities		-		26,439		-		26,439
Corporate and other securities		-		9,063		-		9,063
Total securities available for sale	$	-	$	52,865	$	-	$	52,865
Interest rate swap agreements		-		(28)		-		(28)
Total	$	-	$	(28)	$	-	$	(28)

Assets and Liabilities Subject to Fair Value Adjustments (Impairment) on Non-Recurring Basis Carried on Balance Sheet by Caption and by Level within Hierarchy

	Fair value at March 31, 2016
(In thousands)	Level 1		Level 2		Level 3		Total
Financial assets:
OREO	$	-	$	-	$	1,417	$	1,417
Impaired collateral-dependent loans		-		-		3,193		3,193
	Fair value at December 31, 2015
(In thousands)	Level 1		Level 2		Level 3		Total
Financial assets:
OREO	$	-	$	-	$	1,591	$	1,591
Impaired collateral-dependent loans		-		-		6,331		6,331

Carrying Amount and Estimated Fair Values of Financial Instruments

			March 31, 2016				December 31, 2015
(In thousands)	Fair value level		Carrying amount		Estimated fair value		Carrying amount		Estimated fair value
Financial assets:
Cash and cash equivalents		Level 1	$	126,473	$	126,473	$	88,157	$	88,157
Securities (1)		Level 2		66,729		67,122		71,336		71,472
SBA loans held for sale		Level 2		13,224		14,738		13,114		14,324
Loans, net of allowance for loan losses (2)		Level 2		861,132		866,393		863,085		864,691
FHLB stock		Level 2		4,735		4,735		4,600		4,600
Servicing assets		Level 3		1,809		1,809		1,389		1,389
Accrued interest receivable		Level 2		3,839		3,839		3,884		3,884
OREO		Level 3		1,417		1,417		1,591		1,591
Financial liabilities:
Deposits		Level 2		926,819		928,244		894,493		893,651
Borrowed funds and subordinated debentures		Level 2		105,310		107,647		107,465		109,549
Accrued interest payable		Level 2		390		390		461		461

(1)	Includes held to maturity (“HTM”) commercial mortgage-backed securities that are considered Level 3.  These securities had book values of $3.9 million at March 31, 2016 and December 31, 2015, and market values of $3.9 million and $3.8 million at March 31, 2016 and December 31, 2015, respectively.
(2)	Includes collateral-dependent 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 $3.2 million and $6.3 million at March 31, 2016 and December 31, 2015, respectively.