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Fair Value (Tables)

9 Months Ended

Sep. 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 September 30, 2014, December 31, 2013 and September 30, 2013.

	At September 30, 2014
	Level 1				Level 2				Level 3				Total
Securities available for sale
Mortgage-backed securities	$	—			$	157,750,000			$	—			$	157,750,000
State and political subdivisions	—				30,619,000				—				30,619,000
Other equity securities	—				2,551,000				—				2,551,000
Total assets	$	—			$	190,920,000			$	—			$	190,920,000

	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 September 30, 2013
	Level 1				Level 2				Level 3				Total
Securities available for sale
Mortgage-backed securities	$	—			$	188,256,000			$	—			$	188,256,000
State and political subdivisions	—				127,971,000				—				127,971,000
Other equity securities	—				1,673,000				—				1,673,000
Total assets	$	—			$	317,900,000			$	—			$	317,900,000

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 $533,000, $330,000 and $228,000 at September 30, 2014, December 31, 2013, and September 30, 2013, respectively. Only collateral-dependent impaired loans with a related specific allowance for loan losses or a partial charge off are included in impaired loans for purposes of fair value disclosures. Impaired loans below are presented net of specific allowances of $2,165,000, $1,309,000 and $1,976,000 at September 30, 2014, December 31, 2013, and September 30, 2013, respectively.

	At September 30, 2014
	Level 1				Level 2				Level 3				Total
Other real estate owned	$	—			$	4,557,000			$	—			$	4,557,000
Impaired loans	—				2,465,000				—				2,465,000
Total assets	$	—			$	7,022,000			$	—			$	7,022,000

	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 September 30, 2013
	Level 1				Level 2				Level 3				Total
Other real estate owned	$	—			$	3,760,000			$	—			$	3,760,000
Impaired loans	—				2,341,000				—				2,341,000
Total assets	$	—			$	6,101,000			$	—			$	6,101,000

Estimated fair value of financial instruments

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

	Carrying value				Estimated fair value				Level 1				Level 2				Level 3
Financial assets
Cash and cash equivalents	$	17,167,000			$	17,167,000			$	17,167,000			$	—			$	—
Interest bearing deposits in other banks	773,000				773,000				773,000				—				—
Securities available for sale	190,920,000				190,920,000				—				190,920,000				—
Securities to be held to maturity	281,740,000				280,779,000				—				280,779,000				—
Restricted equity securities	13,912,000				13,912,000				—				13,912,000				—
Loans held for sale	383,000				383,000				—				383,000				—
Loans (net of allowance for loan losses)
Commercial
Real estate	238,779,000				237,103,000				—				353,000				236,750,000
Construction	26,017,000				25,834,000				—				—				25,834,000
Other	95,278,000				95,470,000				—				162,000				95,308,000
Municipal	20,704,000				20,947,000				—				—				20,947,000
Residential
Term	385,155,000				390,586,000				—				1,770,000				388,816,000
Construction	12,229,000				12,205,000				—				—				12,205,000
Home equity line of credit	100,196,000				99,701,000				—				180,000				99,521,000
Consumer	18,116,000				18,337,000				—				—				18,337,000
Total loans	896,474,000				900,183,000				—				2,465,000				897,718,000
Mortgage servicing rights	1,078,000				2,135,000				—				2,135,000				—
Accrued interest receivable	5,141,000				5,141,000				—				5,141,000				—
Financial liabilities
Demand deposits	$	119,512,000			$	113,930,000			$	—			$	113,930,000			$	—
NOW deposits	213,694,000				195,698,000				—				195,698,000				—
Money market deposits	99,260,000				82,678,000				—				82,678,000				—
Savings deposits	159,080,000				138,305,000				—				138,305,000				—
Local certificates of deposit	210,332,000				210,696,000				—				210,696,000				—
National certificates of deposit	253,444,000				254,176,000				—				254,176,000				—
Total deposits	1,055,322,000				995,483,000				—				995,483,000				—
Repurchase agreements	86,908,000				81,704,000				—				81,704,000				—
Federal Home Loan Bank advances	171,728,000				175,189,000				—				175,189,000				—
Total borrowed funds	258,636,000				256,893,000				—				256,893,000				—
Accrued interest payable	535,000				535,000				—				535,000				—

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	$	20,117,000			$	20,117,000			$	20,117,000			$	—			$	—
Interest bearing deposits in other banks	787,000				787,000				787,000				—				—
Securities available for sale	317,900,000				317,900,000				—				317,900,000				—
Securities to be held to maturity	172,251,000				166,269,000				—				166,269,000				—
Restricted equity securities	13,912,000				13,912,000				—				13,912,000				—
Loans held for sale	1,555,000				1,555,000				—				1,555,000				—
Loans (net of allowance for loan losses)
Commercial
Real estate	242,264,000				241,750,000				—				1,559,000				240,191,000
Construction	18,714,000				18,674,000				—				—				18,674,000
Other	82,540,000				82,928,000				—				167,000				82,761,000
Municipal	18,200,000				18,528,000				—				—				18,528,000
Residential
Term	374,266,000				380,938,000				—				581,000				380,357,000
Construction	7,600,000				7,617,000				—				—				7,617,000
Home equity line of credit	91,614,000				91,513,000				—				34,000				91,479,000
Consumer	14,418,000				14,381,000				—				—				14,381,000
Total loans	849,616,000				856,329,000				—				2,341,000				853,988,000
Mortgage servicing rights	1,116,000				1,852,000				—				1,852,000				—
Accrued interest receivable	5,353,000				5,353,000				—				5,353,000				—
Financial liabilities
Demand deposits	$	110,007,000			$	101,411,000			$	—			$	101,411,000			$	—
NOW deposits	151,126,000				131,713,000				—				131,713,000				—
Money market deposits	96,313,000				77,184,000				—				77,184,000				—
Savings deposits	147,560,000				124,589,000				—				124,589,000				—
Local certificates of deposit	226,182,000				228,930,000				—				228,930,000				—
National certificates of deposit	306,278,000				308,479,000				—				308,479,000				—
Total deposits	1,037,466,000				972,306,000				—				972,306,000				—
Repurchase agreements	106,627,000				106,627,000				—				106,627,000				—
Federal Home Loan Bank advances	160,150,000				165,601,000				—				165,601,000				—
Total borrowed funds	266,777,000				272,228,000				—				272,228,000				—
Accrued interest payable	594,000				594,000				—				594,000				—

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- 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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-Topic 820

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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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