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Fair Value Disclosures (Tables)

12 Months Ended

Dec. 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 December 31, 2012 and 2011.

		At December 31, 2012
		Level 1				Level 2				Level 3				Total
Securities available for sale
Mortgage-backed securities		$	-			$	169,093,000			$	-			$	169,093,000
State and political subdivisions			-				120,944,000				-				120,944,000
Corporate securities			-				-				-				-
Other equity securities			-				1,577,000				-				1,577,000
Total assets		$	-			$	291,614,000			$	-			$	291,614,000

		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

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

The following table presents assets measured at fair value on a nonrecurring basis as of December 31, 2012 and 2011. Other real estate owned is presented net of an allowance for losses of $373,000 and $436,000, respectively. Impaired loans are presented net of their related specific allowance for loan losses of $3,539,000 and $2,058,000, respectively.

		At December 31, 2012
		Level 1				Level 2				Level 3				Total
Mortgage servicing rights		$	-			$	1,228,000			$	-			$	1,228,000
Loans held for sale			-				1,035,000				-				1,035,000
Other real estate owned			-				7,593,000				-				7,593,000
Impaired loans			-				13,923,000				-				13,923,000
Total Assets		$	-			$	23,779,000			$	-			$	23,779,000

		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

Estimated fair value of financial instruments

The carrying amounts and estimated fair values for financial instruments as of December 31, 2012 were as follows:

		Carrying				Estimated
As of December 31, 2012		value				fair value				Level 1				Level 2				Level 3
Financial assets
Cash and cash equivalents		$	14,958,000			$	14,958,000			$	14,958,000			$	-			$	-
Interest bearing deposits in other banks			1,638,000				1,638,000				1,638,000				-				-
Securities available for sale			291,614,000				291,614,000				-				291,614,000				-
Securities to be held to maturity			143,320,000				150,247,000				-				150,247,000				-
Restricted equity securities			14,448,000				14,448,000				-				14,448,000				-
Loans held for sale			1,035,000				1,035,000				-				1,035,000				-
Loans (net of allowance for loan losses)
Commercial
Real estate			245,046,000				244,365,000				-				4,865,000				239,500,000
Construction			20,960,000				20,902,000				-				2,284,000				18,618,000
Other			78,985,000				79,312,000				-				472,000				78,840,000
Municipal			14,685,000				16,058,000				-				-				16,058,000
Residential
Term			378,258,000				390,223,000				-				6,302,000				383,921,000
Construction			6,447,000				6,430,000				-				-				6,430,000
Home equity line of credit			98,381,000				99,038,000				-				-				99,038,000
Consumer			14,022,000				14,392,000				-				-				14,392,000
Total loans			856,784,000				870,720,000				-				13,923,000				856,797,000
Mortgage servicing rights			867,000				1,228,000				-				1,228,000				-
Accrued interest receivable			4,912,000				4,912,000				-				4,912,000				-
Financial liabilities
Demand deposits		$	90,252,000			$	91,544,000			$	-			$	91,544,000			$	-
NOW deposits			147,309,000				141,436,000				-				141,436,000				-
Money market deposits			80,983,000				71,799,000				-				71,799,000				-
Savings deposits			135,250,000				126,142,000				-				126,142,000				-
Local certificates of deposit			218,571,000				223,748,000				-				223,748,000				-
National certificates of deposit			286,485,000				290,457,000				-				290,457,000				-
Total deposits			958,850,000				945,126,000				-				945,126,000				-
Repurchase agreements			101,504,000				101,504,000				-				101,504,000				-
Federal Home Loan Bank advances			181,401,000				189,321,000				-				189,321,000				-
Total borrowed funds			282,905,000				290,825,000				-				290,825,000				-
Accrued interest payable			619,000				619,000				-				619,000				-

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

		December 31, 2011
		Carrying				Estimated
		amount				fair value
Financial assets
Cash and cash equivalents		$	14,115,000			$	14,115,000
Interest-bearing deposits in other banks			-				-
Securities available for sale			286,202,000				286,202,000
Securities to be held to maturity			122,661,000				130,677,000
Restricted equity securities			15,443,000				15,443,000
Loans held for sale			-				-
Loans (net of allowance for loan losses)			851,988,000				866,442,000
Mortgage servicing rights			1,201,000				1,581,000
Accrued interest receivable			4,835,000				4,835,000
Financial liabilities
Deposits		$	941,333,000			$	921,388,000
Borrowed funds			265,663,000				273,568,000
Accrued interest payable			734,000				734,000

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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