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Fair Value Disclosures (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Summary of Assets Measured at Estimated Fair Value on Recurring Basis

A summary of assets at March 31, 2014 and December 31, 2013, measured at estimated fair value on a recurring basis was as follows:

(Dollars in thousands)		Level 1				Level 2				Level 3				Total Fair Value Measurements
March 31, 2014
Securities available for sale:
U.S. Government Agencies		$	0			$	24,983			$	0			$	24,983
U.S. Government Sponsored Enterprises (GSE)			0				23,813				0				23,813
States and political subdivisions			0				64,769				0				64,769
GSE residential mortgage-backed securities			0				159,200				0				159,200
GSE residential Collateralized Mortgage Obligations (CMOs)			0				95,208				0				95,208
GSE commercial CMOs			0				63,744				0				63,744
Total debt securities			0				431,717				0				431,717
Equity securities - Financial services			0				69				0				69
Total securities		$	0			$	431,786			$	0			$	431,786
December 31, 2013
Securities available for sale:
U.S. Government Agencies		$	0			$	25,451			$	0			$	25,451
U.S. Government Sponsored Enterprises (GSE)			0				13,714				0				13,714
States and political subdivisions			0				71,544				0				71,544
GSE residential mortgage-backed securities			0				198,619				0				198,619
GSE residential Collateralized Mortgage Obligations (CMOs)			0				40,532				0				40,532
GSE commercial CMOs			0				57,014				0				57,014
Total debt securities			0				406,874				0				406,874
Equity securities - Financial services			0				69				0				69
Total securities		$	0			$	406,943			$	0			$	406,943

Summary of Assets Measured at Fair Value on Nonrecurring Basis

A summary of assets at March 31, 2014 and December 31, 2013 measured at fair value on a nonrecurring basis is as follows:

(Dollars in thousands)		Level 1				Level 2				Level 3				Total Fair Value Measurements
March 31, 2014
Impaired loans, net		$	0			$	0			$	4,177			$	4,177
Foreclosed real estate			0				0				558				558
December 31, 2013
Impaired loans, net		$	0			$	0			$	6,457			$	6,457
Foreclosed real estate			0				0				558				558

Summary of Additional Qualitative Information

The following table presents additional qualitative information about assets measured on a nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value:

(Dollars in thousands)

Fair Value Estimate

Valuation Techniques

Unobservable Input

Range

March 31, 2014

Impaired loans

$

4,177

Appraisal of collateral

Management adjustments on appraisals for property type and recent activity

0%-30% discount

Management adjustments for liquidation expenses

5%-10% discount

Foreclosed real estate

558

Appraisal of collateral

Management adjustments on appraisals for property type and recent activity

0%-30% discount

Management adjustments for liquidation expenses

5%-25% discount

December 31, 2013

Impaired loans

$

6,457

Appraisal of collateral

Management adjustments on appraisals for property type and recent activity

0%-30% discount

Management adjustments for liquidation expenses

5%-10% discount

Foreclosed real estate

558

Appraisal of collateral

Management adjustments on appraisals for property type and recent activity

0%-30% discount

Management adjustments for liquidation expenses

5%-10% discount

Financial Instruments at Estimated Fair Values

The estimated fair values of the Company’s financial statements were as follows at March 31, 2014 and December 31, 2013:

(Dollars in thousands)		Carrying Amount				Fair Value				Level 1				Level 2				Level 3
March 31, 2014
Financial Assets
Cash and due from banks		$	16,707			$	16,707			$	16,707			$	0			$	0
Interest bearing deposits with banks			13,650				13,650				13,650				0				0
Restricted investments in bank stock			9,014				9,014				0				0				9,014
Securities available for sale			431,786				431,786				0				431,786				0
Loans held for sale			2,652				2,652				0				2,652				0
Loans, net of allowance for loan losses			652,785				656,884				0				0				656,884
Accrued interest receivable			3,313				3,313				0				0				3,313
Mortgage servicing rights			2,767				3,013				0				0				3,013
Financial Liabilities
Deposits			1,002,405				1,004,122				0				1,004,122				0
Short-term borrowings			48,821				48,821				0				48,821				0
Long-term debt			25,718				26,328				0				26,328				0
Accrued interest payable			339				339				0				339				0
Off-balance sheet instruments			0				0				0				0				0
December 31, 2013
Financial Assets
Cash and due from banks		$	12,995			$	12,995			$	12,995			$	0			$	0
Interest bearing deposits with banks			24,565				24,565				24,565				0				0
Restricted investments in bank stock			9,921				9,921				0				0				9,921
Securities available for sale			406,943				406,943				0				406,943				0
Loans held for sale			1,936				1,936				0				1,936				0
Loans, net of allowance for loan losses			650,072				655,122				0				0				655,122
Accrued interest receivable			3,400				3,400				0				0				3,400
Mortgage servicing rights			2,806				3,090				0				0				3,090
Financial Liabilities
Deposits		$	1,000,390			$	1,002,235				0			$	1,002,235				0
Short-term borrowings			59,032				59,032				0				59,032				0
Long-term debt			16,077				16,645				0				16,645				0
Accrued interest payable			333				333				0				333				0
Off-balance sheet instruments			0				0				0				0				0

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.

+ References

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

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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 of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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