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Fair Value of Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2013
Fair Value of Financial Instruments and Fair Value Measurements [Abstract] |
Carrying amount and estimated fair values of financial instruments | The carrying amount, estimated fair values, and placement in the fair value hierarchy of the Company's financial instruments as of March 31, 2013 and December 31, 2012 are as follows:
|  | Fair Value Measurements at |
|  | March 31, 2013 |
|  | Carrying |  |  | Estimated |  |  | Level |  |  | Level |  |  | Level |
|  | Value |  |  | Fair Value |  |  |  | 1 |  |  |  | 2 |  |  |  | 3 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and Short-Term Investments |  | $ | 38,280 |  |  | $ | 38,280 |  |  | $ | 38,280 |  |  | $ | --- |  |  | $ | --- |
Investment Securities Available for Sale |  |  | 288,249 |  |  |  | 288,249 |  |  |  | --- |  |  |  | 287,108 |  |  |  | 1,141 |
Investment Securities Held to Maturity |  |  | 43 |  |  |  | 43 |  |  |  | --- |  |  |  | 43 |  |  |  | --- |
Federal Home Loan Bank Stock |  |  | 3,164 |  |  |  | 3,164 |  |  |  | 3,164 |  |  |  | --- |  |  |  | --- |
Loans, Net |  |  | 723,651 |  |  |  | 723,995 |  |  |  | --- |  |  |  | 706,500 |  |  |  | 17,495 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 953,575 |  |  |  | 955,440 |  |  |  | 491,732 |  |  |  | 463,708 |  |  |  | --- |
Subordinated Debentures |  |  | 24,229 |  |  |  | 24,229 |  |  |  | 24,229 |  |  |  | --- |  |  |  | --- |
Other Borrowed Money |  |  | 40,000 |  |  |  | 42,888 |  |  |  | --- |  |  |  | 42,888 |  |  |  | --- |
|  | Fair Value Measurements at |
|  | December 31, 2012 |
|  | Carrying |  |  | Estimated |  |  | Level |  |  | Level |  |  | Level |
|  | Value |  |  | Fair Value |  |  |  | 1 |  |  |  | 2 |  |  |  | 3 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and Short-Term Investments |  | $ | 71,041 |  |  | $ | 71,041 |  |  | $ | 71,041 |  |  | $ | --- |  |  | $ | --- |
Investment Securities Available for Sale |  |  | 268,301 |  |  |  | 268,301 |  |  |  | --- |  |  |  | 267,163 |  |  |  | 1,138 |
Investment Securities Held to Maturity |  |  | 41 |  |  |  | 42 |  |  |  | --- |  |  |  | 42 |  |  |  | --- |
Federal Home Loan Bank Stock |  |  | 3,364 |  |  |  | 3,364 |  |  |  | 3,364 |  |  |  | --- |  |  |  | --- |
Loans, Net |  |  | 734,079 |  |  |  | 735,115 |  |  |  | --- |  |  |  | 713,109 |  |  |  | 22,006 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 979,685 |  |  |  | 982,215 |  |  |  | 486,775 |  |  |  | 495,440 |  |  |  | --- |
Subordinated Debentures |  |  | 24,229 |  |  |  | 24,229 |  |  |  | 24,229 |  |  |  | --- |  |  |  | --- |
Other Borrowed Money |  |  | 35,000 |  |  |  | 38,424 |  |  |  | --- |  |  |  | 38,424 |  |  |  | --- |
Assets and liabilities measured at fair value on a recurring basis | Assets and Liabilities Measured at Fair Value on a Recurring Basis – The following table presents the recorded amount of the Company's assets measured at fair value on a recurring and nonrecurring basis as of March 31, 2013 and December 31, 2012, aggregated by the level in the fair value hierarchy within which those measurements fall. The table below includes only impaired loans with a specific reserve and only other real estate properties with a valuation allowance at March 31, 2013. Those impaired loans and other real estate properties are shown net of the related specific reserves and valuation allowances.
