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6. Fair Value (Tables) | 6 Months Ended
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Jun. 30, 2014
Fair Value Disclosures [Abstract] |
Available for sale securities measured at fair value on a recurring basis | The table below presents the balance of securities available for sale, which are measured at fair value on a recurring basis by level within the fair value hierarchy, as of June 30, 2014 and December 31, 2013.
(Dollars in thousands) |  |  |  |  |  |  |
| June 30, 2014
| Fair Value Measurements |  | Level 1 Valuation |  | Level 2 Valuation |  | Level 3 Valuation
Mortgage-backed securities | $ | 117,514 |  | - |  | 117,514 |  | -
U.S. Government |  |  |  |  |  |  |  |
sponsored enterprises | $ | 25,101 |  | - |  | 25,101 |  | -
State and political subdivisions | $ | 148,629 |  | - |  | 148,629 |  | -
Corporate bonds | $ | 3,487 |  | - |  | 3,487 |  | -
Trust preferred securities | $ | 750 |  | - |  | - |  | 750
Equity securities | $ | 1,684 |  | 1,684 |  | - |  | -
(Dollars in thousands) |  |  |  |  |  |  |
| December 31, 2013
| Fair Value Measurements |  | Level 1 Valuation |  | Level 2 Valuation |  | Level 3 Valuation
Mortgage-backed securities | $ | 123,977 |  | - |  | 123,977 |  | -
U.S. Government |  |  |  |  |  |  |  |
sponsored enterprises | $ | 22,143 |  | - |  | 22,143 |  | -
State and political subdivisions | $ | 145,368 |  | - |  | 145,368 |  | -
Corporate bonds | $ | 3,463 |  | - |  | 3,463 |  | -
Trust preferred securities | $ | 1,250 |  | - |  | - |  | 1,250
Equity securities | $ | 1,689 |  | 1,689 |  | - |  | -
Fair value measurements of investment securities available for sale using Level 3 significant unobservable inputs | The following is an analysis of fair value measurements of investment securities available for sale using Level 3, significant unobservable inputs, for the six months ended June 30, 2014.
(Dollars in thousands) |  |
| Investment Securities Available for Sale |
| Level 3 Valuation |
Balance, beginning of period | $ | 1,250 |
Change in book value |  | - |
Change in gain/(loss) realized and unrealized |  | - |
Purchases/(sales and calls) |  | (500 | )
Transfers in and/or (out) of Level 3 |  | - |
Balance, end of period | $ | 750 |
Change in unrealized gain/(loss) for assets still held in Level 3 | $ | - |
Fair value measurements for impaired loans and other real estate on a non-recurring basis |
(Dollars in thousands) |  |  |  |  |  |  |  |  |
| Fair Value Measurements June 30, 2014 | Level 1 Valuation | Level 2 Valuation | Level 3 Valuation | Total Gains/(Losses) for the Six Months Ended June 30, 2014
Impaired loans | $ | 36,983 |  | - |  | - |  | 36,983 |  | (433 | )
Other real estate | $ | 3,532 |  | - |  | - |  | 3,532 |  | (150 | )
(Dollars in thousands) |  |  |  |  |  |  |  |  |
| Fair Value Measurements December 31, 2013 | Level 1 Valuation | Level 2 Valuation | Level 3 Valuation | Total Gains/(Losses) for the Year Ended December 31, 2013
Impaired loans | $ | 39,780 |  | - |  | - |  | 39,780 |  | (3,207 | )
Other real estate | $ | 1,679 |  | - |  | - |  | 1,679 |  | (581 | )
Carrying amount and estimated fair value of the Company's financial instruments | The carrying amount and estimated fair value of financial instruments at June 30, 2014 and December 31, 2013 are as follows:
(Dollars in thousands) |  |  |  |  |  |  |  |  |
|  |  | Fair Value Measurements at June 30, 2014
| Carrying Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 75,068 |  | 75,068 |  | - |  | - |  | 75,068
Investment securities available for sale |  | 297,165 |  | 1,684 |  | 294,731 |  | 750 |  | 297,165
Other investments |  | 4,706 |  | - |  | - |  | 4,706 |  | 4,706
Mortgage loans held for sale |  | 2,048 |  | - |  | - |  | 2,048 |  | 2,048
Loans, net |  | 620,661 |  | - |  | - |  | 623,799 |  | 623,799
Cash surrender value of life insurance |  | 13,914 |  | - |  | 13,914 |  | - |  | 13,914
Liabilities: |  |  |  |  |  |  |  |  |  |
Deposits | $ | 811,479 |  | - |  | 810,415 |  | - |  | 810,415
Securities sold under agreements |  |  |  |  |  |  |  |  |  |
to repurchase |  | 46,764 |  | - |  | 46,764 |  | - |  | 46,764
FHLB borrowings |  | 65,000 |  | - |  | 65,984 |  | - |  | 65,984
Junior subordinated debentures |  | 20,619 |  | - |  | 20,619 |  | - |  | 20,619
(Dollars in thousands) |  |  |  |  |  |  |  |  |
|  |  | Fair Value Measurements at December 31, 2013
| Carrying Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 76,773 |  | 76,773 |  | - |  | - |  | 76,773
Investment securities available for sale |  | 297,890 |  | 1,689 |  | 294,951 |  | 1,250 |  | 297,890
Other investments |  | 4,990 |  | - |  | - |  | 4,990 |  | 4,990
Mortgage loans held for sale |  | 497 |  | - |  | - |  | 497 |  | 497
Loans, net |  | 607,459 |  | - |  | - |  | 612,132 |  | 612,132
Cash surrender value of life insurance |  | 13,706 |  | - |  | 13,706 |  | - |  | 13,706
Liabilities: |  |  |  |  |  |  |  |  |  |
Deposits | $ | 799,361 |  | - |  | 798,460 |  | - |  | 798,460
Securities sold under agreements |  |  |  |  |  |  |  |  |  |
to repurchase |  | 45,396 |  | - |  | 45,396 |  | - |  | 45,396
FHLB borrowings |  | 65,000 |  | - |  | 65,891 |  | - |  | 65,891
Junior subordinated debentures |  | 20,619 |  | - |  | 20,619 |  | - |  | 20,619

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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=36462937&loc=d3e19190-110258 + Details
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