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Fair value estimates (Tables)

6 Months Ended

Jun. 30, 2015

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 June 30, 2015 and December 31, 2014 are summarized as follows:

		Fair Value Measurement Using
June 30, 2015		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		$	30,685			$	30,685							$
U.S. Government-sponsored enterprises			85,862							$	85,862
State and Municipals:
Taxable			16,712								16,712
Tax-exempt			112,514								112,514
Corporate debt securities
Mortgage-backed securities:
U.S. Government agencies			33,089								33,089
U.S. Government-sponsored enterprises			39,928								39,928
Total		$	318,790			$	30,685			$	288,105			$
		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
Corporate debt securities
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			$

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

Assets and liabilities measured at fair value on a nonrecurring basis at June 30, 2015 and December 31, 2014 are summarized as follows:

		Fair Value Measurement Using
June 30, 2015		Amount				Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Impaired loans		$	6,448							$	6,448
Other real estate owned		$	88							$	88
		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

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

June 30, 2015

Fair Value Estimate

Valuation Techniques

Unobservable Input

Range (Weighted Average)

Impaired loans

$

6,448

Appraisal of collateral

Appraisal adjustments

14.0% to 63.0% (24.2%)

Liquidation expenses

3.0% to 6.0% (5.4%)

Other real estate owned

$

88

Appraisal of collateral

Appraisal adjustments

20.0% to 73.5% (53.4%)

Liquidation expenses

3.0% to 6.0% (5.0%)

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%)

Carrying and Fair Values of Financial Instruments

The carrying and fair values of the Company’s financial instruments at June 30, 2015 and December 31, 2014 and their placement within the fair value hierarchy are as follows:

										Fair Value Hierarchy
June 30, 2015		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		$	35,557			$	35,557			$	35,557
Investment securities:
Available-for-sale			318,790				318,790			$	30,685			$	288,105
Held-to-maturity			13,626				14,104								14,104
Loans held for sale			2,879				2,883								2,883
Net loans			1,220,113				1,229,055											$	1,229,055
Accrued interest receivable			5,507				5,507								5,507
Mortgage servicing rights			566				1,227								1,227
Restricted equity securities			3,357				3,357								3,357
Total		$	1,600,395			$	1,610,480
Financial liabilities:
Deposits		$	1,424,767			$	1,425,821								1,425,821
Short-term borrowings			25,860				25,860								25,860
Long-term debt			31,663				33,145								33,145
Accrued interest payable			443				443							$	443
Total		$	1,482,733			$	1,485,269
										Fair Value Hierarchy
December 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		$	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

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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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 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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