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Fair value estimates (Tables)

6 Months Ended

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 Inputs (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

X

- 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

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-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.



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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

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

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-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.



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-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.



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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.

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