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Fair value estimates (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2014 and December 31, 2013 are summarized as follows:

		Fair Value Measurement Using
September 30, 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. Treasury securities		$	48,061			$	48,061
U.S. Government-sponsored enterprises			101,252							$	101,252
State and Municipals:
Taxable			17,236								17,236
Tax-exempt			94,106								94,106
Corporate debt securities
Mortgage-backed securities:
U.S. Government agencies			39,511								39,511
U.S. Government-sponsored enterprises			50,659								50,659
Common equity securities
Total		$	350,825			$	48,061			$	302,764

		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-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			20,433								20,433
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 September 30, 2014 and December 31, 2013 are summarized as follows:

		Fair Value Measurement Using
September 30, 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		$	1,826							$	1,826
Other real estate owned		$	285							$	285
		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

September 30, 2014

Fair Value Estimate

Valuation Techniques

Unobservable Input

Range (Weighted Average)

Impaired loans

$

1,826

Appraisal of collateral

Appraisal adjustments

2.6% to 74.0% (22.9%)

Liquidation expenses

3.0% to 6.0% (5.6%)

Other real estate owned

$

285

Appraisal of collateral

Appraisal adjustments

17.0% to 24.0 % (20.7%)

Liquidation expenses

3.0% to 6.0% (4.4%)

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

17.0% to 24.0% (20.7%)

Liquidation expenses

3.0% to 6.0% (4.4%)

Carrying and Fair Values of Financial Instruments

The carrying and fair values of the Company’s financial instruments at September 30, 2014 and December 31, 2013 and their placement within the fair value hierarchy are as follows:

										Fair Value Hierarchy
September 30, 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		$	34,211			$	34,211			$	34,211
Investment securities:
Available-for-sale			350,825				350,825			$	48,061			$	302,764
Held-to-maturity			15,264				15,516								15,516
Loans held for sale			2,961				2,961								2,961
Net loans			1,169,771				1,179,677												1,179,677
Accrued interest receivable			5,381				5,381								5,381
Mortgage servicing rights			824				1,440								1,440
Restricted equity securities			4,078				4,078								4,078
Financial liabilities:
Deposits		$	1,425,628			$	1,427,110								1,427,110
Short-term borrowings			6,514				6,514								6,514
Long-term debt			34,020				35,577								35,577
Accrued interest payable			597				597								597

										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
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

X

- Definition

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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-Publisher FASB

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-Topic 820

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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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