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6. Fair Value (Tables)

3 Months Ended

Mar. 31, 2017

Fair Value Disclosures [Abstract]

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

(Dollars in thousands)
		March 31, 2017
		Fair Value Measurements				Level 1 Valuation				Level 2 Valuation				Level 3 Valuation
Mortgage-backed securities		$	63,324				-				63,324				-
U.S. Government
sponsored enterprises		$	39,899				-				39,899				-
State and political subdivisions		$	139,854				-				139,854				-
Corporate bonds		$	1,536				-				1,536				-
Trust preferred securities		$	250				-				-				250

(Dollars in thousands)
		December 31, 2016
		Fair Value Measurements				Level 1 Valuation				Level 2 Valuation				Level 3 Valuation
Mortgage-backed securities		$	67,585				-				67,585				-
U.S. Government
sponsored enterprises		$	38,222				-				38,222				-
State and political subdivisions		$	141,856				-				141,856				-
Corporate bonds		$	1,533				-				1,533				-
Trust preferred securities		$	750				-				-				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)			(500	)
Transfers in and/or (out) of Level 3			-
Balance, end of period		$	250
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 March 31, 2017				Level 1 Valuation				Level 2 Valuation				Level 3 Valuation
Mortgage loans held for sale		$	1,340				-				-				1,340
Impaired loans		$	24,876				-				-				24,876
Other real estate		$	-				-				-				-
(Dollars in thousands)
		Fair Value Measurements December 31, 2016				Level 1 Valuation				Level 2 Valuation				Level 3 Valuation
Mortgage loans held for sale		$	5,709				-				-				5,709
Impaired loans		$	25,772				-				-				25,772
Other real estate		$	283				-				-				283

(Dollars in thousands)
		Fair Value March 31, 2017				Fair Value December 31, 2016			Valuation Technique		Significant Unobservable Inputs				General Range of Significant Unobservable Input Values
Mortgage loans held for sale		$	1,340				5,709		Rate lock commitment			N/A				N/A
Impaired loans		$	24,876				25,772		Appraised value and discounted cash flows		Discounts to reflect current market conditions and ultimate collectability					0 - 25%
Other real estate		$	-				283		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 March 31, 2017
		Carrying Amount				Level 1				Level 2				Level 3				Total
Assets:
Cash and cash equivalents		$	87,450				87,450				-				-				87,450
Investment securities available for sale		$	244,863				-				244,613				250				244,863
Other investments		$	2,679				-				-				2,679				2,679
Mortgage loans held for sale		$	1,340				-				-				1,340				1,340
Loans, net		$	728,598				-				-				740,158				740,158
Cash surrender value of life insurance		$	15,251				-				15,251				-				15,251
Liabilities:
Deposits		$	908,414				-				-				898,994				898,994
Securities sold under agreements
to repurchase		$	42,163				-				42,163				-				42,163
FHLB borrowings		$	20,000				-				19,919				-				19,919
Junior subordinated debentures		$	20,619				-				20,619				-				20,619

(Dollars in thousands)
						Fair Value Measurements at December 31, 2016
		Carrying Amount				Level 1				Level 2				Level 3				Total
Assets:
Cash and cash equivalents		$	70,094				70,094				-				-				70,094
Investment securities available for sale		$	249,946				-				249,196				750				249,946
Other investments		$	2,635				-				-				2,635				2,635
Mortgage loans held for sale		$	5,709				-				-				5,709				5,709
Loans, net		$	716,261				-				-				720,675				720,675
Cash surrender value of life insurance		$	14,952				-				14,952				-				14,952
Liabilities:
Deposits		$	892,918				-				-				884,510				884,510
Securities sold under agreements
to repurchase		$	36,434				-				36,434				-				36,434
FHLB borrowings		$	20,000				-				18,864				-				18,864
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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