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Fair Value (Tables)

6 Months Ended

Jun. 30, 2012

Fair Value [Abstract]

Assets and liabilities measured at fair value on a recurring basis

Assets and liabilities measured at fair value on a recurring basis are as follows at June 30, 2012 and December 31, 2011:

						Fair Value Measurements at June 30, 2012 Using
Description		Total				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Securities Available For Sale:
U.S. Treasury		$	6,069			$	0			$	6,069			$	0
U.S. Government sponsored entities			113,030				0				113,030				0
States and political subdivisions			161,583				0				161,583				0
Residential mortgage and asset backed			372,436				3,148				369,288				0
Commercial mortgage and asset backed			2,132				0				2,132				0
Corporate notes and bonds			13,416				0				11,345				2,071
Pooled trust preferred			360				0				0				360
Pooled SBA			44,883				44,883				0				0
Other securities			1,543				1,543				0				0
Total Securities Available For Sale		$	715,452			$	49,574			$	663,447			$	2,431
Trading Securities:
Equity securities – financial services		$	654			$	654			$	0			$	0
Equity securities – industrials			476				476				0				0
Equity securities – health care			428				428				0				0
Certificates of deposit			382				382				0				0
International mutual funds			252				252				0				0
Equity securities – energy			209				209				0				0
Equity securities – materials			162				162				0				0
Equity securities – technology			158				158				0				0
Equity securities – consumer discretionary			156				156				0				0
Large cap growth mutual funds			147				147				0				0
Money market mutual funds			108				108				0				0
Large cap value mutual funds			103				103				0				0
Corporate notes and bonds			101				0				101				0
Real estate investment trust mutual funds			64				64				0				0
U.S. Government sponsored entities			56				0				56				0
Equity securities – consumer staples			54				54				0				0
Small cap mutual funds			25				25				0				0
Mid cap mutual funds			25				25				0				0
Total Trading Securities		$	3,560			$	3,403			$	157			$	0
Liabilities:
Interest rate swaps		$	(1,779	)		$	0			$	(1,779	)		$	0

						Fair Value Measurements at December 31, 2011 Using
Description		Total				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Securities Available For Sale:
U.S. Treasury		$	8,130			$	0			$	8,130			$	0
U.S. Government sponsored entities			107,492				2,000				105,492				0
States and political subdivisions			158,437				4,655				153,782				0
Residential mortgage and asset backed			300,126				8,577				291,549				0
Commercial mortgage and asset backed			2,122				0				2,122				0
Corporate notes and bonds			13,860				0				11,800				2,060
Pooled trust preferred			340				0				0				340
Pooled SBA			46,056				46,056				0				0
Other securities			1,544				1,544				0				0
Total Securities Available For Sale		$	638,107			$	62,832			$	572,875			$	2,400
Trading Securities:
Equity securities – financial services		$	779			$	779			$	0			$	0
Equity securities – industrials			324				324				0				0
International mutual funds			257				257				0				0
Certificates of deposit			255				255				0				0
Money market mutual funds			241				241				0				0
Equity securities – health care			204				204				0				0
Equity securities – utilities			197				197				0				0
Large cap growth mutual funds			145				145				0				0
Equity securities – consumer staples			145				145				0				0
Equity securities – consumer discretionary			126				126				0				0
Large cap value mutual funds			105				105				0				0
Corporate notes and bonds			100				0				100				0
Equity securities – technology			75				75				0				0
Equity securities – energy			72				72				0				0
Real estate investment trust mutual funds			68				68				0				0
U.S. Government sponsored entities			55				0				55				0
Equity securities – materials			37				37				0				0
Small cap mutual funds			25				25				0				0
Mid cap mutual funds			23				23				0				0
Total Trading Securities		$	3,233			$	3,078			$	155			$	0
Liabilities:
Interest rate swaps		$	(1,669	)		$	0			$	(1,669	)		$	0

Securities available for sale measured at fair value on recurring basis using significant unobservable inputs (Level 3)

The table below presents a reconciliation and income statement classification of gains and losses for all securities available for sale measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended June 30, 2012:

		Corporate notes and bonds				Pooled trust preferred
Balance, April 1, 2012		$	2,040			$	340
Total gains or losses:
Included in other comprehensive income (unrealized)			31				20
Balance, June 30, 2012		$	2,071			$	360

The table below presents a reconciliation and income statement classification of gains and losses for all securities available for sale measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended June 30, 2012:

		Corporate notes and bonds				Pooled trust preferred
Balance, January 1, 2012		$	2,060			$	340
Total gains or losses:
Included in other comprehensive income (unrealized)			11				20
Balance, June 30, 2012		$	2,071			$	360

The table below presents a reconciliation and income statement classification of gains and losses for all securities available for sale measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended June 30, 2011:

		Residential mortgage and asset backed				Corporate notes and bonds				Pooled trust preferred
Balance, April 1, 2011		$	4,106			$	1,895			$	1,402
Total gains or losses:
Included in other comprehensive income (unrealized)			0				(35	)			(40	)
Purchases, issuances, sales, and settlements:
Settlements			(118	)			0				0
Balance, June 30, 2011		$	3,988			$	1,860			$	1,362

The table below presents a reconciliation and income statement classification of gains and losses for all securities available for sale measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended June 30, 2011:

		Residential mortgage and asset backed				Corporate notes and bonds				U.S. Gov’t Sponsored Entities				Pooled trust preferred
Balance, January 1, 2011		$	2,269			$	1,240			$	2,000			$	1,292
Transfers out of Level 3 (a)(b)			0				0				(2,000	)			0
Total gains or losses:
Included in earnings (realized)			0				0				0				(398	)
Included in other comprehensive income (unrealized)			0				620				0				468
Purchases, issuances, sales, and settlements:
Purchases			1,917				0				0				0
Settlements			(198	)			0				0				0
Balance, June 30, 2011		$	3,988			$	1,860			$	0			$	1,362

(a) Transferred from Level 3 to Level 2 since observable market data became available to value the security.