|  |  |  |  | Fair Value Measurements at Reporting Date Using |
|  |  |  |  | Quoted Prices in |  |  |  |  |  | Significant |
|  |  |  |  | Active Markets for |  |  | Significant Other |  |  | Unobservable |
|  | Total Fair |  |  | Identical Assets |  |  | Observable |  |  | Inputs |
March 31, 2013 |  | Value |  |  | (Level 1) |  |  | Inputs (Level 2) |  |  | (Level 3) |
Recurring Securities Available for Sale |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government Agencies |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-Backed |  | $ | 282,810 |  |  | $ | --- |  |  | $ | 282,810 |  |  | $ | --- |
State, County and Municipal |  |  | 4,209 |  |  |  | --- |  |  |  | 3,200 |  |  |  | 1,009 |
Corporate Obligations |  |  | 1,098 |  |  |  | --- |  |  |  | 1,098 |  |  |  | --- |
Asset-Backed Securities |  |  | 132 |  |  |  | --- |  |  |  | --- |  |  |  | 132 |
|  | $ | 288,249 |  |  | $ | --- |  |  | $ | 287,108 |  |  | $ | 1,141 |
Nonrecurring |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impaired Loans |  | $ | 17,495 |  |  | $ | --- |  |  | $ | --- |  |  | $ | 17,495 |
Other Real Estate |  | $ | 9,157 |  |  | $ | --- |  |  | $ | --- |  |  | $ | 9,157 |
|  |  |  |  | Fair Value Measurements at Reporting Date Using |
|  |  |  |  | Quoted Prices in |  |  |  |  |  | Significant |
|  |  |  |  | Active Markets for |  |  | Significant Other |  |  | Unobservable |
|  | Total Fair |  |  | Identical Assets |  |  | Observable |  |  | Inputs |
December 31, 2012 |  | Value |  |  | (Level 1) |  |  | Inputs (Level 2) |  |  | (Level 3) |
Recurring Securities Available for Sale |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government Agencies |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-Backed |  | $ | 263,060 |  |  | $ | --- |  |  | $ | 263,060 |  |  | $ | --- |
State, County and Municipal |  |  | 4,004 |  |  |  | --- |  |  |  | 2,998 |  |  |  | 1,006 |
Corporate Obligations |  |  | 1,105 |  |  |  | --- |  |  |  | 1,105 |  |  |  | --- |
Asset-Backed Securities |  |  | 132 |  |  |  | --- |  |  |  | --- |  |  |  | 132 |
|  | $ | 268,301 |  |  | $ | --- |  |  | $ | 267,163 |  |  | $ | 1,138 |
Nonrecurring |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impaired Loans |  | $ | 22,006 |  |  | $ | --- |  |  | $ | --- |  |  | $ | 22,006 |
Other Real Estate |  | $ | 8,817 |  |  | $ | --- |  |  | $ | --- |  |  | $ | 8,817 |
Quantitative information for financial instruments measured 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 nonrecurring basis at March 31, 2013. This table is comprised primarily of collateral dependent impaired loans and other real estate owned:
|  |  |  | Valuation | Unobservable |  | Range |
|  | March 31, 2013 |  | Techniques | Inputs |  | Weighted Avg |
Impaired Loans |  |  |  |  |  |  |  |
Commercial |  | $ | 1,009 |  | Sales Comparison | Adjustment for Differences |  |  | 0.00% - 0.00 | %
|  |  |  |  |  | Between the Comparable Sales |  |  | 0.00 | %
|  |  |  |  |  | Management Adjustments for |  |  | 0.00% - 80.00 | %
|  |  |  |  |  | Age of Appraisals and/or Current |  |  | 40.00 | %
|  |  |  |  |  | Market Conditions |  |  |  |
Real Estate |  |  |  |  |  |  |  |  |  |
Commercial Construction |  |  | 3,197 |  | Sales Comparison | Adjustment for Differences |  |  | (16.00%) - 45.00 | %
|  |  |  |  |  | Between the Comparable Sales |  |  | 14.50 | %
|  |  |  |  |  | Management Adjustments for |  |  | 0.00% - 10.00 | %
|  |  |  |  |  | Age of Appraisals and/or Current |  |  | 5.00 | %
|  |  |  |  |  | Market Conditions |  |  |  |
|  |  |  |  | Income Approach | Capitalization Rate |  |  | 8.50 | %
|  |  |  |  |  | Discount Rate |  |  | 3.00 | %
Residential Real Estate |  |  | 4,798 |  | Sales Comparison | Adjustment for Differences |  |  | (0.40%) -168.20 | %
|  |  |  |  |  | Between the Comparable Sales |  |  | 83.90 | %
|  |  |  |  |  | Management Adjustments for |  |  | 0.00% - 50.00 | %
|  |  |  |  |  | Age of Appraisals and/or Current |  |  | 25.00 | %
|  |  |  |  |  | Market Conditions |  |  |  |
