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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2014

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):

		March 31, 2014
		Carrying Amount				Fair Value
(In thousands)						Level 1				Level 2				Level 3				Total
Financial assets:
Cash and due from banks		$	28,690			$	28,690			$	—			$	—			$	28,690
Interest-earning deposits in other banks		66,581				66,581				—				—				66,581
Federal funds sold		260				260				—				—				260
Available-for-sale investment securities		422,073				7,548				414,525				—				422,073
Held-to-maturity investment securities		31,589				—				32,047								32,047
Loans, net		506,100				—				—				509,380				509,380
Federal Home Loan Bank stock		4,499				N/A				N/A				N/A				N/A
Accrued interest receivable		4,523				22				2,623				1,878				4,523
Financial liabilities:
Deposits		990,996				825,411				165,259				—				990,670
Junior subordinated deferrable interest debentures		5,155				—				—				2,775				2,775
Accrued interest payable		120				—				96				24				120

		December 31, 2013
		Carrying Amount				Fair Value
(In thousands)						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
Junior subordinated deferrable interest debentures		5,155				—				—				2,750				2,750
Accrued interest payable		129				—				105				24				129

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 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 as of March 31, 2014 (in thousands). 

Description		Fair Value				Level 1				Level 2				Level 3
Available-for-sale securities
Debt Securities:
U.S. Government agencies		$	17,975			$	—			$	17,975			$	—
Obligations of states and political subdivisions		124,514				—				124,514				—
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations		266,825				—				266,825				—
Private label residential mortgage backed securities		5,211				—				5,211				—
Other equity securities		7,548				7,548				—				—
Total assets measured at fair value on a recurring basis		$	422,073			$	7,548			$	414,525			$	—

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, 2013 (in thousands).

Description		Fair Value				Level 1				Level 2				Level 3
Impaired loans:
Consumer:
Equity loans and lines of credit		$	133			$	—			$	—			$	133
Total assets measured at fair value on a non-recurring basis		$	133			$	—			$	—			$	133

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 March 31, 2014 (in thousands).

Description		Fair Value				Level 1				Level 2				Level 3
Assets:
Impaired loans:
Commercial:
Commercial and industrial		$	200			$	—			$	—			$	200
Consumer:
Equity loans and lines of credit		145				—				—				145
Total impaired loans		345				—				—				345
Total assets measured at fair value on a non-recurring basis		$	345			$	—			$	—			$	345

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=25499696&loc=d3e19296-110258

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- 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

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-Publisher FASB

-Name Accounting Standards Codification

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-Paragraph 2

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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).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

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