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Fair Value of Financial Instruments and Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2014
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 June 30, 2014 and December 31, 2013 are as follows:
|  | Fair Value Measurements at June 30, 2014 |
|  | Carrying |  |  | Estimated |  |  | Level |  |  | Level |  |  | Level |
|  | Value |  |  | Fair Value |  |  | 1 |  |  | 2 |  |  | 3 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and Short-Term Investments |  | $ | 44,320 |  |  | $ | 44,320 |  |  | $ | 44,320 |  |  | $ | - |  |  | $ | - |
Investment Securities Available for Sale |  |  | 276,062 |  |  |  | 276,062 |  |  |  | - |  |  |  | 275,104 |  |  |  | 958 |
Investment Securities Held to Maturity |  |  | 32 |  |  |  | 32 |  |  |  | - |  |  |  | 32 |  |  |  | - |
Federal Home Loan Bank Stock |  |  | 2,831 |  |  |  | 2,831 |  |  |  | 2,831 |  |  |  | - |  |  |  | - |
Loans, Net |  |  | 724,939 |  |  |  | 726,105 |  |  |  | - |  |  |  | 717,467 |  |  |  | 8,638 |
Bank-Owned Life Insurance |  |  | 14,265 |  |  |  | 14,265 |  |  |  | 14,265 |  |  |  | - |  |  |  | - |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 948,269 |  |  |  | 949,776 |  |  |  | 500,107 |  |  |  | 449,669 |  |  |  | - |
Subordinated Debentures |  |  | 24,229 |  |  |  | 24,229 |  |  |  | 24,229 |  |  |  | - |  |  |  | - |
Other Borrowed Money |  |  | 40,000 |  |  |  | 42,314 |  |  |  | - |  |  |  | 42,314 |  |  |  | - |
|  | Fair Value Measurements at December 31, 2013 |
|  | Carrying |  |  | Estimated |  |  | Level |  |  | Level |  |  | Level |
|  | Value |  |  | Fair Value |  |  | 1 |  |  | 2 |  |  | 3 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and Short-Term Investments |  | $ | 68,147 |  |  | $ | 68,147 |  |  | $ | 68,147 |  |  | $ | - |  |  | $ | - |
Investment Securities Available for Sale |  |  | 263,258 |  |  |  | 263,258 |  |  |  | - |  |  |  | 262,317 |  |  |  | 941 |
Investment Securities Held to Maturity |  |  | 37 |  |  |  | 37 |  |  |  | - |  |  |  | 37 |  |  |  | - |
Federal Home Loan Bank Stock |  |  | 3,164 |  |  |  | 3,164 |  |  |  | 3,164 |  |  |  | - |  |  |  | - |
Loans, Net |  |  | 739,052 |  |  |  | 741,112 |  |  |  | - |  |  |  | 729,436 |  |  |  | 11,676 |
Bank-Owned Life Insurance |  |  | 10,165 |  |  |  | 10,165 |  |  |  | 10,165 |  |  |  | - |  |  |  | - |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 987,530 |  |  |  | 989,101 |  |  |  | 526,646 |  |  |  | 462,455 |  |  |  | - |
Subordinated Debentures |  |  | 24,229 |  |  |  | 24,229 |  |  |  | 24,229 |  |  |  | - |  |  |  | - |
Other Borrowed Money |  |  | 40,000 |  |  |  | 42,074 |  |  |  | - |  |  |  | 42,074 |  |  |  | - |
Assets and liabilities measured at fair value on a recurring and non 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 June 30, 2014 and December 31, 2013, 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 June 30, 2014. 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 |
June 30, 2014 |  | Value |  |  | (Level 1) |  |  | Inputs (Level 2) |  |  | (Level 3) |
Recurring |  |  |  |  |  |  |  |  |  |  |  |
Securities Available for Sale |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government Agencies |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-Backed |  | $ | 272,722 |  |  | $ | - |  |  | $ | 272,722 |  |  | $ | - |
State, County and Municipal |  |  | 3,340 |  |  |  | - |  |  |  | 2,382 |  |  |  | 958 |
|  | $ | 276,062 |  |  | $ | - |  |  | $ | 275,104 |  |  | $ | 958 |
Nonrecurring |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impaired Loans |  | $ | 8,638 |  |  | $ | - |  |  | $ | - |  |  | $ | 8,638 |
Other Real Estate |  | $ | 4,778 |  |  | $ | - |  |  | $ | - |  |  | $ | 4,778 |
|  |  |  |  | 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, 2013 |  | Value |  |  | (Level 1) |  |  | Inputs (Level 2) |  |  | (Level 3) |
