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Fair Value (Tables)
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12 Months Ended |
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Dec. 31, 2013
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| Fair Value Disclosures [Abstract] |
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| Quantitative information about impaired loans measured utilizing Level 3 fair value measurement |
The following tables list the quantitative fair value information about impaired loans as of December 31: | | | | | | | | 2013 | Valuation Techniques | Fair Value | | Unobservable Input | | Range | Discounted cash flow | $11,521 | | Duration of cash flows: | | 98 - 120 Months | | | | Reduction in interest rate from original loan terms: | | 3.25% - 7.57% | | | | Discount applied to collateral appraisal: | | | | | | Real Estate | | 20% - 30% | | | | Equipment | | 50% | Discounted appraisal value | $13,902 | | Livestock | | 50% | | | | Cash crop inventory | | 50% | | | | Other inventory | | 75% | | | | Accounts receivable | | 75% |
| | | | | | | | 2012 | Valuation Techniques | Fair Value | | Unobservable Input | | Range | Discounted cash flow | $8,726 | | Duration of cash flows: | | 14-120 Months | | | | Reduction in interest rate from original loan terms: | | 5.00% - 6.25% | | | | Discount applied to collateral appraisal: | | | | | | Real Estate | | 20% - 30% | | | | Equipment | | 50% | Discounted appraisal value | $13,295 | | Livestock | | 50% | | | | Cash crop inventory | | 50% | | | | Other inventory | | 75% | | | | Accounts receivable | | 75% |
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| Quantitative information related to foreclosed assets measured utilizing Level 3 fair value measurements |
The table below lists the quantitative fair value information related to foreclosed assets as of: | | | | | | | | | | December 31, 2013 | Valuation Techniques | Fair Value | | Unobservable Input | | Range | | | | Discount applied to collateral appraisal: | | | Discounted appraisal value | $ | 1,412 |
| | Real Estate | | 20% - 30% |
| | | | | | | | | | December 31, 2012 | Valuation Techniques | Fair Value | | Unobservable Input | | Range | | | | Discount applied to collateral appraisal: | | | Discounted appraisal value | $ | 2,018 |
| | Real Estate | | 20% - 30% |
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| Activity in borrowings which the Corporation has elected to carry at fair value |
The activity in borrowings which we have elected to carry at fair value was as follows for the year ended December 31: | | | | | | 2012 | Borrowings carried at fair value - beginning of year | $ | 5,242 |
| Paydowns and maturities | (5,209 | ) | Net unrealized change in fair value | (33 | ) | Borrowings carried at fair value - December 31 | $ | — |
| Unpaid principal balance - December 31 | $ | — |
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| Carrying amount and estimated fair value of financial instruments not recorded at fair value |
The carrying amount and estimated fair value of financial instruments not recorded at fair value in their entirety on a recurring basis on our consolidated balance sheets are as follows as of as of December 31: | | | | | | | | | | | | | | | | | | | | | | 2013 | | Carrying
Value | | Estimated
Fair Value | | (Level 1) | | (Level 2) | | (Level 3) | ASSETS | | | | | | | | | | Cash and cash equivalents | $ | 41,558 |
| | $ | 41,558 |
| | $ | 41,558 |
| | $ | — |
| | $ | — |
| Certificates of deposit held in other financial institutions | 580 |
| | 582 |
| | — |
| | 582 |
| | — |
| Mortgage loans AFS | 1,104 |
| | 1,123 |
| | — |
| | 1,123 |
| | — |
| Total loans | 808,037 |
| | 808,246 |
| | — |
| | — |
| | 808,246 |
| Less allowance for loan and lease losses | (11,500 | ) | | (11,500 | ) | | — |
| | — |
| | (11,500 | ) | Net loans | 796,537 |
| | 796,746 |
| | — |
| | — |
| | 796,746 |
| Accrued interest receivable | 5,442 |
| | 5,442 |
| | 5,442 |
| | — |
| | — |
| Equity securities without readily determinable fair values (1) | 18,293 |
| | 18,293 |
| | — |
| | — |
| | — |
| OMSRs | 2,555 |
| | 2,667 |
| | — |
| | 2,667 |
| | — |
| LIABILITIES | | | | | | | | | | Deposits without stated maturities | 593,754 |
| | 593,754 |
| | 593,754 |
| | — |
| | — |
| Deposits with stated maturities | 450,012 |
| | 452,803 |
| | — |
| | 452,803 |
| | — |
| Borrowed funds | 279,326 |
| | 283,060 |
| | — |
| | 283,060 |
| | — |
| Accrued interest payable | 633 |
| | 633 |
| | 633 |
| | — |
| | — |
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| | | | | | | | | | | | | | | | | | | | | | 2012 | | Carrying
Value | | Estimated
