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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

Balances of Assets Measured at Fair Value on a Recurring Basis

The following tables present the balances of assets measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013 (in thousands).

Description		Balance as of June 30, 2014				Fair Value Measurements at June 30, 2014
						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		$	87,066			$	—			$	87,066			$	—
Obligations of states and political subdivisions			21,812				—				21,812				—
Corporate equity securities			6				6				—				—
		$	108,884			$	6			$	108,878			$	—

Description		Balance as of December 31, 2013				Fair Value Measurements at December 31, 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		$	84,897			$	—			$	84,897			$	—
Obligations of states and political subdivisions			18,399				—				18,399				—
Corporate equity securities			5				5				—				—
		$	103,301			$	5			$	103,296			$	—

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 (dollars in thousands):

Description		Balance as of June 30, 2014				Fair Value Measurements at June 30, 2014
						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		$	3,863			$	—			$	—			$	3,863
Other real estate owned, net			2,221				—				—				2,221

Description		Balance as of December 31, 2013				Fair Value Measurements at December 31, 2013
						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		$	3,972			$	—			$	—			$	3,972
Other real estate owned, net			3,030				—				—				3,030

Quantitative Information about Level 3 Fair Value Measurements

		Quantitative information about Level 3 Fair Value Measurements for June 30, 2014
		Fair Value				Valuation Technique		Unobservable Input		Range (Weighted-Average)
Assets
Impaired loans, net		$	3,863			Property appraisals		Selling cost		10%
								Discount for lack of marketability and age of appraisal		0-19% (5%)
Other real estate owned, net		$	2,221			Property appraisals		Selling cost		7%

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 June 30, 2014 and December 31, 2013 are as follows (in thousands):

		Fair Value Measurements at June 30, 2014 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		$	19,322			$	19,322			$	—			$	—			$	19,322
Securities			108,884				6				108,878				—				108,884
Restricted securities			1,636				—				1,636				—				1,636
Loans, net			357,484				—				—				365,034				365,034
Bank owned life insurance			11,141				—				11,141				—				11,141
Accrued interest receivable			1,258				—				1,258				—				1,258
Financial Liabilities
Deposits		$	451,198			$	—			$	335,325			$	116,179			$	451,504
Other borrowings			6,039				—				—				6,137				6,137
Trust preferred capital notes			9,279				—				—				10,351				10,351
Accrued interest payable			151				—				151				—				151

		Fair Value Measurements at December 31, 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		$	31,508			$	31,508			$	—			$	—			$	31,508
Securities			103,301				5				103,296				—				103,301
Restricted securities			1,804				—				1,804				—				1,804
Loans, net			346,449				—				—				353,874				353,874
Bank owned life insurance			10,978				—				10,978				—				10,978
Accrued interest receivable			1,302				—				1,302				—				1,302
Financial Liabilities
Deposits		$	450,711			$	—			$	326,955			$	124,422			$	451,377
Other borrowings			6,052				—				—				6,095				6,095
Trust preferred capital notes			9,279				—				—				9,399				9,399
Accrued interest payable			177				—				177				—				177

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 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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- Definition

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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