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6. Fair Value (Tables)

9 Months Ended

Sep. 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 September 30, 2014 and December 31, 2013.

(Dollars in thousands)
	September 30, 2014
	Fair Value  Measurements			Level 1 Valuation		Level 2 Valuation		Level 3 Valuation
Mortgage-backed securities	$	96,021		-		96,021		-
U.S. Government
sponsored enterprises		27,977		-		27,977		-
State and political subdivisions		151,009		-		151,009		-
Corporate bonds		2,474		-		2,474		-
Trust preferred securities		750		-		-		750
Equity securities		1,556		1,556		-		-

(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 nine months ended September 30, 2014.

(Dollars in thousands)
	Investment Securities Available for Sale
	Level 3 Valuation
Balance, beginning of period	$	750
Change in book value		-
Change in gain/(loss) realized and unrealized		-
Purchases/(sales and calls)		-
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

The fair value measurements for impaired loans and other real estate on a non-recurring basis at September 30, 2014 and December 31, 2013 are presented below.

(Dollars in thousands)
	Fair Value Measurements September 30, 2014			Level 1 Valuation		Level 2 Valuation		Level 3 Valuation		Total Gains/(Losses) for the Nine Months Ended September 30, 2014
Impaired loans	$	35,808		-		-		35,808		(931	)
Other real estate		1,840		-		-		1,840		(384	)
(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 September 30, 2014 and December 31, 2013 are as follows:

(Dollars in thousands)
				Fair Value Measurements at September 30, 2014
	Carrying Amount			Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	85,523		85,523		-		-		85,523
Investment securities available for sale		279,787		1,556		277,481		750		279,787
Other investments		4,706		-		-		4,706		4,706
Mortgage loans held for sale		887		-		-		887		887
Loans, net		638,207		-		-		641,923		641,923
Cash surrender value of life insurance		14,020		-		14,020		-		14,020
Liabilities:
Deposits	$	816,795		-		815,640		-		815,640
Securities sold under agreements
to repurchase		47,020		-		47,020		-		47,020
FHLB borrowings		65,000		-		64,594		-		64,594
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 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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