v2.4.0.8

Fair Value of Assets and Liabilities (Tables) | 9 Months Ended
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Sep. 30, 2013
Fair Value Disclosures [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 September 30, 2013 and December 31, 2012 (in thousands):
|  |  | Fair Value Measurements Using
| Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
September 30, 2013 |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | 191,492 |  |  | $ | — |  |  | $ | 191,492 |  |  | $ | — |
Obligations of states and political subdivisions | 64,677 |  |  | — |  |  | 64,677 |  |  | — |
Mortgage-backed securities | 237,896 |  |  | — |  |  | 237,896 |  |  | — |
Trust preferred securities | 174 |  |  | — |  |  | — |  |  | 174 |
Other securities | 6,065 |  |  | 70 |  |  | 5,995 |  |  | — |
Total available-for-sale securities | $ | 500,304 |  |  | $ | 70 |  |  | $ | 500,060 |  |  | $ | 174 |
December 31, 2012 |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | 182,169 |  |  | $ | — |  |  | $ | 182,169 |  |  | $ | — |
Obligations of states and political subdivisions | 56,207 |  |  | — |  |  | 56,207 |  |  | — |
Mortgage-backed securities | 259,460 |  |  | — |  |  | 259,460 |  |  | — |
Trust preferred securities | 585 |  |  | — |  |  | — |  |  | 585 |
Other securities | 9,888 |  |  | 60 |  |  | 9,828 |  |  | — |
Total available-for-sale securities | $ | 508,309 |  |  | $ | 60 |  |  | $ | 507,664 |  |  | $ | 585 |
Fair Value of Assets Measured on a Recurring Basis Using Significant Unobservable Inputs | The change in fair value of assets measured on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30, 2013 and 2012 is summarized as follows (in thousands):
| Available-for-Sale Securities
September 30, 2013 | Mortgage-backed Securities |  | Trust Preferred Securities |  | Total
Beginning balance | $ | — |  |  | $ | 585 |  |  | $ | 585 |
Transfers into Level 3 | — |  |  | — |  |  | — |
Transfers out of Level 3 | — |  |  | — |  |  | — |
Total gains or losses |  |  |  |  |
Included in net income | — |  |  | — |  |  | — |
Included in other comprehensive income (loss) | — |  |  | 911 |  |  | 911 |
Purchases, issuances, sales and settlements |  |  |  |  |  |  |
Purchases | — |  |  | — |  |  | — |
Issuances | — |  |  | — |  |  | — |
Sales | — |  |  | (1,138 | ) |  | (1,138 | )
Settlements | — |  |  | (184 | ) |  | (184 | )
Ending balance | $ | — |  |  | $ | 174 |  |  | $ | 174 |
Total gains or losses for the period included in net income attributable to the change in unrealized gains or losses related to assets and liabilities still held at the reporting date | $ | — |  |  | $ | — |  |  | $ | — |
| Available-for-Sale Securities
September 30, 2012 | Mortgage-backed Securities |  | Trust Preferred Securities |  | Total
Beginning balance | $ | 58 |  |  | $ | 719 |  |  | $ | 777 |
Transfers into Level 3 | — |  |  | — |  |  | — |
Transfers out of Level 3 | (58 | ) |  | — |  |  | (58 | )
Total gains or losses |  |  |  |  |  |  |
Included in net income | — |  |  | — |  |  | — |
Included in other comprehensive income (loss) | — |  |  | 383 |  |  | 383 |
Purchases, issuances, sales and settlements |  |  |  |  |  |  |
Purchases | — |  |  | — |  |  | — |
Issuances | — |  |  | — |  |  | — |
Sales | — |  |  | — |  |  | — |
Settlements | — |  |  | (652 | ) |  | (652 | )
Ending balance | $ | — |  |  | $ | 450 |  |  | $ | 450 |
Total gains or losses for the period included in net income attributable to the change in unrealized gains or losses related to assets and liabilities still held at the reporting date | $ | — |  |  | $ | — |  |  | $ | — |
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 September 30, 2013 and December 31, 2012 (in thousands):
| Fair Value Measurements Using
| Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
September 30, 2013 |  |  |  |  |  |  |
Impaired loans (collateral dependent) | $ | 2,752 |  |  | $ | — |  |  | $ | — |  |  | $ | 174 |
Foreclosed assets held for sale | 93 |  |  | — |  |  | — |  |  | 93 |
December 31, 2012 |  |  |  |  |  |  |  |  |  |  |
Impaired loans (collateral dependent) | $ | 2,681 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,681 |
Foreclosed assets held for sale | 70 |  |  | — |  |  | — |  |  | 70 |
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 September 30, 2013 |  | Valuation Technique |  | Unobservable Inputs |  | Range (Weighted Average)
Trust Preferred Securities | $ | 174 |  |  | Discounted cash flow |  | Discount rate |  | 18.1 | % |  |  | ( | 18.1 | % | )
Constant prepayment rate (1) |  | 1.34 | % |  |  |  |  |
Cumulative projected prepayments |  | 20.5 | % |  |  | ( | 20.5 | % | )
Probability of default |  | 0.32 | % |  |  | ( | 0.3 | % | )
Projected cures given deferral |  | 23.0 | % |  |  | ( | 23.0 | % | )
Loss severity |  | 95.2 | % |  |  | ( | 95.2 | % | )
Impaired loans (collateral dependent) | $ | 2,752 |  |  | Third party valuations |  | Discount to reflect realizable value |  | 0 | % | - | 40% | ( | 20 | % | )
