XML 53 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value Disclosures and Reporting, Fair Value Option and Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2013
Fair Value Disclosures [Abstract]  
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)
 
March 31, 2013
 
 
 
 
 
 
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:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
47,949
 
$
47,949
 
$
-
 
$
-
 
$
47,949
 
Investment securities available for sale
 
 
398,755
 
 
2,102
 
 
396,653
 
 
-
 
 
398,755
 
Loans and leases, net
 
 
789,709
 
 
-
 
 
839,394
 
 
-
 
 
839,394
 
Collateral dependent impaired loans
 
 
25,520
 
 
-
 
 
25,520
 
 
-
 
 
25,520
 
Loans held-for-sale
 
 
789
 
 
789
 
 
-
 
 
-
 
 
789
 
Cash surrender value of life insurance
    policies
 
 
38,600
 
 
-
 
 
38,600
 
 
-
 
 
38,600
 
Other investments
 
 
6,370
 
 
-
 
 
6,370
 
 
-
 
 
6,370
 
Investment in Limited Partnership
 
 
10,095
 
 
-
 
 
10,095
 
 
-
 
 
10,095
 
Accrued interest receivable
 
 
4,771
 
 
-
 
 
4,771
 
 
-
 
 
4,771
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noninterest-bearing
 
$
342,048
 
$
342,048
 
$
-
 
$
-
 
$
342,048
 
Interest-bearing
 
 
813,886
 
 
-
 
 
814,289
 
 
-
 
 
814,289
 
Fed Funds Purchased and Repurchase
    Agreements
 
 
2,673
 
 
-
 
 
2,673
 
 
-
 
 
2,673
 
Short-term borrowings
 
 
6,600
 
 
-
 
 
6,600
 
 
-
 
 
6,600
 
Long-term borrowings
 
 
-
 
 
-
 
 
-
 
 
-
 
 
-
 
Subordinated debentures
 
 
30,928
 
 
-
 
 
19,237
 
 
-
 
 
19,237
 
Limited partnership capital commitment
 
 
962
 
 
-
 
 
962
 
 
-
 
 
962
 
Accrued Interest Payable
 
 
186
 
 
-
 
 
186
 
 
-
 
 
186
 
 
 
 
Notional Amount
 
Off-balance-sheet financial instruments:
 
 
 
 
Commitments to extend credit
 
$
313,907
 
Standby letters of credit
 
 
6,727
 
Commercial lines of credit
 
 
8,536
 
     
 
 
December 31, 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:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
61,818
 
$
61,818
 
$
-
 
$
-
 
$
61,818
 
Investment securities available for sale
 
 
380,188
 
 
1,809
 
 
378,379
 
 
-
 
 
380,188
 
Loans and leases, net
 
 
839,629
 
 
-
 
 
873,309
 
 
-
 
 
873,309
 
Collateral dependent impaired loans
 
 
27,449
 
 
-
 
 
27,449
 
 
-
 
 
27,449
 
Loans held-for-sale
 
 
210
 
 
210
 
 
-
 
 
-
 
 
210
 
Cash surrender value of life insurance
   policies
 
 
38,007
 
 
-
 
 
38,007
 
 
-
 
 
38,007
 
Other Investments
 
 
6,370
 
 
-
 
 
6,370
 
 
-
 
 
6,370
 
Investment in Limited Partnership
 
 
10,316
 
 
-
 
 
10,316
 
 
-
 
 
10,316
 
Accrued Interest Receivable
 
 
5,095
 
 
-
 
 
5,095
 
 
-
 
 
5,095
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noninterest-bearing
 
$
352,597
 
$
352,597
 
$
-
 
$
-
 
$
352,597
 
Interest-bearing
 
 
821,437
 
 
-
 
 
821,911
 
 
-
 
 
821,911
 
Fed Funds Purchased and Repurchase
   Agreements
 
 
1,419
 
 
-
 
 
1,419
 
 
-
 
 
1,419
 
Short-term borrowings
 
 
36,650
 
 
-
 
 
36,650
 
 
-
 
 
36,650
 
Long-term borrowings
 
 
5,000
 
 
-
 
 
5,038
 
 
-
 
 
5,038
 
Subordinated debentures
 
 
30,928
 
 
-
 
 
12,141
 
 
-
 
 
12,141
 
Limited partnership capital commitment
 
 
962
 
 
-
 
 
962
 
 
-
 
 
962
 
Accrued Interest Payable
 
 
304
 
 
-
 
 
304
 
 
-
 
 
304
 
 
 
 
Notional Amount
 
Off-balance-sheet financial instruments:
 
 
 
 
Commitments to extend credit
 
$
225,400
 
Standby letters of credit
 
 
6,690
 
Commercial lines of credit
 
 
8,539
 
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 March 31, 2013, Using
 
 
 
Quoted Prices in
Active Markets
for
Identical Assets
(Level 1)
 
Significant
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
 
Investment Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agencies
 
$
-
 
$
4,684
 
$
-
 
$
4,684
 
Obligations of states and
 
 
 
 
 
 
 
 
 
 
 
 
 
political subdivisions
 
 
-
 
 
81,197
 
 
-
 
 
81,197
 
U.S. Government agencies
 
 
 
 
 
 
 
 
 
 
 
 
 
collateralized by mortgage
 
 
 
 
 
 
 
 
 
 
 
 
 
obligations
 
 
-
 
 
310,772
 
 
-
 
 
310,772
 
Other Securities
 
 
2,102
 
 
-
 
 
-
 
 
2,102
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total availabe-for-sale securities
 
$
2,102
 
$
396,653
 
$
-
 
$
398,755
 
   
 
 
Fair Value Measurements at December 31, 2012, Using
 
 
 
Quoted Prices in
Active Markets
for
Identical Assets
(Level 1)
 
Significant
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
 
Investment Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agencies
 
$
-
 
$
2,973
 
$
-
 
$
2,973
 
Obligations of states and
 
 
 
 
 
 
 
 
 
 
 
 
 
political subdivisions
 
 
-
 
 
73,986
 
 
-
 
 
73,986
 
U.S. Government agencies
 
 
 
 
 
 
 
 
 
 
 
 
 
collateralized by mortgage
 
 
 
 
 
 
 
 
 
 
 
 
 
obligations
 
 
-
 
 
301,389
 
 
-
 
 
301,389
 
Other Securities
 
 
1,809
 
 
31
 
 
-
 
 
1,840
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total availabe-for-sale securities
 
$
1,809
 
$
378,379
 
$
-
 
$
380,188
 
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 March 31, 2013, 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
 
$
-
 
$
25,520
 
$
-
 
$
25,520
 
Foreclosed Assets
 
$
-
 
$
15,747
 
$
-
 
$
15,747
 
   
 
 
Fair Value Measurements at December 31, 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
 
$
-
 
$
27,449
 
$
-
 
$
27,449
 
Foreclosed Assets
 
$
-
 
$
19,754
 
$
-
 
$
19,754