Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2012

Fair Value Measurement [Abstract]

Assets Measured on Recurring and Nonrecurring Basis

Below is a table that presents information about certain assets and liabilities measured at fair value on a recurring basis (in thousands):

	Assets / Liabilities Measured at Fair Value		Fair Value Measurements at September 30, 2012 using:
Description	at September 30, 2012		Level 1		Level 2		Level 3
Available-for-sale securities:
U.S. Government sponsored enterprises	$	31,311	$	-	$	31,311	$	-
Obligations of state and political subdivisions		83,119		-		83,119		-
GSE mortgage-backed securities		145,511		-		145,511		-
Asset-backed securities		12,546		-		12,546		-
Collateralized mortgage obligations: residential		38,663		-		38,663		-
Collateralized mortgage obligations: commercial		30,020		-		30,020		-
	$	341,170	$	-	$	341,170	$	-

	Assets / Liabilities Measured at Fair Value		Fair Value Measurements at December 31, 2011 using:
Description	at December 31, 2011		Level 1		Level 2		Level 3
Available-for-sale securities:
U.S. Government sponsored enterprises	$	94,999	$	-	$	94,999	$	-
Obligations of state and political subdivisions		96,149		-		96,149		-
GSE mortgage-backed securities		109,487		-		109,487		-
Collateralized mortgage obligations: residential		41,468		-		41,468		-
Collateralized mortgage obligations: commercial		25,138		-		25,138		-
	$	367,241	$	-	$	367,241	$	-

Certain assets and liabilities are measured at fair value on a nonrecurring basis and are included in the table below (in thousands). Impaired loans are Level 2 assets measured using appraisals from external parties of the collateral less any prior liens. Other real estate properties are also Level 2 assets measured using appraisals from external parties.

	Assets / Liabilities Measured at Fair Value		Fair Value Measurements at September 30, 2012 using:
Description	at September 30, 2012		Level 1		Level 2		Level 3
Impaired loans	$	2,213	$	-	$	2,213	$	-
Other real estate	$	6,608	$	-	$	6,608	$	-

	Assets / Liabilities Measured at Fair Value		Fair Value Measurements at December 31, 2011 using:
Description	at December 31, 2011		Level 1		Level 2		Level 3
Impaired loans	$	2,994	$	-	$	2,994	$	-
Other real estate	$	7,369	$	-	$	7,369	$	-

Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of the Company's financial instruments are as follows at September 30, 2012 and December 31, 2011 (in thousands):

			Fair Value Measurements at September 30, 2012 Using:
	Carrying Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	59,655	$	59,655	$	-	$	-
Time deposits held in banks		709		-		-		712
Securities available-for-sale		341,170		-		341,170		-
Securities held-to-maturity		117,628		-		121,969		-
Other investments		5,820		5,820		-		-
Loans, net		801,459		-		-		803,664
Cash surrender value of life insurance policies		4,912		-		4,912		-
Financial liabilities:
Non-interest-bearing deposits		306,463		-		306,463		-
Interest-bearing deposits		872,549		-		618,483		255,786
Securities sold under agreements to repurchase		55,233		55,233		-		-
Junior subordinated debentures		15,465		-		8,248		7,630

			Fair Value Measurements at December 31, 2011 Using:
	Carrying Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	83,303	$	83,303	$	-	$	-
Time deposits held in banks		710		-		-		716
Securities available-for-sale		367,241		-		367,241		-
Securities held-to-maturity		100,472		-		101,131		-
Other investments		5,637		5,637		-		-
Loans, net		739,029		-		-		747,156
Cash surrender value of life insurance policies		4,853		-		4,853		-
Financial liabilities:
Non-interest-bearing deposits		254,755		-		254,755		-
Interest-bearing deposits		910,051		-		585,763		327,441
Securities sold under agreements to repurchase		46,078		46,078		-		-
Junior subordinated debentures		15,465		-		8,248		9,095