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Fair Value (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Assets and liabilities measured on recurring basis measured at fair value

The following tables present the balances of assets and liabilities that were measured at fair value on a recurring basis as of March 31, 2014, December 31, 2013 and March 31, 2013.

	At March 31, 2014
	Level 1				Level 2				Level 3				Total
Securities available for sale
Mortgage-backed securities	$	—			$	172,115,000			$	—			$	172,115,000
State and political subdivisions	—				131,315,000				—				131,315,000
Other equity securities	—				2,270,000				—				2,270,000
Total assets	$	—			$	305,700,000			$	—			$	305,700,000

	At December 31, 2013
	Level 1				Level 2				Level 3				Total
Securities available for sale
Mortgage-backed securities	$	—			$	177,729,000			$	—			$	177,729,000
State and political subdivisions	—				126,315,000				—				126,315,000
Other equity securities	—				1,780,000				—				1,780,000
Total assets	$	—			$	305,824,000			$	—			$	305,824,000

	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

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 $215,000, $330,000 and $324,000 at March 31, 2014, December 31, 2013, and March 31, 2013, respectively. The March 31, 2013 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, 2014 and December 31, 2013 tables only include collateral-dependent impaired loans with a related specific allowance for loan losses or a partial charge off. Impaired loans below are presented net of specific allowances of $1,762,000, $1,309,000 and $2,405,000 at March 31, 2014, December 31, 2013, and March 31, 2013, respectively.

	At March 31, 2014
	Level 1				Level 2				Level 3				Total
Other real estate owned	$	—			$	4,934,000			$	—			$	4,934,000
Impaired loans	—				2,327,000				—				2,327,000
Total assets	$	—			$	7,261,000			$	—			$	7,261,000

	At December 31, 2013
	Level 1				Level 2				Level 3				Total
Other real estate owned	$	—			$	4,807,000			$	—			$	4,807,000
Impaired loans	—				1,116,000				—				1,116,000
Total assets	$	—			$	5,923,000			$	—			$	5,923,000

	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

Estimated fair value of financial instruments

The carrying amount and estimated fair values for financial instruments as of March 31, 2014 were as follows:

	Carrying value				Estimated fair value				Level 1				Level 2				Level 3
Financial assets
Cash and cash equivalents	$	13,894,000			$	13,894,000			$	13,894,000			$	—			$	—
Interest bearing deposits in other banks	2,935,000				2,935,000				2,935,000				—				—
Securities available for sale	305,700,000				305,700,000				—				305,700,000				—
Securities to be held to maturity	182,853,000				176,562,000				—				176,562,000				—
Restricted equity securities	13,912,000				13,912,000				—				13,912,000				—
Loans held for sale	56,000				56,000				—				56,000				—
Loans (net of allowance for loan losses)
Commercial
Real estate	234,848,000				233,305,000				—				672,000				232,633,000
Construction	20,986,000				20,848,000				—				—				20,848,000
Other	94,618,000				94,888,000				—				199,000				94,689,000
Municipal	17,772,000				18,089,000				—				—				18,089,000
Residential
Term	371,018,000				375,802,000				—				1,397,000				374,405,000
Construction	12,334,000				12,312,000				—				—				12,312,000
Home equity line of credit	91,362,000				91,075,000				—				59,000				91,016,000
Consumer	14,321,000				14,650,000				—				—				14,650,000
Total loans	857,259,000				860,969,000				—				2,327,000				858,642,000
Mortgage servicing rights	1,129,000				2,114,000				—				2,114,000				—
Accrued interest receivable	5,962,000				5,962,000				—				5,962,000				—
Financial liabilities
Demand deposits	$	94,260,000			$	87,904,000			$	—			$	87,904,000			$	—
NOW deposits	158,278,000				140,824,000				—				140,824,000				—
Money market deposits	89,382,000				72,560,000				—				72,560,000				—
Savings deposits	149,076,000				126,637,000				—				126,637,000				—
Local certificates of deposit	224,552,000				226,091,000				—				226,091,000				—
National certificates of deposit	330,422,000				332,069,000				—				332,069,000				—
Total deposits	1,045,970,000				986,085,000				—				986,085,000				—
Repurchase agreements	83,372,000				83,372,000				—				83,372,000				—
Federal Home Loan Bank advances	170,147,000				174,646,000				—				174,646,000				—
Total borrowed funds	253,519,000				258,018,000				—				258,018,000				—
Accrued interest payable	607,000				607,000				—				607,000				—

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

	Carrying value				Estimated fair value				Level 1				Level 2				Level 3
Financial assets
Cash and cash equivalents	$	16,570,000			$	16,570,000			$	16,570,000			$	—			$	—
Interest bearing deposits in other banks	2,562,000				2,562,000				2,562,000				—				—
Securities available for sale	305,824,000				305,824,000				—				305,824,000				—
Securities to be held to maturity	169,277,000				158,336,000				—				158,336,000				—
Restricted equity securities	13,912,000				13,912,000				—				13,912,000				—
Loans held for sale	83,000				83,000				—				83,000				—
Loans (net of allowance for loan losses)
Commercial
Real estate	240,555,000				239,973,000				—				109,000				239,864,000
Construction	19,709,000				19,661,000				—				—				19,661,000
Other	92,625,000				92,855,000				—				229,000				92,626,000
Municipal	19,099,000				19,358,000				—				—				19,358,000
Residential
Term	375,932,000				381,918,000				—				778,000				381,140,000
Construction	11,778,000				11,794,000				—				—				11,794,000
Home equity line of credit	90,759,000				90,542,000				—				—				90,542,000
Consumer	14,396,000				14,438,000				—				—				14,438,000
Total loans	864,853,000				870,539,000				—				1,116,000				869,423,000
Mortgage servicing rights	1,158,000				1,948,000				—				1,948,000				—
Accrued interest receivable	5,038,000				5,038,000				—				5,038,000				—
Financial liabilities
Demand deposits	$	106,125,000			$	96,175,000			$	—			$	96,175,000			$	—
NOW deposits	151,322,000				129,815,000				—				129,815,000				—
Money market deposits	86,730,000				67,968,000				—				67,968,000				—
Savings deposits	149,103,000				122,891,000				—				122,891,000				—
Local certificates of deposit	226,658,000				228,767,000				—				228,767,000				—
National certificates of deposit	304,461,000				306,346,000				—				306,346,000				—
Total deposits	1,024,399,000				951,962,000				—				951,962,000				—
Repurchase agreements	94,477,000				94,477,000				—				94,477,000				—
Federal Home Loan Bank advances	184,648,000				189,644,000				—				189,644,000				—
Total borrowed funds	279,125,000				284,121,000				—				284,121,000				—
Accrued interest payable	599,000				599,000				—				599,000				—

	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				—

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 Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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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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