v2.4.0.6

Fair Value of Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2012

Fair Value of Assets and Liabilities [Abstract]

Assets Measured at Fair Value on Recurring Basis

The following table presents the Company's assets that are measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall as of June 30, 2012 and December 31, 2011 (in thousands):

						Fair Value Measurements Using
June 30, 2012		Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Available-for-sale securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	152,050			$	-			$	152,050			$	-
Obligations of states and political subdivisions			48,991				-				48,991				-
Mortgage-backed securities			298,835				-				298,835				-
Trust preferred securities			648				-				-				648
Other securities			9,503				48				9,455				-
Total available-for-sale securities		$	510,027			$	48			$	509,331			$	648

December 31, 2011
Available-for-sale securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	166,066			$	-			$	166,066			$	-
Obligations of states and political subdivisions			41,202				-				41,202				-
Mortgage-backed securities			261,833				-				261,775				58
Trust preferred securities			719				-				-				719
Other securities			9,096				29				9,067				-
Total available-for-sale securities		$	478,916			$	29			$	478,110			$	777

Assets Measured at Fair Value on a 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 fair value hierarchy in which the fair value measurements fall at June 30, 2012 and December 31, 2011 (in thousands):

		Fair Value Measurements Using
June 30, 2012		Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Impaired loans (collateral dependent)		$	2,371			$	-			$	-			$	2,371
Foreclosed assets held for sale			1,313				-				-				1,313
December 31, 2011
Impaired loans (collateral dependent)		$	2,282			$	-			$	-			$	2,282
Foreclosed assets held for sale			2,336				-				-				2,336

Significant Assumptions Used in Valuation of Level 3 Financial Instruments

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

	Fair Value at June 30, 2012	Valuation Technique	Unobservable Inputs	Range                    (Weighted Average)
Trust Preferred Securities	$648	Discounted cash flow	Discount rate Constant prepayment rate (1) Cumulative projected prepayments Probability of default Projected cures given deferral Loss severity	2.8%-24.5% (20.3 %) 5% 11.9%-63.6% (20.1%) .16%-.56% (.55%) 0%-83.3% (6.6%) 90.1%-95.7% (94.5%)
Impaired loans (collateral dependent)	$2,279	Third party valuations	Discount to reflect realizable value	0%-40% (20%)
Foreclosed assets held for sale	$1,313	Third party valuations	Discount to reflect realizable value less estimated selling costs	0%-40% (35%)

(1)   Every five years

Carrying Amounts and Estimated Fair Values of Financial Instruments Not Carried at Fair Value

The following tables present estimated fair values of the Company's financial instruments at June 30, 2012 and December 31, 2011 in accordance with FAS 107-1 and APB 28-1, codified with ASC 805.

		Carrying				Fair
June 30, 2012		Amount				Value				Level 1				Level 2				Level 3
Financial Assets
Cash and due from banks		$	42,316			$	42,316			$	42,316			$	-			$	-
Federal funds sold			60,995				60,995				60,995				-				-
Certificates of deposit investments			11,737				11,724				11,724				-				-
Available-for-sale securities			510,027				510,027				48				509,331				648
Held-to-maturity securities			51				51				-				51				-
Loans held for sale			1,485				1,485				-				1,485				-
Loans net of allowance for loan losses			832,985				833,550				-				-				833,550
Interest receivable			6,069				6,069				-				6,069				-
Federal Reserve Bank stock			1,522				1,522				-				1,522				-
Federal Home Loan Bank stock			3,293				3,293				-				3,293				-
Financial Liabilities
Deposits		$	1,233,800			$	1,234,743			$	-			$	1,008,513			$	226,230
Securities sold under agreements to repurchase			118,030				118,028				-				118,028				-
Interest payable			422				422				-				422				-
Federal Home Loan Bank borrowings			9,750				10,531				-				10,531				-
Junior subordinated debentures			20,620				12,073				-				12,073				-

		Carrying				Fair
December 31, 2011		Amount				Value
Financial Assets
Cash and due from banks		$	52,105			$	52,105
Federal funds sold			20,997				20,997
Certificates of deposit investments			13,231				13,225
Available-for-sale securities			478,916				478,916
Held-to-maturity securities			51				51
Loans held for sale			1,046				1,046
Loans net of allowance for loan losses			847,908				850,308
Interest receivable			7,052				7,052
Federal Reserve Bank stock			1,520				1,520
Federal Home Loan Bank stock			3,727				3,727
Financial Liabilities
Deposits		$	1,170,734			$	1,172,069
Securities sold under agreements to repurchase			132,380				132,383
Interest payable			510				510
Federal Home Loan Bank borrowings			19,750				20,619
Other Borrowings			8,250				8,250
Junior subordinated debentures			20,620				11,969

X

- Definition

Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis.

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-Section 50

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring and/or nonrecurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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-Publisher FASB

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-Paragraph 6

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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