XML 51 R24.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value (Tables)
 3 Months Ended
Mar. 31, 2013
Fair Value [Abstract]  
Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis, including financial assets and liabilities for which the Company has elected the fair value option, are summarized below:

 

    Fair Value Measurements at March 31, 2013 Using  
    Quoted Prices in                    
    Active Markets for     Significant Other     Significant        
    Identical Assets     Observable Inputs     Unobservable Inputs        
    (Level 1)     (Level 2)     (Level 3)     Total  
Assets:                        
U.S. Treasury and Agency Securities   $ —     $ 23,164     $ —     $ 23,164  
Corporate Securities     —       —       —       —  
Obligations of State and                                
Political Subdivisions     —       64,390       11,728       76,118  
Mortgage-backed Securities-Residential     —       530,827       —       530,827  
Equity Securities     419       —       353       772  
Total Securities   $ 419     $ 618,381     $ 12,081     $ 630,881  
                                 
Loans Held-for-Sale   $ —     $ 25,280     $ —     $ 25,280  
                                 
Derivatives   $ —     $ 115     $ —     $ 115  
                                 
Financial Liabilities Derivatives   $ —     $ 103     $ —     $ 103  

 

    Fair Value Measurements at December 31, 2012 Using  
    Quoted Prices in                    
    Active Markets for     Significant Other     Significant        
    Identical Assets     Observable Inputs     Unobservable Inputs        
    (Level 1)     (Level 2)     (Level 3)     Total  
Assets:                        
U.S. Treasury and Agency Securities   $ —     $ 23,472     $ —     $ 23,472  
Corporate Securities     —       —       —       —  
Obligations of State and                                
Political Subdivisions     —       64,316       12,169       76,485  
Mortgage-backed Securities-Residential     —       486,912       —       486,912  
Equity Securities     380       —       353       733  
Total Securities   $ 380     $ 574,700     $ 12,522     $ 587,602  
                                 
Loans Held-for-Sale   $ —     $ 16,641     $ —     $ 16,641  
                                 
Derivatives   $ —     $ 187     $ —     $ 187  
                                 
Financial Liabilities Derivatives   $ —     $ 178     $ —     $ 178  
Reconciliation of all Assets Measured at Fair Value on Recurring Basis, Using Significant Unobservable Inputs (Level 3)

The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2013 and 2012:

 

    Obligations of State              
    and Political              
    Subdivisions     Equity Securities     Corporate Securities  
    2013     2012     2013     2012     2013     2012  
                                     
Balance of Recurring Level 3 Assets at December 31   $ 12,169     $ 4,772     $ 353     $ 353     $ —     $ 1,005  
Total Gains or Losses (realized/unrealized)                                                
Included in Earnings     (21 )     —       —       —       —       —  
Maturities / Calls     (420 )     (697 )     —       —       —       (1,005 )
Purchases     —       —       —       —       —       —  
Balance of Recurring Level 3 Assets at March 31   $ 11,728     $ 4,075     $ 353     $ 353     $ —     $ —  
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis

Assets and Liabilities Measured on a Non-Recurring Basis

 

Assets and liabilities measured at fair value on a non-recurring basis are summarized below:

 

    Fair Value Measurements at March 31, 2013 Using  
    Quoted Prices in                    
    Active Markets for     Significant Other     Significant        
    Identical Assets     Observable Inputs     Unobservable Inputs        
    (Level 1)     (Level 2)     (Level 3)     Total  
Assets:                                
Impaired Loans with Specific Allocations                                
Commercial and Industrial Loans   $ —     $ —     $ 1,406     $ 1,406  
Commercial Real Estate Loans     —       —       1,753       1,753  
Agricultural Loans     —       —       —       —  
Other Real Estate                                
Commercial Real Estate     —       —       376       376  

 

    Fair Value Measurements at December 31, 2012 Using  
    Quoted Prices in                    
    Active Markets for     Significant Other     Significant        
    Identical Assets     Observable Inputs     Unobservable Inputs        
    (Level 1)     (Level 2)     (Level 3)     Total  
Assets:                                
Impaired Loans with Specific Allocations                                
Commercial and Industrial Loans   $ —     $ —     $ 1,231     $ 1,231  
Commercial Real Estate Loans     —       —       1,497       1,497  
Agricultural Loans     —       —       135       135  
Other Real Estate                                
Commercial Real Estate     —       —       150       150  
Fair Value Assets and Liabilities Measured on Nonrecurring Basis Valuation Techniques

