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FAIR VALUE DISCLOSURES (Tables)

9 Months Ended

Sep. 30, 2016

Fair Value Disclosures [Abstract]

Summary of Assets Measured at Estimated Fair Value on Recurring Basis

A summary of assets at September 30, 2016 and December 31, 2015, 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, 2016
Securities available for sale:
U.S. Government Agencies	$	0			$	41,869			$	0			$	41,869
States and political subdivisions	0				130,399				0				130,399
U.S. Government Sponsored enterprises (GSE) residential mortgage-backed securities	0				123,881				0				123,881
GSE residential collateralized mortgage obligations (CMOs)	0				72,698				0				72,698
Private label CMOs	0				5,977				0				5,977
Total debt securities	0				374,824				0				374,824
Equity securities	0				78				0				78
Total securities	$	0			$	374,902			$	0			$	374,902
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	0				73				0				73
Total securities	$	0			$	394,124			$	0			$	394,124

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, 2016
Impaired loans	$	9,841			Appraisal of collateral		Management adjustments on appraisals for property type and recent activity		0% - 68% discount
							Management adjustments for liquidation expenses		0% - 41% discount
Foreclosed real estate	149				Appraisal of collateral		Management adjustments on appraisals for property type and recent activity		15% - 100% discount
							Management adjustments for liquidation expenses		3% - 6% discount
Mortgage servicing rights	2,532				Discounted cash flows		Weighted average CPR		12.80%
							Discount rate		9.55%
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

Summary of Assets Measured at Fair Value on Nonrecurring Basis

A summary of assets at September 30, 2016 and December 31, 2015, 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, 2016
Impaired Loans
Commercial real estate:
Owner-occupied	$	0			$	0			$	823			$	823
Non-owner occupied	0				0				6,181				6,181
Multi-family	0				0				207				207
Non-owner occupied residential	0				0				425				425
Acquisition and development:
Commercial and land development	0				0				2				2
Commercial and industrial	0				0				66				66
Residential mortgage:
First lien	0				0				1,980				1,980
Home equity - lines of credit	0				0				150				150
Installment and other loans	0				0				7				7
Impaired loans, net	$	0			$	0			$	9,841			$	9,841
Foreclosed real estate
Residential	$	0			$	0			$	127			$	127
Commercial and land development	0				0				22				22
Total foreclosed real estate	$	0			$	0			$	149			$	149
Mortgage servicing rights	$	0			$	2,532			$	0			$	2,532
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
Impaired loans, net	$	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

Financial Instruments at Estimated Fair Values

The estimated fair values of the Company’s financial instruments were as follows at September 30, 2016 and December 31, 2015:

(Dollars in thousands)	Carrying Amount				Fair Value				Level 1				Level 2				Level 3
September 30, 2016
Financial Assets
Cash and due from banks	$	17,787			$	17,787			$	17,787			$	0			$	0
Interest bearing deposits with banks	19,854				19,854				19,854				0				0
Restricted investments in bank stocks	6,615				n/a				n/a				n/a				n/a
Securities available for sale	374,902				374,902				0				374,902				0
Loans held for sale	3,956				4,066				0				4,066				0
Loans, net of allowance for loan losses	833,211				847,597				0				0				847,597
Accrued interest receivable	3,690				3,690				0				1,869				1,821
Financial Liabilities
Deposits	1,133,332				1,140,146				0				1,140,146				0
Short-term borrowings	42,852				42,852				0				42,852				0
Long-term debt	24,247				25,162				0				25,162				0
Accrued interest payable	350				350				0				350				0
Off-balance sheet instruments	0				0				0				0				0
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 stocks	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

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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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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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