FAIR VALUE (Tables)
|
3 Months Ended |
Mar. 31, 2017 |
|---|
| FAIR VALUE [Abstract] |
|
| Assets Measured at Fair Value on Recurring Basis |
Assets measured at fair value on a recurring basis are summarized below (in thousands):
| |
|
|
|
|
Quoted Prices in
Active Markets
for Identical
Assets (Level 1) |
|
|
Significant Other
Observable
Inputs (Level 2) |
|
|
Significant
Unobservable
Inputs (Level 3) |
|
March 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and federal agency securities |
|
$ |
85,678 |
|
|
$ |
--- |
|
|
$ |
85,678 |
|
|
$ |
--- |
|
U.S. Agency MBS and CMOs |
|
|
11,165 |
|
|
|
--- |
|
|
|
11,165 |
|
|
|
--- |
|
Tax-exempt state and municipal bonds |
|
|
39,809 |
|
|
|
--- |
|
|
|
39,809 |
|
|
|
--- |
|
Taxable state and municipal bonds |
|
|
34,497 |
|
|
|
--- |
|
|
|
34,497 |
|
|
|
--- |
|
Corporate bonds and other debt securities |
|
|
11,986 |
|
|
|
--- |
|
|
|
11,986 |
|
|
|
--- |
|
Other equity securities |
|
|
1,470 |
|
|
|
--- |
|
|
|
1,470 |
|
|
|
--- |
|
Loans held for sale |
|
|
2,767 |
|
|
|
--- |
|
|
|
2,767 |
|
|
|
--- |
|
Interest rate swaps |
|
|
383 |
|
|
|
--- |
|
|
|
--- |
|
|
|
383 |
|
Interest rate swaps |
|
|
(383 |
) |
|
|
--- |
|
|
|
--- |
|
|
|
(383 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and federal agency securities |
|
$ |
84,350 |
|
|
$ |
--- |
|
|
$ |
84,350 |
|
|
$ |
--- |
|
U.S. Agency MBS and CMOs |
|
|
11,817 |
|
|
|
--- |
|
|
|
11,817 |
|
|
|
--- |
|
Tax-exempt state and municipal bonds |
|
|
39,187 |
|
|
|
--- |
|
|
|
39,187 |
|
|
|
--- |
|
Taxable state and municipal bonds |
|
|
33,883 |
|
|
|
--- |
|
|
|
33,883 |
|
|
|
--- |
|
Corporate bonds and other debt securities |
|
|
13,726 |
|
|
|
--- |
|
|
|
13,726 |
|
|
|
--- |
|
Other equity securities |
|
|
1,470 |
|
|
|
--- |
|
|
|
1,470 |
|
|
|
--- |
|
Loans held for sale |
|
|
2,181 |
|
|
|
--- |
|
|
|
2,181 |
|
|
|
--- |
|
Interest rate swaps |
|
|
494 |
|
|
|
--- |
|
|
|
--- |
|
|
|
494 |
|
Interest rate swaps |
|
|
(494 |
) |
|
|
--- |
|
|
|
--- |
|
|
|
(494 |
) |
|
| Assets Measured at Fair Value on Non-Recurring Basis |
Assets measured at fair value on a non-recurring basis are summarized below (in thousands):
| |
|
|
|
|
Quoted Prices in
Active Markets
for Identical
Assets (Level 1) |
|
|
Significant Other
Observable
Inputs (Level 2) |
|
|
Significant
Unobservable
Inputs (Level 3) |
|
March 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
Impaired loans |
|
$ |
3,282 |
|
|
$ |
--- |
|
|
$ |
--- |
|
|
$ |
3,282 |
|
Other real estate owned |
|
|
9,400 |
|
|
|
--- |
|
|
|
--- |
|
|
|
9,400 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impaired loans |
|
$ |
3,436 |
|
|
$ |
--- |
|
|
$ |
--- |
|
|
$ |
3,436 |
|
Other real estate owned |
|
|
9,542 |
|
|
|
--- |
|
|
|
--- |
|
|
|
9,542 |
|
|
| 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 was as follows at period end (dollars in thousands):
