FAIR VALUE (Tables)
|
9 Months Ended |
Sep. 30, 2016 |
|---|
| FAIR VALUE [Abstract] |
|
| Assets and Liabilities Measured at Fair Value on Recurring Basis |
Assets and liabilities 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)
|
|
September 30, 2016 |
|
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|
U.S. Treasury and federal agency securities |
|
$ |
86,190 |
|
|
$ |
--- |
|
|
$ |
86,190 |
|
|
$ |
--- |
|
U.S. Agency MBS and CMOs |
|
|
13,112 |
|
|
|
--- |
|
|
|
13,112 |
|
|
|
--- |
|
Tax-exempt state and municipal bonds |
|
|
37,688 |
|
|
|
--- |
|
|
|
37,688 |
|
|
|
--- |
|
Taxable state and municipal bonds |
|
|
32,546 |
|
|
|
--- |
|
|
|
32,546 |
|
|
|
--- |
|
Corporate bonds and other debt securities |
|
|
13,349 |
|
|
|
--- |
|
|
|
13,349 |
|
|
|
--- |
|
Other equity securities |
|
|
1,518 |
|
|
|
--- |
|
|
|
1,518 |
|
|
|
--- |
|
Loans held for sale |
|
|
2,013 |
|
|
|
--- |
|
|
|
2,013 |
|
|
|
--- |
|
Interest rate swaps |
|
|
1,165 |
|
|
|
--- |
|
|
|
--- |
|
|
|
1,165 |
|
Interest rate swaps |
|
|
(1,165 |
) |
|
|
--- |
|
|
|
--- |
|
|
|
(1,165 |
) |
| |
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|
December 31, 2015 |
|
|
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|
U.S. Treasury and federal agency securities |
|
$ |
74,392 |
|
|
$ |
--- |
|
|
$ |
74,392 |
|
|
$ |
--- |
|
U.S. Agency MBS and CMOs |
|
|
13,755 |
|
|
|
--- |
|
|
|
13,755 |
|
|
|
--- |
|
Tax-exempt state and municipal bonds |
|
|
33,598 |
|
|
|
--- |
|
|
|
33,598 |
|
|
|
--- |
|
Taxable state and municipal bonds |
|
|
28,763 |
|
|
|
--- |
|
|
|
28,763 |
|
|
|
--- |
|
Corporate bonds and other debt securities |
|
|
14,813 |
|
|
|
--- |
|
|
|
14,813 |
|
|
|
--- |
|
Other equity securities |
|
|
1,494 |
|
|
|
--- |
|
|
|
1,494 |
|
|
|
--- |
|
Loans held for sale |
|
|
2,776 |
|
|
|
--- |
|
|
|
2,776 |
|
|
|
--- |
|
Interest rate swaps |
|
|
790 |
|
|
|
--- |
|
|
|
--- |
|
|
|
790 |
|
Interest rate swaps |
|
|
(790 |
) |
|
|
--- |
|
|
|
--- |
|
|
|
(790 |
) |
|
| Assets Measured at Fair Value on 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)
|
|
September 30, 2016 |
|
|
|
|
|
|
|
|
|
|
|
Impaired loans |
$ |
3,544 |
|
|
$ |
--- |
|
|
$ |
--- |
|
|
$ |
3,544 |
|
Other real estate owned |
|
10,678 |
|
|
|
--- |
|
|
|
--- |
|
|
|
10,678 |
|
| |
|
|
|
|
|
|
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|
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|
|
|
|
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|
December 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impaired loans |
$ |
6,573 |
|
|
$ |
--- |
|
|
$ |
--- |
|
|
$ |
6,573 |
|
Other real estate owned |
|
13,602 |
|
|
|
--- |
|
|
|
--- |
|
|
|
13,602 |
|
|
| Quantitative Information about Level 3 Fair Value Measurements Measured on Non-Recurring Basis |
Quantitative information about Level 3 fair value measurements measured on a non-recurring basis were as follows at period end (dollars in thousands):
| |
|
Asset
Fair
Value
|
|
Valuation
Technique
|
Unobservable
Inputs
|
|
Range (%) |
|
September 30, 2016 |
|
|
|
|
|
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|
|
|
Impaired Loans |
|
$ |
3,544 |
|
Sales comparison approach |
