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Fair value estimates (Tables) | 6 Months Ended
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Jun. 30, 2012
Fair value estimates [Abstract] |
Assets and liabilities at fair value or a recurring and nonrecurring basis | Assets and liabilities at fair value or a recurring and nonrecurring basis at June 30, 2012 and December 31, 2011, are summarized as follows:
|  | Fair Value Measurement Using
June 30, 2012 |  | Amount |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3)
Recurring fair value measurements |  |  |  |  |  |  |  |  |  |  |
Investment securities available-for-sale |  |  |  |  |  |  |  |  |  |  |
U.S. Government-sponsored enterprises |  | $ | 33,015 |  |  |  |  |  | $ | 33,015 |  |  |
State and municipals: |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable |  |  | 18,482 |  |  |  |  |  |  | 18,482 |  |  |
Tax-exempt |  |  | 35,497 |  |  |  |  |  |  | 35,497 |  |  |
Corporate debt securities |  |  | 3,491 |  |  |  |  |  |  | 3,491 |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  |  | 15,447 |  |  |  |  |  |  | 15,447 |  |  |
U.S. Government-sponsored enterprises |  |  | 22,194 |  |  |  |  |  |  | 22,194 |  |  |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred |  |  |  |  |  |  |  |  |  |  |  |  |
Common |  |  | 470 |  |  | $ | 470 |  |  |  |  |  |  |
Total investment securities available-for-sale |  | $ | 128,596 |  |  | $ | 470 |  |  | $ | 128,126 |  |  |
Total recurring fair value measurements |  | $ | 128,596 |  |  | $ | 470 |  |  | $ | 128,126 |  |  |
Nonrecurring fair value measurements |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans |  | $ | 6,491 |  |  |  |  |  |  |  |  |  | $ | 6,491
Total nonrecurring fair value measurements |  | $ | 6,491 |  |  |  |  |  |  |  |  |  | $ | 6,491
|  | Fair Value Measurement Using
December 31, 2011 |  | Amount |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3)
Recurring fair value measurements |  |  |  |  |  |  |  |  |  |  |
Investment securities available-for-sale |  |  |  |  |  |  |  |  |  |  |
U.S. Government-sponsored enterprises |  | $ | 32,776 |  |  |  |  |  | $ | 32,776 |  |  |
State and municipals: |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable |  |  | 19,728 |  |  |  |  |  |  | 19,728 |  |  |
Tax-exempt |  |  | 39,686 |  |  |  |  |  |  | 39,686 |  |  |
Corporate debt securities |  |  | 3,850 |  |  |  |  |  |  | 3,850 |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  |  | 16,912 |  |  |  |  |  |  | 16,912 |  |  |
U.S. Government-sponsored enterprises |  |  | 26,263 |  |  |  |  |  |  | 26,263 |  |  |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred |  |  | 117 |  |  |  |  |  |  | 117 |  |  |
Common |  |  | 567 |  |  | $ | 567 |  |  |  |  |  |  |
Total investment securities available-for-sale |  | $ | 139,899 |  |  | $ | 567 |  |  | $ | 139,332 |  |  |
Total recurring fair value measurements |  | $ | 139,899 |  |  | $ | 567 |  |  | $ | 139,332 |  |  |
Nonrecurring fair value measurements |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans |  | $ | 7,341 |  |  |  |  |  |  |  |  |  | $ | 7,341
Total nonrecurring fair value measurements |  | $ | 7,341 |  |  |  |  |  |  |  |  |  | $ | 7,341
Additional quantitative information about assets measured at fair value on a nonrecurring basis | The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value:
|  | Quantitative Information about Level 3 Fair Value Measurements
June 30, 2012 |  | Fair Value Estimate |  | Valuation Techniques | Unobservable Input | Range (Weighted Average)
Impaired loans |  | $ | 6,491 |  | Appraisal of collateral (1) | Appraisal adjustments (2) | 20.0% to 25.0% (24.6%)
|  |  |  |  |  | Liquidation expenses (2) | 6.0% to 10.0% (8.8%)
Carrying and fair values of the financial instruments |
|  |  |  |  | Fair Value Hierarchy |
June 30, 2012 |  | Carrying Value |  |  | Fair Value |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable I nputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 22,389 |  |  | $ | 22,389 |  |  | $ | 22,389 |  |  |  |  |  |  |
Investment securities available-for-sale |  |  | 128,596 |  |  |  | 128,596 |  |  |  | 470 |  |  | $ | 128,126 |  |  |  |
Loans held for sale |  |  | 2,242 |  |  |  | 2,287 |  |  |  | 2,287 |  |  |  |  |  |  |  |
Net loans |  |  | 451,138 |  |  |  | 465,905 |  |  |  |  |  |  |  |  |  |  | $ | 465,905 |
Accrued interest receivable |  |  | 2,903 |  |  |  | 2,903 |  |  |  | 2,903 |  |  |  |  |  |  |  |  |
Restricted equity securities |  | $ | 2,507 |  |  | $ | 2,507 |  |  | $ | 2,507 |  |  |  |  |  |  |  |  |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 538,111 |  |  | $ | 542,024 |  |  | $ | 454,426 |  |  |  |  |  |  | $ | 87,598 |
Short-term borrowings |  |  | 13,233 |  |  |  | 13,233 |  |  |  | 13,233 |  |  |  |  |  |  |  |  |
Long-term debt |  |  | 18,533 |  |  |  | 18,781 |  |  |  |  |  |  | $ | 18,781 |  |  |  |  |
Accrued interest payable |  | $ | 248 |  |  | $ | 248 |  |  | $ | 248 |  |  |  |  |  |  |  |  |
The carrying and fair value of the Company's financial instruments at December 31, 2011 are as follows:
December 31, 2011 |  | Carrying Value |  |  | Fair Value |
Financial assets: |  |  |  |  |  |
Cash and cash equivalents |  | $ | 10,559 |  |  | $ | 10,559 |
Investment securities available-for-sale |  |  | 139,899 |  |  |  | 139,899 |
Loans held for sale |  |  | 569 |  |  |  | 569 |
Net loans |  |  | 439,754 |  |  |  | 447,717 |
Accrued interest receivable |  |  | 3,448 |  |  |  | 3,448 |
Restricted equity securities |  | $ | 2,374 |  |  | $ | 2,374 |
Financial liabilities: |  |  |  |  |  |  |  |
Deposits |  | $ | 494,283 |  |  | $ | 497,680 |
Short-term borrowings |  |  | 43,791 |  |  |  | 43,791 |
Long-term debt |  |  | 18,927 |  |  |  | 19,300 |
Accrued interest payable |  | $ | 284 |  |  | $ | 284 |

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- Definition Tabular disclosure related to 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 recurring and/or nonrecurring basis in periods after initial recognition. Disclosures 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) as well as transfers between levels 1 and 2. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 6 -Footnote 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a,b,bb) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=7578670&loc=SL7498348-110258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 33 -Subparagraph a, b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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- Definition Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 14 -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 18 -Subparagraph c(2), d, e, f -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15 -Subparagraph b-d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13467-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 19 -Subparagraph a, b, c(1), d(1) -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -Subparagraph a, c(1), c(2), c(3), d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 10 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13476-108611 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 + Details
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- Definition Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 + Details
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