| |
|
Asset
Fair
Value
|
|
Valuation
Technique
|
|
Unobservable
Inputs
|
|
Range (%)
|
|
March 31, 2017 |
|
|
|
|
|
|
|
|
|
|
Impaired Loans |
|
$ |
3,282 |
|
Sales comparison approach |
|
Adjustment for differences between comparable sales |
|
|
1.0 to 35.0 |
|
| |
|
|
|
|
Income approach |
|
Capitalization rate |
|
|
9.5 to 11.0 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
Other real estate owned |
|
|
9,400 |
|
Sales comparison approach |
|
Adjustment for differences between comparable sales |
|
|
2.0 to 42.0 |
|
| |
|
|
|
|
Income approach |
|
Capitalization rate |
|
|
9.5 to 11.5 |
|
|
|
Asset
Fair
Value
|
|
Valuation
Technique
|
|
Unobservable
Inputs
|
|
Range (%) |
|
December 31, 2016 |
|
|
|
|
|
|
|
|
|
Impaired Loans |
|
$ |
3,436 |
|
Sales comparison approach |
|
Adjustment for differences between comparable sales |
|
|
1.0 to35.0 |
|
| |
|
|
|
|
Income approach |
|
Capitalization rate |
|
|
9.5 to 11.5 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
Other real estate owned |
|
|
9,542 |
|
Sales comparison approach |
|
Adjustment for differences between comparable sales |
|
|
2.0 to 32.5 |
|
| |
|
|
|
|
Income approach |
|
Capitalization rate |
|
|
9.5 to 11.5 |
|
|
| 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 March 31, 2017 and December 31, 2016 (dollars in thousands):
| Financial assets
|
Level in
Fair Value
Hierarchy
|
|
March 31, 2017 |
|
|
December 31, 2016 |
|
|
Carrying
Amount
|
|
|
Fair Value
|
|
|
Carrying Amount
|
|
|
Fair Value
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
Level 1 |
|
$ |
30,631 |
|
|
$ |
30,631 |
|
|
$ |
27,690 |
|
|
$ |
27,690 |
|
Cash equivalents |
Level 2 |
|
|
83,118 |
|
|
|
83,118 |
|
|
|
62,129 |
|
|
|
62,129 |
|
Securities held to maturity |
Level 3 |
|
|
68,473 |
|
|
|
69,079 |
|
|
|
69,378 |
|
|
|
69,849 |
|
FHLB stock |
|
|
|
11,558 |
|
|
NA |
|
|
|
11,558 |
|
|
NA |
|
Loans, net |
Level 2 |
|
|
1,245,996 |
|
|
|
1,234,716 |
|
|
|
1,260,414 |
|
|
|
1,247,842 |
|
Bank owned life insurance |
Level 3 |
|
|
39,524 |
|
|
|
39,524 |
|
|
|
39,274 |
|
|
|
39,274 |
|
Accrued interest receivable |
Level 2 |
|
|
4,204 |
|
|
|
4,204 |
|
|
|
4,092 |
|
|
|
4,092 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
Level 2 |
|
|
(1,433,146 |
) |
|
|
(1,433,068 |
) |
|
|
(1,448,724 |
) |
|
|
(1,448,692 |
) |
Other borrowed funds |
Level 2 |
|
|
(102,785 |
) |
|
|
(102,595 |
) |
|
|
(84,173 |
) |
|
|
(84,051 |
) |
Long-term debt |
Level 2 |
|
|
(41,238 |
) |
|
|
(36,277 |
) |
|
|
(41,238 |
) |
|
|
(36,112 |
) |
Accrued interest payable |
Level 2 |
|
|
(275 |
) |
|
|
(275 |
) |
|
|
(282 |
) |
|
|
(282 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Off-balance sheet credit-related items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan commitments |
|
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
|