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Fair Value Disclosures (Tables) | 3 Months Ended
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Mar. 31, 2012
Fair Value Disclosures [Abstract] |
Assets and liabilities measured on recurring basis measured at fair value | The following table presents the balances of assets and liabilities that were measured at fair value on a recurring basis as of March 31, 2012, December 31, 2011 and March 31, 2011.
|  | At March 31, 2012 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agency |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Mortgage-backed securities |  |  | - |  |  |  | 232,115,000 |  |  |  | - |  |  |  | 232,115,000 |
State and political subdivisions |  |  | - |  |  |  | 83,162,000 |  |  |  | - |  |  |  | 83,162,000 |
Other equity securities |  |  | - |  |  |  | 1,834,000 |  |  |  | - |  |  |  | 1,834,000 |
Total assets |  | $ | - |  |  | $ | 317,111,000 |  |  | $ | - |  |  | $ | 317,111,000 |
|  | At December 31, 2011 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agency |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Mortgage-backed securities |  |  | - |  |  |  | 198,232,000 |  |  |  | - |  |  |  | 198,232,000 |
State and political subdivisions |  |  | - |  |  |  | 85,726,000 |  |  |  | - |  |  |  | 85,726,000 |
Corporate securities |  |  | - |  |  |  | 811,000 |  |  |  | - |  |  |  | 811,000 |
Other equity securities |  |  | - |  |  |  | 1,433,000 |  |  |  | - |  |  |  | 1,433,000 |
Total assets |  | $ | - |  |  | $ | 286,202,000 |  |  | $ | - |  |  | $ | 286,202,000 |
|  | At March 31, 2011 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agency |  | $ | - |  |  | $ | 15,943,000 |  |  | $ | - |  |  | $ | 15,943,000 |
Mortgage-backed securities |  |  | - |  |  |  | 253,110,000 |  |  |  | - |  |  |  | 253,110,000 |
State and political subdivisions |  |  | - |  |  |  | 55,081,000 |  |  |  | - |  |  |  | 55,081,000 |
Corporate securities |  |  | - |  |  |  | 923,000 |  |  |  | - |  |  |  | 923,000 |
Other equity securities |  |  | - |  |  |  | 394,000 |  |  |  | - |  |  |  | 394,000 |
Total assets |  | $ | - |  |  | $ | 325,451,000 |  |  | $ | - |  |  | $ | 325,451,000 |
Assets and liabilities measured on non-recurring basis measured at fair value | The following tables includes asset measured at fair value on a nonrecurring basis that have had a fair value adjustment since their initial recognition. Other real estate owned is presented net of an allowance of $367,000, $436,000, and $108,000 at March 31, 2012, December 31, 2011, and March 31, 2011, respectively. Impaired loans measured at fair value only include impaired loans with a related specific allowance for loan losses and are presented net of specific allowances of $2,348,000, $2,058,000 and $1,621,000 at March 31, 2012, December 31, 2011, and March 31, 2011, respectively.
