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