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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis

The following table presents balances of financial assets and liabilities measured at fair value on a recurring basis at September 30, 2013 and December 31, 2012:

					Fair Value Measurements at
					September 30, 2013
					Using
	Balance as of				Quoted Prices in  Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
	September 30, 2013				(Level 1)				(Level 2)				(Level 3)
	(in thousands)
Assets:
Securities available for sale
Obligations of U.S. government corporations and agencies	$	33,138			$	—			$	33,138			$	—
Mortgage-backed securities	17,032				—				17,032				—
Obligations of states and political subdivisions	42,349				—				42,349				—
Corporate securities	8,442				—				8,442				—
Equity securities:
Bank preferred stock	1,150				1,150				—				—
Total assets at fair value	$	102,111			$	1,150			$	100,961			$	—
Liabilities:
Interest rate swap	470				—				470				—
Total liabilities at fair value	$	470			$	—			$	470			$	—
					Fair Value Measurements at
					December 31, 2012
					Using
	Balance as of				Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
	December 31, 2012				(Level 1)				(Level 2)				(Level 3)
	(in thousands)
Assets:
Securities available for sale
Obligations of U.S. government corporations and agencies	$	23,692			$	—			$	23,692			$	—
Mortgage-backed securities	22,207				—				22,207				—
Obligations of states and political subdivisions	43,501				—				43,501				—
Corporate securities	11,156				—				11,156				—
Equity securities:
Bank preferred stock	2,198				2,198				—				—
Total assets at fair value	$	102,754			$	2,198			$	100,556			$	—
Liabilities:
Interest rate swap	635				—				635				—
Total liabilities at fair value	$	635			$	—			$	635			$	—

Quantitative Information About Level 3 Fair Value Measurements For Certain Financial Assets

The following table displays quantitative information about Level 3 Fair Value Measurements for certain financial assets measured at fair value on a nonrecurring basis at September 30, 2013 (dollars in thousands):

	Quantitative information about Level 3 Fair Value Measurements for
	September 30, 2013
	Valuation Technique(s)		Unobservable Input		Range		Weighted Average
Assets:
Impaired loans	Discounted appraised value		Selling cost		7% - 32%		12%
Other real estate owned	Discounted appraised value		Selling cost		5% - 7%		7%

Financial And Nonfinancial Assets Measured At Fair Value On A Nonrecurring Basis

The following table summarizes the Company’s financial and nonfinancial assets that were measured at fair value on a nonrecurring basis at September 30, 2013 and December 31, 2012:

					Carrying value at
					September 30, 2013
	Balance as of				Identical Assets				Observable Inputs				Unobservable Inputs
	September 30, 2013				(Level 1)				(Level 2)				(Level 3)
	(in thousands)
Financial Assets:
Impaired loans	$	3,561			$	—			$	2,043			$	1,518
Nonfinancial Assets:
Other real estate owned	2,144				—				2,108				36
					Carrying value at
					December 31, 2012
	Balance as of				Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
	December 31, 2012				(Level 1)				(Level 2)				(Level 3)
	(in thousands)
Financial Assets:
Impaired loans	$	3,176			$	—			$	1,855			$	1,321
Nonfinancial Assets:
Other real estate owned	2,928				—				2,320				608

Level 3 Financial Assets Measured At Estimated Fair Value On Nonrecurring Basis

The changes in Level 3 financial assets measured at estimated fair value on a nonrecurring basis during the period ended September 30, 2013 were as follows:

	Fair Value Measurements at
	September 30, 2013
	Impaired Loans				Other Real Estate Owned
	(in thousands)
Balance - January 1, 2013	$	1,321			$	608
Sales proceeds	—				—
Valuation allowance	—				—
(Loss) on disposition	—				—
Transfers into Level 3	1,976				36
Transfers out of Level 3	(1,779		)		(608		)
Total assets at fair value	$	1,518			$	36

Company's Financial Instruments

The carrying value and fair value of the Company’s financial instruments at September 30, 2013 and December 31, 2012 were as follows:

	Fair Value Measurements at
	September 30, 2013
	Using
	Carrying Value as of				Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs				Fair Value as of
	September 30, 2013				(Level 1)				(Level 2)				(Level 3)				September 30, 2013
	(in thousands)
Financial Assets:
Cash and short-term investments	$	17,686			$	17,686			$	—			$	—			$	17,686
Securities	102,111				1,150				100,961				—				102,111
Restricted Investments	2,642				—				2,642				—				2,642
Loans, net	431,346				—				438,498				1,518				440,016
Accrued interest receivable	1,798				—				1,798				—				1,798
Financial Liabilities:
Deposits	$	474,527			$	—			$	475,096			$	—			$	475,096
Federal funds purchased and securities sold under agreements to repurchase	—				—				—				—				—
Federal Home Loan Bank advances	32,250				—				32,918				—				32,918
Trust preferred capital notes	7,217				—				7,217				—				7,217
Accrued interest payable	200				—				200				—				200
Interest rate swap contract	470				—				470				—				470

	Fair Value Measurements at
	December 31, 2012
	Using
	Carrying Value as of				Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs				Fair Value as of
	December 31, 2012				(Level 1)				(Level 2)				(Level 3)				December 31, 2012
	(in thousands)
Financial assets:
Cash and short-term investments	$	48,690			$	48,690			$	—			$	—			$	48,690
Securities	102,754				2,198				100,556				—				102,754
Restricted Investments	2,777				—				2,777				—				2,777
Loans, net	411,520				—				423,367				1,321				424,688
Accrued interest receivable	1,899				—				1,899				—				1,899
Financial liabilities:
Deposits	$	477,101			$	—			$	478,294			$	—			$	478,294
Federal funds purchased and securities sold under agreements to repurchase	10,000				—				10,042				—				10,042
Federal Home Loan Bank advances	32,250				—				33,188				—				33,188
Trust preferred capital notes	7,217				—				7,217				—				7,217
Accrued interest payable	285				—				285				—				285
Interest rate swap contract	635				—				635				—				635

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Level Three Financial Assets Measured At Estimated Fair Value On Nonrecurring Basis

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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

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 33

-Subparagraph a, b

-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.

+ References

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15

-Subparagraph b-d

-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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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

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-Paragraph 18

-Subparagraph c(2), d, e, f

-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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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

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-Paragraph 32

-Subparagraph a, c(1), c(2), c(3), d

-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 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.

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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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