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6. Fair Value (Tables)

3 Months Ended

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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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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