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Financial Instruments | 9 Months Ended
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Sep. 30, 2011
Fair value instruments [Abstract] |
Financial instruments disclosure text block | NOTE 9: FAIR VALUE OF FINANCIAL INSTRUMENTS FASB ASC 825, Financial Instruments, requires disclosure of fair value information about financial instruments, whether or not recognized on the face of the balance sheet, for which it is practicable to estimate that value. The assumptions used in the estimation of the fair value of the Company's financial instruments are explained below. Where quoted market prices are not available, fair values are based on estimates using discounted cash flow and other valuation techniques. Discounted cash flows can be significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. The following fair value estimates cannot be substantiated by comparison to independent markets and should not be considered representative of the liquidation value of the Company's financial instruments, but rather a good–faith estimate of the fair value of financial instruments held by the Company. FASB ASC 825 excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. The following methods and assumptions were used by the Company in estimating the fair value of its financial instruments: Cash and cash equivalents Due to their short-term nature, the carrying amounts reported in the balance sheet are assumed to approximate fair value for these assets. For purposes of disclosure, cash equivalents include federal funds sold and other interest bearing bank deposits. Securities available-for-sale Fair value measurement is based upon quoted prices if available. If quoted market prices are not available, estimated fair values are based on quoted market prices of comparable instruments. See Note 5 for additional disclosure related to fair value measurements for securities. Loans held for sale Loans held for sale are carried at the lower of cost or estimated fair value and are subjected to nonrecurring fair value adjustments. Estimated fair value is determined on the basis of the current market value of similar loans. Loans, net The fair value of loans is calculated using discounted cash flows. The discount rates used to determine the present value of the loan portfolio are estimated market discount rates that reflect the credit and interest rate risk inherent in the loan portfolio. This method of estimating fair value does not incorporate the exit-price concept of fair value prescribed by FASB ASC 820 and generally produces a higher value than an exit-price approach. The estimated maturities are based on the Company's historical experience with repayments adjusted to estimate the effect of current market conditions. Deposits Under FASB ASC 825, the fair value of deposits with no stated maturity, such as noninterest bearing demand deposits, interest bearing demand deposits and savings and certain types of money market accounts, is equal to the amount payable on demand at the reporting date (i.e., their carrying amount). The carrying amounts of variable-rate, fixed-term money market accounts and certificates of deposit approximate their fair values at the reporting date. Fair values for fixed-rate certificates of deposit are estimated using discounted cash flows. The discount rates used are based on estimated market rates for deposits of similar remaining maturities. Short-term borrowings The fair value of federal funds purchased, securities sold under agreements to repurchase, and other short–term borrowings approximate their carrying value. Long-term debt The fair value of the Company's fixed rate long-term debt is estimated using discounted cash flows based on estimated current market rates for similar types of borrowing arrangements. The carrying amount of the Company's variable rate long-term debt approximates its fair value. Derivative Instruments The carrying amounts of derivative instruments approximate their fair value. Off-balance sheet Instruments The fair values of the Company's off-balance-sheet financial instruments are based on fees charged to enter into similar agreements. However, commitments to extend credit do not represent a significant value to the Company until such commitments are funded. The Company has determined that the estimated fair value of commitments to extend credit approximates the carrying amount and is immaterial to the financial statements. The carrying value and related estimated fair value of the Company's financial instruments at September 30, 2011 and December 31, 2010 are presented below.
| September 30, 2011 |  | December 31, 2010
|  | Carrying |  | Estimated |  |  | Carrying |  | Estimated
(Dollars in thousands) |  | amount |  | fair value |  |  | amount |  | fair value
Financial Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 55,645 | $ | 55,645 |  | $ | 21,424 | $ | 21,424
Securities available-for-sale |  | 283,070 |  | 283,070 |  |  | 315,220 |  | 315,220
Loans held for sale |  | 2,906 |  | 2,906 |  |  | 4,281 |  | 4,281
Loans, net |  | 368,448 |  | 377,683 |  |  | 366,539 |  | 372,869
Derivative assets |  | 1,334 |  | 1,334 |  |  | 1,101 |  | 1,101
Financial Liabilities: |  |  |  |  |  |  |  |  |
Deposits | $ | 609,070 | $ | 615,518 |  | $ | 607,127 | $ | 615,300
Short-term borrowings |  | 2,613 |  | 2,613 |  |  | 2,685 |  | 2,685
Long-term debt |  | 85,317 |  | 93,833 |  |  | 93,331 |  | 99,505
Derivative liabilities |  | 1,334 |  | 1,334 |  |  | 1,101 |  | 1,101

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- Definition Disclosure for financial instruments + Details
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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + Details
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