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6. Fair Value (Tables)

6 Months Ended

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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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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