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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value Measurements

Schedule of assets and liabilities recorded at fair value on a recurring basis

		Fair Value Measurements
					Quoted Prices
					in Active
					Markets for			Other			Significant
					Identical			Observable			Unobservable
					Assets			Inputs			Inputs
(in thousands)		Fair Value			(Level 1)			(Level 2)			(Level 3)
March 31, 2014
Assets:
U.S. Treasury		$	1,001		$	1,001		$	0		$	0
Government sponsored enterprises		70,811			0			70,811			0
Asset-backed securities		109,375			0			109,375			0
Obligations of states and political subdivisions		32,040			0			32,040			0
Mortgage servicing rights		3,040			0			0			3,040
Total		$	216,267		$	1,001		$	212,226		$	3,040
December 31, 2013
Assets:
U.S. Treasury		$	1,003		$	1,003		$	0		$	0
Government sponsored enterprises		60,616			0			60,616			0
Asset-backed securities		110,373			0			110,373			0
Obligations of states and political subdivisions		33,993			0			33,993			0
Mortgage servicing rights		3,036			0			0			3,036
Total		$	209,021		$	1,003		$	204,982		$	3,036

Summary of changes in Level 3 assets and liabilities measured at fair value on a recurring basis

		Fair Value Measurements Using
		Significant Unobservable Inputs
		(Level 3)
		Mortgage Servicing Rights
		Three Months Ended March 31,
(in thousands)		2014			2013
Balance at beginning of period		$	3,036		$	2,549
Total gains or losses (realized/unrealized):
Included in earnings		(46		)	(57		)
Included in other comprehensive income		0			0
Purchases		0			0
Sales		0			0
Issues		50			197
Settlements		0			0
Balance at end of period		$	3,040		$	2,689

Schedule of quantitative Information about Level 3 Fair Value Measurements

		Quantitative Information about Level 3 Fair Value Measurements
						Input Value
						Three Months Ended March 31,
		Valuation Technique		Unobservable Inputs		2014		2013
Mortgage servicing rights		Discounted cash flows		Weighted average constant prepayment rate		9.07	%	17.63	%
				Weighted average discount rate		9.08	%	8.03	%
				Weighted average expected life (in years)		6.20		4.10

Schedule of valuation methods for instruments measured at fair value on a nonrecurring basis

		Fair Value Measurements Using
					Quoted Prices
					in Active
					Markets for			Other			Significant
					Identical			Observable			Unobservable
		Total			Assets			Inputs			Inputs			Total Gains
(in thousands)		Fair Value			(Level 1)			(Level 2)			(Level 3)			(Losses)*
March 31, 2014
Assets:
Impaired loans:
Commercial, financial, & agricultural		$	1,668		$	0		$	0		$	1,668		$	(103	)
Real estate construction - residential		1,793			0			0			1,793			(60		)
Real estate construction - commercial		67			0			0			67			(414		)
Real estate mortgage - residential		3,559			0			0			3,559			(94		)
Real estate mortgage - commercial		2,615			0			0			2,615			(365		)
Consumer		265			0			0			265			(18		)
Total		$	9,967		$	0		$	0		$	9,967		$	(1,054	)
Other real estate owned and repossessed assets		$	14,054		$	0		$	0		$	14,054		$	(30	)
March 31, 2013
Assets:
Impaired loans:
Commercial, financial, & agricultural		$	737		$	0		$	0		$	737		$	(10	)
Real estate construction - residential		1,959			0			0			1,959			(119		)
Real estate construction - commercial		5,762			0			0			5,762			0
Real estate mortgage - residential		2,774			0			0			2,774			(235		)
Real estate mortgage - commercial		10,368			0			0			10,368			(987		)
Consumer		38			0			0			38			0
Total		$	21,638		$	0		$	0		$	21,638		$	(1,351	)
Other real estate owned and repossessed assets		$	23,128		$	0		$	0		$	23,128		$	(200	)

* Total gains (losses) reported for other real estate owned and repossessed assets includes charge-offs, valuation write downs, and net losses taken during the periods reported.

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).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19296-110258

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258



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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19279-110258



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Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (bbb)

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