|  | At March 31, 2012 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Mortgage servicing rights |  | $ | - |  |  | $ | 994,000 |  |  | $ | - |  |  | $ | 994,000 |
Loans held for sale |  |  | - |  |  |  | 184,000 |  |  |  | - |  |  |  | 184,000 |
Other real estate owned |  |  | - |  |  |  | 4,214,000 |  |  |  | - |  |  |  | 4,214,000 |
Impaired loans |  |  | - |  |  |  | 12,082,000 |  |  |  | - |  |  |  | 12,082,000 |
Total assets |  | $ | - |  |  | $ | 17,474,000 |  |  | $ | - |  |  | $ | 17,474,000 |
|  | At December 31, 2011 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Mortgage servicing rights |  | $ | - |  |  | $ | 1,581,000 |  |  | $ | - |  |  | $ | 1,581,000 |
Loans held for sale |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Other real estate owned |  |  | - |  |  |  | 4,094,000 |  |  |  | - |  |  |  | 4,094,000 |
Impaired loans |  |  | - |  |  |  | 12,165,000 |  |  |  | - |  |  |  | 12,165,000 |
Total assets |  | $ | - |  |  | $ | 17,840,000 |  |  | $ | - |  |  | $ | 17,840,000 |
|  | At March 31, 2011 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Mortgage servicing rights |  | $ | - |  |  | $ | 2,205,000 |  |  | $ | - |  |  | $ | 2,205,000 |
Loans held for sale |  |  | - |  |  |  | 450,000 |  |  |  | - |  |  |  | 450,000 |
Other real estate owned |  |  | - |  |  |  | 4,575,000 |  |  |  | - |  |  |  | 4,575,000 |
Impaired loans |  |  | - |  |  |  | 7,002,000 |  |  |  | - |  |  |  | 7,002,000 |
Total assets |  | $ | - |  |  | $ | 14,232,000 |  |  | $ | - |  |  | $ | 14,232,000 |
Estimated fair value of financial instruments | The estimated fair values for financial instruments as of March 31, 2012 were as follows:
|  | Carrying |  |  | Estimated |  |  |  |  |  |  |  |  |  |
|  | value |  |  | fair value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 12,123,000 |  |  | $ | 12,123,000 |  |  | $ | 12,123,000 |  |  | $ | - |  |  | $ | - |
Interest bearing deposits in other banks |  |  | 1,532,000 |  |  |  | 1,532,000 |  |  |  | 1,532,000 |  |  |  | - |  |  |  | - |
Securities available for sale |  |  | 317,111,000 |  |  |  | 317,111,000 |  |  |  | - |  |  |  | 317,111,000 |  |  |  | - |
Securities to be held to maturity |  |  | 137,606,000 |  |  |  | 144,633,000 |  |  |  | - |  |  |  | 144,633,000 |  |  |  | - |
Federal Reserve Bank stock |  |  | 1,411,000 |  |  |  | 1,411,000 |  |  |  | - |  |  |  | 1,411,000 |  |  |  | - |
Federal Home Loan Bank stock |  |  | 13,412,000 |  |  |  | 13,412,000 |  |  |  | - |  |  |  | 13,412,000 |  |  |  | - |
Loans held for sale |  |  | 184,000 |  |  |  | 184,000 |  |  |  | - |  |  |  | 184,000 |  |  |  | - |
Loans (net of allowance for loan losses) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate |  |  | 247,962,000 |  |  |  | 248,737,000 |  |  |  | - |  |  |  | - |  |  |  | 248,737,000 |
Construction |  |  | 30,018,000 |  |  |  | 30,018,000 |  |  |  | - |  |  |  | - |  |  |  | 30,018,000 |
Other |  |  | 83,021,000 |  |  |  | 83,529,000 |  |  |  | - |  |  |  | - |  |  |  | 83,529,000 |
Municipal |  |  | 15,939,000 |  |  |  | 17,471,000 |  |  |  | - |  |  |  | - |  |  |  | 17,471,000 |
Residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Term |  |  | 356,971,000 |  |  |  | 368,682,000 |  |  |  | - |  |  |  | - |  |  |  | 368,682,000 |
Construction |  |  | 6,383,000 |  |  |  | 6,385,000 |  |  |  | - |  |  |  | - |  |  |  | 6,385,000 |
Home equity line of credit |  |  | 102,587,000 |  |  |  | 102,581,000 |  |  |  | - |  |  |  | - |  |  |  | 102,581,000 |
Consumer |  |  | 15,057,000 |  |  |  | 16,049,000 |  |  |  | - |  |  |  | - |  |  |  | 16,049,000 |
Total loans |  |  | 857,938,000 |  |  |  | 873,452,000 |  |  |  | - |  |  |  | - |  |  |  | 873,452,000 |
Mortgage servicing rights |  |  | 801,000 |  |  |  | 994,000 |  |  |  | - |  |  |  | 994,000 |  |  |  | - |
Accrued interest receivable |  |  | 5,690,000 |  |  |  | 5,690,000 |  |  |  | - |  |  |  | 5,690,000 |  |  |  | - |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demand deposits |  | $ | 69,520,000 |  |  | $ | 67,807,000 |  |  | $ | - |  |  | $ | 67,807,000 |  |  | $ | - |
NOW deposits |  |  | 120,844,000 |  |  |  | 111,703,000 |  |  |  | - |  |  |  | 111,703,000 |  |  |  | - |
Money market deposits |  |  | 75,752,000 |  |  |  | 64,795,000 |  |  |  | - |  |  |  | 64,795,000 |  |  |  | - |