Recurring |  |  |  |  |  |  |  |  |  |  |  |
Securities Available for Sale |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government Agencies |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-Backed |  | $ | 259,348 |  |  | $ | - |  |  | $ | 259,348 |  |  | $ | - |
State, County and Municipal |  |  | 3,910 |  |  |  | - |  |  |  | 2,969 |  |  |  | 941 |
|  | $ | 263,258 |  |  | $ | - |  |  | $ | 262,317 |  |  | $ | 941 |
Nonrecurring |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impaired Loans |  | $ | 11,676 |  |  | $ | - |  |  | $ | - |  |  | $ | 11,676 |
Other Real Estate |  | $ | 7,020 |  |  | $ | - |  |  | $ | - |  |  | $ | 7,020 |
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 June 30, 2014 and December 31, 2013. This table is comprised primarily of collateral dependent impaired loans and other real estate owned:
|  | June 30, 2014 |  | Valuation Techniques |  | Unobservable Inputs |  | Range Weighted Avg
Impaired Loans |  |  |  |  |  |  |  |
Real Estate |  |  |  |  |  |  |  |
Commercial Construction |  | $ | 1,287 |  | Sales Comparison |  | Adjustment for Differences |  | (22.00%) - 24.00%
|  |  |  |  |  |  | Between the Comparable Sales |  | 1.00%
|  |  |  |  |  |  | Management Adjustments for |  | 0.00% - 10.00%
|  |  |  |  |  |  | Age of Appraisals and/or Current |  | 5.00%
|  |  |  |  |  |  | Market Conditions |  |
Residential Real Estate |  |  | 638 |  | Sales Comparison |  | Adjustment for Differences |  | (2.30%) - 10.20%
|  |  |  |  |  |  | Between the Comparable Sales |  | 3.95%
|  |  |  |  |  |  | Management Adjustments for |  | 0.00% - 25.00%
|  |  |  |  |  |  | Age of Appraisals and/or Current |  | 12.50%
|  |  |  |  |  |  | Market Conditions |  |
Commercial Real Estate |  |  | 6,713 |  | Sales Comparison |  | Management Adjustments for |  | (30.00%) - 20.00%
|  |  |  |  |  |  | Age of Appraisals and/or Current |  | (5.00%)
|  |  |  |  |  |  | Market Conditions |  |
|  |  |  |  |  |  | Management Adjustment for |  | 0.00% - 40.00%
|  |  |  |  |  |  | Age of Appraisals and/or Current |  | 20.00%
|  |  |  |  |  |  | Market Conditions |  |
|  |  |  |  | Income Approach |  | Capitalization Rate |  | 11.00%
Other Real Estate Owned |  |  | 4,778 |  | Sales Comparison |  | Adjustment for Differences |  | (955.90%) - 208.20%
|  |  |  |  |  |  | Between the Comparable Sales |  | (373.85%)
|  |  |  |  |  |  | Management Adjustment for |  | 0.33% - 69.36%
|  |  |  |  |  |  | Age of Appraisals and/or Current |  | 31.61%
|  |  |  |  |  |  | Market Conditions |  |
|  |  |  | Valuation |  | Unobservable |  | Range
|  | December 31, 2013 |  | Techniques |  | Inputs |  | Weighted Avg
Impaired Loans |  |  |  |  |  |  |  |
Commercial |  | $ | 1,019 |  | Sales Comparison |  | Adjustment for Differences |  | 0.00% - 15.00%
|  |  |  |  |  |  | Between the Comparable Sales |  | 7.50%
|  |  |  |  |  |  | Management Adjustments for |  | 10.00% - 50.00%
|  |  |  |  |  |  | Age of Appraisals and/or Current |  | 30.00%
|  |  |  |  |  |  | Market Conditions |  |
Real Estate |  |  |  |  |  |  |  |  |
Commercial Construction |  |  | 2,641 |  | Sales Comparison |  | Adjustment for Differences |  | (16.00%) - 28.00%
|  |  |  |  |  |  | Between the Comparable Sales |  | 6.00%
|  |  |  |  |  |  | Management Adjustments for |  | 0.00% - 10.00%
|  |  |  |  |  |  | Age of Appraisals and/or Current |  | 5.00%
|  |  |  |  |  |  | Market Conditions |  |
|  |  |  |  | Income Approach |  | Capitalization Rate |  | 8.50%
Residential Real Estate |  |  | 1,323 |  | Sales Comparison |  | Adjustment for Differences |  | 0.00% - 46.00%
|  |  |  |  |  |  | Between the Comparable Sales |  | 23.00%
|  |  |  |  |  |  | Management Adjustments for |  | 0.00% - 25.00%
|  |  |  |  |  |  | Age of Appraisals and/or Current |  | 12.50%
|  |  |  |  |  |  | Market Conditions |  |
