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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Balances of Assets Measured at Fair Value on a Recurring Basis

The following tables present the balances of financial assets measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012.

Description						Fair Value Measurements at September 30, 2013 (in thousands)
		Balance as of September 30,         2013				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets
Securities available for sale
U.S. agency and mortgage-backed securities		$	86,831			$	—			$	86,831			$	—
Obligations of states and political subdivisions			18,485				—				18,485				—
Corporate equity securities			5				5				—				—
		$	105,321			$	5			$	105,316			$	—

Description						Fair Value Measurements at December 31, 2012 (in thousands)
		Balance as of December 31,         2012				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets
Securities available for sale
U.S. agency and mortgage-backed securities		$	73,218			$	—			$	73,218			$	—
Obligations of states and political subdivisions			16,235				—				16,235				—
Corporate equity securities			3				3				—				—
		$	89,456			$	3			$	89,453			$	—

Summary of Assets Measured at Fair Value on a Nonrecurring Basis

The following tables summarize the Company’s assets that were measured at fair value on a nonrecurring basis during the periods:

Description		Balance as of September 30, 2013				Carrying Value at September 30, 2013 (in thousands)
						Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets
Impaired loans, net		$	3,671			$	—			$	—			$	3,671
Other real estate owned, net			3,833				—				—				3,833

Description		Balance as of December 31, 2012				Carrying Value at December 31, 2012 (in thousands)
						Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets
Impaired loans, net		$	7,944			$	—			$	—			$	7,944
Other real estate owned, net			5,590				—				—				5,590

Quantitative Information about Level 3 Fair Value Measurements

The following table displays quantitative information about Level 3 Fair Value Measurements for September 30, 2013 and December 31, 2012:

Quantitative information about Level 3 Fair Value Measurements for September 30, 2013

(dollars in thousands)

Fair Value

Valuation Technique

Unobservable Input

Range

Assets

Impaired loans

$

3,671

Property appraisals

Selling cost

10

%

Other real estate owned

$

3,833

Property appraisals

Selling cost

7

%

		Quantitative information about Level 3 Fair Value Measurements for December 31, 2012
		(dollars in thousands)
		Fair Value				Valuation Technique		Unobservable Input		Range
Assets
Impaired loans		$	7,944			Property appraisals		Selling cost		10%
								Discount for lack of marketability and age of appraisal		0% – 30%
Other real estate owned		$	5,590			Property appraisals		Selling cost		7%
								Discount for lack of marketability and age of appraisal		0% – 25%

Carrying Values and Estimated Fair Values of Company's Financial Instruments

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

		(in thousands)
		Fair Value Measurements at September 30, 2013 Using
		Carrying Amount				Quoted Prices in Active Markets for Identical Assets Level 1				Significant Other Observable Inputs Level 2				Significant Unobservable Inputs Level 3				Fair Value
Financial Assets
Cash and short-term investments		$	37,870			$	37,870			$	—			$	—			$	37,870
Securities			105,321				5				105,316				—				105,321
Loans, net			354,952				—				—				362,967				362,967
Bank owned life insurance			9,213				—				9,213				—				9,213
Accrued interest receivable			1,339				—				1,339				—				1,339
Financial Liabilities
Deposits		$	471,263			$	—			$	325,598			$	146,640			$	472,238
Other borrowings			6,058				—				—				5,821				5,821
Trust preferred capital notes			9,279				—				—				8,738				8,738
Accrued interest payable			232				—				232				—				232

		(in thousands)
		Fair Value Measurements at December 31, 2012 Using
		Carrying Amount				Quoted Prices in Active Markets for Identical Assets Level 1				Significant Other Observable Inputs Level 2				Significant Unobservable Inputs Level 3				Fair Value
Financial Assets
Cash and short-term investments		$	31,028			$	31,028			$	—			$	—			$	31,028
Securities			89,456				3				89,453				—				89,456
Loans held for sale			503				—				503				—				503
Loans, net			370,519				—				—				375,941				375,941
Bank owned life insurance			9,014				—				9,014				—				9,014
Accrued interest receivable			1,459				—				1,459				—				1,459
Financial Liabilities
Deposits		$	466,917			$	—			$	306,719			$	162,151			$	468,870
Other borrowings			6,076				—				—				6,220				6,220
Trust preferred capital notes			9,279				—				—				8,735				8,735
Accrued interest payable			286				—				286				—				286

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

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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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X

- Definition

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

+ References

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

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-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258



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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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