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Fair value estimates (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis at March 31, 2014 December 31, 2013 are summarized as follows:

		Fair Value Measurement Using
March 31, 2014		Amount				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
U.S. Government-agencies		$	203							$	203
U.S. Government-sponsored enterprises			107,893								107,893
State and Municipals:
Taxable			16,929								16,929
Tax-exempt			97,212								97,212
Corporate debt securities			4,374								4,374
Mortgage-backed securities:
U.S. Government agencies			29,655								29,655
U.S. Government-sponsored enterprises			44,867								44,867
Common equity securities			1,093			$	1,093
Total		$	302,226			$	1,093			$	301,133

		Fair Value Measurement Using
December 31, 2013		Amount				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
U.S. Government-agencies		$	204							$	204
U.S. Government-sponsored enterprises			113,045								113,045
State and Municipals:
Taxable			16,698								16,698
Tax-exempt			98,081								98,081
Corporate debt securities			4,387								4,387
Mortgage-backed securities:
U.S. Government agencies			20,229								20,229
U.S. Government-sponsored enterprises			45,974								45,974
Common equity securities			1,097			$	1,097
Total		$	299,715			$	1,097			$	298,618

Schedule of Assets and Liabilities Measured at Fair Value on Nonrecurring Basis

Assets and liabilities measured at fair value on a nonrecurring basis at March 31, 2014 and December 31, 2013 are summarized as follows:

		Fair Value Measurement Using
March 31, 2014		Amount				Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Impaired loans		$	1,561							$	1,561
		Fair Value Measurement Using
December 31, 2013		Amount				Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Impaired loans		$	2,354							$	2,354
Other real estate owned		$	437							$	437

Additional Quantitative Information about Assets Measured at Fair Value on 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
March 31, 2014		Fair Value Estimate				Valuation Techniques		Unobservable Input		Range (Weighted Average)
Impaired loans		$	1,561			Appraisal of collateral		Appraisal adjustments		14.0% to 33.7% (18.5%)
								Liquidation expenses		3.0% to 6.0% (4.7%)

		Quantitative Information about Level 3 Fair Value Measurements
December 31, 2013		Fair Value Estimate				Valuation Techniques		Unobservable Input		Range (Weighted Average)
Impaired loans		$	2,354			Appraisal of collateral		Appraisal adjustments		11.0% to 33.7% (17.3%)
								Liquidation expenses		3.0% to 6.0% (5.0%)
Other real estate owned		$	437			Appraisal of collateral		Appraisal adjustments		11.0% to 33.7% (17.3%)
								Liquidation expenses		3.0% to 6.0% (5.0%)

Carrying and Fair Values of Financial Instruments

The carrying and fair values of the Company’s financial instruments at March 31, 2014 and December 31, 2013 and their placement within the fair value hierarchy are as follows:

										Fair Value Hierarchy
March 31, 2014		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		$	79,212			$	79,212			$	79,212
Investment securities:
Available-for-sale			302,226				302,226			$	1,093			$	301,133
Held-to-maturity			16,607				16,597								16,597
Loans held for sale			1,816				1,816								1,816
Net loans			1,168,263				1,179,290											$	1,179,290
Accrued interest receivable			5,366				5,366								5,366
Mortgage servicing rights			833				1,440								1,440
Restricted equity securities			3,858				3,858								3,858
Total		$	1,578,181			$	1,589,805
Financial liabilities:
Deposits		$	1,404,066			$	1,406,423								1,406,423
Short-term borrowings			22,539				22,539								22,539
Long-term debt			35,838				37,561								37,561
Accrued interest payable			610				610							$	610
Total		$	1,463,053			$	1,467,133

										Fair Value Hierarchy
December 31, 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		$	51,310			$	51,310			$	51,310
Investment securities:
Available-for-sale			299,715				299,715			$	1,097			$	298,618
Held-to-maturity			17,295				17,175								17,175
Loans held for sale			1,757				1,757								1,757
Net loans			1,167,966				1,180,387											$	1,180,387
Accrued interest receivable			5,866				5,866								5,866
Mortgage servicing rights			880				1,440								1,440
Restricted equity securities			4,102				4,102								4,102
Total		$	1,548,891			$	1,561,752
Financial liabilities:
Deposits		$	1,379,507			$	1,381,946								1,381,946
Short-term borrowings			22,052				22,052								22,052
Long-term debt			36,743				37,468								37,468
Accrued interest payable			723				723							$	723
Total		$	1,439,025			$	1,442,189

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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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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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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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