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Fair Value Disclosures (Tables)

3 Months Ended

Mar. 31, 2013

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, 2013, December 31, 2012 and March 31, 2012.

	At March 31, 2013
	Level 1				Level 2				Level 3				Total
Securities available for sale
Mortgage-backed securities	$	—			$	157,197,000			$	—			$	157,197,000
State and political subdivisions	—				127,600,000				—				127,600,000
Other equity securities	—				1,572,000				—				1,572,000
Total assets	$	—			$	286,369,000			$	—			$	286,369,000

	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
Other equity securities	—				1,577,000				—				1,577,000
Total assets	$	—			$	291,614,000			$	—			$	291,614,000

	At March 31, 2012
	Level 1				Level 2				Level 3				Total
Securities available for sale
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

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 $325,000, $373,000 and $367,000 at March 31, 2013, December 31, 2012, and March 31, 2012, 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 $2,405,000, $3,539,000 and $2,348,000 at March 31, 2013, December 31, 2012, and March 31, 2012, respectively. The December 31, 2012 and March 31, 2012 non-recurring fair value table includes all impaired loans with a related allowance. The Company refined its process for identifying impaired loans for purposes of fair value disclosures; accordingly the March 31, 2013 fair value table only includes those impaired loans for which the related allowance results in a fair value measure, as described above.

	At March 31, 2013
	Level 1				Level 2				Level 3				Total
Other real estate owned	$	—			$	7,387,000			$	—			$	7,387,000
Impaired loans	—				5,740,000				—				5,740,000
Total assets	$	—			$	13,127,000			$	—			$	13,127,000

	At December 31, 2012
	Level 1				Level 2				Level 3				Total
Other real estate owned	$	—			$	7,593,000			$	—			$	7,593,000
Impaired loans	—				13,923,000				—				13,923,000
Total assets	$	—			$	21,516,000			$	—			$	21,516,000

	At March 31, 2012
	Level 1				Level 2				Level 3				Total
Other real estate owned	$	—			$	4,214,000			$	—			$	4,214,000
Impaired loans	—				12,084,000				—				12,084,000
Total assets	$	—			$	16,298,000			$	—			$	16,298,000

Estimated fair value of financial instruments

The carrying amount and estimated fair values for financial instruments as of March 31, 2013 were as follows:

	Carrying value				Estimated fair value				Level 1				Level 2				Level 3
Financial assets
Cash and cash equivalents	$	16,523,000			$	16,523,000			$	16,523,000			$	—			$	—
Interest bearing deposits in other banks	5,941,000				5,941,000				5,941,000				—				—
Securities available for sale	286,369,000				286,369,000				—				286,369,000				—
Securities to be held to maturity	150,791,000				156,552,000				—				156,552,000				—
Restricted equity securities	13,912,000				13,912,000				—				13,912,000				—
Loans held for sale	244,000				244,000				—				244,000				—
Loans (net of allowance for loan losses)
Commercial
Real estate	243,751,000				242,839,000				—				5,051,000				237,788,000
Construction	15,926,000				15,866,000				—				1,492,000				14,374,000
Other	87,561,000				87,774,000				—				1,435,000				86,339,000
Municipal	14,997,000				16,239,000				—				—				16,239,000
Residential
Term	374,812,000				385,526,000				—				6,314,000				379,212,000
Construction	4,212,000				4,201,000				—				—				4,201,000
Home equity line of credit	95,597,000				96,231,000				—				—				96,231,000
Consumer	13,901,000				14,073,000				—				—				14,073,000
Total loans	850,757,000				862,749,000				—				14,292,000				848,457,000
Mortgage servicing rights	1,060,000				1,702,000				—				1,702,000				—
Accrued interest receivable	5,709,000				5,709,000				—				5,709,000				—
Financial liabilities
Demand deposits	$	81,467,000			$	81,569,000			$	—			$	81,569,000			$	—
NOW deposits	137,356,000				130,054,000				—				130,054,000				—
Money market deposits	88,344,000				77,269,000				—				77,269,000				—
Savings deposits	141,541,000				130,206,000				—				130,206,000				—
Local certificates of deposit	223,122,000				227,882,000				—				227,882,000				—
National certificates of deposit	304,031,000				307,623,000				—				307,623,000				—
Total deposits	975,861,000				954,603,000				—				954,603,000				—
Repurchase agreements	91,031,000				91,031,000				—				91,031,000				—
Federal Home Loan Bank advances	170,154,000				177,356,000				—				177,356,000				—
Total borrowed funds	261,185,000				268,387,000				—				268,387,000				—
Accrued interest payable	635,000				635,000				—				635,000				—

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

	Carrying value				Estimated 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				—

	Carrying value				Estimated 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				—
Restricted equity securities	14,823,000				14,823,000				—				14,823,000				—
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				—				2,647,000				246,090,000
Construction	30,018,000				30,018,000				—				614,000				29,404,000
Other	83,021,000				83,529,000				—				595,000				82,934,000
Municipal	15,939,000				17,471,000				—				—				17,471,000
Residential
Term	356,971,000				368,682,000				—				7,532,000				361,150,000
Construction	6,383,000				6,385,000				—				285,000				6,100,000
Home equity line of credit	102,587,000				102,581,000				—				406,000				102,175,000
Consumer	15,057,000				16,049,000				—				5,000				16,044,000
Total loans	857,938,000				873,452,000				—				12,084,000				861,368,000
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				—

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

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-Paragraph 33

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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 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.

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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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