Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2014

Fair Value Measurements [Abstract]

Assets measured at fair value on a recurring basis

The following table presents the balances of certain assets measured at fair value on a recurring basis as of the dates indicated:

				Fair Value Measurements at June 30, 2014 Using
				(in thousands)
Description	Balance			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Available-for-sale securities
Obligations of  U.S. Government agencies		$	14,931		$	0		$	14,931		$	0
Obligations of state and political subdivisions			49,495			0			49,495			0
Mortgage-backed securities			76,625			0			76,625			0
Money market investments			614			0			614			0
Corporate bonds			2,291			0			2,291			0
Other marketable equity securities			84			0			84			0
Total available-for-sale securities		$	144,040		$	0		$	144,040		$	0

				Fair Value Measurements at December 31, 2013 Using
				(in thousands)
Description	Balance			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Available-for-sale securities
Obligations of  U.S. Government agencies		$	15,024		$	0		$	15,024		$	0
Obligations of state and political subdivisions			47,100			0			47,100			0
Mortgage-backed securities			90,750			0			90,750			0
Money market investments			691			0			691			0
Corporate bonds			2,074			0			2,074			0
Total available-for-sale securities		$	155,639		$	0		$	155,639		$	0

Assets measured at fair value on a nonrecurring basis

The following table presents the assets carried on the consolidated balance sheets for which a nonrecurring change in fair value has been recorded. Assets are shown by class of loan and by level in the fair value hierarchy, as of the dates indicated. Certain impaired loans are valued by the present value of the loan's expected future cash flows, discounted at the interest rate of the loan rather than at a market rate. These loans are not carried on the consolidated balance sheets at fair value and, as such, are not included in the table below.

			Carrying Value at June 30, 2014 Using
			(in thousands)
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Impaired loans
Mortgage loans on real estate:
Residential 1-4 family	$	744	$	0	$	0	$	744
Construction		2,561		0		0		2,561
Second mortgages		37		0		0		37
Total	$	3,342	$	0	$	0	$	3,342
Other real estate owned
Residential 1-4 family	$	1,261	$	0	$	0	$	1,261
Commercial		1,735		0		0		1,735
Construction		2,670		0		0		2,670
Total	$	5,666	$	0	$	0	$	5,666

			Carrying Value at December 31, 2013 Using
			(in thousands)
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Impaired loans
Mortgage loans on real estate:
Residential 1-4 family	$	2,455	$	0	$	0	$	2,455
Commercial		800		0		0		800
Second mortgages		44		0		0		44
Total	$	3,299	$	0	$	0	$	3,299
Other real estate owned
Residential 1-4 family	$	457	$	0	$	0	$	457
Commercial		2,290		0		0		2,290
Construction		2,783		0		0		2,783
Total	$	5,530	$	0	$	0	$	5,530

Fair Value Inputs, Assets, Quantitative Information

The following table displays quantitative information about Level 3 Fair Value Measurements as of the dates indicated:

			Quantitative Information About Level 3 Fair Value Measurements
Description	Fair Value at June 30, 2014 (dollars in thousands)		Valuation Techniques	Unobservable Input	Range (Average)
Impaired loans
Residential 1-4 family real estate	$	744	Market comparables	Selling costs		0.00% - 7.25% (1.81	%)
				Liquidation discount		0.00% - 10.00% (3.75	%)
Construction	$	2,561	Market comparables	Selling costs		0.00% - 11.25% (3.75	%)
Second mortgages	$	37	Market comparables	Selling costs		0.00	%
Other real estate owned
Residential 1-4 family	$	1,261	Market comparables	Selling costs		6.00% - 10.00% (6.00	%)
Commercial	$	1,735	Market comparables	Selling costs		6.00% - 10.00% (6.00	%)
Construction	$	2,670	Market comparables	Selling costs		6.00% - 10.00% (6.00	%)

			Quantitative Information About Level 3 Fair Value Measurements
Description	Fair Value at December 31, 2013 (dollars in thousands)		Valuation Techniques	Unobservable Input	Range (Average)
Impaired loans
Residential 1-4 family real estate	$	2,455	Market comparables	Selling costs		3.00% - 7.25% (6.39	%)
				Liquidation discount		0.00% - 90.00% (15.56	%)
Commercial real estate	$	800	Market comparables	Selling costs		7.25	%
Second mortgages	$	44	Market comparables	Selling costs		7.25	%
Other real estate owned
Residential 1-4 family	$	457	Market comparables	Selling costs		6.00% - 10.00% (6.00	%)
Commercial	$	2,290	Market comparables	Selling costs		6.00% - 10.00% (6.00	%)
Construction	$	2,783	Market comparables	Selling costs		6.00% - 10.00% (6.00	%)

Estimated fair values and related carrying or notional amounts of financial instruments

The estimated fair values, and related carrying or notional amounts, of the Company's financial instruments as of the dates indicated are as follows:

			Fair Value Measurements at June 30, 2014 Using (in thousands)
	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Cash and cash equivalents	$	22,533	$	22,533	$	0	$	0
Securities available-for-sale		144,040		0		144,040		0
Securities held-to-maturity		93,990		0		97,091		0
Restricted securities		2,293		0		2,293		0
Loans, net of allowances for loan losses		512,686		0		0		512,268
Bank owned life insurance		23,107		0		23,107		0
Accrued interest receivable		2,768		0		2,768		0
Liabilities
Deposits	$	716,528	$	0	$	717,631	$	0
Overnight repurchase agreements		25,677		0		25,677		0
Term repurchase agreements		412		0		411		0
Federal Home Loan Bank advances		30,000		0		32,092		0
Accrued interest payable		266		0		266		0

			Fair Value Measurements at December 31, 2013 Using (in thousands)
	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Cash and cash equivalents	$	31,325	$	31,325	$	0	$	0
Securities available-for-sale		155,639		0		155,639		0
Securities held-to-maturity		96,847		0		97,453		0
Restricted securities		2,378		0		2,378		0
Loans, net of allowances for loan losses		493,868		0		0		494,714
Bank owned life insurance		22,673		0		22,673		0
Accrued interest receivable		2,754		0		2,754		0
Liabilities
Deposits	$	725,405	$	0	$	728,011	$	0
Overnight repurchase agreements		31,175		0		31,175		0
Term repurchase agreements		411		0		410		0
Federal Home Loan Bank advances		25,000		0		27,567		0
Accrued interest payable		327		0		327		0