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FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Summary of Assets Measured at Fair Value on a Recurring Basis

The following table summarizes assets at December 31 measured at fair value on a recurring basis.

(Dollars in Thousands)	Level 1				Level 2				Level 3				Total Fair Value Measurements
December 31, 2016
Securities available for sale:
U.S. Government Agencies	$	0			$	39,592			$	0			$	39,592
States and political subdivisions	0				164,282				0				164,282
GSE residential mortgage-backed securities	0				116,944				0				116,944
GSE residential CMOs	0				69,383				0				69,383
GSE commercial CMOs	0				4,856				0				4,856
Private label CMOs	0				5,006				0				5,006
Total debt securities	0				400,063				0				400,063
Equity securities	0				91				0				91
Totals	$	0			$	400,154			$	0			$	400,154
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 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
Totals	$	0			$	394,124			$	0			$	394,124

Summary of Assets Measured at Fair Value on Nonrecurring Basis

The following table summarizes assets at December 31 measured at fair value on a nonrecurring basis:

(Dollars in thousands)	Level 1				Level 2				Level 3				Total Fair Value Measurements
December 31, 2016
Impaired Loans
Commercial real estate:
Owner-occupied	$	0			$	0			$	777			$	777
Non-owner occupied	0				0				736				736
Multi-family	0				0				199				199
Non-owner occupied residential	0				0				409				409
Acquisition and development:
Commercial and land development	0				0				1				1
Commercial and industrial	0				0				66				66
Residential mortgage:
First lien	0				0				1,994				1,994
Home equity - lines of credit	0				0				162				162
Installment and other loans	0				0				6				6
Total impaired loans	$	0			$	0			$	4,350			$	4,350
Foreclosed real estate
Residential	$	0			$	0			$	88			$	88
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

Schedule 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, 2016
Impaired loans	$	4,350			Appraisal of collateral		Management adjustments on appraisals for property type and recent activity		10% - 75% discount
							- Management adjustments for liquidation expenses		0% - 41% discount
Foreclosed real estate	88				Appraisal of collateral		Management adjustments on appraisals for property type and recent activity		13% - 17% discount
							- Management adjustments for liquidation expenses		10% - 18% discount
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

Schedule of Estimated Fair Values of Financial Instruments

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, 2016
Financial Assets
Cash and due from banks	$	16,072			$	16,072			$	16,072			$	0			$	0
Interest-bearing deposits with banks	14,201				14,201				14,201				0				0
Restricted investments in bank stock	7,970				n/a				n/a				n/a				n/a
Securities available for sale	400,154				400,154				0				400,154				0
Loans held for sale	2,768				2,843				0				2,843				0
Loans, net of allowance for loan losses	870,616				870,470				0				0				870,470
Accrued interest receivable	4,672				4,672				0				2,643				2,029
Financial Liabilities
Deposits	1,152,452				1,149,727				0				1,149,727				0
Short-term borrowings	87,864				87,864				0				87,864				0
Long-term debt	24,163				24,966				0				24,966				0
Accrued interest payable	437				437				0				437				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 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

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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
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-Section 50
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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 the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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