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at March 31, 2013:

 

                  Range  
          Valuation       (Weighted  
    Fair Value     Technique(s)   Unobservable Input(s)   Average)  
Impaired Loans - Commercial   $ 1,406     Sales comparison   Adjustment for differences     10%-90 %
and Industrial Loans           approach   between the comparable     (18 )%
                sales        
                         
Impaired Loans - Commercial   $ 1,753     Sales comparison   Adjustment for physical     15%-78 %
Real Estate Loans           approach   condition of comparable     (50 )%
            Income approach   properties sold        
            Cost approach   Adjustment for net operating        
                income generated by the        
                property        
                Adjustment for investor rates of return        
                         
Other Real Estate - Commercial   $ 376     Sales comparison   Adjustment for physical     36 %
Real Estate Loans           approach   condition of comparable     (36 )%
            Income approach   properties sold        
            Cost approach   Adjustment for net operating        
                income generated by the        
                property        
                Adjustment for investor rates of return
Carrying Amounts and Estimated Fair Values of Company's Financial Instruments

The carrying amounts and estimated fair values of the Company’s financial instruments not previously presented are provided in the table below for the periods ending March 31, 2013 and December 31, 2012. Not all of the Company’s assets and liabilities are considered financial instruments, and therefore are not included in the table. Because no active market exists for a significant portion of the Company’s financial instruments, fair value estimates were based on subjective judgments, and therefore cannot be determined with precision.

 

          Fair Value Measurements at  
          March 31, 2013 Using  
    Carrying Value     Level 1     Level 2     Level 3     Total  
Financial Assets:                                        
Cash and Short-term Investments   $ 31,665     $ 22,045     $ 9,620     $ —     $ 31,665  
Securities Held-to-Maturity     268       —       271       —       271  
FHLB Stock and Other Restricted Stock     8,340       N/A       N/A       N/A       N/A  
Loans, Net     1,174,854       —       —       1,183,445       1,183,445  
Accrued Interest Receivable     7,328       —       1,911       5,417       7,328  
Financial Liabilities:                                        
Demand, Savings, and Money Market Deposits     (1,327,197 )     (1,327,197 )     —       —       (1,327,197 )
Time Deposits     (332,712 )     —       (336,276 )     —       (336,276 )
Short-term Borrowings     (26,266 )     —       (26,266 )     —       (26,266 )
Long-term Debt     (87,957 )     —       (65,373 )     (23,986 )     (89,359 )
Accrued Interest Payable     (812 )     —       (685 )     (127 )     (812 )
Unrecognized Financial Instruments:                                        
Commitments to Extend Credit     —       —       —       —       —  
Standby Letters of Credit     —       —       —       —       —  
Commitments to Sell Loans     —       —       —       —       —  

 

          Fair Value Measurements at  
          December 31, 2012 Using  
    Carrying Value     Level 1     Level 2     Level 3     Total  
Financial Assets:                                        
Cash and Short-term Investments   $ 51,794     $ 41,624     $ 10,170     $ —     $ 51,794  
Securities Held-to-Maturity     346       —       351       —       351  
FHLB Stock and Other Restricted Stock     8,340       N/A       N/A       N/A       N/A  
Loans, Net     1,186,483       —       —       1,199,566       1,199,566  
Accrued Interest Receivable     7,419       —       1,893       5,526       7,419  
Financial Liabilities:                                        
Demand, Savings, and Money Market Deposits     (1,311,748 )     (1,311,748 )     —       —       (1,311,748 )
Time Deposits     (329,183 )     —       (333,170 )     —       (333,170 )
Short-term Borrowings     (71,534 )     —       (71,534 )     —       (71,534 )
Long-term Debt     (89,472 )     —       (66,892 )     (28,872 )     (95,764 )
Accrued Interest Payable     (1,275 )     —       (829 )     (446 )     (1,275 )
Unrecognized Financial Instruments:                                        
Commitments to Extend Credit     —       —       —       —       —  
Standby Letters of Credit     —       —       —       —       —  
Commitments to Sell Loans     —       —       —       —       —