XML 30 R25.htm IDEA: XBRL DOCUMENT v2.4.0.8
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2014
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The table below presents the recorded amount of assets measured at fair value on a recurring basis.
 
Balance at
 
Fair Value Measurements Using:
Dollars in thousands
September 30, 2014
 
Level 1
 
Level 2
 
Level 3
Available for sale securities
 
 
 
 
 
 
 
U.S. Government sponsored agencies
$
23,515

 
$
—

 
$
23,515

 
$
—

Mortgage backed securities:
 

 
 

 
 

 
 

Government sponsored agencies
154,884

 
—

 
154,884

 
—

Nongovernment sponsored entities
10,168

 
—

 
10,168

 
—

State and political subdivisions
10,094

 
—

 
10,094

 
—

Corporate debt securities
—

 
—

 
—

 
—

Other equity securities
7

 
—

 
7

 
—

Tax-exempt state and political subdivisions
83,733

 
—

 
83,733

 
—

Total available for sale securities
$
282,401

 
$
—

 
$
282,401

 
$
—

 
 
 
 
 
 
 
 
Derivative financial instrument
 

 
 

 
 

 
 

Interest rate swaps
$
—

 
$
—

 
$
—

 
$
—

 
Balance at
 
Fair Value Measurements Using:
Dollars in thousands
December 31, 2013
 
Level 1
 
Level 2
 
Level 3
Available for sale securities
 
 
 
 
 
 
 
U.S. Government sponsored agencies
$
29,657

 
$
—

 
$
29,657

 
$
—

Mortgage backed securities:
 

 
 

 
 

 
 

Government sponsored agencies
155,716

 
—

 
155,716

 
—

Nongovernment sponsored entities
11,819

 
—

 
11,819

 
—

State and political subdivisions
15,870

 
—

 
15,870

 
—

Corporate debt securities
3,966

 
—

 
3,966

 
—

Other equity securities
77

 
—

 
77

 
—

Tax-exempt state and political subdivisions
71,675

 
—

 
71,675

 
—

Total available for sale securities
$
288,780

 
$
—

 
$
288,780

 
$
—

 
 
 
 
 
 
 
 
Derivative financial instrument
 

 
 

 
 

 
 

Interest rate swaps
$
803

 
$
—

 
$
803

 
$
—
Fair Value Measurements, Nonrecurring
Assets measured at fair value on a nonrecurring basis are included in the table below.
 
Balance at
 
Fair Value Measurements Using:
Dollars in thousands
September 30, 2014
 
Level 1
 
Level 2
 
Level 3
Residential mortgage loans held for sale
$
319

 
$
—

 
$
319

 
$
—

 
 
 
 
 
 
 
 
Collateral-dependent impaired loans
 

 
 

 
 

 
 

Commercial
$
44

 
$
—

 
$
—

 
$
44

Commercial real estate
1,684

 
—

 
1,684

 
—

Construction and development
12,923

 
—

 
12,923

 
—

Residential real estate
9,590

 
—

 
9,477

 
113

Consumer
3

 
—

 
—

 
3

Total collateral-dependent impaired loans
$
24,244

 
$
—

 
$
24,084

 
$
160

 
 
 
 
 
 
 
 
OREO
 

 
 

 
 

 
 

Commercial
$
110

 
$
—

 
$
110

 
$
—

Commercial real estate
5,815

 
—

 
5,815

 
—

Construction and development
30,609

 
—

 
28,637

 
1,972

Residential real estate
10,718

 
—

 
10,104

 
614

Total OREO
$
47,252

 
$
—

 
$
44,666

 
$
2,586



 
Balance at
 
Fair Value Measurements Using:
Dollars in thousands
December 31, 2013
 
Level 1
 
Level 2
 
Level 3
Residential mortgage loans held for sale
$
321

 
$
—

 
$
321

 
$
—

 
 
 
 
 
 
 
 
Collateral-dependent impaired loans
 

 
 

 
 

 
 

Commercial
$
1,616

 
—

 
$
920

 
$
696

Commercial real estate
17,902

 
—

 
4,879

 
13,023

Construction and development
22,083

 
—

 
17,590

 
4,493

Residential real estate
14,747

 
—

 
8,336

 
6,411

Consumer
34

 
—

 
3

 
31

Total collateral-dependent impaired loans
$
56,382

 
$
—

 
$
31,728

 
$
24,654

 
 
 
 
 
 
 
 
OREO
 

 
 

 
 

 
 

Commercial
$
—

 
$
—

 
$
—

 
$
—

Commercial real estate
9,903

 
—

 
9,903

 
—

Construction and development
31,610

 
—

 
29,993

 
1,617

Residential real estate
11,879

 
—

 
11,847

 
32

Total OREO
$
53,392

 
$
—

 
$
51,743

 
$
1,649
Fair Value, by Balance Sheet Grouping
The carrying values and estimated fair values of our financial instruments are summarized below:
 
 
September 30, 2014
 
December 31, 2013
Dollars in thousands
 
Carrying
Value
 
Estimated
Fair
Value
 
Carrying
Value
 
Estimated
Fair
Value
Financial assets
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
13,233

 
$
13,233

 
$
11,782

 
$
11,782

Securities available for sale
 
282,401

 
282,401

 
288,780

 
288,780

Other investments
 
7,393

 
7,393

 
7,815

 
7,815

Loans held for sale, net
 
319

 
319

 
321

 
321

Loans, net
 
993,347

 
1,003,166

 
937,070

 
952,592

Accrued interest receivable
 
5,467

 
5,467

 
5,669

 
5,669

Derivative financial assets
 
—

 
—

 
803

 
803

 
 
$
1,302,160

 
$
1,311,979

 
$
1,252,240

 
$
1,267,762

Financial liabilities
 
 

 
 

 
 

 
 

Deposits
 
$
1,054,454

 
$
1,075,730

 
$
1,003,812

 
$
1,029,606

Short-term borrowings
 
127,432

 
127,432

 
62,769

 
62,769

Long-term borrowings
 
78,466

 
85,998

 
163,516

 
173,863

Subordinated debentures
 
16,800

 
16,800

 
16,800

 
16,800

Subordinated debentures owed to unconsolidated subsidiary trusts
 
19,589

 
19,589

 
19,589

 
19,589

Accrued interest payable
 
821

 
821

 
1,433

 
1,433

Derivative financial liabilities
 
1,357

 
1,357

 
—

 
—

 
 
$
1,298,919

 
$
1,327,727

 
$
1,267,919

 
$
1,304,060