Foreclosed assets held for sale | $ | 93 |  |  | 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 September 30, 2013 and December 31, 2012 in accordance with FAS 107-1 and APB 28-1, codified with ASC 805 (in thousands):
| Carrying Amount |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
September 30, 2013 |  |  |  |  |  |  |  |  |
Financial Assets |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 31,482 |  |  | $ | 31,482 |  |  | $ | 31,482 |  |  | $ | — |  |  | $ | — |
Federal funds sold | 497 |  |  | 497 |  |  | 497 |  |  | — |  |  | — |
Certificates of deposit investments | — |  |  | — |  |  | — |  |  | — |  |  | — |
Available-for-sale securities | 500,304 |  |  | 500,304 |  |  | 70 |  |  | 500,060 |  |  | 174 |
Loans held for sale | 1,101 |  |  | 1,101 |  |  | — |  |  | 1,101 |  |  | — |
Loans net of allowance for loan losses | 929,013 |  |  | 940,957 |  |  | — |  |  | — |  |  | 940,957 |
Interest receivable | 6,888 |  |  | 6,888 |  |  | — |  |  | 6,888 |  |  | — |
Federal Reserve Bank stock | 1,522 |  |  | 1,522 |  |  | — |  |  | 1,522 |  |  | — |
Federal Home Loan Bank stock | 3,391 |  |  | 3,391 |  |  | — |  |  | 3,391 |  |  | — |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits | $ | 1,263,941 |  |  | $ | 1,264,202 |  |  | $ | — |  |  | $ | 1,055,667 |  |  | $ | 208,535 |
Federal funds purchased | 5,000 |  |  | $ | 5,000 |  |  | 5,000 |  |  |  |  |
Securities sold under agreements to repurchase | 78,114 |  |  | 78,118 |  |  | — |  |  | 78,118 |  |  | — |
Interest payable | 254 |  |  | 254 |  |  | — |  |  | 254 |  |  | — |
Federal Home Loan Bank borrowings | 20,000 |  |  | 20,565 |  |  | — |  |  | 20,565 |  |  | — |
Junior subordinated debentures | 20,620 |  |  | 12,180 |  |  | — |  |  | 12,180 |  |  | — |
December 31, 2012 |  |  |  |  |  |  |  |  |
Financial Assets |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 62,213 |  |  | $ | 62,213 |  |  | $ | 62,213 |  |  | $ | — |  |  | $ | — |
Federal funds sold | 20,499 |  |  | 20,499 |  |  | 20,499 |  |  | — |  |  | — |
Certificates of deposit investments | 6,665 |  |  | 6,669 |  |  | 6,669 |  |  | — |  |  | — |
Available-for-sale securities | 508,309 |  |  | 508,309 |  |  | 60 |  |  | 507,664 |  |  | 585 |
Loans held for sale | 212 |  |  | 212 |  |  | — |  |  | 212 |  |  | — |
Loans net of allowance for loan losses | 899,077 |  |  | 908,281 |  |  | — |  |  | — |  |  | 908,281 |
Interest receivable | 6,775 |  |  | 6,775 |  |  | — |  |  | 6,775 |  |  | — |
Federal Reserve Bank stock | 1,522 |  |  | 1,522 |  |  | — |  |  | 1,522 |  |  | — |
Federal Home Loan Bank stock | 3,293 |  |  | 3,293 |  |  | — |  |  | 3,293 |  |  | — |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |
Deposits | $ | 1,274,065 |  |  | $ | 1,275,127 |  |  | $ | — |  |  | $ | 1,066,788 |  |  | $ | 208,339 |
Securities sold under agreements to repurchase | 113,484 |  |  | 113,490 |  |  | — |  |  | 113,490 |  |  | — |
Interest payable | 341 |  |  | 341 |  |  | — |  |  | 341 |  |  | — |
Federal Home Loan Bank borrowings | 5,000 |  |  | 5,719 |  |  | — |  |  | 5,719 |  |  | — |
Junior subordinated debentures | 20,620 |  |  | 11,386 |  |  | — |  |  | 11,386 |  |  | — |

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 + Details
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- Definition 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). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -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. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 6 -Footnote 4 -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. + Details
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- Definition 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). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -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. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 6 -Footnote 4 -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. + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -Subparagraph c -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. + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15 -Subparagraph b-d -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. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 18 -Subparagraph c(2), d, e, f -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. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -Subparagraph a, c(1), c(2), c(3), d -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. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13467-108611 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13476-108611 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 10 -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. Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 14 -Subparagraph a -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. Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 19 -Subparagraph a, b, c(1), d(1) -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. + Details
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