XML 121 R41.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Fair value of financial instruments (Tables) | 12 Months Ended
--- | ---
Dec. 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 December 31, 2014 and 2013 are summarized as follows:
|  | Fair Value Measurement Using |
December 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. Treasury securities |  | $ | 48,550 |  |  | $ | 48,550 |  |  |  |  |  |  | $ |  |
U.S. Government-sponsored enterprises |  |  | 96,245 |  |  |  |  |  |  | $ | 96,245 |  |  |  |  |
State and Municipals: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable |  |  | 17,407 |  |  |  |  |  |  |  | 17,407 |  |  |  |  |
Tax-exempt |  |  | 92,901 |  |  |  |  |  |  |  | 92,901 |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  |  | 37,476 |  |  |  |  |  |  |  | 37,476 |  |  |  |  |
U.S. Government-sponsored enterprises |  |  | 47,007 |  |  |  |  |  |  |  | 47,007 |  |  |  |  |
Total |  | $ | 339,586 |  |  | $ | 48,550 |  |  | $ | 291,036 |  |  | $ |  |
|  | 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 December 31, 2014 and 2013 are summarized as follows:
|  | Fair Value Measurement Using |
December 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 |  | $ | 4,414 |  |  |  |  |  |  | $ | 4,414 |
Other real estate owned |  | $ | 218 |  |  |  |  |  |  | $ | 218 |
|  | 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 |
December 31, 2014 |  | Fair Value Estimate |  |  | Valuation Techniques |  |  | Unobservable Input |  |  | Range (Weighted Average) |
Impaired loans |  | $ | 4,414 |  |  |  | Appraisal of collateral |  |  |  | Appraisal adjustments |  |  |  | 2.6% to 61.1% (24.5%) |
|  |  |  |  |  |  |  |  |  |  | Liquidation expenses |  |  |  | 3.0% to 6.0% (5.5%) |
Other real estate owned |  | $ | 218 |  |  |  | Appraisal of collateral |  |  |  | Appraisal adjustments |  |  |  | 19.7% to 47.8% (30.5%) |
|  |  |  |  |  |  |  |  |  |  | Liquidation expenses |  |  |  | 3.0% to 6.0% (5.0%) |
|  | 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 December 31, 2014 and 2013 and their placement within the fair value hierarchy are as follows:
December 31, 2014 |  | Carrying Value |  |  | Fair Value |  |  | Fair Value Hierarchy |
|  |  | 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 |  | $ | 31,426 |  |  | $ | 31,426 |  |  | $ | 31,426 |  |  |  |  |  |  |  |  |
Investment securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale |  |  | 339,586 |  |  |  | 339,586 |  |  | $ | 48,550 |  |  | $ | 291,036 |  |  |  |  |
Held-to-maturity |  |  | 14,665 |  |  |  | 15,215 |  |  |  |  |  |  |  | 15,215 |  |  |  |  |
Loans held for sale |  |  | 3,486 |  |  |  | 3,492 |  |  |  |  |  |  |  | 3,492 |  |  |  |  |
Net loans |  |  | 1,199,556 |  |  |  | 1,210,369 |  |  |  |  |  |  |  |  |  |  | $ | 1,210,369 |
Accrued interest receivable |  |  | 5,580 |  |  |  | 5,580 |  |  |  |  |  |  |  | 5,580 |  |  |  |  |
Mortgage servicing rights |  |  | 676 |  |  |  | 1,466 |  |  |  |  |  |  |  | 1,466 |  |  |  |  |
Restricted equity securities |  |  | 3,687 |  |  |  | 3,687 |  |  |  |  |  |  |  | 3,687 |  |  |  |  |
Total |  | $ | 1,598,662 |  |  | $ | 1,610,821 |  |  |  |  |  |  |  |  |  |  |  |  |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 1,425,558 |  |  | $ | 1,427,081 |  |  |  |  |  |  |  | 1,427,081 |  |  |  |  |
Short-term borrowings |  |  | 19,557 |  |  |  | 19,557 |  |  |  |  |  |  |  | 19,557 |  |  |  |  |
Long-term debt |  |  | 33,140 |  |  |  | 34,772 |  |  |  |  |  |  |  | 34,772 |  |  |  |  |
Accrued interest payable |  |  | 574 |  |  |  | 574 |  |  |  |  |  |  | $ | 574 |  |  |  |  |
Total |  | $ | 1,478,829 |  |  | $ | 1,481,984 |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2013 |  | Carrying Value |  |  | Fair Value |  |  | Fair Value Hierarchy |
|  |  | 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 |  |  |  |  |  |  |  |  |  |  |  |  |

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). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19296-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + 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 (a) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: 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=35750535&loc=d3e13433-108611 Reference 3: 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=35750535&loc=d3e13467-108611 Reference 4: 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=35750535&loc=d3e13476-108611 Reference 5: 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 Reference 6: 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 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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=36462937&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueInputsAssetsQuantitativeInformationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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). + References Reference 1: 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=36462937&loc=d3e19190-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration