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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2013
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 (in thousands):
 
 
December 31, 2013
 
 
Carrying
Amount
 
Fair Value
 
 
 
Level 1
 
Level 2
 
Level 3
 
Total
Financial assets:
 
 

 
 

 
 

 
 
 
 

Cash and due from banks
 
$
25,878

 
$
25,878

 
$
—

 
$
—

 
$
25,878

Interest-earning deposits in other banks
 
85,956

 
85,956

 
—

 
—

 
85,956

Federal funds sold
 
218

 
218

 
—

 
—

 
218

Available-for-sale investment securities
 
443,224

 
7,514

 
435,710

 
—

 
443,224

Loans, net
 
503,149

 
—

 
—

 
507,361

 
507,361

Federal Home Loan Bank stock
 
4,499

 
N/A

 
N/A

 
N/A

 
N/A

Accrued interest receivable
 
5,026

 
21

 
2,976

 
2,029

 
5,026

Financial liabilities:
 
 

 
 

 
 

 
 
 
 

Deposits
 
1,004,143

 
834,864

 
169,065

 
—

 
1,003,929

Short-term borrowings
 
—

 
—

 
—

 
—

 
—

Junior subordinated deferrable interest debentures
 
5,155

 
—

 
—

 
2,750

 
2,750

Accrued interest payable
 
129

 
—

 
105

 
24

 
129


 
 
December 31, 2012
 
 
Carrying
Amount
 
Fair Value
 
 
 
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
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):
 
 
Fair Value
 
Level 1
 
Level 2
 
Level 3
Available-for-sale investment securities
 
 

 
 

 
 

 
 

Debt Securities:
 
 

 
 

 
 

 
 

U.S. Government agencies
 
$
18,203

 
$
—

 
$
18,203

 
$
—

Obligations of states and political subdivisions
 
158,407

 
—

 
158,407

 
—

U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations
 
253,709

 
—

 
253,709

 
—

Private label residential mortgage backed securities
 
5,391

 
—

 
5,391

 
—

Other equity securities
 
7,514

 
7,514

 
—

 
—

Total assets measured at fair value on a recurring basis
 
$
443,224

 
$
7,514

 
$
435,710

 
$
—

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

 
$
—
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 the following 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 (in thousands):
 
 
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 the following 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, 2013 (in thousands):
 
 
Fair Value
 
Level 1
 
Level 2
 
Level 3
Impaired loans:
 
 
 
 
 
 
 
 
Consumer:
 
 
 
 
 
 
 
 
Equity loans and lines of credit
 
$
133

 
$
—

 
$
—

 
$
133

Total consumer
 
133

 
—

 
—

 
133

Total impaired loans
 
$
133

 
$
—

 
$
—

 
$
133

Total assets measured at fair value on a non-recurring basis
 
$
133

 
$
—

 
$
—

 
$
133