Commercial Real Estate |  |  | 5,451 |  | Sales Comparison |  | Adjustment for differences |  | (27.20%) - 216.80%
|  |  |  |  |  |  | Between the comparable Sales |  | 94.80%
|  |  |  |  |  |  | Management Adjustments for |  | 25.00% - 90.00%
|  |  |  |  |  |  | Age of Appraisals and/or Current |  | 57.50%
|  |  |  |  |  |  | Market Conditions |  |
|  |  |  |  | Income Approach |  | Capitalization Rate |  | 11.00%
Farmland |  |  | 1,242 |  | Sales Comparison |  | Adjustment for Differences |  | (55.00%) - 388.00%
|  |  |  |  |  |  | Between the Comparable Sales |  | 166.50
|  |  |  |  |  |  | Management Adjustments for |  | 10.00% - 35.00%
|  |  |  |  |  |  | Age of Appraisals and/or Current |  | 22.50%
|  |  |  |  |  |  | Market Conditions |  |
Other Real Estate Owned |  |  | 7,020 |  | Sales Comparison |  | Adjustment for Differences |  | (10.00%) - 319.10%
|  |  |  |  |  |  | Between the Comparable Sales |  | 154.55%
|  |  |  |  |  |  | Management Adjustment for |  | 0.36% - 87.81%
|  |  |  |  |  |  | Age of Appraisals and/or Current |  | 29.99%
|  |  |  |  |  |  | Market Conditions |  |
|  |  |  |  | Income Approach |  | Discount Rate |  | 10.00%
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 six months ended June 30, 2014 and the twelve months ended December 31, 2013.
|  | Available for Sale Securities |
|  | June 30, 2014 |  |  | December 31, 2013 |
Balance, Beginning |  | $ | 941 |  |  | $ | 1,138 |
Transfers out of Level 3 |  |  | - |  |  |  | (42 | )
Loss on OTTI Impairment Included in Noninterest Income |  |  | - |  |  |  | (367 | )
Unrealized Gains included in Other Comprehensive Income (Loss) |  |  | 17 |  |  |  | 212 |
Balance, Ending |  | $ | 958 |  |  | $ | 941 |
The Company’s policy is to recognize transfers in and transfers out of levels 1, 2 and 3 as of the end of a reporting period. As of December 31, 2013, the Company transferred certain state, county and municipal securities out of level 3 and into level 2. The transfers out of level 3 were the result of increased market activity for these types of securities, as well as more current credit ratings on these securities. There were no transfers of securities between levels for the six months ended June 30, 2014. The following table presents quantitative information about recurring level 3 fair value measurements as of June 30, 2014.
|  |  |  | Valuation |  | Unobservable |  | Range |
|  | Fair Value |  | Techniques |  | Inputs |  | Weighted Avg |
State, County and Municipal |  | $ | 958 |  | 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.

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: 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=36462937&loc=d3e19279-110258 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=36462937&loc=d3e19207-110258 Reference 3: 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=36462937&loc=SL7498348-110258 Reference 4: 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=36462937&loc=d3e19190-110258 + 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=36462937&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=36462937&loc=d3e19279-110258 + Details
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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 Reference 1: 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=36462937&loc=d3e19207-110258 Reference 2: 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=35750535&loc=d3e13433-108611 Reference 3: 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=35750535&loc=d3e13467-108611 Reference 4: 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=35750535&loc=d3e13476-108611 Reference 5: 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 Reference 6: 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 + 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=36462937&loc=d3e19207-110258 + Details
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