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6. Fair Value (Tables) | 3 Months Ended
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Mar. 31, 2015
Fair Value Disclosures [Abstract] |
Available for sale securities measured at fair value on a recurring basis |
(Dollars in thousands) |  |  |  |  |  |  |
| March 31, 2015
| Fair Value Measurements |  | Level 1 Valuation |  | Level 2 Valuation |  | Level 3 Valuation
Mortgage-backed securities | $ | 88,553 |  | - |  | 88,553 |  | -
U.S. Government |  |  |  |  |  |  |  |
sponsored enterprises | $ | 37,362 |  | - |  | 37,362 |  | -
State and political subdivisions | $ | 152,474 |  | - |  | 152,474 |  | -
Corporate bonds | $ | 1,963 |  | - |  | 1,963 |  | -
Trust preferred securities | $ | 750 |  | - |  | - |  | 750
Equity securities | $ | 1,473 |  | 1,473 |  | - |  | -
(Dollars in thousands) |  |  |  |  |  |  |  |
| December 31, 2014
| Fair Value Measurements |  | Level 1 Valuation |  | Level 2 Valuation |  | Level 3 Valuation
Mortgage-backed securities | $ | 90,210 |  | - |  | 90,210 |  | -
U.S. Government |  |  |  |  |  |  |  |
sponsored enterprises | $ | 34,048 |  | - |  | 34,048 |  | -
State and political subdivisions | $ | 152,246 |  | - |  | 152,246 |  | -
Corporate bonds | $ | 2,467 |  | - |  | 2,467 |  | -
Trust preferred securities | $ | 750 |  | - |  | - |  | 750
Equity securities | $ | 1,378 |  | 1,378 |  | - |  | -
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 three months ended March 31, 2015.
(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 |
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Fair Value Measurements March 31, 2015 |  |  | Level 1 Valuation |  |  | Level 2 Valuation |  |  | Level 3 Valuation |  |  | Total Gains/(Losses) for the Three Months Ended March 31, 2015
Impaired loans |  | $ | 33,204 |  |  |  | - |  |  |  | - |  |  |  | 33,204 |  |  |  | (412 | )
Other real estate |  | $ | 3,424 |  |  |  | - |  |  |  | - |  |  |  | 3,424 |  |  |  | 87 |
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Fair Value Measurements December 31, 2014 |  |  | Level 1 Valuation |  |  | Level 2 Valuation |  |  | Level 3 Valuation |  |  | Total Gains/(Losses) for the Year Ended December 31, 2014
Impaired loans |  | $ | 34,633 |  |  |  | - |  |  |  | - |  |  |  | 34,633 |  |  |  | (1,444 | )
Other real estate |  | $ | 2,016 |  |  |  | - |  |  |  | - |  |  |  | 2,016 |  |  |  | (622 | )
Carrying amount and estimated fair value of the Company's financial instruments | The carrying amount and estimated fair value of financial instruments at March 31, 2015 and December 31, 2014 are as follows:
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |
|  |  | Fair Value Measurements at March 31, 2015 |
| Carrying Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 67,513 |  | 67,513 |  | - |  | - |  | 67,513 |
Investment securities available for sale | $ | 282,575 |  | 1,473 |  | 280,352 |  | 750 |  | 282,575 |
Other investments | $ | 3,912 |  | - |  | - |  | 3,912 |  | 3,912 |
Mortgage loans held for sale | $ | 806 |  | - |  | - |  | 806 |  | 806 |
Loans, net | $ | 649,634 |  | - |  | - |  | 653,303 |  | 653,303 |
Cash surrender value of life insurance | $ | 14,229 |  | - |  | 14,229 |  | - |  | 14,229 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Deposits | $ | 829,960 |  | - |  | - |  | 828,245 |  | 828,245 |
Securities sold under agreements |  |  |  |  |  |  |  |  |  |  |
to repurchase | $ | 38,702 |  | - |  | 38,702 |  | - |  | 38,702 |
FHLB borrowings | $ | 50,000 |  | - |  | 49,593 |  | - |  | 49,593 |
Junior subordinated debentures | $ | 20,619 |  | - |  | 20,619 |  | - |  | 20,619 |
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Fair Value Measurements at December 31, 2014 |
| Carrying Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 69,098 |  | 69,098 |  | - |  | - |  | 69,098 |
Investment securities available for sale | $ | 281,099 |  | 1,378 |  | 278,971 |  | 750 |  | 281,099 |
Other investments | $ | 4,031 |  | - |  | - |  | 4,031 |  | 4,031 |
Mortgage loans held for sale | $ | 1,375 |  | - |  | - |  | 1,375 |  | 1,375 |
Loans, net | $ | 640,809 |  | - |  | - |  | 644,708 |  | 644,708 |
Cash surrender value of life insurance | $ | 14,125 |  | - |  | 14,125 |  | - |  | 14,125 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Deposits | $ | 814,700 |  | - |  | - |  | 813,288 |  | 813,288 |
Securities sold under agreements |  |  |  |  |  |  |  |  |  |  |
to repurchase | $ | 48,430 |  | - |  | 48,430 |  | - |  | 48,430 |
FHLB borrowings | $ | 50,000 |  | - |  | 49,598 |  | - |  | 49,598 |
Junior subordinated debentures | $ | 20,619 |  | - |  | 20,619 |  | - |  | 20,619 |

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