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Fair Value Measurements and Disclosure (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The table below is a summary of fair value estimates for financial instruments and the level of the fair value hierarchy within which the fair value measurements are categorized at the periods indicated:

September 30, 2014
(In thousands)	Carrying Amount				Estimated Fair Value				Quoted Prices In Active Markets for Identical Assets Level 1				Significant Other Observable Inputs Level 2				Significant Unobservable Inputs Level 3
Financial Assets:
Cash and cash equivalents	$	134,885			$	134,885			$	134,885			$	—			$	—
Interest-bearing deposits	1,520				1,520				—				1,520				—
Investment securities	49,624				49,624				10,808				38,816				—
Loans	435,896				431,833				—				—				431,833
Accrued interest receivable	1,924				1,924				—				1,924				—
Financial Liabilities:
Deposits:
Noninterest-bearing	241,863				241,863				241,863				—				—
NOW and money market	214,001				214,001				214,001				—				—
Savings	58,503				58,503				58,503				—				—
Time Deposits	76,580				77,624				—				—				77,624
Total Deposits	590,947				591,991				514,367								77,624
Junior Subordinated Debt	10,047				10,047				—				—				10,047
Accrued interest payable	42				42				—				42				—

December 31, 2013
(In thousands)	Carrying Amount				Estimated Fair Value				Quoted Prices In Active Markets for Identical Assets Level 1				Significant Other Observable Inputs Level 2				Significant Unobservable Inputs Level 3
Financial Assets:
Cash and cash equivalents	$	135,212			$	135,212			$	135,212			$	—			$	—
Interest-bearing deposits	1,515				1,515				—				1,515				—
Investment securities	43,616				43,616				10,746				32,870				—
Loans	384,025				380,615				—				—				380,615
Accrued interest receivable	1,644				1,644				—				1,644				—
Financial Liabilities:
Deposits:
Noninterest-bearing	214,317				214,317				214,317				—				—
NOW and money market	198,928				198,928				198,928				—				—
Savings	45,758				45,758				45,758				—				—
Time Deposits	83,486				83,362				—				—				83,362
Total Deposits	542,489				542,365				459,003				—				83,362
Junior Subordinated Debt	11,125				11,125				—				—				11,125
Accrued interest payable	44				44				—				44				—

Description of the Valuation Technique, Unobservable Input, and Qualitative Information about the Unobservable Inputs for the Company's Assets and Liabilities Classified as Level 3 and Measured at Fair Value on a Recurring Basis

The following table provides a description of the valuation technique, unobservable input, and qualitative information about the unobservable inputs for the Company’s assets and liabilities classified as Level 3 and measured at fair value on a recurring basis at September 30, 2014 and 2013:

September 30, 2014					December 31, 2013
Financial Instrument	Valuation Technique	Unobservable Input	Weighted Average		Financial Instrument	Valuation Technique	Unobservable Input	Weighted Average
Junior Subordinated Debt	Discounted cash flow	Discount Rate	7.53%		Junior Subordinated Debt	Discounted cash flow	Discount Rate	8.19%

Assets and Liabilities Measured at Fair Value on Recurring and Non-recurring Basis

The following tables summarize the Company’s assets and liabilities that were measured at fair value on a recurring and non-recurring basis as of September 30, 2014 (in 000’s):

Description of Assets	September 30, 2014				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
AFS Securities (2):
U.S. Government agencies	$	13,007			$	—			$	13,007			$	—
U.S. Government collateralized mortgage obligations	32,826				7,017				25,809				—
Mutual Funds	3,791				3,791				—				—
Total AFS securities	$	49,624			$	10,808			$	38,816			$	—
Impaired loans (1):
Commercial and industrial	—				—				—				—
Real estate mortgage	—				—				—				—
RE construction & development	—				—				—				—
Agricultural	—				—				—				—
Installment/Other	—				—				—				—
Total impaired loans	$	—			$	—			$	—			$	—
Other real estate owned (1)	333				—				—				333
Total	$	49,957			$	10,808			$	38,816			$	333

Description of Liabilities	September 30, 2014				Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Junior subordinated debt (2)	$	10,047			—			—			$	10,047
Total	$	10,047			—			—			$	10,047

(1)Nonrecurring

(2)Recurring

The following tables summarize the Company’s assets and liabilities that were measured at fair value on a recurring and non-recurring basis as of December 31, 2013 (in 000’s):

Description of Assets	December 31, 2013				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
AFS Securities (2):
U.S. Government agencies	$	14,501			$	—			$	14,501			$	—
U.S. Government collateralized mortgage obligations	25,385				7,016				18,369				—
Mutual Funds	3,730				3,730				—				—
Total AFS securities	43,616				10,746				32,870				$	—
Impaired Loans (1):
Commercial and industrial	—				—				—				—
Real estate mortgage	1,388				—				—				1,388
RE construction & development	—				—				—				—
Agricultural	—				—				—				—
Installment/Other	—				—				—				—
Total impaired loans	$	1,388			$	—			$	—			$	1,388
Other real estate owned (1)	3,889				—				—				3,889
Total	$	48,893			$	10,746			$	32,870			$	5,277

Description of Liabilities	December 31, 2013				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Junior subordinated debt (2)	$	11,125			$	—			$	—			$	11,125
Total	$	11,125			$	—			$	—			$	11,125

(1)Nonrecurring

(2)Recurring

Fair Value Inputs, Assets, Quantitative Information

The following tables present quantitative information about Level 3 fair value measurements for the Company's assets measured at fair value on a non-recurring basis at September 30, 2014 and December 31, 2013:

September 30, 2014
Financial Instrument	Fair Value		Valuation Technique	Unobservable Input	Range, Weighted Average
Other real estate owned:
Commercial real estate	333		Sales Comparison Approach	Adjustments by management to reflect current conditions/selling costs	1%-50%, 11.83%

December 31, 2013
Financial Instrument	Fair Value		Valuation Technique	Unobservable Input	Range, Weighted Average
Impaired Loans:
Real estate mortgage	1,388		Sales Comparison Approach	Adjustment for difference between comparable sales	1%-32%, 17.5%
Other real estate owned:
Real estate construction	3,889		Discounted cash flow	Discount rate	1%-10%, 8.49%

Significant Unobservable Inputs (Level 3) on a Recurring Basis

The following tables provide a reconciliation of assets and liabilities at fair value using significant unobservable inputs (Level 3) on a recurring basis during the three and nine months ended September 30, 2014 and 2013 (in 000’s):

	Three Months Ended September 30, 2014				Nine Months Ended September 30, 2014				Three Months Ended September 30, 2013				Nine Months Ended September 30, 2013
Reconciliation of Liabilities:	Junior Subordinated Debt				Junior Subordinated Debt				Junior Subordinated Debt				Junior Subordinated Debt
Beginning balance	$	11,532			$	11,125			$	10,882			$	10,068
Total losses (gains) included in earnings (or changes in net assets)	(95		)		34				(141		)		519
Capitalized interest	(1,390		)		(1,112		)		63				217
Ending balance	$	10,047			$	10,047			$	10,804			$	10,804
The amount of total losses (gains) for the period included in earnings attributable to the change in unrealized gains or losses relating to liabilities still held at the reporting date	$	(95	)		$	34			$	(141	)		$	519

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- Definition

Tabular disclosure of the fair value measurement of assets and liabilities 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 and liabilities.

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Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis.

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

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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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