Annual report pursuant to Section 13 and 15(d)

FAIR VALUE (Tables)

v2.4.0.6
FAIR VALUE (Tables)
 12 Months Ended
Dec. 31, 2012
FAIR VALUE [Abstract]  
Assets measured at fair value on a recurring basis
Assets measured at fair value on a recurring basis are summarized below (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)
  
                         
December 31, 2012
                        
U.S. Treasury and federal agency securities
   $ 42,564     $ ---     $ 42,564     $ ---  
U.S. Agency MBS and CMOs
     23,761       ---       23,761       ---  
Tax-exempt state and municipal bonds
     20,793       ---       20,793       ---  
Taxable state and municipal bonds
     27,296       ---       27,296       ---  
Corporate bonds
     7,526       ---       7,526       ---  
Other equity securities
     1,557       ---       1,557       ---  
Loans held for sale
     8,130       ---       8,130       ---  
                                 
December 31, 2011
                                
U.S. Treasury and federal agency securities
   $ 27,613     $ ---     $ 27,613     $ ---  
U.S. Agency MBS and CMOs
     3,886       ---       3,886       ---  
Tax-exempt state and municipal bonds
     4,408       ---       4,408       ---  
Taxable state and municipal bonds
     16,716       ---       16,716       ---  
Corporate bonds
     1,081       ---       1,081       ---  
Other equity securities
     1,042       ---       1,042       ---  
Loans held for sale
     1,026       ---       1,026       ---  
Assets measured at fair value on a non-recurring basis
Assets measured at fair value on a non-recurring basis are summarized below (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)
  
                         
December 31, 2012
                        
Impaired loans
   $ 34,668     $ ---     $ ---     $ 34,668  
Other real estate owned
     41,594       ---       ---       41,594  
                                 
December 31, 2011
                                
Impaired loans
   $ 22,525     $ ---     $ ---     $ 22,525  
Other real estate owned
     39,730       ---       ---       39,730  
Carrying amounts and estimated fair values of financial instruments, not previously presented
The carrying amounts and estimated fair values of financial instruments, not previously presented, were as follows at year end (dollars in thousands).
 
 
Level in
  
2012
 
 
2011
 
 
Fair Value
  
Carrying
 
 
Fair
 
 
Carrying
 
 
Fair
 
 
Hierarchy
  
Amount
 
 
Value
 
 
Amount
 
 
Value
 
Financial assets
    
 
 
 
 
 
 
 
 
 
 
 
Cash and due from banks
Level 1
  
$
33,556
 
 
$
33,556
 
 
$
30,971
 
 
$
30,971
 
Cash equivalents
Level 2
    
192,802
      
192,802
      
212,071
      
212,071
  
Securities held to maturity
Level 2
  
 
4,300
 
 
 
4,301
 
 
 
300
 
 
 
300
 
FHLB stock
    
 
11,236
 
 
 
NA
 
 
 
11,236
 
 
 
NA
 
Loans, net
Level 2
  
 
993,941
 
 
 
999,619
 
 
 
1,016,809
 
 
 
1,024,766
 
Bank owned life insurance
Level 3
    
26,804
      
26,804
      
25,957
      
25,957
  
Accrued interest receivable
Level 2
  
 
3,411
 
 
 
3,411
 
 
 
3,595
 
 
 
3,595
 
     
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Financial liabilities
    
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Deposits
Level 2
  
 
(1,286,261
)
 
 
(1,285,819
)
 
 
(1,215,289
)
 
 
(1,216,452
)
Other borrowed funds
Level 2
  
 
(91,822
)
 
 
(95,213
)
 
 
(148,603
)
 
 
(151,566
)
Long-term debt
Level 2
  
 
(41,238
)
 
 
(30,463
)
 
 
(41,238
)
 
 
(34,820
)
Subordinated debt
Level 2
  
 
(1,650
)
 
 
(1,650
)
 
 
(1,650
)
 
 
(1,650
)
Accrued interest payable
Level 2
  
 
(4,858
)
 
 
(4,858
)
 
 
(3,517
)
 
 
(3,517
)
     
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Off-balance sheet credit-related items
    
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Loan commitments
    
 
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