FAIR VALUE (Tables)
|
6 Months Ended |
Jun. 30, 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):
| |
|
Fair
Value
|
|
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
|
|
Significant Other
Observable
Inputs
(Level 2)
|
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
June 30, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and federal agency securities |
|
$ |
84,738 |
|
|
$ |
--- |
|
|
$ |
84,738 |
|
|
$ |
--- |
|
U.S. Agency MBS and CMOs |
|
|
11,843 |
|
|
|
--- |
|
|
|
11,843 |
|
|
|
--- |
|
Tax-exempt state and municipal bonds |
|
|
39,659 |
|
|
|
--- |
|
|
|
39,659 |
|
|
|
--- |
|
Taxable state and municipal bonds |
|
|
35,068 |
|
|
|
--- |
|
|
|
35,068 |
|
|
|
--- |
|
Corporate bonds and other debt securities |
|
|
11,974 |
|
|
|
--- |
|
|
|
11,974 |
|
|
|
--- |
|
Other equity securities |
|
|
1,479 |
|
|
|
--- |
|
|
|
1,479 |
|
|
|
--- |
|
Loans held for sale |
|
|
3,184 |
|
|
|
--- |
|
|
|
3,184 |
|
|
|
--- |
|
Interest rate swaps |
|
|
395 |
|
|
|
--- |
|
|
|
--- |
|
|
|
395 |
|
Interest rate swaps |
|
|
(395 |
) |
|
|
--- |
|
|
|
--- |
|
|
|
(395 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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):
| |
|
Fair
Value
|
|
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
|
|
Significant Other
Observable
Inputs
(Level 2)
|
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
June 30, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
Impaired loans |
|
$ |
3,052 |
|
|
$ |
--- |
|
|
$ |
--- |
|
|
$ |
3,052 |
|
Other real estate owned |
|
|
4,811 |
|
|
|
--- |
|
|
|
--- |
|
|
|
4,811 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 (%) |
June 30, 2017 |
|
|
|
|
|
|
|
|
Impaired Loans |
|
$ |
3,052 |
|
Sales comparison approach |
|
Adjustment for differences between comparable sales |
|
5.0 to 15.0 |
| |
|
|
|
|
Income approach |
|
Capitalization rate |
|
9.5 to 11.0 |
| |
|
|
|
|
|
|
|
|
|
Other real estate owned |
|
|
4,811 |
|
Sales comparison approach |
|
Adjustment for differences between comparable sales |
|
3.0 to 23.0 |
| |
|
|
|
|
Income approach |
|
Capitalization rate |
|
9.5 to 11.0 |
| |
|
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 to 35.0 |
| |
|
|
|
|
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 June 30, 2017 and December 31, 2016 (dollars in thousands):
|
Level in |
|
June 30, 2017 |
|
|
December 31, 2016 |
|
|
Fair Value
Hierarchy
|
|
Carrying
Amount
|
|
|
Fair
Value
|
|
|
Carrying
Amount
|
|
|
Fair
Value
|
|
Financial assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
Level 1 |
|
$ |
31,165 |
|
|
$ |
31,165 |
|
|
$ |
27,690 |
|
|
$ |
27,690 |
|
Cash equivalents |
Level 2 |
|
|
114,104 |
|
|
|
114,104 |
|
|
|
62,129 |
|
|
|
62,129 |
|
Securities held to maturity |
Level 3 |
|
|
68,818 |
|
|
|
69,816 |
|
|
|
69,378 |
|
|
|
69,849 |
|
FHLB stock |
|
|
|
11,558 |
|
|
NA |
|
|
|
11,558 |
|
|
NA |
|
Loans, net |
Level 2 |
|
|
1,237,837 |
|
|
|
1,234,678 |
|
|
|
1,260,414 |
|
|
|
1,247,842 |
|
Bank owned life insurance |
Level 3 |
|
|
39,781 |
|
|
|
39,781 |
|
|
|
39,274 |
|
|
|
39,274 |
|
Accrued interest receivable |
Level 2 |
|
|
4,084 |
|
|
|
4,084 |
|
|
|
4,092 |
|
|
|
4,092 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
Level 2 |
|
|
(1,459,990 |
) |
|
|
(1,459,895 |
) |
|
|
(1,448,724 |
) |
|
|
(1,448,692 |
) |
Other borrowed funds |
Level 2 |
|
|
(82,785 |
) |
|
|
(82,623 |
) |
|
|
(84,173 |
) |
|
|
(84,051 |
) |
Long-term debt |
Level 2 |
|
|
(41,238 |
) |
|
|
(36,440 |
) |
|
|
(41,238 |
) |
|
|
(36,112 |
) |
Accrued interest payable |
Level 2 |
|
|
(283 |
) |
|
|
(283 |
) |
|
|
(282 |
) |
|
|
(282 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Off-balance sheet credit-related items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan commitments |
|
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
|