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6. Fair Value (Tables) | 6 Months Ended
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Jun. 30, 2015
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, 2015 and December 31, 2014.
(Dollars in thousands) |  |  |  |  |  |  |
| June 30, 2015
| Fair Value Measurements |  | Level 1 Valuation |  | Level 2 Valuation |  | Level 3 Valuation
Mortgage-backed securities | $ | 82,645 |  | - |  | 82,645 |  | -
U.S. Government |  |  |  |  |  |  |  |
sponsored enterprises | $ | 39,171 |  | - |  | 39,171 |  | -
State and political subdivisions | $ | 147,442 |  | - |  | 147,442 |  | -
Corporate bonds | $ | 1,954 |  | - |  | 1,954 |  | -
Trust preferred securities | $ | 750 |  | - |  | - |  | 750
Equity securities | $ | 1,507 |  | 1,507 |  | - |  | -
(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 six months ended June 30, 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 June 30, 2015 | Level 1 Valuation | Level 2 Valuation | Level 3 Valuation
Impaired loans | $ | 31,975 | - | - | 31,975
Other real estate | $ | 3,424 | - | - | 3,424
(Dollars in thousands) |  |  |
| Fair Value Measurements December 31, 2014 | Level 1 Valuation | Level 2 Valuation | Level 3 Valuation
Impaired loans | $ | 34,633 | - | - | 34,633
Other real estate | $ | 2,016 | - | - | 2,016
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, 2015 and December 31, 2014 are as follows:
(Dollars in thousands) |  |  |  |  |  |  |  |  |
|  |  | Fair Value Measurements at June 30, 2015
| Carrying Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 55,679 |  | 55,679 |  | - |  | - |  | 55,679
Investment securities available for sale | $ | 273,469 |  | 1,507 |  | 271,212 |  | 750 |  | 273,469
Other investments | $ | 3,911 |  | - |  | - |  | 3,911 |  | 3,911
Mortgage loans held for sale | $ | 2,063 |  | - |  | - |  | 2,063 |  | 2,063
Loans, net | $ | 656,389 |  | - |  | - |  | 660,168 |  | 660,168
Cash surrender value of life insurance | $ | 14,333 |  | - |  | 14,333 |  | - |  | 14,333
Liabilities: |  |  |  |  |  |  |  |  |  |
Deposits | $ | 808,801 |  | - |  | - |  | 806,938 |  | 806,938
Securities sold under agreements |  |  |  |  |  |  |  |  |  |
to repurchase | $ | 48,285 |  | - |  | 48,285 |  | - |  | 48,285
FHLB borrowings | $ | 50,000 |  | - |  | 49,608 |  | - |  | 49,608
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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- 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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