Adjustment for differences between comparable sales |
|
|
1.0 to 39.8 |
|
| |
|
|
|
|
Income approach |
Capitalization rate |
|
|
10.0 to 11.0 |
|
| |
|
|
|
|
|
|
|
|
|
|
Other real estate owned |
|
|
10,678 |
|
Sales comparison approach |
Adjustment for differences between comparable sales |
|
|
6.0 to 20.0 |
|
| |
|
|
|
|
Income approach |
Capitalization rate |
|
|
10.0 to 11.0 |
|
| |
|
Asset
Fair
Value
|
|
Valuation
Technique
|
Unobservable
Inputs
|
|
Range (%) |
|
December 31, 2015 |
|
|
|
|
|
|
|
|
|
Impaired Loans |
|
$ |
6,573 |
|
Sales comparison approach |
Adjustment for differences between comparable sales |
|
|
1.0 to 19.0 |
|
| |
|
|
|
|
Income approach |
Capitalization rate |
|
|
9.5 to 11.0 |
|
| |
|
|
|
|
|
|
|
|
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|
Other real estate owned |
|
|
13,602 |
|
Sales comparison approach |
Adjustment for differences between comparable sales |
|
|
4.5 to 32.5 |
|
| |
|
|
|
|
Income approach |
Capitalization rate |
|
|
9.5 to 11.0 |
|
|
| 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 September 30, 2016 and December 31, 2015 (dollars in thousands):
| |
Level in |
|
September 30, 2016 |
|
|
December 31, 2015 |
|
|
Fair Value
Hierarchy
|
|
Carrying
Amount
|
|
|
Fair
Value
|
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|
Carrying
Amount
|
|
|
Fair
Value
|
|
Financial assets |
|
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Cash and due from banks |
Level 1 |
|
$ |
31,879 |
|
|
$ |
31,879 |
|
|
$ |
29,104 |
|
|
$ |
29,104 |
|
Cash equivalents |
Level 2 |
|
|
25,872 |
|
|
|
25,872 |
|
|
|
152,372 |
|
|
|
152,372 |
|
Interest-bearing time deposits in other financial institutions |
Level 2 |
|
|
--- |
|
|
|
--- |
|
|
|
20,000 |
|
|
|
20,008 |
|
Securities held to maturity |
Level 3 |
|
|
58,893 |
|
|
|
60,373 |
|
|
|
51,856 |
|
|
|
52,837 |
|
FHLB stock |
|
|
|
11,558 |
|
|
NA |
|
|
|
11,558 |
|
|
NA |
|
Loans, net |
Level 2 |
|
|
1,216,004 |
|
|
|
1,213,288 |
|
|
|
1,187,423 |
|
|
|
1,177,527 |
|
Bank owned life insurance |
Level 3 |
|
|
39,088 |
|
|
|
39,088 |
|
|
|
28,858 |
|
|
|
28,858 |
|
Accrued interest receivable |
Level 2 |
|
|
3,823 |
|
|
|
3,823 |
|
|
|
3,622 |
|
|
|
3,622 |
|
| |
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Financial liabilities |
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|
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|
Deposits |
Level 2 |
|
|
(1,358,627 |
) |
|
|
(1,358,585 |
) |
|
|
(1,435,512 |
) |
|
|
(1,435,473 |
) |
Other borrowed funds |
Level 2 |
|
|
(84,173 |
) |
|
|
(84,991 |
) |
|
|
(96,169 |
) |
|
|
(96,465 |
) |
Long-term debt |
Level 2 |
|
|
(41,238 |
) |
|
|
(36,181 |
) |
|
|
(41,238 |
) |
|
|
(35,757 |
) |
Accrued interest payable |
Level 2 |
|
|
(258 |
) |
|
|
(258 |
) |
|
|
(273 |
) |
|
|
(273 |
) |
| |
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Off-balance sheet credit-related items |
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Loan commitments |
|
|
|
--- |
|
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|
--- |
|
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|
--- |
|
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|
--- |
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