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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2012
Fair Value Measurements [Abstract] |
Financial assets and liabilities measured at fair value on a recurring basis | The following table presents the balances of assets and liabilities measured at fair value on a recurring basis.
|  |  |  |  | Fair Value Measurements at September 30, 2012 Using |
Description |  | Balance as of September 30, 2012 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
U.S. Treasury |  | $ | 2,092 |  |  | $ | --- |  |  | $ | 2,092 |  |  | $ | --- |
U.S. Government agencies and corporations |  |  | 127,619 |  |  |  | --- |  |  |  | 127,619 |  |  |  | --- |
States and political subdivisions |  |  | 40,256 |  |  |  | --- |  |  |  | 40,256 |  |  |  | --- |
Mortgage-backed securities |  |  | 5,297 |  |  |  | --- |  |  |  | 5,297 |  |  |  | --- |
Corporate debt securities |  |  | 18,688 |  |  |  | --- |  |  |  | 18,688 |  |  |  | --- |
Other securities |  |  | 2,439 |  |  |  | --- |  |  |  | 2,439 |  |  |  | --- |
Total Securities Available for Sale |  | $ | 196,391 |  |  | $ | --- |  |  | $ | 196,391 |  |  | $ | --- |
|  |  |  |  | Fair Value Measurements at December 31, 2011 Using |
Description |  | Balance as of December 31, 2011 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
U.S. Treasury |  | $ | 2,150 |  |  | $ | --- |  |  | $ | 2,150 |  |  | $ | --- |
U.S. Government agencies and corporations |  |  | 96,003 |  |  |  | --- |  |  |  | 96,003 |  |  |  | --- |
States and political subdivisions |  |  | 49,122 |  |  |  | --- |  |  |  | 49,122 |  |  |  | --- |
Mortgage-backed securities |  |  | 7,725 |  |  |  | --- |  |  |  | 7,725 |  |  |  | --- |
Corporate debt securities |  |  | 16,077 |  |  |  | --- |  |  |  | 16,077 |  |  |  | --- |
Other securities |  |  | 2,175 |  |  |  | --- |  |  |  | 2,175 |  |  |  | --- |
Total Securities Available for Sale |  | $ | 173,252 |  |  | $ | --- |  |  | $ | 173,252 |  |  | $ | --- |
Impaired loans and other real estate owned (OREO) measured at fair value on nonrecurring basis | The following table summarizes the Company's impaired loans that were measured at fair value on a nonrecurring basis at September 30, 2012 and at December 31, 2011.
|  |  |  |  |  | Carrying Value |
Date |  | Description |  |  | Balance |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |
|  | Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
September 30, 2012 |  | Impaired loans net of valuation allowance |  |  | $ | 575 |  |  | $ | --- |  |  | $ | --- |  |  | $ | 575 |
December 31, 2011 |  | Impaired loans net of valuation allowance |  |  |  | 5,968 |  |  |  | --- |  |  |  | --- |  |  |  | 5,968 |
The following table summarizes the Company's other real estate owned that was measured at fair value on a nonrecurring basis at September 30, 2012 and at December 31, 2011.
|  |  |  |  |  | Carrying Value |
Date |  | Description |  |  | Balance |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |
|  | Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
September 30, 2012 |  | Other real estate owned net of valuation allowance |  |  | $ | 1,894 |  |  | $ | --- |  |  | $ | --- |  |  | $ | 1,894 |
December 31, 2011 |  | Other real estate owned net of valuation allowance |  |  |  | 1,489 |  |  |  | --- |  |  |  | --- |  |  |  | 1,489 |
Summary of impaired loans and other real estate owned (OREO) activities | The following table summarizes the activity in Company's impaired loans that were valued using Level 3 inputs for the nine months ended September 30, 2012.
|  | Principal Balance, December 31, 2011 |  |  | Additions |  |  | Deletions due to Foreclosure |  |  | Change in Balance (1) |  |  | Impaired Loans Removed from Level 3 (2) |  |  | Principal Balance, September 30, 2012 |
Impaired loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Principal balance |  | $ | 7,091 |  |  | $ | 1,846 |  |  | $ | (2,222 | ) |  | $ | (555 | ) |  | $ | (5,258 | ) |  | $ | 902 |
Impairment allocation |  |  | (1,123 | ) |  |  | (272 | ) |  |  | 449 |  |  |  | 163 |  |  |  | 456 |  |  |  | (327 | )
Net impaired loans |  | $ | 5,968 |  |  | $ | 1,574 |  |  | $ | (1,773 | ) |  | $ | (392 | ) |  | $ | (4,802 | ) |  | $ | 575 |
(1) The reported amounts represent changes in the balance due to principal payments by borrowers. (2) The reported amount represents loans that were valued using Level 3 inputs as of December 31, 2011 that no longer have impairment allocations based on Level 3 valuation, or for which Level 3 impairment allocations were reduced due to an updated valuation analysis. The following table summarizes the activity in the Company's other real estate owned that were valued using Level 3 inputs for the nine months ended September 30, 2012.
