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Fair Value Disclosures (Tables)

3 Months Ended

Mar. 31, 2015

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 March 31, 2015 and December 31, 2014. A summary of assets at March 31, 2015 and December 31, 2014, 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, 2015
Securities available for sale:
U.S. Government Agencies	$	0			$	28,350			$	0			$	28,350
States and political subdivisions	0				58,479				0				58,479
U.S. Government Sponsored enterprises (GSE) residential mortgage-backed securities	0				161,209				0				161,209
GSE residential collateralized mortgage obligations (CMOs)	0				30,478				0				30,478
GSE commercial CMOs	0				71,243				0				71,243
Total debt securities	0				349,759				0				349,759
Equity securities - financial services	0				68				0				68
Total securities	$	0			$	349,827			$	0			$	349,827
	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

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, 2015
Impaired loans	$	5,250			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	540				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, 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

Summary of Assets Measured at Fair Value on Nonrecurring Basis

A summary of assets at March 31, 2015 and December 31, 2014, 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
March 31, 2015
Commercial real estate:
Owner-occupied	$	0			$	0			$	1,152			$	1,152
Non-owner occupied	0				0				919				919
Multi-family	0				0				332				332
Non-owner occupied residential	0				0				535				535
Acquisition and development:
Commercial and land development	0				0				44				44
Commercial and industrial	0				0				29				29
Residential mortgage:
First lien	0				0				2,000				2,000
Home equity - Lines of credit	0				0				227				227
Installment and other loans	0				0				12				12
Impaired loans, net	$	0			$	0			$	5,250			$	5,250
Foreclosed real estate
Residential	$	0			$	0			$	217			$	217
Commercial and land development	0				0				323				323
Total foreclosed real estate	$	0			$	0			$	540			$	540
December 31, 2014
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
Impaired loans, net	$	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

Financial Statements at Estimated Fair Values

The estimated fair values of the Company’s financial instruments were as follows at March 31, 2015 and December 31, 2014:

(Dollars in thousands)	Carrying Amount				Fair Value				Level 1				Level 2				Level 3
March 31, 2015
Financial Assets
Cash and due from banks	$	21,182			$	21,182			$	21,182			$	0			$	0
Interest bearing deposits with banks	11,856				11,856				11,856				0				0
Restricted investments in bank stock	7,678				n/a				n/a				n/a				n/a
Securities available for sale	349,827				349,827				0				349,827				0
Loans held for sale	5,177				5,299				0				5,299				0
Loans, net of allowance for loan losses	713,292				721,120				0				0				721,120
Accrued interest receivable	3,049				3,049				0				1,393				1,656
Mortgage servicing rights	2,637				2,696				0				0				2,696
Financial Liabilities
Deposits	945,756				947,318				0				947,318				0
Short-term borrowings	75,272				75,272				0				75,272				0
Long-term debt	24,734				25,572				0				25,572				0
Accrued interest payable	263				263				0				263				0
Off-balance sheet instruments	0				0				0				0				0
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

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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

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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 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).

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