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Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2012, December 31, 2011 and June 30, 2011.

		At June 30, 2012
		Level 1				Level 2				Level 3				Total
Securities available for sale
U.S. Treasury and agency		$	-			$	-			$	-			$	-
Mortgage-backed securities			-				206,979,000				-				206,979,000
State and political subdivisions			-				98,593,000				-				98,593,000
Corporate Securities			-				-				-				-
Other equity securities			-				1,775,000				-				1,775,000
Total assets		$	-			$	307,347,000			$	-			$	307,347,000

		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 June 30, 2011
		Level 1				Level 2				Level 3				Total
Securities available for sale
U.S. Treasury and agency		$	-			$	16,123,000			$	-			$	16,123,000
Mortgage-backed securities			-				221,524,000				-				221,524,000
State and political subdivisions			-				65,162,000				-				65,162,000
Corporate securities			-				936,000				-				936,000
Other equity securities			-				533,000				-				533,000
Total assets		$	-			$	304,278,000			$	-			$	304,278,000

Assets and liabilities measured on non-recurring basis measured at fair value

The following tables include assets 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 $385,000,

$436,000, and $136,000 at June 30, 2012, December 31, 2011, and June 30, 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 $4,177,000, $2,058,000 and $1,965,000 at June 30, 2012, December 31, 2011, and June 30, 2011, respectively.

		At June 30, 2012
		Level 1				Level 2				Level 3				Total
Mortgage servicing rights		$	-			$	1,075,000			$	-			$	1,075,000
Loans held for sale			-				378,000				-				378,000
Other real estate owned			-				5,188,000				-				5,188,000
Impaired loans			-				14,734,000				-				14,734,000
Total assets		$	-			$	21,375,000			$	-			$	21,375,000

		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 June 30, 2011
		Level 1				Level 2				Level 3				Total
Mortgage servicing rights		$	-			$	1,962,000			$	-			$	1,962,000
Loans held for sale			-				419,000				-				419,000
Other real estate owned			-				7,723,000				-				7,723,000
Impaired loans			-				5,648,000				-				5,648,000
Total assets		$	-			$	15,752,000			$	-			$	15,752,000

Estimated fair value of financial instruments

     The estimated fair values for financial instruments as of June 30, 2012 were as follows:

		Carrying				Estimated
		value				fair value				Level 1				Level 2				Level 3
Financial assets
Cash and cash equivalents		$	14,192,000			$	14,192,000			$	14,192,000			$	-			$	-
Interest bearing deposits in other banks			-				-				-				-				-
Securities available for sale			307,347,000				307,347,000				-				307,347,000				-
Securities to be held to maturity			135,775,000				143,628,000				-				143,628,000				-
Restricted equity securities			14,448,000				14,448,000				-				14,448,000				-
Loans held for sale			378,000				378,000				-				378,000				-
Loans (net of allowance for loan losses)
Commercial
Real estate			246,597,000				247,044,000				-				2,349,000				244,695,000
Construction			31,507,000				31,564,000				-				1,368,000				30,196,000
Other			84,952,000				85,322,000				-				919,000				84,403,000
Municipal			16,068,000				17,640,000				-				-				17,640,000
Residential
Term			367,152,000				380,115,000				-				9,391,000				370,724,000
Construction			6,386,000				6,380,000				-				286,000				6,094,000
Home equity line of credit			99,810,000				100,546,000				-				416,000				100,130,000
Consumer			14,958,000				15,868,000				-				5,000				15,863,000
Total loans			867,430,000				884,479,000				-				14,734,000				869,745,000
Mortgage servicing rights			830,000				1,075,000				-				1,075,000				-
Accrued interest receivable			6,024,000				6,024,000				-				6,024,000				-
Financial liabilities
Demand deposits		$	77,019,000			$	77,250,000			$	-			$	77,250,000			$	-
NOW deposits			123,897,000				117,571,000				-				117,571,000				-
Money market deposits			71,009,000				62,251,000				-				62,251,000				-
Savings deposits			119,471,000				110,169,000				-				110,169,000				-
Local certificates of deposit			212,845,000				218,300,000				-				218,300,000				-
National certificates of deposit			401,033,000				405,539,000				-				405,539,000				-
Total deposits			1,005,274,000				991,080,000				-				991,080,000				-
Repurchase agreements			90,537,000				90,537,000				-				90,537,000				-
Federal Home Loan Bank advances			158,389,000				166,535,000				-				166,535,000				-
Total borrowed funds			248,926,000				257,072,000				-				257,072,000				-
Accrued interest payable			608,000				608,000				-				608,000				-

The estimated fair values for financial instruments as of December 31, 2011 and June 30, 2011 were as follows:

		December 31, 2011								June 30, 2011
		Carrying				Estimated				Carrying				Estimated
		amount				fair value				amount				fair value
Financial assets
Cash and cash equivalents		$	14,115,000			$	14,115,000			$	14,322,000			$	14,322,000
Interest-bearing deposits in other banks			-				-				100,000				100,000
Securities available for sale			286,202,000				286,202,000				304,278,000				304,278,000
Securities to be held to maturity			122,661,000				130,677,000				122,970,000				128,426,000
Restricted equity securities			15,443,000				15,443,000				15,443,000				15,443,000
Loans held for sale			-				-				419,000				419,000
Loans (net of allowance for loan losses)			851,988,000				866,442,000				871,895,000				875,988,000
Mortgage servicing rights			1,201,000				1,581,000				1,392,000				1,962,000
Accrued interest receivable			4,835,000				4,835,000				6,511,000				6,511,000
Financial liabilities
Deposits		$	941,333,000			$	921,388,000			$	998,838,000			$	953,240,000
Borrowed funds			265,663,000				273,568,000				249,336,000				256,037,000
Accrued interest payable			734,000				734,000				855,000				855,000

X

- 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.

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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).

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