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Fair Value Disclosures and Reporting, the Fair Value Option and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2012

Estimated Fair Values for Financial Instruments

Estimated fair values for the Company’s financial instruments at the periods noted are as follows:

Fair Value of Financial Instruments
(dollars in thousands, unaudited)		June 30, 2012
						Estimated Fair Value
		Carrying Amount				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
Financial Assets:						(Dollars in thousands)
Cash and cash equivalents		$	48,926			$	48,926			$	-			$	-			$	48,926
Investment securities available for sale			422,196				1,809				420,387				-				422,196
Loans and leases, net			784,644				-				829,825				-				829,825
Collateral dependent impaired loans			19,980				-				15,212				307				15,519
Loans held-for-sale			250				250				-				-				250
Cash surrender value of life insurance policies			38,518				-				38,518				-				38,518
Other investments			6,406				-				6,406				-				6,406
Investment in limited partnership			10,622				-				10,622				-				10,622
Accrued interest receivable			5,177				-				5,177				-				5,177
Financial Liabilities:
Deposits:
Noninterest-bearing		$	327,224			$	327,224			$	-			$	-			$	327,224
Interest-bearing			822,311				-				822,756				-				822,756
Fed funds purchased and    repurchase agreements			2,890				-				2,890				-				2,890
Short-term borrowings			24,640				-				24,640				-				24,640
Long-term borrowings			5,000				-				5,000				-				5,000
Subordinated debentures			30,928				-				12,229				-				12,229
Limited partnership capital commitment			1,185				-				1,185				-				1,185
Accrued interest payable			346				-				346				-				346

 

		December 31, 2011
						Estimated Fair Value
		Carrying Amount				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
Financial Assets:						(Dollars in thousands)
Cash and cash equivalents		$	63,036			$	63,036			$	-			$	-			$	63,036
Investment securities available for sale			406,471				1,347				405,124				-				406,471
Loans and leases, net			726,302				-				771,192				-				771,192
Collateral dependent impaired loans			14,627				-				11,016				285				11,301
Loans held-for-sale			1,354				1,354				-				-				1,354
Cash surrender value of life insurance policies			37,657				-				37,657				-				37,657
Other investments			7,040				-				7,040				-				7,040
Investment in limited partnership			9,927				-				9,927				-				9,927
Accrued interest receivable			5,368				-				5,368				-				5,368
Financial Liabilities:
Deposits:
Noninterest-bearing		$	300,045			$	300,045			$	-			$	-			$	300,045
Interest-bearing			786,223				-				702,270				-				702,270
Fed funds purchased and    repurchase agreements			3,037				-				3,037				-				3,037
Short-term borrowings			17,120				-				17,120				-				17,120
Long-term borrowings			15,000				-				15,000				-				15,000
Subordinated debentures			30,928				-				12,262				-				12,262
Limited partnership capital commitment			353				-				353				-				353
Accrued interest payable			514				-				514				-				514

Off-Balance-Sheet Financial Instruments, Notional Amount

Notional Amount
Off-balance-sheet financial instruments:
Commitments to extend credit		$	194,916
Standby letters of credit			11,321
Commercial lines of credit			8,982

Notional Amount
Off-balance-sheet financial instruments:
Commitments to extend credit		$	154,323
Standby letters of credit			11,113
Commercial lines of credit			8,991

Summary of Assets Reported at Fair Value on Recurring Basis

Assets reported at fair value on a recurring basis are summarized below:

Fair Value Measurements - Recurring
(dollars in thousands, unaudited)
		Fair Value Measurements at June 30, 2012, Using
		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total				Realized Gain/(Loss)
Investment Securities
U.S. Government agencies		$	-			$	1,288			$	-			$	1,288			$	-
Obligations of states and
political subdivisions			-				80,769				-				80,769				-
U.S. Government agencies
collateralized by mortgage
obligations			-				338,330				-				338,330				-
Other Securities			1,809				-				-				1,809				-
Total available-for-sale securities		$	1,809			$	420,387			$	-			$	422,196			$	-

		Fair Value Measurements at December 31, 2011, Using
		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total				Realized Gain/(Loss)
Investment Securities
U.S. Government agencies		$	-			$	2,026			$	-			$	2,026			$	-
Obligations of states and															-
political subdivisions			-				71,340				-				71,340				-
U.S. Government agencies
collateralized by mortgage
obligations			-				331,758				-				331,758				-
Other Securities			1,347				-				-				1,347				(1,370	)
Total available-for-sale securities		$	1,347			$	405,124			$	-			$	406,471			$	(1,370	)

Summary of Assets for Which Nonrecurring Change in Fair Value Recorded

Assets reported at fair value on a nonrecurring basis are summarized below:

Fair Value Measurements - Nonrecurring
(dollars in thousands, unaudited)
		Fair Value Measurements at June 30, 2012, Using
		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
Collateral dependent impaired loans		$	-			$	15,212			$	307			$	15,519
Foreclosed assets		$	-			$	14,423			$	-			$	14,423

		Fair Value Measurements at December 31, 2011, Using
		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
Collateral dependent impaired loans		$	-			$	11,016			$	285			$	11,301
Foreclosed assets		$	-			$	14,777			$	587			$	15,364

Additional Valuation Information for Impaired Loan Balances Which are Measured Within Level 3 of Fair Value Hierarchy

The table below presents additional valuation information for impaired loan balances which are measured within Level 3 of the fair value hierarchy, as of June 30, 2012:

Quantitative Information about Level 3 Fair Value measurements

(dollars in thousands, unaudited)

Asset		Fair Value Amount		Valuation Technique		Unobservable Input		Range (Wtd Ave.)
Real Estate Secured loans		$          307		Adjusted Appraised Value		Selling Costs (1)		15.00% - 25.00% (15.14%)

⁽¹⁾ Represents the range of estimated selling and closing costs that might be incurred through escrow at the time of sale.

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- 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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