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Fair Value Measurements | 9 Months Ended
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Sep. 30, 2012
Fair Value Measurements [Abstract] |
Fair Value Measurements | (6) Fair Value Measurements Generally accepted accounting principles related to Fair Value Measurements, defines fair value, establishes a framework for measuring fair value, establishes a three-level valuation hierarchy for disclosure of fair value measurements and enhances disclosure requirements for fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:
| · | Level 1 | inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
| · | Level 2 | inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
| · | Level 3 | inputs to the valuation methodology are unobservable and represent the Company's own assumptions about the assumptions that market participants would use in pricing the assets or liabilities.
Following is a description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy: Assets Securities – Where quoted prices are available in an active market, securities are classified within level 1 of the valuation hierarchy. Level 1 inputs include securities that have quoted prices in active markets for identical assets. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flow. Examples of such instruments, which would generally be classified within level 2 of the valuation hierarchy, include certain collateralized mortgage and debt obligations and certain high-yield debt securities. In certain cases where there is limited activity or less transparency around inputs to the valuation, securities are classified within level 3 of the valuation hierarchy. When measuring fair value, the valuation techniques available under the market approach, income approach and/or cost approach are used. The Company's evaluations are based on market data and the Company employs combinations of these approaches for its valuation methods depending on the asset class. Impaired loans – Impaired loans are those that are accounted for under ASC Sub-topic 310-40, Troubled Debt Restructurings by Creditors, in which the Company has measured impairment generally based on the fair value of the loan's collateral. Fair value is generally determined based upon independent third-party appraisals of the properties, or discounted cash flows based upon the expected proceeds. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. Other Real Estate – Other real estate owned assets are adjusted to fair value less estimated selling costs upon transfer of the loans to other real estate owned. Subsequently, other real estate owned assets are carried at the lower of carrying value or fair value. Fair value is based upon independent market prices, appraised values of the collateral or management's estimation of the value of the collateral. These assets are included as Level 3 fair values. The following table presents the recorded amount of the Company's assets measured at fair value on a recurring and nonrecurring basis as of September 30, 2012 and December 31, 2011 aggregated by the level in the fair value hierarchy within which those measurements fall.
|  |  |  |  | Fair Value Measurements at Reporting Date Using |
|  |  |  |  | Quoted Prices in |  |  |  |  |  | Significant |
|  |  |  |  | Active Markets for |  |  | Significant Other |  |  | Unobservable |
|  |  |  |  | Identical Assets |  |  | Observable |  |  | Inputs |
|  | September 30, 2012 |  |  | (Level 1) |  |  | Inputs (Level 2) |  |  | (Level 3) |
Recurring |  |  |  |  |  |  |  |  |  |  |  |
Securities Available for Sale |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed |  | $ | 236,810 |  |  | $ | --- |  |  | $ | 236,810 |  |  | $ | --- |
State,County & Municipal |  |  | 4,037 |  |  |  | --- |  |  |  | 4,037 |  |  |  | --- |
Corporate Obligations |  |  | 1,118 |  |  |  | --- |  |  |  | 1,118 |  |  |  | --- |
Asset-Backed Securities |  |  | 132 |  |  |  | --- |  |  |  | --- |  |  |  | 132 |
|  | $ | 242,097 |  |  | $ | --- |  |  | $ | 241,965 |  |  | $ | 132 |
Nonrecurring |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impaired Loans |  | $ | 16,679 |  |  | $ | --- |  |  | $ | --- |  |  | $ | 16,679 |
Other Real Estate |  | $ | 17,091 |  |  | $ | --- |  |  | $ | --- |  |  | $ | 17,091 |
|  |  |  |  | Fair Value Measurements at Reporting Date Using |
|  |  |  |  | Quoted Prices in |  |  |  |  |  | Significant |
|  |  |  |  | Active Markets for |  |  | Significant Other |  |  | Unobservable |
|  |  |  |  | Identical Assets |  |  | Observable |  |  | Inputs |
|  | December 31, 2011 |  |  | (Level 1) |  |  | Inputs (Level 2) |  |  | (Level 3) |
Recurring |  |  |  |  |  |  |  |  |  |  |  |
Securities Available for Sale |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed |  | $ | 294,061 |  |  | $ | --- |  |  | $ | 294,061 |  |  | $ | --- |
State,County & Municipal |  |  | 7,584 |  |  |  | --- |  |  |  | 7,584 |  |  |  | --- |
Corporate Obligations |  |  | 2,114 |  |  |  | --- |  |  |  | 1,124 |  |  |  | 990 |
Asset-Backed Securities |  |  | 132 |  |  |  | --- |  |  |  | --- |  |  |  | 132 |
|  | $ | 303,891 |  |  | $ | --- |  |  | $ | 302,769 |  |  | $ | 1,122 |
Nonrecurring |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impaired Loans |  | $ | 17,251 |  |  | $ | --- |  |  | $ | --- |  |  | $ | 17,251 |
Other Real Estate |  | $ | 20,445 |  |  | $ | --- |  |  | $ | 6,170 |  |  | $ | 14,275 |
Liabilities The Company did not identify any liabilities that are required to be presented at fair value. The following table presents quantitative information about the significant unobservable inputs used in the fair value measurements for assets in Level 3 of the fair value hierarchy measured on a recurring and non-recurring basis at September 30, 2012.
