XML 49 R28.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2012
Fair Value Disclosures [Abstract]  
Estimated Fair Value of Financial Instruments
The estimated carrying and fair values of the Company’s financial instruments are as follows:
 
 
December 31, 2012
 
 
Carrying
Amount
 
Fair Value
(In thousands)
 
 
Level 1
 
Level 2
 
Level 3
 
Total
Financial assets:
 
 

 
 

 
 

 
 
 
 

Cash and due from banks
 
$
22,405

 
$
22,405

 
$
—

 
$
—

 
$
22,405

Interest-earning deposits in other banks
 
30,123

 
30,123

 
—

 
—

 
30,123

Federal funds sold
 
428

 
428

 
—

 
—

 
428

Available-for-sale investment securities
 
393,965

 
7,948

 
386,017

 
—

 
393,965

Loans, net
 
385,185

 
—

 
—

 
388,834

 
388,834

Federal Home Loan Bank stock
 
3,850

 
N/A

 
N/A

 
N/A

 
N/A

Accrued interest receivable
 
4,267

 
22

 
2,395

 
1,850

 
4,267

Financial liabilities:
 
 

 
 

 
 

 
 
 
 

Deposits
 
751,432

 
614,556

 
137,401

 
—

 
751,957

Short-term borrowings
 
4,000

 
—

 
4,016

 
—

 
4,016

Junior subordinated deferrable interest debentures
 
5,155

 
—

 
—

 
2,990

 
2,990

Accrued interest payable
 
174

 
—

 
149

 
25

 
174


 
 
December 31, 2011
(In thousands)
 
Carrying
Amount
 
Fair Value
Financial assets:
 
 
 
 
Cash and due from banks
 
$
19,409

 
$
19,409

Interest-earning deposits in other banks
 
24,467

 
24,467

Federal funds sold
 
928

 
928

Available-for-sale investment securities
 
328,413

 
328,413

Loans, net
 
415,999

 
418,084

Federal Home Loan Bank stock
 
2,893

 
N/A

Accrued interest receivable
 
3,953

 
3,953

Financial liabilities:
 
 
 
 
Deposits
 
712,986

 
719,673

Long-term borrowings
 
4,000

 
4,146

Junior subordinated deferrable interest debentures
 
5,155

 
2,706

Accrued interest payable
 
230

 
230
Fair Value of Assets on a Recurring Basis
The Company is required or permitted to record the following assets at fair value on a recurring basis under other accounting pronouncements (in thousands).
Description
 
Fair Value
 
Level 1
 
Level 2
 
Level 3
Available-for-sale investment securities
 
 

 
 

 
 

 
 

Debt Securities:
 
 

 
 

 
 

 
 

U.S. Government agencies
 
$
9,454

 
$
—

 
$
9,454

 
$
—

Obligations of states and political subdivisions
 
161,678

 
—

 
161,678

 
—

U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations
 
208,510

 
—

 
208,510

 
—

Private label residential mortgage backed securities
 
6,375

 
—

 
6,375

 
—

Other equity securities
 
7,948

 
7,948

 
—

 
—

Total assets measured at fair value on a recurring basis
 
$
393,965

 
$
7,948

 
$
386,017

 
$
—

The Company is required or permitted to record the following assets at fair value on a recurring basis under other accounting pronouncements (in thousands).
Description
 
Fair Value
 
Level 1
 
Level 2
 
Level 3
Available-for-sale securities
 
 

 
 

 
 

 
 

Debt Securities:
 
 

 
 

 
 

 
 

U.S. Government agencies
 
$
149

 
$
—

 
$
149

 
$
—

Obligations of states and political subdivisions
 
108,431

 
—

 
108,431

 
—

U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations
 
204,544

 
—

 
204,544

 
—

Private label residential mortgage backed securities
 
7,398

 
—

 
7,398

 
—

Other equity securities
 
7,891

 
7,891

 
—

 
—

Total assets measured at fair value on a recurring basis
 
$
328,413

 
$
7,891

 
$
320,522

 
$
—
Fair Value of Assets on a Non-recurring Basis
The Company may be required, from time to time, to measure certain assets and liabilities at fair value on a non-recurring basis.  These include assets and liabilities that are measured at the lower of cost or fair value that were recognized at fair value which was below cost at December 31, 2012.

Description
 
Fair Value
 
Level 1
 
Level 2
 
Level 3
Impaired loans:
 
 
 
 
 
 
 
 
Real estate:
 
 
 
 
 
 
 
 
Owner occupied
 
$
194

 
$
—

 
$
—

 
$
194

Real estate-construction and other land loans
 
4,863

 
—

 
—

 
4,863

Total real estate
 
5,057

 
—

 
—

 
5,057

Consumer:
 
 
 
 
 
 
 
 
Equity loans and lines of credit
 
233

 
—

 
—

 
233

Total consumer
 
233

 
—

 
—

 
233

Total impaired loans
 
$
5,290

 
$
—

 
$
—

 
$
5,290

Total assets measured at fair value on a non-recurring basis
 
$
5,290

 
$
—

 
$
—

 
$
5,290

The Company may be required, from time to time, to measure certain assets and liabilities at fair value on a non-recurring basis.  These include assets and liabilities that are measured at the lower of cost or fair value that were recognized at fair value which was below cost at December 31, 2011 (in thousands).
Description
 
Fair
Value
 
Level 1
 
Level 2
 
Level 3
Impaired loans:
 
 

 
 

 
 

 
 

Commercial:
 
 
 
 
 
 
 
 
Commercial and industrial
 
$
2,312

 
$
—

 
$
—

 
$
2,312

Total commercial
 
2,312

 
—

 
—

 
2,312

Real estate:
 
 

 
 

 
 

 
 

Owner occupied
 
873

 
—

 
—

 
873

Real estate-construction and other land loans
 
8,782

 
—

 
—

 
8,782

Commercial real estate
 
1,487

 
—

 
—

 
1,487

Total real estate
 
11,142

 
—

 
—

 
11,142

Consumer:
 
 
 
 
 
 
 
 
Equity loans and lines of credit
 
2,003

 
—

 
—

 
2,003

Consumer and installment
 
51

 
—

 
—

 
51

Total consumer
 
2,054

 
—

 
—

 
2,054

Total impaired loans
 
15,508

 
—


—


15,508

Total assets measured at fair value on a non-recurring basis
 
$
15,508

 
$
—

 
$
—

 
$
15,508