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Fair value estimates (Tables)

9 Months Ended

Sep. 30, 2013

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 September 30, 2013 and December 31, 2012, are summarized as follows:

		Fair Value Measurement Using
September 30, 2013		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		$	31,316							$	31,316
State and municipals:
Taxable			17,103								17,103
Tax-exempt			47,759								47,759
Corporate debt securities			4,299								4,299
Mortgage-backed securities:
U.S. Government agencies			21,110								21,110
U.S. Government-sponsored enterprises			32,878								32,878
Common equity securities:			551			$	551
Total investment securities available-for-sale		$	155,016			$	551			$	154,465
Total recurring fair value measurements		$	155,016			$	551			$	154,465
Nonrecurring fair value measurements:
Impaired loans		$	5,463											$	5,463
Other real estate owned
Total nonrecurring fair value measurements		$	5,463											$	5,463

		Fair Value Measurement Using
December 31, 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		$	32,931							$	32,931
State and municipals:
Taxable			18,694								18,694
Tax-exempt			47,388								47,388
Corporate debt securities			3,871								3,871
Mortgage-backed securities:
U.S. Government agencies			21,554								21,554
U.S. Government-sponsored enterprises			22,868								22,868
Common equity securities:			474			$	474
Total investment securities available-for-sale		$	147,780			$	474			$	147,306
Total recurring fair value measurements		$	147,780			$	474			$	147,306
Nonrecurring fair value measurements:
Impaired loans		$	5,484											$	5,484
Other real estate owned			2,003												2,003
Total nonrecurring fair value measurements		$	7,487											$	7,487

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
September 30, 2013		Fair Value Estimate			Valuation Techniques	Unobservable Input	Range (Weighted Average)
Impaired loans		$	5,463		Appraisal of collateral	Appraisal adjustments	0.0% to 25.0% (23.8%)
						Liquidation expenses	0.0% to 6.0% (5.0%)

		Quantitative Information about Level 3 Fair Value Measurements
December 31, 2012		Fair Value Estimate			Valuation Techniques	Unobservable Input	Range (Weighted Average)
Impaired loans		$	5,484		Appraisal of collateral	Appraisal adjustments	20.0% to 25.0% (24.6%)
						Liquidation expenses	6.0% to 10.0% (8.8%)
Other real estate owned		$	2,003		Appraisal of collateral	Appraisal adjustments	20.0% to 25.0% (24.6%)
						Liquidation expenses	6.0% to 10.0% (8.8%)

Carrying and fair values of the financial instruments

The carrying and fair values of the Company's financial instruments at September 30, 2013 and December 31, 2012, and their placement within the fair value hierarchy, are as follows:

										Fair Value Hierarchy
September 30, 2013		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		$	24,520			$	24,520			$	24,520
Investment securities available-for-sale			155,016				155,016			$	551			$	154,465
Loans held for sale			3,616				3,616								3,616
Net loans			498,274				504,668											$	504,668
Accrued interest receivable			3,395				3,395								3,395
Restricted equity securities			1,002				1,002							$	1,002
		$	685,823			$	692,217
Financial liabilities:
Deposits		$	621,800			$	624,294							$	624,294
Short-term borrowings			17,854				17,854								17,854
Long-term debt			2,507				2,599								2,599
Accrued interest payable			219				219							$	219
		$	642,380			$	644,966

										Fair Value Hierarchy
December 31, 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		$	28,083			$	28,083			$	28,083
Investment securities available-for-sale			147,780				147,780			$	474			$	147,306
Loans held for sale			1,917				1,917								1,917
Net loans			459,192				466,166											$	466,166
Accrued interest receivable			3,272				3,272								3,272
Restricted equity securities			1,972				1,972							$	1,972
Total		$	642,216			$	649,190
Financial liabilities:
Deposits		$	574,311			$	578,628							$	578,628
Short-term borrowings			12,764				12,764								12,764
Long-term debt			13,130				13,354								13,354
Accrued interest payable			425				425							$	425
Total		$	600,630			$	605,171

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 32

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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.

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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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