Fair Values (Tables)

9 Months Ended

Sep. 30, 2012

Summary Of Assets And Liabilities Measured At Fair Value

Assets and liabilities measured at fair value are as follows as of September 30, 2012 (for purpose of this table the impaired loans are shown net of the related allowance):


(Dollars are in thousands)		Quoted market price in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
(On a recurring basis) Available for sale investments
U.S. Government Agencies	$	-	$	25,839	$	-
Taxable municipals		-		850		-
Mortgage backed securities		-		21,870		-
(On a non-recurring basis) Other real estate owned		-		-		11,368
Impaired loans:
Real estate secured:
Commercial		-		-		33,618
Construction and land development		-		-		5,246
Residential 1-4 family		-		-		11,469
Multifamily		-		-		2,889
Farmland		-		-		10,868
Commercial		-		-		3,222
Agriculture		-		-		467
Consumer installment loans		-		-		134
All other loans		-		-		-
Total	$	-	$	48,559	$	79,281

Assets and liabilities measured at fair value are as follows as of December 31, 2011 (for purpose of this table the impaired loans are shown net of the related allowance):


(Dollars are in thousands)		Quoted market price in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
(On a recurring basis) Available for sale investments
U.S. Government Agencies	$	-	$	21,633	$	-
Taxable municipals		-		1,552		-
Tax-exempt municipals		-		1,054		-
Mortgage backed securities		-		8,195		-
(On a non-recurring basis) Other real estate owned		-		-		15,092
Impaired loans:
Real estate secured:
Commercial		-		-		43,321
Construction and land development		-		-		8,769
Residential 1-4 family		-		-		13,642
Multifamily		-		-		613
Farmland		-		-		13,951
Commercial		-		-		4,737
Agriculture		-		-		714
Consumer installment loans		-		-		28
All other loans		-		-		-
Total	$	-	$	32,434	$	100,867

Schedule Of Significant Unobservable Inputs In Level 3 Assets


(Dollars in thousands)		Fair Value at September 30, 2012	Valuation Technique	Significant Unobservable Inputs	Significant Unobservable Input Value

Impaired Loans	$	67,913	Appraised Value/Discounted Cash Flows/Market Value of Note	Appraisals and/or sales of comparable properties/Independent quotes	n/a

Other Real Estate Owned	$	11,368	Appraised Value/Comparable Sales/Other Estimates from Independent Sources	Appraisal and/or sales of comparable properties/Independent quotes/bids	n/a

Estimated Fair Value Of Financial Instruments


						Fair Value Measurements
(Dollars are in thousands)		Carrying Amount		Fair Value		Quoted market price in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)

September 30, 2012
Financial Instruments – Assets
Net Loans	$	521,404	$	522,445	$	-	$	454,532	$	67,913

Financial Instruments – Liabilities
Time Deposits		387,540		391,266		-		391,266		-
FHLB Advances		6,858		6,858		-		6,858		-

December 31, 2011
Financial Instruments – Assets
Net Loans	$	579,436	$	588,888	$	-	$	493,661	$	85,775

Financial Instruments – Liabilities
Time Deposits		445,658		451,312		-		451,312		-
FHLB Advances		17,983		17,756		-		17,756		-

- Definition

Tabular disclosure related to assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a recurring and/or nonrecurring basis in periods after initial recognition. Disclosures include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3) as well as transfers between levels 1 and 2.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

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+ Details

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring and/or nonrecurring 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).

+ References+ Details

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 14

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Name Statement of Financial Accounting Standard (FAS)

-Number 159

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