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6. Fair Value (Tables)

6 Months Ended

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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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.

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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 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).

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