BLUE RIDGE BANKSHARES, INC.  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS  December 31,2012  Note 13. Fair Value Measurements (Continued)  The following sections provide a description of the valuation methodologies used for mstmments  measured at fair value, as well as the general classification of such instmments pursuant to the  valuation hierarchy:  Securities: Where quoted prices are available in an active market, securities are classified within  Level 1 of the valuation hierarchy. Level 1 securities would include highly liquid govemment  bonds, mortgage products and exchange traded equities. If quoted market prices are not available,  then fair values are estimated by using pricing models or quoted prices of securities with similar  characteristics. Level 2 securities would include U.S. agency securities, mortgage-backed agency  securities, obligations of states and political subdivisions and certain corporate, asset backed and  other securities. In certain cases where there is limited activity or less transparency around inputs to  the valuation, securities are classified within Level 3 ofthe valuation hierarchy. Currently, all ofthe  Company’s securities are considered to be Level 2 securities.  Fair values of assets and liabilities measured on a recurring basis at December 31, 2012 and 2011 are  as follows:  Fair Value Measurements at Reporting Date Using  Fair Value  (Level 1)  (Level 2)  (Level 3)  December 31,2012  Available for-sale securities $ 41,956,697 $  Bank-owned life insurance 2,215,300 _  $ 41,956,697 $  2,215,300  Total  $ 44,171,997 $  $ 44,171,997 $  December 31,2011  Available for-sale securities $ 48,524,538 $  Bank-owned life insurance 2,143,800 $ 48,524,538 $  2,143,800  Total  $ 50,668,338 $  $ 50,668,338 $  (Continued)  29 