|  | Carrying Value, December 31, 2011 |  |  | Additions |  |  | Sale of Property |  |  | Change in Valuation Allowance |  |  | Carrying Value, September 30, 2012 |
Other real estate owned |  | $ | 1,489 |  |  | $ | 1,608 |  |  | $ | (1,144 | ) |  | $ | (59 | ) |  | $ | 1,894 |
Summary of information about level 3 fair value measurements | The following table presents information about Level 3 Fair Value Measurements for September 30, 2012.
|  | Valuation Technique |  | Unobservable Input |  | Range (Weighted Average) |
Impaired loans |  | Discounted appraised value |  | Selling cost |  | 0% - 10.00% (10.00%) |
Impaired loans |  | Discounted appraised value |  | Discount for lack of marketability and age of appraisal |  | 0% - 40.00% (29.67%) |
Impaired loans |  | Present value of cash flows |  | Discount rate |  | 6.00%(1) |
(1) Of the Company's impaired loans with specific allocations based on Level 3 inputs, only one loan was valued using present value of cash flows. The following table presents information about Level 3 Fair Value Measurements for September 30, 2012.
|  | Valuation Technique |  | Unobservable Input |  | Range (Weighted Average) |
Other real estate owned |  | Discounted appraised value |  | Selling cost |  | 0.00%(1) - 6.25% (6.06%) |
Other real estate owned |  | Discounted appraised value |  | Discount for lack of marketability and age of appraisal |  | 0.00% - 29.72% (7.12%) |
(1) The Company markets other real estate owned both independently and with local realtors. Properties marketed by realtors are discounted by selling costs. Properties that the Company markets independently are not discounted by selling costs.
Estimated fair values and related carrying amounts of financial instruments | The estimated fair values and related carrying amounts of the Company's financial instruments follow.
|  | September 30, 2012 |
|  | Carrying Amount |  |  | Quoted Prices in Active Markets for Identical Assets Level 1 |  |  | Significant Other Observable Inputs Level 2 |  |  | Significant Unobservable Inputs Level 3 |  |  | Total Estimated Fair Value |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 12,445 |  |  | $ | 12,445 |  |  | $ | --- |  |  | $ | --- |  |  | $ | 12,445 |
Interest-bearing deposits |  |  | 67,394 |  |  |  | 67,394 |  |  |  | --- |  |  |  | --- |  |  |  | 67,394 |
Securities |  |  | 358,119 |  |  |  | --- |  |  |  | 368,554 |  |  |  | --- |  |  |  | 370,242 |
Mortgage loans held for sale |  |  | 3,015 |  |  |  | --- |  |  |  | 3,015 |  |  |  | --- |  |  |  | 3,015 |
Loans, net |  |  | 583,207 |  |  |  | --- |  |  |  | 574,455 |  |  |  | 575 |  |  |  | 575,030 |
Accrued interest receivable |  |  | 6,291 |  |  |  | --- |  |  |  | 6,291 |  |  |  | --- |  |  |  | 6,291 |
BOLI |  |  | 20,346 |  |  |  | --- |  |  |  | 20,346 |  |  |  | --- |  |  |  | 20,346 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 924,383 |  |  | $ | --- |  |  | $ | 922,017 |  |  | $ | --- |  |  | $ | 922,017 |
Accrued interest payable |  |  | 178 |  |  |  | --- |  |  |  | 178 |  |  |  | --- |  |  |  | 178 |
|  | December 31, 2011 |
|  | Carrying Amount |  |  | Estimated Fair Value |
Financial Assets: |  |  |  |  |  |
Cash and due from banks |  | $ | 11,897 |  |  | $ | 11,897 |
Interest-bearing deposits |  |  | 98,355 |  |  |  | 98,355 |
Securities |  |  | 318,913 |  |  |  | 326,347 |
Mortgage loans held for sale |  |  | 2,623 |  |  |  | 2,623 |
Loans, net |  |  | 580,402 |  |  |  | 572,357 |
Accrued interest receivable |  |  | 6,304 |  |  |  | 6,304 |
Bank-owned life insurance |  |  | 19,812 |  |  |  | 19,812 |
Financial Liabilities: |  |  |  |  |  |  |  |
Deposits |  | $ | 919,333 |  |  | $ | 913,882 |
Accrued interest payable |  |  | 206 |  |  |  | 206 |

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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). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -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. Reference 2: 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=7578670&loc=d3e19296-110258 + Details
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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 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 2: 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=7578670&loc=d3e19279-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -Subparagraph c -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. + Details
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- Definition 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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 14 -Subparagraph a -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. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -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. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -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. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13467-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 19 -Subparagraph a, b, c(1), d(1) -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. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -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. Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 10 -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. Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13476-108611 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 + Details
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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) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 + Details
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- Definition 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). + 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=7578670&loc=d3e19190-110258 + Details
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