(b) The Corporation’s policy is to recognize transfers in and transfers out as of the actual date of the event or change in circumstances that caused the transfer.

Quantitative information about Level 3 fair value measurements

The following table presents quantitative information about Level 3 fair value measurements at June 30, 2012:

		Fair value				Valuation Technique		Unobservable Inputs		Input Utilized
Corporate notes and bonds			$2,071			Discounted cash flow		Constant prepayment rate Probability of default Discount rate		0%    0% 9.2%
Pooled trust preferred			$360			Discounted cash flow		Collateral default rate Discount rate Recovery probability Prepayment rate		2% annually for 2 years; 0.36% thereafter 19% 10%, lagged 2 years 5% for next 5 years

Sale securities reported as Level 1 securities as of the beginning of the period were transferred to the Level 2 category

During the three months ended June 30, 2012 and 2011, the following available for sale securities reported as Level 1 securities as of the beginning of the period were transferred to the Level 2 category:

		2012				2011
U.S. Treasury		$	0			$	4,053
U.S. Government sponsored entities			26,034				16,124
States and political subdivisions			3,771				4,929
Residential mortgage and asset backed			40,473				37,659
Commercial mortgage and asset backed			0				2,085
Total		$	70,278			$	64,850

During the six months ended June 30, 2012 and 2011, the following available for sale securities reported as Level 1 securities as of the beginning of the period were transferred to the Level 2 category:

		2012				2011
U.S. Government sponsored entities		$	2,000			$	2,000
States and political subdivisions			4,655				4,750
Residential mortgage and asset backed			8,577				20,405
Total		$	15,232			$	27,155

Assets and liabilities measured at fair value on a non-recurring basis

Assets and liabilities measured at fair value on a non-recurring basis are as follows at June 30, 2012 and December 31, 2011:

						Fair Value Measurements at June 30, 2012 Using
Description		Total				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Impaired loans:
Commercial mortgages		$	7,907			$	0			$	0			$	7,907
Commercial, industrial, and agricultural			3,986				0				0				3,986
Residential real estate			437				0				0				437

						Fair Value Measurements at December 31, 2011 Using
Description		Total				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Impaired loans:
Commercial mortgages		$	7,219			$	0			$	0			$	7,219
Commercial, industrial, and agricultural			3,190				0				0				3,190
Residential real estate			105				0				0				105

Quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at June 30, 2012

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 June 30, 2012:

		Fair value				Valuation Technique		Unobservable Inputs		Range (Weighted Average)
Impaired loans – commercial mortgages		$	7,907			Sales comparison approach		Negative adjustment for selling costs and changes in market conditions since appraisal		10% -65% (15%)
Impaired loans – commercial, industrial, and agricultural			3,986			Income approach		Negative adjustment for selling costs and changes in net operating income expectations since appraisal		5% - 65% (29%)
Impaired loans – residential real estate			437			Sales comparison approach		Negative adjustment for selling costs and changes in market conditions since appraisal		10% -19% (16%)

Carrying amount and fair value of financial instruments

The following table presents the carrying amount and fair value of financial instruments at June 30, 2012:

		Carrying				Fair Value Measurement Using:												Total
		Amount				Level 1				Level 2				Level 3				Fair Value
ASSETS
Cash and cash equivalents		$	24,228			$	24,228			$	0			$	0			$	24,228
Interest bearing time deposits with other banks			275				0				281				0				281
Securities available for sale			715,452				49,574				663,447				2,431				715,452
Trading securities			3,560				3,403				157				0				3,560
Loans held for sale			1,499				0				1,554				0				1,554
Net loans			893,077				0				0				918,918				918,918
FHLB and other equity interests			6,848				N/A				N/A				N/A				N/A
Accrued interest receivable			6,903				264				3,527				3,112				6,903
LIABILITIES
Deposits		$	(1,455,421	)		$	(1,231,487	)		$	(227,042	)		$	0			$	(1,458,529	)
FHLB and other borrowings			(82,182	)			0				(91,059	)			0				(91,059	)
Subordinated debentures			(20,620	)			0				0				(10,865	)			(10,865	)
Interest rate swaps			(1,779	)			0				(1,779	)			0				(1,779	)
Accrued interest payable			(1,121	)			(321	)			(783	)			(17	)			(1,121	)

The following table presents the carrying amount and fair value of financial instruments at December 31, 2011:

		Carrying Amount				Fair Value
ASSETS
Cash and cash equivalents		$	39,703			$	39,703
Interest bearing time deposits with other banks			224				229
Securities available for sale			638,107				638,107
Trading securities			3,233				3,233
Loans held for sale			1,442				1,470
Net loans			837,268				862,389
FHLB and other equity interests			6,537				N/A
Accrued interest receivable			6,567				6,567
LIABILITIES
Deposits		$	(1,353,851	)		$	(1,357,415	)
FHLB and other borrowings			(74,456	)			(83,042	)
Subordinated debentures			(20,620	)			(10,906	)
Interest rate swaps			(1,669	)			(1,669	)
Accrued interest payable			(1,308	)			(1,308	)

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Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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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.

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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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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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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