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NOTE 14 - FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2013
Fair Value Disclosures [Abstract]  
Schedule of assets measured at fair value on a recurring basis
 
    As of June 30, 2013  
    Fair Value     Level 1     Level 2     Level 3  
Available-for-sale securities:                                
Obligations of U.S. government sponsored agencies   $ 18,552     $ —     $ 18,552     $ —  
Obligations of state and political subdivisions     8,431       —       8,431       —  
Government sponsored agency mortgage-backed securities     271,578       —       271,578       —  
 Corporate debt securities     4,762       —       4,762       —  
Equity securities     2,977       —       2,977       —  
    $ 306,300     $ —     $ 306,300     $ —  

 

    At December 31, 2012  
    Fair Value     Level 1     Level 2     Level 3  
Available-for-sale securities:                                
Obligations of U.S. government sponsored agencies   $ 21,118     $ —     $ 21,118     $ —  
Obligations of state and political subdivisions     11,197       —       11,197       —  
Government sponsored agency mortgage-backed securities     245,631       —       245,631       —  
Corporate debt securities     4,756       —       4,756       —  
Equity securities     3,113       —       3,113       —  
    $ 285,815     $ —     $ 285,815     $ —  
Schedule of level of valuation assumptions used to determine each adjustment and the carrying value of related assets
 

 

                    Total Losses     Total Losses  
    As of June 30, 2013     For three months ended June 30,     For six months ended June 30,  
    Fair Value     Level 1     Level 2     Level 3     2013     2012     2013     2012  
Impaired loans:                                                                
Commercial   $ 385     $ —     $ —     $ 385     $ (198 )   $ —     $ 88     $ —  
Real estate - commercial     625       —       —       625       —       1,278       239       1,457  
Real estate - construction     450       —       —       450       —       9       357       25  
Real estate - mortgage     118       —       —       118       186       70       272       70  
Other     109       —       —       109       140       —       177       —  
OREO:                                                                
Real estate - commercial     181       —       —       181       104       —       123       —  
Real estate - construction     651       —       —       651       518       87       518       133  
Real estate - mortgage     —       —       —       —       —       77       —       152  
Total assets measured at fair value on a nonrecurring basis   $ 2,519     $ —     $ —     $ 2,519     $ 750     $ 1,521     $ 1,774     $ 1,837  

 

    As of December 31, 2012  
    Fair Value     Level 1     Level 2     Level 3  
                 
Impaired loans:                                
Commercial   $ 585     $ —     $ —     $ 585  
Real estate - commercial     2,222       —       —       2,222  
Real estate - construction     143       —       —       143  
Real estate - mortgage     464       —       —       464  
Installment     75       —       —       75  
Other   25       —       —       25  
OREO:                                
Real estate - construction     7,360       —       —       7,360  
Real estate - mortgage     184       —       —       184  
Total assets measured at fair value                                
  on a nonrecurring basis   $ 11,058     $ —     $ —     $ 11,058  

 
Schedule of quantitative information about level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis

As of June 30, 2013

 

    Fair Value   Valuation Techniques   Unobservable Inputs   Range (Weighted Average)
                         
Impaired loans:                        
Real estate - commercial   $ 625     Comparable sales approach   Discount adjustment for differences between comparable sales     6% to 11% (9%)  
Real estate - construction   $ 450     Comparable sales approach   Discount adjustment for differences between comparable sales     2% to 3% (3%)  
Real estate - mortgage   $ 118     Comparable sales approach   Discount adjustment for differences between comparable sales     6% to 11% (9%)  
Other   $ 109     Comparable sales approach   Discount adjustment for differences between comparable sales     6% to 11% (9%)  
OREO:                        
Real estate - commercial   $ 181     Comparable sales approach   Discount adjustment for differences between comparable sales     6% to 11% (9%)  
Real estate - construction   $ 651     Comparable sales approach   Discount adjustment for differences between comparable sales     0% to 6% (6%)  

 

  

As of December 31, 2012

 

    Fair Value   Valuation Techniques   Unobservable Inputs   Range (Weighted Average)
                         
Impaired loans:                        
 Real estate - commercial   $ 2,222     Comparable sales approach   Discount adjustment for differences between comparable sales     6% to 11% (9%)  
 Real estate - construction   $ 143     Comparable sales approach   Discount adjustment for differences between comparable sales     2% to 3% (3%)  
Real estate - mortgage   $ 464     Comparable sales approach   Discount adjustment for differences between comparable sales     6% to 11% (9%)  
OREO:                        
Real estate - commercial   $ 7,360     Comparable sales approach   Discount adjustment for differences between comparable sales     6% to 11% (9%)  
Real estate - construction   $ 184     Comparable sales approach   Discount adjustment for differences between comparable sales     0% to 6% (6%)  

 
Schedule of estimated fair values of financial instruments

 

Fair Value Measurements at
June 30, 2013, Using
Carrying Amount Level 1 Level 2 Level 3 Total
FINANCIAL ASSETS
Cash and due from banks $ 21,431 $ 21,431 $ — $ — $ 21,431
Federal funds sold — — — — —
Time deposits at other financial institutions 2,219 — 2,219 — 2,219
FHLB, FRB and other securities 8,402 N/A
Securities:
Available-for-sale 306,300 — 306,300 — 306,300
Held-to-maturity 6 — 6 — 6
Loans 494,747 — — 503,363 503,363
Accrued interest receivable 2,257 — 794 1,463 2,257
FINANCIAL LIABILITIES
Deposits:
Nonmaturity deposits $ 607,135 $ 607,135 $ — $ — $ 607,135
Time deposits 157,920 — 158,090 — 158,090
Other borrowed funds 22,025 22,025 — — 22,025
Subordinated debentures 21,651 — — 8,081 8,081
Accrued interest payable 123 4 42 77 123


 

Fair Value Measurements at
December 31, 2012, Using
Carrying Amount Level 1 Level 2 Level 3 Total
FINANCIAL ASSETS
Cash and due from banks $ 22,654 $ 22,654 $ — $ — $ 22,654
Federal funds sold 15,865 15,865 — — 15,865
Time deposits at other financial institutions 2,219 — 2,219 — 2,219
FHLB, FRB and other securities 8,313 — — — N/A
Securities:
Available-for-sale 285,815 — 285,815 — 285,815
Held-to-maturity 6 — 6 — 6
Loans 481,753 — — 500,689 500,689
Accrued interest receivable 2,217 — 767 1,450 2,217
FINANCIAL LIABILITIES
Deposits:
Nonmaturity deposits $ 596,204 $ 596,204 $ — $ — $ 596,204
Time deposits 172,376 — 172,805 — 172,805
Subordinated debentures 21,651 — — 9,018 9,018
Accrued interest payable 136 2 54 80 136