Savings deposits |  |  | 118,946,000 |  |  |  | 107,036,000 |  |  |  | - |  |  |  | 107,036,000 |  |  |  | - |
Local certificates of deposit |  |  | 215,013,000 |  |  |  | 220,572,000 |  |  |  | - |  |  |  | 220,572,000 |  |  |  | - |
National certificates of deposit |  |  | 415,760,000 |  |  |  | 420,850,000 |  |  |  | - |  |  |  | 420,850,000 |  |  |  | - |
Total deposits |  |  | 1,015,835,000 |  |  |  | 992,763,000 |  |  |  | - |  |  |  | 992,763,000 |  |  |  | - |
Repurchase agreements |  |  | 89,990,000 |  |  |  | 89,990,000 |  |  |  | - |  |  |  | 89,990,000 |  |  |  | - |
Federal Home Loan Bank advances |  |  | 150,161,000 |  |  |  | 157,589,000 |  |  |  | - |  |  |  | 157,589,000 |  |  |  | - |
Total borrowed funds |  |  | 240,151,000 |  |  |  | 247,579,000 |  |  |  | - |  |  |  | 247,579,000 |  |  |  | - |
Accrued interest payable |  |  | 644,000 |  |  |  | 644,000 |  |  |  | - |  |  |  | 644,000 |  |  |  | - |
The estimated fair values for financial instruments as of December 31, 2011 and March 31, 2011 were as follows:
|  | December 31, 2011 |  |  | March 31, 2011 |
|  | Carrying |  |  | Estimated |  |  | Carrying |  |  | Estimated |
|  | amount |  |  | fair value |  |  | amount |  |  | fair value |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 14,115,000 |  |  | $ | 14,115,000 |  |  | $ | 13,700,000 |  |  | $ | 13,700,000 |
Interest-bearing deposits in other banks |  |  | - |  |  |  | - |  |  |  | 100,000 |  |  |  | 100,000 |
Securities available for sale |  |  | 286,202,000 |  |  |  | 286,202,000 |  |  |  | 325,451,000 |  |  |  | 325,451,000 |
Securities to be held to maturity |  |  | 122,661,000 |  |  |  | 130,677,000 |  |  |  | 109,936,000 |  |  |  | 114,051,000 |
Federal Home Loan Bank and Federal Reserve Bank stock |  |  | 15,443,000 |  |  |  | 15,443,000 |  |  |  | 15,443,000 |  |  |  | 15,443,000 |
Loans held for sale |  |  | - |  |  |  | - |  |  |  | 450,000 |  |  |  | 450,000 |
Loans (net of allowance for loan losses) |  |  | 851,988,000 |  |  |  | 866,442,000 |  |  |  | 880,684,000 |  |  |  | 885,204,000 |
Mortgage servicing rights |  |  | 1,201,000 |  |  |  | 1,581,000 |  |  |  | 1,490,000 |  |  |  | 2,205,000 |
Accrued interest receivable |  |  | 4,835,000 |  |  |  | 4,835,000 |  |  |  | 6,236,000 |  |  |  | 6,236,000 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 941,333,000 |  |  | $ | 921,388,000 |  |  | $ | 1,050,257,000 |  |  | $ | 998,261,000 |
Borrowed funds |  |  | 265,663,000 |  |  |  | 273,568,000 |  |  |  | 217,534,000 |  |  |  | 222,498,000 |
Accrued interest payable |  |  | 734,000 |  |  |  | 734,000 |  |  |  | 814,000 |  |  |  | 814,000 |

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- Definition Tabular disclosure of assets and liabilities by class, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). The disclosures that may be required or desired include: (a) the fair value measurements recorded during the period and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References Reference 1: 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. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258 + 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 Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611 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) -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258 Reference 3: 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 4: 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 5: 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 6: 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=6947722&loc=d3e13476-108611 Reference 7: 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 8: 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=6947722&loc=d3e13467-108611 Reference 9: 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 10: 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 11: 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 12: 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. + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 820 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 1 -Section 50 -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19190-110258 + Details
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