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Fair Value Disclosures (Tables) | 9 Months Ended
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Sep. 30, 2014
Fair Value Disclosures [Abstract] |
Summary of Assets Measured at Estimated Fair Value on Recurring Basis | The Company had no fair value liabilities measured on a recurring basis at September 30, 2014 and December 31, 2013. A summary of assets at September 30, 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
September 30, 2014 |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |
U.S. Government Agencies | $ | 0 |  |  | $ | 24,176 |  |  | $ | 0 |  |  | $ | 24,176 |
States and political subdivisions | 0 |  |  | 52,014 |  |  | 0 |  |  | 52,014 |
U.S. Government Sponsored enterprises (GSE) residential mortgage-backed securities | 0 |  |  | 179,786 |  |  | 0 |  |  | 179,786 |
GSE residential collateralized mortgage obligations (CMOs) | 0 |  |  | 81,984 |  |  | 0 |  |  | 81,984 |
GSE commercial CMOs | 0 |  |  | 64,540 |  |  | 0 |  |  | 64,540 |
Total debt securities | 0 |  |  | 402,500 |  |  | 0 |  |  | 402,500 |
Equity securities - financial services | 0 |  |  | 63 |  |  | 0 |  |  | 63 |
Total securities | $ | 0 |  |  | $ | 402,563 |  |  | $ | 0 |  |  | $ | 402,563 |
| Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value Measurements
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 September 30, 2014 and December 31, 2013, measured at estimated fair value on a nonrecurring basis was as follows:
(Dollars in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value Measurements
September 30, 2014 |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |
Owner-occupied | $ | 0 |  |  | $ | 0 |  |  | $ | 1,389 |  |  | $ | 1,389 |
Non-owner occupied | 0 |  |  | 0 |  |  | 350 |  |  | 350 |
Multi-family | 0 |  |  | 0 |  |  | 96 |  |  | 96 |
Non-owner occupied residential | 0 |  |  | 0 |  |  | 1,087 |  |  | 1,087 |
Acquisition and development: |  |  |  |  |  |  |
Commercial and land development | 0 |  |  | 0 |  |  | 141 |  |  | 141 |
Commercial and industrial | 0 |  |  | 0 |  |  | 29 |  |  | 29 |
Residential mortgage: |  |  |  |  |  |  |
First lien | 0 |  |  | 0 |  |  | 1,689 |  |  | 1,689 |
Installment and other loans | 0 |  |  | 0 |  |  | 14 |  |  | 14 |
Impaired loans, net | $ | 0 |  |  | $ | 0 |  |  | $ | 4,795 |  |  | $ | 4,795 |
Foreclosed real estate | $ | 0 |  |  | $ | 0 |  |  | $ | 718 |  |  | $ | 718 |
December 31, 2013 |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |
Owner-occupied | $ | 0 |  |  | $ | 0 |  |  | $ | 1,031 |  |  | $ | 1,031 |
Non-owner occupied | 0 |  |  | 0 |  |  | 694 |  |  | 694 |
Multi-family | 0 |  |  | 0 |  |  | 322 |  |  | 322 |
Non-owner occupied residential | 0 |  |  | 0 |  |  | 1,662 |  |  | 1,662 |
Acquisition and development: |  |  |  |  |  |  |
Commercial and land development | 0 |  |  | 0 |  |  | 51 |  |  | 51 |
Commercial and industrial | 0 |  |  | 0 |  |  | 592 |  |  | 592 |
Residential mortgage: |  |  |  |  |  |  |
First lien | 0 |  |  | 0 |  |  | 599 |  |  | 599 |
Impaired loans, net | $ | 0 |  |  | $ | 0 |  |  | $ | 4,951 |  |  | $ | 4,951 |
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
September 30, 2014 |  |  |  |  |  |  |
Impaired loans | $ | 4,795 |  |  | 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 | 718 |  |  | 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 | $ | 4,951 |  |  | 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 Statements at Estimated Fair Values | The estimated fair values of the Company’s financial statements were as follows at September 30, 2014 and December 31, 2013:
(Dollars in thousands) | Carrying Amount |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
September 30, 2014 |  |  |  |  |  |  |  |  |
Financial Assets |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 15,524 |  |  | $ | 15,524 |  |  | $ | 15,524 |  |  | $ | 0 |  |  | $ | 0 |
Interest bearing deposits with banks | 20,213 |  |  | 20,213 |  |  | 20,213 |  |  | 0 |  |  | 0 |
Restricted investments in bank stock | 9,334 |  |  | n/a |  |  | n/a |  |  | n/a |  |  | n/a |
Securities available for sale | 402,563 |  |  | 402,563 |  |  | 0 |  |  | 402,563 |  |  | 0 |
Loans held for sale | 4,164 |  |  | 4,164 |  |  | 0 |  |  | 4,164 |  |  | 0 |
Loans, net of allowance for loan losses | 664,355 |  |  | 670,934 |  |  | 0 |  |  | 0 |  |  | 670,934 |
Accrued interest receivable | 3,151 |  |  | 3,151 |  |  | 0 |  |  | 1,554 |  |  | 1,597 |
Mortgage servicing rights | 2,730 |  |  | 2,892 |  |  | 0 |  |  | 0 |  |  | 2,892 |
Financial Liabilities |  |  |  |  |  |  |  |  |
Deposits | 989,234 |  |  | 990,207 |  |  | 0 |  |  | 990,207 |  |  | 0 |
Short-term borrowings | 56,279 |  |  | 56,127 |  |  | 0 |  |  | 56,127 |  |  | 0 |
Long-term debt | 14,986 |  |  | 15,734 |  |  | 0 |  |  | 15,734 |  |  | 0 |
Accrued interest payable | 271 |  |  | 271 |  |  | 0 |  |  | 271 |  |  | 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 |  |  | n/a |  |  | n/a |  |  | n/a |  |  | n/a |
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 |  |  | 1,902 |  |  | 1,498 |
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 |

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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=36462937&loc=d3e19207-110258 + Details
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- Definition 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). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19296-110258 + 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 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 Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 Reference 2: 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=36462937&loc=d3e19207-110258 + Details
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