|  |  |  | Valuation |  | Unobservable |  | Range
|  | September 30, 2012 |  | Techniques |  | Inputs |  | (Weighted Avg)
Recurring |  |  |  |  |  |  |  |
Securities Available for Sale |  |  |  |  |  |  |  |
Asset - Backed Securities |  | 132 |  | discounted cash flow |  | discount rate |  | 2.73% - 3.22%
|  |  |  |  |  |  |  | (2.98%)
Nonrecurring |  |  |  |  |  |  |  |
Impaired Loans |  |  |  |  |  |  |  |
Commercial |  | 1,163 |  | sales comparison |  | adjustment for |  | (45.00%) - 80.00%
|  |  |  |  |  | differences between |  | (17.50%)
|  |  |  |  |  | the comparable |  |
|  |  |  |  |  | sales |  |
Real Estate |  |  |  |  |  |  |  |
Commercial Construction |  | 8,824 |  | sales comparison |  | adjustment for |  | 0.00% - 186.90%
|  |  |  |  |  | differences between |  | (93.45%)
|  |  |  |  |  | the comparable |  |
|  |  |  |  |  | sales |  |
|  |  |  | income approach |  | discount rate |  | 7.92%
Residential Real Estate |  | 3,195 |  | sales comparison |  | adjustment for |  | (13.70%) - 24.20%
|  |  |  |  |  | differences between |  | (5.25%)
|  |  |  |  |  | the comparable |  |
|  |  |  |  |  | sales |  |
|  |  |  | income approach |  | capitalization rate |  | 8.90%
Commercial Real Estate |  | 3,497 |  | sales comparison |  | adjustment for |  | (40.00%) - 52.00%
|  |  |  |  |  | differences between |  | (6.00%)
|  |  |  |  |  | the comparable |  |
|  |  |  |  |  | sales |  |
|  |  |  | income approach |  | capitalization rate |  | 11.00%
Other Real Estate Owned |  | 17,091 |  | sales comparison |  | adjustment for |  | 1.97% - 77.35%
|  |  |  |  |  | differences between |  | (29.93%)
|  |  |  |  |  | the comparable |  |
|  |  |  |  |  | sales |  |
The table below presents a reconciliation and statement of income classification of gains and losses for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30, 2012 and 2011.
|  | 2012 |  |  | 2011 |
Fair Value Measurement Using Significant Unobservable Inputs (Level 3) |  | Available for |  |  | Available for |
|  | Sale Securities |  |  | Sale Securities |
|  | (In Thousands) |  |  | (In Thousands) |
Balance, Beginning |  | $ | 1,122 |  |  | $ | 1,017 |
Total Realized/Unrealized Gains (Losses) Included In |  |  |  |  |  |  |  |
Loss on OTTI Impairment |  |  | (60 | ) |  |  | -- |
Other Comprehensive Income |  |  | 70 |  |  |  | 104 |
Purchases, Sales, Issuances and Settlements |  |  |  |  |  |  |  |
Sales/Call |  |  | (1,000 | ) |  |  | -- |
Balance, Ending |  | $ | 132 |  |  | $ | 1,121 |

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- Definition Disclosure of the fair value measurement of assets and liabilities which includes [financial] instruments measured at fair value that are classified in stockholders' equity. Such assets and liabilities may be measured on a recurring or nonrecurring basis. + References No definition available. + Details
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