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Fair Value Disclosures (Tables)

9 Months Ended

Sep. 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 September 30, 2012, December 31, 2011 and September 30, 2011.

		At September 30, 2012
		Level 1				Level 2				Level 3				Total
Securities available for sale
Mortgage-backed securities		$	-			$	189,437,000			$	-			$	189,437,000
State and political subdivisions			-				108,955,000				-				108,955,000
Corporate securities			-				-				-				-
Other equity securities			-				1,508,000				-				1,508,000
Total assets		$	-			$	299,900,000			$	-			$	299,900,000

		At December 31, 2011
		Level 1				Level 2				Level 3				Total
Securities available for sale
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 September 30, 2011
		Level 1				Level 2				Level 3				Total
Securities available for sale
U.S. Treasury and agency		$	-			$	16,494,000			$	-			$	16,494,000
Mortgage-backed securities			-				235,038,000				-				235,038,000
State and political subdivisions			-				74,039,000				-				74,039,000
Corporate securities			-				779,000				-				779,000
Other equity securities			-				432,000				-				432,000
Total assets		$	-			$	326,782,000			$	-			$	326,782,000

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. Mortgage servicing rights are presented at fair value. Other real estate owned is presented net of an allowance of $479,000, $436,000 and $602,000 at September 30, 2012, December 31, 2011, and September 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 $5,062,000, $2,058,000 and $1,627,000 at September 30, 2012, December 31, 2011, and September 30, 2011, respectively.

		At September 30, 2012
		Level 1				Level 2				Level 3				Total
Mortgage servicing rights		$	-			$	1,129,000			$	-			$	1,129,000
Loans held for sale			-				-				-				-
Other real estate owned			-				5,471,000				-				5,471,000
Impaired loans			-				16,991,000				-				16,991,000
Total assets		$	-			$	23,591,000			$	-			$	23,591,000

		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 September 30, 2011
		Level 1				Level 2				Level 3				Total
Mortgage servicing rights		$	-			$	1,541,000			$	-			$	1,541,000
Loans held for sale			-				230,000				-				230,000
Other real estate owned			-				6,310,000				-				6,310,000
Impaired loans			-				8,206,000				-				8,206,000
Total assets		$	-			$	16,287,000			$	-			$	16,287,000

Estimated fair value of financial instruments

FASB ASC Topic 825 "Financial Instruments", requires disclosures of fair value information about financial instruments, whether or not recognized in the balance sheet, if the fair values can be reasonably determined. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company's various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques using observable inputs when available. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. Topic 825 excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. The estimated fair values for financial instruments as of September 30, 2012 were as follows:

		Carrying				Estimated
		value				fair value				Level 1				Level 2				Level 3
Financial assets
Cash and cash equivalents		$	14,904,000			$	14,904,000			$	14,904,000			$	-			$	-
Interest bearing deposits in other banks			681,000				681,000				681,000				-				-
Securities available for sale			299,900,000				299,900,000				-				299,900,000				-
Securities to be held to maturity			154,256,000				162,382,000				-				162,382,000				-
Restricted equity securities			14,448,000				14,448,000				-				14,448,000				-
Loans held for sale			-				-				-				-				-
Loans (net of allowance for loan losses)
Commercial
Real estate			250,063,000				249,660,000				-				5,000,000				244,660,000
Construction			20,702,000				20,669,000				-				1,255,000				19,414,000
Other			80,714,000				81,077,000				-				1,333,000				79,744,000
Municipal			16,428,000				18,140,000				-				-				18,140,000
Residential
Term			367,425,000				381,809,000				-				9,572,000				372,237,000
Construction			6,512,000				6,496,000				-				-				6,496,000
Home equity line of credit			99,202,000				99,938,000				-				273,000				99,665,000
Consumer			14,086,000				14,511,000				-				-				14,511,000
Total loans			855,132,000				872,300,000				-				17,433,000				854,867,000
Mortgage servicing rights			868,000				1,129,000				-				1,129,000				-
Accrued interest receivable			5,425,000				5,425,000				-				5,425,000				-
Financial liabilities
Demand deposits		$	89,500,000			$	91,729,000			$	-			$	91,729,000			$	-
NOW deposits			136,472,000				132,566,000				-				132,566,000				-
Money market deposits			74,805,000				67,105,000				-				67,105,000				-
Savings deposits			130,354,000				122,897,000				-				122,897,000				-
Local certificates of deposit			211,578,000				217,180,000				-				217,180,000				-
National certificates of deposit			301,838,000				306,061,000				-				306,061,000				-
Total deposits			944,547,000				937,538,000				-				937,538,000				-
Repurchase agreements			114,817,000				114,817,000				-				114,817,000				-
Federal Home Loan Bank advances			189,932,000				198,704,000				-				198,704,000				-
Total borrowed funds			304,749,000				313,521,000				-				313,521,000				-
Accrued interest payable			618,000				618,000				-				618,000				-

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

		December 31, 2011								September 30, 2011
		Carrying				Estimated				Carrying				Estimated
		amount				fair value				amount				fair value
Financial assets
Cash and cash equivalents		$	14,115,000			$	14,115,000			$	16,563,000			$	16,563,000
Interest-bearing deposits in other banks			-				-				100,000				100,000
Securities available for sale			286,202,000				286,202,000				326,782,000				326,782,000
Securities to be held to maturity			122,661,000				130,677,000				129,699,000				137,227,000
Restricted equity securities			15,443,000				15,443,000				15,443,000				15,443,000
Loans held for sale			-				-				230,000				230,000
Loans (net of allowance for loan losses)			851,988,000				866,442,000				853,254,000				869,209,000
Mortgage servicing rights			1,201,000				1,581,000				1,195,000				1,541,000
Accrued interest receivable			4,835,000				4,835,000				5,018,000				5,018,000
Financial liabilities
Deposits		$	941,333,000			$	921,388,000			$	1,004,894,000			$	981,577,000
Borrowed funds			265,663,000				273,568,000				255,616,000				265,118,000
Accrued interest payable			734,000				734,000				702,000				702,000

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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-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.



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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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