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6. Fair Value (Tables)

9 Months Ended

Sep. 30, 2016

Fair Value Disclosures [Abstract]

Available for sale securities measured at fair value on a recurring basis

(Dollars in thousands)
		September 30, 2016
		Fair Value Measurements				Level 1 Valuation				Level 2 Valuation				Level 3 Valuation
Mortgage-backed securities		$	73,393				-				73,393				-
U.S. Government
sponsored enterprises			39,078				-				39,078				-
State and political subdivisions			147,142				-				147,142				-
Corporate bonds			1,525				-				1,525				-
Trust preferred securities			750				-				-				750
Equity securities			535				535				-				-
Total		$	262,423				535				261,138				750

(Dollars in thousands)
		December 31, 2015
		Fair Value Measurements				Level 1 Valuation				Level 2 Valuation				Level 3 Valuation
Mortgage-backed securities		$	77,887				-				77,887				-
U.S. Government
sponsored enterprises			38,417				-				38,417				-
State and political subdivisions			148,245				-				148,245				-
Corporate bonds			1,906				-				1,906				-
Trust preferred securities			750				-				-				750
Equity securities			1,325				1,325				-				-
Total		$	268,530				1,325				266,455				750

Fair value measurements of investment securities available for sale using Level 3 significant unobservable inputs

(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 mortgage loans held for sale, impaired loans and other real estate on a non-recurring basis

(Dollars in thousands)
		Fair Value Measurements September 30, 2016				Level 1 Valuation				Level 2 Valuation				Level 3 Valuation
Mortgage loans held for sale		$	2,776				-				-				2,776
Impaired loans		$	26,120				-				-				26,120
Other real estate		$	26				-				-				26

(Dollars in thousands)
		Fair Value Measurements December 31, 2015				Level 1 Valuation				Level 2 Valuation				Level 3 Valuation
Mortgage loans held for sale		$	4,149				-				-				4,149
Impaired loans		$	31,818				-				-				31,818
Other real estate		$	739				-				-				739

(Dollars in thousands)
	Fair Value September 30, 2016			Fair Value December 31, 2015		Valuation Technique		Significant Unobservable  Inputs		General Range of Significant Unobservable Input Values
Mortgage loans held for sale	$	2,776		4,149		Rate lock commitment		N/A		N/A
Impaired loans	$	26,120		31,818		Appraised value and discounted cash flows		Discounts to reflect current market conditions and ultimate collectability		0 - 25%
Other real estate	$	26		739		Appraised value		Discounts to reflect current market conditions and estimated costs to sell		0 - 25%

Carrying amount and estimated fair value of the Company's financial instruments

(Dollars in thousands)
						Fair Value Measurements at September 30, 2016
		Carrying Amount				Level 1				Level 2				Level 3				Total
Assets:
Cash and cash equivalents		$	82,844				82,844				-				-				82,844
Investment securities available for sale		$	262,423				535				261,138				750				262,423
Other investments		$	3,634				-				-				3,634				3,634
Mortgage loans held for sale		$	2,776				-				-				2,776				2,776
Loans, net		$	704,974				-				-				698,402				698,402
Cash surrender value of life insurance		$	14,853				-				14,853				-				14,853
Liabilities:
Deposits		$	861,947				-				-				855,156				855,156
Securities sold under agreements
to repurchase		$	50,920				-				50,920				-				50,920
FHLB borrowings		$	43,500				-				40,560				-				40,560
Junior subordinated debentures		$	20,619				-				20,619				-				20,619

(Dollars in thousands)
						Fair Value Measurements at December 31, 2015
		Carrying Amount				Level 1				Level 2				Level 3				Total
Assets:
Cash and cash equivalents		$	39,763				39,763				-				-				39,763
Investment securities available for sale		$	268,530				1,325				266,455				750				268,530
Other investments		$	3,636				-				-				3,636				3,636
Mortgage loans held for sale		$	4,149				-				-				4,149				4,149
Loans, net		$	679,502				-				-				683,540				683,540
Cash surrender value of life insurance		$	14,546				-				14,546				-				14,546
Liabilities:
Deposits		$	832,175				-				-				827,874				827,874
Securities sold under agreements
to repurchase		$	27,874				-				27,874				-				27,874
FHLB borrowings		$	43,500				-				43,144				-				43,144
Junior subordinated debentures		$	20,619				-				20,619				-				20,619

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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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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