Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2014

Information about the Company's assets and liabilities measured at fair value on a recurring basis

The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value for the periods indicated.

			Fair Value Measurements At March 31, 2014, Using
	Fair Value		Quoted Prices in Active Markets for Identical Assets		Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Available-for-Sale Securities:
Government Agency & Government-Sponsored Entities	$	18,426	$	13,399	$	5,027	$	-
Mortgage Backed Securities		329,730		-		329,730		-
Corporate Securities		49,352		7,966		41,386		-
Other		2,235		1,925		310		-
Total Assets Measured at Fair Value On a Recurring Basis	$	399,743	$	23,290	$	376,453	$	-

			Fair Value Measurements At December 31, 2013, Using
	Fair Value		Quoted Prices in Active Markets for Identical Assets		Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Available-for-Sale Securities:
Government Agency & Government-Sponsored Entities	$	28,436	$	23,394	$	5,042	$	-
Mortgage Backed Securities		324,929		-		324,929		-
Corporate Securities		49,380		8,191		41,189		-
Other		1,894		1,584		310		-
Total Assets Measured at Fair Value On a Recurring Basis	$	404,639	$	33,169	$	371,470	$	-

			Fair Value Measurements At March 31, 2013, Using
	Fair Value		Quoted Prices in Active Markets for Identical Assets		Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Available-for-Sale Securities:
Government Agency & Government-Sponsored Entities	$	26,692	$	21,612	$	5,080	$	-
Obligations of States and Political Subdivisions		5,643		-		-		5,643
Mortgage Backed Securities		432,285		-		432,285		-
Corporate Securities		50,128		9,373		40,755		-
Other		825		515		310		-
Total Assets Measured at Fair Value On a Recurring Basis	$	515,573	$	31,500	$	478,430	$	5,643

Information about the Company's assets and liabilities measured at fair value on a non-recurring basis

The following tables present information about the Company’s other real estate and impaired loans or leases, classes of assets or liabilities that the Company carries at fair value on a non-recurring basis, and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value for the periods indicated. Not all impaired loans or leases are carried at fair value. Impaired loans or leases are only included in the following tables when their fair value is based upon a current appraisal of the collateral, and if that appraisal results in a partial charge-off or the establishment of a specific reserve.

			Fair Value Measurements At March 31, 2014, Using
	Fair Value		Quoted Prices in Active Markets for Identical Assets		Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Impaired Loans
Residential 1st Mortgage	$	329	$	-	$	-	$	329
Home Equity Lines and Loans		273		-		-		273
Agricultural		354		-		-		354
Commercial		814		-		-		814
Total Impaired Loans		1,770		-		-		1,770
Other Real Estate
Real Estate Construction		2,441		-		-		2,441
Agricultural Real Estate		853		-		-		853
Total Other Real Estate		3,294		-		-		3,294
Total Assets Measured at Fair Value On a Non-Recurring Basis	$	5,064	$	-	$	-	$	5,064

			Fair Value Measurements At December 31, 2013, Using
	Fair Value		Quoted Prices in Active Markets for Identical Assets		Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Impaired Loans
Residential 1st Mortgage	$	614	$	-	$	-	$	614
Home Equity Lines and Loans		551		-		-		551
Agricultural		366		-		-		366
Commercial		820		-		-		820
Total Impaired Loans		2,351		-		-		2,351
Other Real Estate
Real Estate Construction		2,399		-		-		2,399
Agricultural Real Estate		2,212		-		-		2,212
Total Other Real Estate		4,611		-		-		4,611
Total Assets Measured at Fair Value On a Non-Recurring Basis	$	6,962	$	-	$	-	$	6,962

			Fair Value Measurements At March 31, 2013, Using
	Fair Value		Quoted Prices in Active Markets for Identical Assets		Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Impaired Loans
Agricultural Real Estate	$	1,572	$	-	$	-	$	1,572
Residential 1st Mortgage		289		-		-		289
Home Equity Lines and Loans		15		-		-		15
Agricultural		965		-		-		965
Commercial		220		-		-		220
Total Impaired Loans		3,061		-		-		3,061
Other Real Estate
Real Estate Construction		2,553		-		-		2,553
Agricultural Real Estate		1,910		-		-		1,910
Agricultural		280		-		-		280
Total Other Real Estate		4,743		-		-		4,743
Total Assets Measured at Fair Value On a Non-Recurring Basis	$	7,804	$	-	$	-	$	7,804

Quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at March 31, 2014:

(in thousands)	Fair Value		Valuation Technique	Unobservable Inputs	Range, Weighted Avg.
Impaired Loans
Residential 1st Mortgage	$	329	Sales Comparison Approach	Adjustment for Difference Between Comparable Sales		10% -19%, 14	%
Home Equity Lines and Loans	$	273	Sales Comparison Approach	Adjustment for Difference Between Comparable Sales		2% - 15%, 7	%
Agricultural	$	354	Income Approach	Capitalization Rate		14% - 14%, 14	%
Commercial	$	814	Sales Comparison Approach	Adjustment for Difference Between Comparable Sales		13% - 13%, 13	%

Other Real Estate
Real Estate Construction	$	2,441	Sales Comparison Approach	Adjustment for Difference Between Comparable Sales		10% - 10%, 10	%
Agricultural Real Estate	$	853	Sales Comparison Approach	Adjustment for Difference Between Comparable Sales		10% - 10%, 10	%