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FAIR VALUE DISCLOSURES (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2014 or 2013. A summary of assets at December 31, 2014 and 2013, measured at estimated fair value on a recurring basis were as follows:

(Dollars in Thousands)	Level 1				Level 2				Level 3				Total Fair Value Measurements
December 31, 2014
Securities available for sale:
U.S. Government Agencies	$	0			$	23,958			$	0			$	23,958
States and political subdivisions	0				52,401				0				52,401
GSE residential mortgage-backed securities	0				175,596				0				175,596
GSE residential collateralized mortgage obligations (CMOs)	0				58,705				0				58,705
GSE commercial CMOs	0				65,472				0				65,472
Total debt securities	0				376,132				0				376,132
Equity securities – financial services	0				67				0				67
Total securities	$	0			$	376,199			$	0			$	376,199
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 December 31 measured at fair value on a nonrecurring basis is as follows:

(Dollars in thousands)	Level 1				Level 2				Level 3				Total Fair Value Measurements
December 31, 2014
Impaired Loans
Commercial real estate:
Owner-occupied	$	0			$	0			$	1,228			$	1,228
Non-owner occupied	0				0				192				192
Multi-family	0				0				92				92
Non-owner occupied residential	0				0				937				937
Acquisition and development:
Commercial and land development	0				0				117				117
Commercial and industrial	0				0				29				29
Residential mortgage:
First lien	0				0				2,022				2,022
Home equity - Lines of credit	0				0				229				229
Installment and other loans	0				0				13				13
Total impaired loans	$	0			$	0			$	4,859			$	4,859
Foreclosed real estate
Residential	$	0			$	0			$	217			$	217
Commercial and land development	0				0				569				569
Total foreclosed real estate	$	0			$	0			$	786			$	786
December 31, 2013
Impaired loans
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
Total impaired loans	$	0			$	0			$	4,951			$	4,951
Foreclosed real estate
Residential	$	0			$	0			$	208			$	208
Commercial and land development	0				0				350				350
Total 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:

	Fair Value Estimate				Valuation Techniques		Unobservable Input		Range
December 31, 2014
Impaired loans	$	4,859			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	786				Appraisal of collateral		Management adjustments on appraisals for property type and recent activity		0% - 5% discount
							Management adjustments for liquidation expenses		6% - 18% 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 Instruments at Estimated Fair Values

The estimated fair values of the Company’s financial instruments were as follows at December 31:

(Dollars in thousands)	Carrying Amount				Fair Value				Level 1				Level 2				Level 3
December 31, 2014
Financial Assets
Cash and due from banks	$	18,174			$	18,174			$	18,174			$	0			$	0
Interest bearing deposits with banks	13,235				13,235				13,235				0				0
Restricted investments in bank stock	8,350				n/a				n/a				n/a				n/a
Securities available for sale	376,199				376,199				0				376,199				0
Loans held for sale	3,159				3,249				0				3,249				0
Loans, net of allowance for loan losses	690,199				697,506				0				0				697,506
Accrued interest receivable	3,097				3,097				0				1,593				1,504
Mortgage servicing rights	2,684				2,785				0				0				2,785
Financial Liabilities
Deposits	949,704				950,667				0				950,667				0
Short-term borrowings	86,742				86,742				0				86,742				0
Long-term debt	14,812				15,610				0				15,610				0
Accrued interest payable	273				273				0				273				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.

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-Publisher FASB

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-Topic 820

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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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