Fair Value | | (Level 1) | | (Level 2) | | (Level 3) | ASSETS | | | | | | | | | | Cash and cash equivalents | $ | 24,920 |
| | $ | 24,920 |
| | $ | 24,920 |
| | $ | — |
| | $ | — |
| Certificates of deposit held in other financial institutions | 4,465 |
| | 4,475 |
| | — |
| | 4,475 |
| | — |
| Mortgage loans AFS | 3,633 |
| | 3,680 |
| | — |
| | 3,680 |
| | — |
| Total loans | 772,753 |
| | 784,964 |
| | — |
| | — |
| | 784,964 |
| Less allowance for loan and lease losses | (11,936 | ) | | (11,936 | ) | | — |
| | — |
| | (11,936 | ) | Net loans | 760,817 |
| | 773,028 |
| | — |
| | — |
| | 773,028 |
| Accrued interest receivable | 5,227 |
| | 5,227 |
| | 5,227 |
| | — |
| | — |
| Equity securities without readily determinable fair values (1) | 18,118 |
| | 18,118 |
| | — |
| | — |
| | — |
| OMSRs | 2,285 |
| | 2,285 |
| | — |
| | 2,285 |
| | — |
| LIABILITIES | | | | | | | | | | Deposits without stated maturities | 553,332 |
| | 553,332 |
| | 553,332 |
| | — |
| | — |
| Deposits with stated maturities | 464,335 |
| | 472,630 |
| | — |
| | 472,630 |
| | — |
| Borrowed funds | 241,001 |
| | 248,822 |
| | — |
| | 248,822 |
| | — |
| Accrued interest payable | 751 |
| | 751 |
| | 751 |
| | — |
| | — |
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| | (1) | Due to the characteristics of equity securities without readily determinable fair values, they are not disclosed under a specific fair value hierarchy. If we were to record an impairment adjustment related to these securities, such amount would be classified as a nonrecurring Level 3 fair value adjustment. |
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| Assets and liabilities measured at fair value |
The table below presents the recorded amount of assets and liabilities measured at fair value on December 31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2013 | | 2012 | | Total | | (Level 1) | | (Level 2) | | (Level 3) | | Total | | (Level 1) | | (Level 2) | | (Level 3) | Recurring items | | | | | | | | | | | | | | | | Trading securities | | | | | | | | | | | | | | | | States and political subdivisions | $ | 525 |
| | $ | — |
| | $ | 525 |
| | $ | — |
| | $ | 1,573 |
| | $ | — |
| | $ | 1,573 |
| | $ | — |
| AFS securities | | | | | | | | | | | | | | | | Government-sponsored enterprises | 23,745 |
| | — |
| | 23,745 |
| | — |
| | 25,776 |
| | — |
| | 25,776 |
| | — |
| States and political subdivisions | 201,988 |
| | — |
| | 201,988 |
| | — |
| | 182,743 |
| | — |
| | 182,743 |
| | — |
| Auction rate money market preferred | 2,577 |
| | — |
| | 2,577 |
| | — |
| | 2,778 |
| | — |
| | 2,778 |
| | — |
| Preferred stocks | 5,827 |
| | 5,827 |
| | — |
| | — |
| | 6,363 |
| | 6,363 |
| | — |
| | — |
| Mortgage-backed securities | 144,115 |
| | — |
| | 144,115 |
| | — |
| | 155,345 |
| | — |
| | 155,345 |
| | — |
| Collateralized mortgage obligations | 133,810 |
| | — |
| | 133,810 |
| | — |
| | 131,005 |
| | — |
| | 131,005 |
| | — |
| Total AFS securities | 512,062 |
| | 5,827 |
| | 506,235 |
| | — |
| | 504,010 |
| | 6,363 |
| | 497,647 |
| | — |
| Nonrecurring items | | | | | | | | | | | | | | | | Impaired loans (net of the ALLL) | 25,423 |
| | — |
| | — |
| | 25,423 |
| | 22,021 |
| | — |
| | — |
| | 22,021 |
| Foreclosed assets | 1,412 |
| | — |
| | — |
| | 1,412 |
| | 2,018 |
| | — |
| | — |
| | 2,018 |
| | $ | 539,422 |
| | $ | 5,827 |
| | $ | 506,760 |
| | $ | 26,835 |
| | $ | 529,622 |
| | $ | 6,363 |
| | $ | 499,220 |
| | $ | 24,039 |
| Percent of assets and liabilities measured at fair value | | | 1.08 | % | | 93.95 | % | | 4.97 | % | | | | 1.20 | % | | 94.26 | % | | 4.54 | % |
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| Changes in fair value of assets and liabilities recorded at fair value |
The following table provides a summary of the changes in fair value of assets and liabilities recorded at fair value through earnings on a recurring basis and changes in assets and liabilities recorded at fair value on a nonrecurring basis, for which gains or losses were recognized in the years ended December 31: | | | | | | | | | | | | | | | | | | | | | | | | | | 2013 | | 2012 |
| Trading
Losses | | Other Gains
(Losses) | | Total | | Trading
Losses | | Other Gains
(Losses) | | Total | Recurring items | | | | | | | | | | | | Trading securities | $ | (28 | ) | | $ | — |
| | $ | (28 | ) | | $ | (52 | ) | | $ | — |
| | $ | (52 | ) | Borrowed funds | — |
| | — |
| | — |
| | — |
| | 33 |
| | 33 |
| Nonrecurring items | | | | | | | | | | |
| Foreclosed assets | — |
| | (156 | ) | | (156 | ) | | — |
| | (166 | ) | | (166 | ) | Total | $ | (28 | ) | | $ | (156 | ) | | $ | (184 | ) | | $ | (52 | ) | | $ | (133 | ) | | $ | (185 | ) |
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