FAIR VALUE (Tables)
|
3 Months Ended |
Mar. 31, 2020 |
|---|
| 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 |
|
|
Quoted Prices in
Active Markets
for Identical
Assets
|
|
|
Significant Other
Observable
Inputs
|
|
|
Significant
Unobservable
Inputs
|
|
| |
|
Value |
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
March 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
Available for sale securities |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and federal agency securities |
|
$ |
68,378 |
|
|
$ |
— |
|
|
$ |
68,378 |
|
|
$ |
— |
|
U.S. Agency MBS and CMOs |
|
|
64,673 |
|
|
|
— |
|
|
|
64,673 |
|
|
|
— |
|
Tax-exempt state and municipal bonds |
|
|
46,930 |
|
|
|
— |
|
|
|
46,930 |
|
|
|
— |
|
Taxable state and municipal bonds |
|
|
56,071 |
|
|
|
— |
|
|
|
56,071 |
|
|
|
— |
|
Corporate bonds and other debt securities |
|
|
7,316 |
|
|
|
— |
|
|
|
7,316 |
|
|
|
— |
|
Other equity securities |
|
|
1,495 |
|
|
|
— |
|
|
|
1,495 |
|
|
|
— |
|
Loans held for sale |
|
|
1,966 |
|
|
|
— |
|
|
|
1,966 |
|
|
|
— |
|
Interest rate swaps |
|
|
4,295 |
|
|
|
— |
|
|
|
— |
|
|
|
4,295 |
|
Interest rate swaps |
|
|
(4,295 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,295 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available for sale securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and federal agency securities |
|
$ |
74,749 |
|
|
$ |
— |
|
|
$ |
74,749 |
|
|
$ |
— |
|
U.S. Agency MBS and CMOs |
|
|
46,201 |
|
|
|
— |
|
|
|
46,201 |
|
|
|
— |
|
Tax-exempt state and municipal bonds |
|
|
45,962 |
|
|
|
— |
|
|
|
45,962 |
|
|
|
— |
|
Taxable state and municipal bonds |
|
|
52,022 |
|
|
|
— |
|
|
|
52,022 |
|
|
|
— |
|
Corporate bonds and other debt securities |
|
|
6,315 |
|
|
|
— |
|
|
|
6,315 |
|
|
|
— |
|
Other equity securities |
|
|
1,481 |
|
|
|
— |
|
|
|
1,481 |
|
|
|
— |
|
Loans held for sale |
|
|
3,294 |
|
|
|
— |
|
|
|
3,294 |
|
|
|
— |
|
Interest rate swaps |
|
|
1,830 |
|
|
|
— |
|
|
|
— |
|
|
|
1,830 |
|
Interest rate swaps |
|
|
(1,830 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,830 |
) |
|
| 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 |
|
|
Quoted Prices in
Active Markets
for Identical
Assets
|
|
|
Significant Other
Observable
Inputs
|
|
|
Significant
Unobservable
Inputs
|
|
| |
|
Value |
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
March 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
Impaired loans |
|
$ |
11,617 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
11,617 |
|
Other real estate owned |
|
|
283 |
|
|
|
— |
|
|
|
— |
|
|
|
283 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impaired loans |
|
$ |
5,151 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5,151 |
|
Other real estate owned |
|
|
405 |
|
|
|
— |
|
|
|
— |
|
|
|
405 |
|
|
| 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, 2020 |
|
|
|
|
|
|
|
|
Impaired Loans |
|
$ |
11,617 |
|
Sales comparison approach |
|
Adjustment for differences between comparable sales |
|
1.0 to 20.0 |
| |
|
|
|
|
Income approach |
|
Capitalization rate |
|
9.5 to 11.0 |
Other real estate owned |
|
|
283 |
|
Sales comparison approach |
|
Adjustment for differences between comparable sales |
|
3.0 to 20.0 |
| |
|
|
|
|
Income approach |
|
Capitalization rate |
|
9.5 to 11.0 |
| |
|
Asset Fair
Value
|
|
Valuation
Technique
|
|
Unobservable
Inputs
|
|
Range (%) |
December 31, 2019 |
|
|
|
|
|
|
|
|
Impaired Loans |
|
$ |
5,151 |
|
Sales comparison approach |
|
Adjustment for differences between comparable sales |
|
1.5 to 20.0 |
| |
|
|
|
|
Income approach |
|
Capitalization rate |
|
9.5 to 11.0 |
Other real estate owned |
|
|
405 |
|
Sales comparison approach |
|
Adjustment for differences between comparable sales |
|
3.0 to 20.0 |
| |
|
|
|
|
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 March 31, 2020 and December 31, 2019 (dollars in thousands):
|
|
Level in |
|
March 31, 2020 |
|
|
December 31, 2019 |
|
|
|
Fair Value
Hierarchy
|
|
Carrying
Amount
|
|
|
Fair
Value
|
|
|
Carrying
Amount
|
|
|
Fair
Value
|
|
Financial assets |
|
|
|
|
|
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|
|
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|
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|
Cash and due from banks |
|
Level 1 |
|
$ |
25,861 |
|
|
$ |
25,861 |
|
|
$ |
31,942 |
|
|
$ |
31,942 |
|
Cash equivalents |
|
Level 2 |
|
|
181,334 |
|
|
|
181,334 |
|
|
|
240,508 |
|
|
|
240,508 |
|
Securities held to maturity |
|
Level 3 |
|
|
82,514 |
|
|
|
84,866 |
|
|
|
82,720 |
|
|
|
85,128 |
|
FHLB stock |
|
|
|
|
11,558 |
|
|
NA |
|
|
|
11,558 |
|
|
NA |
|
Loans, net |
|
Level 2 |
|
|
1,364,835 |
|
|
|
1,411,726 |
|
|
|
1,363,276 |
|
|
|
1,395,446 |
|
Bank owned life insurance |
|
Level 3 |
|
|
42,411 |
|
|
|
42,411 |
|
|
|
42,156 |
|
|
|
42,156 |
|
Accrued interest receivable |
|
Level 2 |
|
|
5,356 |
|
|
|
5,356 |
|
|
|
4,866 |
|
|
|
4,866 |
|
Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
Level 2 |
|
|
(1,705,380 |
) |
|
|
(1,706,313 |
) |
|
|
(1,753,294 |
) |
|
|
(1,753,877 |
) |
Other borrowed funds |
|
Level 2 |
|
|
(70,000 |
) |
|
|
(72,454 |
) |
|
|
(60,000 |
) |
|
|
(61,006 |
) |
Long-term debt |
|
Level 2 |
|
|
(20,619 |
) |
|
|
(18,204 |
) |
|
|
(20,619 |
) |
|
|
(18,167 |
) |
Accrued interest payable |
|
Level 2 |
|
|
(475 |
) |
|
|
(475 |
) |
|
|
(518 |
) |
|
|
(518 |
) |
Off-balance sheet credit-related items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan commitments |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|