Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE (Tables)

v2.4.0.8
FAIR VALUE (Tables)
6 Months Ended
Jun. 30, 2014
FAIR VALUE [Abstract]  
Assets measured at fair value on a 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
   
Significant
Unobservable
Inputs
 
 
 
Value
   
(Level 1)
   
Inputs (Level 2)
   
(Level 3)
 
June 30, 2014
 
   
   
   
 
U.S. Treasury and federal agency securities
 
$
59,375
   
$
---
   
$
59,375
   
$
---
 
U.S. Agency MBS and CMOs
   
18,202
     
---
     
18,202
     
---
 
Tax-exempt state and municipal bonds
   
34,734
     
---
     
34,734
     
---
 
Taxable state and municipal bonds
   
25,413
     
---
     
25,413
     
---
 
Corporate bonds and other debt securities
   
13,009
     
---
     
13,009
     
---
 
Other equity securities
   
1,494
     
---
     
1,494
     
---
 
Loans held for sale
   
1,409
     
---
     
1,409
     
---
 
Interest rate swaps
   
168
     
---
     
---
     
168
 
Interest rate swaps
   
(168
)
   
---
     
---
     
(168
)
 
                               
December 31, 2013
                               
U.S. Treasury and federal agency securities
 
$
54,439
   
$
---
   
$
54,439
   
$
---
 
U.S. Agency MBS and CMOs
   
19,365
     
---
     
19,365
     
---
 
Tax-exempt state and municipal bonds
   
26,849
     
---
     
26,849
     
---
 
Taxable state and municipal bonds
   
26,328
     
---
     
26,328
     
---
 
Corporate bonds and other debt securities
   
11,212
     
---
     
11,212
     
---
 
Other equity securities
   
1,466
     
---
     
1,466
     
---
 
Loans held for sale
   
1,915
     
---
     
1,915
     
---
 
Interest rate swaps
   
94
     
---
     
---
     
94
 
Interest rate swaps
   
(94
)
   
---
     
---
     
(94
)

Assets measured at fair value on a 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
   
Significant
Unobservable
Inputs
 
 
 
Value
   
(Level 1)
   
Inputs (Level 2)
   
(Level 3)
 
June 30, 2014
 
   
   
   
 
Impaired loans
 
$
17,492     
$
---
   
$
---
   
$
17,492
 
Other real estate owned
    24,380       
---
     
---
     
24,380
 
 
                               
December 31, 2013
                               
Impaired loans
 
$
22,403
   
$
---
   
$
---
   
$
22,403
 
Other real estate owned
   
29,711
     
---
     
---
     
29,711
Carrying amounts and estimated fair values of financial instruments, not previously presented
Level in
June 30, 2014
December 31, 2013
 
Fair Value
Carrying
Fair
Carrying
Fair
 
Hierarchy
Amount
Value
Amount
Value
Financial assets
 
 
   
   
   
 
Cash and due from banks
Level 1
 
$
37,533
   
$
37,533
   
$
38,714
   
$
38,714
 
Cash equivalents
Level 2
   
80,432
     
80,432
     
118,178
     
118,178
 
Interest-bearing time deposits in other financial institutions
Level 2
   
32,500
     
32,555
     
25,000
     
25,003
 
Securities held to maturity
Level 3
   
19,123
     
19,184
     
19,248
     
19,278
 
FHLB stock
 
   
11,236
   
NA
     
11,236
   
NA
 
Loans, net
Level 2
    1,005,989        999,331       
999,176
     
990,084
 
Bank owned life insurance
Level 3
   
27,845
     
27,845
     
27,517
     
27,517
 
Accrued interest receivable
Level 2
   
3,264
     
3,264
     
3,231
     
3,231
 
 
 
                               
Financial liabilities
 
                               
Deposits
Level 2
   
(1,215,724
)
   
(1,216,410
)
   
(1,249,734
)
   
(1,250,886
)
Other borrowed funds
Level 2
   
(88,774
)
   
(89,713
)
   
(89,991
)
   
(90,321
)
Long-term debt
Level 2
   
(41,238
)
   
(35,405
)
   
(41,238
)
   
(35,098
)
Subordinated debt
Level 2
   
---
     
---
     
---
     
---
 
Accrued interest payable
Level 2
   
(303
)
   
(303
)
   
(308
)
   
(308
)
 
 
                               
Off-balance sheet credit-related items
 
                               
Loan commitments
 
   
---
     
---
     
---
     
---