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Fair Value (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2014, December 31, 2013 and June 30, 2013.

	At June 30, 2014
	Level 1				Level 2				Level 3				Total
Securities available for sale
Mortgage-backed securities	$	—			$	166,703,000			$	—			$	166,703,000
State and political subdivisions	—				134,895,000				—				134,895,000
Other equity securities	—				2,282,000				—				2,282,000
Total assets	$	—			$	303,880,000			$	—			$	303,880,000

	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 June 30, 2013
	Level 1				Level 2				Level 3				Total
Securities available for sale
Mortgage-backed securities	$	—			$	157,524,000			$	—			$	157,524,000
State and political subdivisions	—				128,539,000				—				128,539,000
Other equity securities	—				1,672,000				—				1,672,000
Total assets	$	—			$	287,735,000			$	—			$	287,735,000

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 $256,000, $330,000 and $547,000 at June 30, 2014, December 31, 2013, and June 30, 2013, respectively. The Company refined its process for identifying impaired loans for purposes of fair value disclosures in June 2013; only collateral-dependent impaired loans with a related specific allowance for loan losses or a partial charge off are included. Impaired loans below are presented net of specific allowances of $2,105,000, $1,309,000 and $877,000 at June 30, 2014, December 31, 2013, and June 30, 2013, respectively.

	At June 30, 2014
	Level 1				Level 2				Level 3				Total
Other real estate owned	$	—			$	4,863,000			$	—			$	4,863,000
Impaired loans	—				2,678,000				—				2,678,000
Total assets	$	—			$	7,541,000			$	—			$	7,541,000

	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 June 30, 2013
	Level 1				Level 2				Level 3				Total
Other real estate owned	$	—			$	5,826,000			$	—			$	5,826,000
Impaired loans	—				3,911,000				—				3,911,000
Total assets	$	—			$	9,737,000			$	—			$	9,737,000

Estimated fair value of financial instruments

The carrying amount and estimated fair values for financial instruments as of June 30, 2014 were as follows:

	Carrying value				Estimated fair value				Level 1				Level 2				Level 3
Financial assets
Cash and cash equivalents	$	20,416,000			$	20,416,000			$	20,416,000			$	—			$	—
Interest bearing deposits in other banks	272,000				272,000				272,000				—				—
Securities available for sale	303,880,000				303,880,000				—				303,880,000				—
Securities to be held to maturity	198,135,000				195,550,000				—				195,550,000				—
Restricted equity securities	13,912,000				13,912,000				—				13,912,000				—
Loans held for sale	272,000				272,000				—				272,000				—
Loans (net of allowance for loan losses)
Commercial
Real estate	240,584,000				238,883,000				—				973,000				237,910,000
Construction	16,245,000				16,130,000				—				—				16,130,000
Other	101,666,000				101,931,000				—				212,000				101,719,000
Municipal	17,874,000				18,191,000				—				—				18,191,000
Residential
Term	377,512,000				385,216,000				—				1,314,000				383,902,000
Construction	13,225,000				13,200,000				—				—				13,200,000
Home equity line of credit	96,919,000				96,556,000				—				179,000				96,377,000
Consumer	16,195,000				16,492,000				—				—				16,492,000
Total loans	880,220,000				886,599,000				—				2,678,000				883,921,000
Mortgage servicing rights	1,074,000				2,123,000				—				2,123,000				—
Accrued interest receivable	6,247,000				6,247,000				—				6,247,000				—
Financial liabilities
Demand deposits	$	99,210,000			$	94,728,000			$	—			$	94,728,000			$	—
NOW deposits	174,680,000				159,469,000				—				159,469,000				—
Money market deposits	92,060,000				76,740,000				—				76,740,000				—
Savings deposits	153,602,000				133,733,000				—				133,733,000				—
Local certificates of deposit	216,995,000				218,354,000				—				218,354,000				—
National certificates of deposit	296,889,000				298,129,000				—				298,129,000				—
Total deposits	1,033,436,000				981,153,000				—				981,153,000				—
Repurchase agreements	72,135,000				72,135,000				—				72,135,000				—
Federal Home Loan Bank advances	226,385,000				230,355,000				—				230,355,000				—
Total borrowed funds	298,520,000				302,490,000				—				302,490,000				—
Accrued interest payable	570,000				570,000				—				570,000				—

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	$	18,683,000			$	18,683,000			$	18,683,000			$	—			$	—
Interest bearing deposits in other banks	334,000				334,000				334,000				—				—
Securities available for sale	287,735,000				287,735,000				—				287,735,000				—
Securities to be held to maturity	177,264,000				174,790,000				—				174,790,000				—
Restricted equity securities	13,912,000				13,912,000				—				13,912,000				—
Loans held for sale	1,047,000				1,047,000				—				1,047,000				—
Loans (net of allowance for loan losses)
Commercial
Real estate	245,338,000				243,846,000				—				2,334,000				241,512,000
Construction	17,984,000				17,875,000				—				—				17,875,000
Other	88,533,000				88,601,000				—				755,000				87,846,000
Municipal	14,865,000				15,599,000				—				—				15,599,000
Residential
Term	373,381,000				379,161,000				—				789,000				378,372,000
Construction	4,749,000				4,736,000				—				—				4,736,000
Home equity line of credit	94,194,000				93,904,000				—				33,000				93,871,000
Consumer	14,357,000				14,714,000				—				—				14,714,000
Total loans	853,401,000				858,436,000				—				3,911,000				854,525,000
Mortgage servicing rights	1,153,000				1,757,000				—				1,757,000				—
Accrued interest receivable	6,443,000				6,443,000				—				6,443,000				—
Financial liabilities
Demand deposits	$	88,540,000			$	82,280,000			$	—			$	82,280,000			$	—
NOW deposits	139,022,000				122,048,000				—				122,048,000				—
Money market deposits	87,993,000				71,120,000				—				71,120,000				—
Savings deposits	142,718,000				121,525,000				—				121,525,000				—
Local certificates of deposit	224,472,000				227,421,000				—				227,421,000				—
National certificates of deposit	344,937,000				347,693,000				—				347,693,000				—
Total deposits	1,027,682,000				972,087,000				—				972,087,000				—
Repurchase agreements	85,731,000				85,731,000				—				85,731,000				—
Federal Home Loan Bank advances	171,377,000				176,813,000				—				176,813,000				—
Total borrowed funds	257,108,000				262,544,000				—				262,544,000				—
Accrued interest payable	607,000				607,000				—				607,000				—

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

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-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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