Commercial Real Estate |  |  | 8,491 |  | Sales Comparison | Adjustment for differences |  |  | (7.40%) - 52.00 | %
|  |  |  |  |  | Between the comparable Sales |  |  | 22.30 | %
|  |  |  |  |  | Management Adjustments for |  |  | 0.00% - 30.00 | %
|  |  |  |  |  | Age of Appraisals and/or Current |  |  | 15.00 | %
|  |  |  |  |  | Market Conditions |  |  |  |
|  |  |  |  | Income Approach | Capitalization Rate |  |  | 10.50 | %
|  |  |  |  |  | Discount Rate |  |  | 5.13 | %
Other Real Estate Owned |  |  | 9,157 |  | Sales Comparison | Adjustment for Differences |  |  | (35.00%) - 129.50 | %
|  |  |  |  |  | Between the Comparable Sales |  |  | 47.25 | %
|  |  |  |  |  | Management Adjustment for |  |  | 3.10% - 87.24 | %
|  |  |  |  |  | Ageof Appraisals and/or Current |  |  | 38.57 | %
|  |  |  |  |  | Market Conditions |  |  |  |
|  |  |  |  | Income Approach | Discount Rate |  |  | 3.00 | %
The following table presents quantitative information about recurring level 3 fair value measurements as of March 31, 2013.
|  |  |  | Valuation | Unobservable |  | Range |
|  | Fair Value |  | Techniques | Inputs |  | Weighted Avg |
Asset-Back Securities |  | $ | 132 |  | Discounted Cash Flow | Discount Rate |  |  | 2.95% - 3.42 | %
|  |  |  |  |  |  |  |  | 3.19 | %
State, County and Municipal |  |  | 1,009 |  | Discounted Cash Flow | Discount Rate |  |  | N/A | *
* The Company relies on a third-party pricing service to value its municipal securities. The details of the unobservable inputs and other adjustments used by the third-party pricing service were not readily available to the Company.
Fair value measurement using significant unobservable inputs (Level 3) | 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 three months ended March 31, 2013 and the twelve months ended December 31, 2012.
|  | Available for Sale Securities |
|  | March 31, 2013 |  |  | December 31, 2012 |
Balance, Beginning |  | $ | 1,138 |  |  | $ | 1,122 |
Total Realized/Unrealized Gains (Losses) Included In |  |  |  |  |  |  |  |
Purchases, Sales, Issuances and Settlements |  |  |  |  |  |  |  |
Transfers into Level 3 |  |  | -- |  |  |  | 789 |
Securities Purchased During the Year |  |  | -- |  |  |  | 208 |
Securities Called During the Year |  |  | -- |  |  |  | (1,000 | )
Unrealized Gains Included in Other Comprehensive Income |  |  | 3 |  |  |  | 78 |
Loss on OTTI Impairment Included in Noninterest Income |  |  | -- |  |  |  | (59 | )
Balance, Ending |  | $ | 1,141 |  |  | $ | 1,138 |

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- Definition Tabular disclosure related to 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 recurring and/or nonrecurring basis in periods after initial recognition. Disclosures 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) as well as transfers between levels 1 and 2. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 6 -Footnote 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a,b,bb) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=7578670&loc=SL7498348-110258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 33 -Subparagraph a, b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -Subparagraph c -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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- Definition Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 14 -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 18 -Subparagraph c(2), d, e, f -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15 -Subparagraph b-d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13467-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 19 -Subparagraph a, b, c(1), d(1) -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -Subparagraph a, c(1), c(2), c(3), d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 10 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13476-108611 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 + Details
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- Definition Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 + Details
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