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FAIR VALUE OF ASSETS AND LIABILITIES (Tables)
 9 Months Ended
Sep. 30, 2012
Fair Value Disclosures [Abstract]  
Fair Value Assets and Liabilities Measured On Recurring Basis Table Text Block

The following table presents the fair value measurements of assets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2012 and December 31, 2011.

 

($'s in thousands) Fair Values at  Fair Value Measurements Using: 
Description 9/30/2012  Level 1  Level 2  Level 3 
Available-for-Sale Securities:                
U.S. Treasury and Government Agencies $13,113  $-  $13,113  $- 
Mortgage-backed securities  65,453   -   65,453   - 
State and political subdivisions  18,470   -   18,470   - 
Money Market Mutual Fund  4,188   4,188   -   - 
Equity securities  23   -   23   - 
Interest rate contracts  171   -   171   - 

 

($'s in thousands) Fair Values at  Fair Value Measurements Using: 
Description 12/31/2011  Level 1  Level 2  Level 3 
Available-for-Sale Securities:                
U.S. Treasury and Government Agencies $25,424  $-  $25,424  $- 
Mortgage-backed securities  67,698   -   67,698   - 
State and political subdivisions  16,793   -   16,793   - 
Money Market Mutual Fund  2,040   2,040   -   - 
Equity securities  23   -   23   - 
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block]

The following table presents the fair value measurements of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fell at September 30, 2012 and December 31, 2011 ($’s in thousands):

 

($'s in thousands) Fair Values at  Fair Value Measurements Using: 
Description 9/30/2012  Level 1  Level 2  Level 3 
Impaired loans $4,386  $-  $-  $4,386 
Mortgage servicing rights  3,346   -   -   3,346 
Foreclosed assets  1,988   -   -   1,988 

 

($'s in thousands) Fair Values at  Fair Value Measurements Using: 
Description 12/31/2011  Level 1  Level 2  Level 3 
Impaired loans $5,575  $-  $-  $5,575 
Mortgage servicing rights  2,820   -   -   2,820 
Foreclosed assets  877   -   -   877 
Software  159   -   -   159 
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]

The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level3fair value measurements.

 

 

 

Fair Value at

 

 

Valuation

 

 

 

Range (Weighted

 

($'s in thousands)

 

9/30/2012

 

 

Technique

 

Unobservable Inputs

 

Average)

 

 

 

 

 

 

 

 

 

 

 

 

Collateral-dependent impaired loans

 

$

4,386

 

 

Market comparable properties

 

Comparability adjustments (%)

 

 

Not available

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreclosed assets

 

 

1,988

 

 

Market comparable properties

 

Marketability discount

 

 

10.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage servicing rights

 

 

3,346

 

 

Discounted cash flow

 

Discount Rate

 

 

8.5

%

 

 

 

 

 

 

 

 

Constant prepayment rate

 

 

18.3

%

 

 

 

 

 

 

 

 

P&I earnings credit

 

 

0.22

%

 

 

 

 

 

 

 

 

T&I earnings credit

 

 

0.86

%

 

 

 

 

 

 

 

 

Inflation for cost of servicing

 

 

1.5

%

 
Fair Value, by Balance Sheet Grouping [Table Text Block]

The estimated fair values for other financial instruments and off-balance-sheet loan commitments approximate cost at September 30, 2012 and December 31, 2011 and are not considered significant to this presentation.

 

September 30, 2012 Carrying  Fair Value Measurments Using 
$'s in thousands Amount  (Level 1)  (Level 2)  (Level 3) 
             
Financial assets                
Cash and cash equivalents $10,289  $10,289  $-  $- 
Loans held for sale  11,584   -   11,896   - 
Loans, net of allowance for loan losses  448,325   -   -   453,903 
Federal Reserve and FHLB Bank stock  3,748   -   3,748   - 
Accrued interest receivable  1,832   -   1,832   - 
                 
Financial liabilities                
Deposits $515,250  $-  $518,733  $- 
Short-term borrowings  13,735   -   13,735   - 
Notes payable  1,975   -   2,279   - 
FHLB advances  18,500   -   18,859   - 
Trust preferred securities  20,620   -   9,571   - 
Accrued interest payable  4,223   -   4,223   - 

 

December 31, 2011 Carrying  Fair Value Measurments Using 
$'s in thousands Amount  (Level 1)  (Level 2)  (Level 3) 
             
Financial assets                
Cash and cash equivalents $14,846  $14,846  $-  $- 
Loans held for sale  5,238   -   5,334   - 
Loans, net of allowance for loan losses  436,025   -   -   443,727 
Federal Reserve and FHLB Bank stock, at cost  3,685   -   3,685   - 
Interest receivable  1,635   -   1,635   - 
                 
Financial liabilities                
Deposits $518,765  $-  $521,654  $- 
Short-term borrowings  18,779   -   18,903   - 
Notes payable  2,788   -   2,815   - 
Federal Home Loan Bank advances  12,776   -   13,149   - 
Trust preferred securities  20,620   -   8,320   - 
Interest payable  2,954   -   2,954   -