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FAIR VALUE DISCLOSURES (Tables)

12 Months Ended

Dec. 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 December 31, 2015 or 2014. A summary of assets at December 31, 2015 and 2014, 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, 2015
Securities available for sale:
U.S. Government Agencies	$	0			$	47,227			$	0			$	47,227
States and political subdivisions	0				125,961				0				125,961
GSE residential mortgage-backed securities	0				132,349				0				132,349
GSE residential collateralized mortgage obligations (CMOs)	0				15,843				0				15,843
GSE commercial CMOs	0				63,770				0				63,770
Private label CMOs	0				8,901				0				8,901
Total debt securities	0				394,051				0				394,051
Equity securities – financial services	0				73				0				73
Total securities	$	0			$	394,124			$	0			$	394,124
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 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, 2015
Impaired Loans
Commercial real estate:
Owner-occupied	$	0			$	0			$	881			$	881
Non-owner occupied	0				0				736				736
Multi-family	0				0				233				233
Non-owner occupied residential	0				0				570				570
Acquisition and development:
Commercial and land development	0				0				5				5
Residential mortgage:
First lien	0				0				2,094				2,094
Home equity - lines of credit	0				0				229				229
Installment and other loans	0				0				9				9
Total impaired loans	$	0			$	0			$	4,757			$	4,757
Foreclosed real estate
Residential	$	0			$	0			$	101			$	101
Commercial and land development	0				0				74				74
Total foreclosed real estate	$	0			$	0			$	175			$	175
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

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, 2015
Impaired loans	$	4,757			Appraisal of collateral		Management adjustments on appraisals for property type and recent activity		0% - 70% discount
							Management adjustments for liquidation expenses		6% - 44% discount
Foreclosed real estate	175				Appraisal of collateral		Management adjustments on appraisals for property type and recent activity		10% - 20% discount
							Management adjustments for liquidation expenses		5% - 6% 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

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, 2015
Financial Assets
Cash and due from banks	$	11,412			$	11,412			$	11,412			$	0			$	0
Interest bearing deposits with banks	16,928				16,928				16,928				0				0
Restricted investments in bank stock	8,720				n/a				n/a				n/a				n/a
Securities available for sale	394,124				394,124				0				394,124				0
Loans held for sale	5,917				6,045				0				6,045				0
Loans, net of allowance for loan losses	768,145				776,067				0				0				776,067
Accrued interest receivable	3,845				3,845				0				2,257				1,588
Financial Liabilities
Deposits	1,032,167				1,032,265				0				1,032,265				0
Short-term borrowings	89,156				89,156				0				89,156				0
Long-term debt	24,495				25,357				0				25,357				0
Accrued interest payable	366				366				0				366				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
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
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258

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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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