| 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) |
|
September 30, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and federal agency securities |
|
$ |
67,116 |
|
|
$ |
--- |
|
|
$ |
67,116 |
|
|
$ |
--- |
|
U.S. Agency MBS and CMOs |
|
|
17,264 |
|
|
|
--- |
|
|
|
17,264 |
|
|
|
--- |
|
Tax-exempt state and municipal bonds |
|
|
36,398 |
|
|
|
--- |
|
|
|
36,398 |
|
|
|
--- |
|
Taxable state and municipal bonds |
|
|
26,479 |
|
|
|
--- |
|
|
|
26,479 |
|
|
|
--- |
|
Corporate bonds and other debt securities |
|
|
13,354 |
|
|
|
--- |
|
|
|
13,354 |
|
|
|
--- |
|
Other equity securities |
|
|
1,490 |
|
|
|
--- |
|
|
|
1,490 |
|
|
|
--- |
|
Loans held for sale |
|
|
905 |
|
|
|
--- |
|
|
|
905 |
|
|
|
--- |
|
Interest rate swaps |
|
|
89 |
|
|
|
--- |
|
|
|
--- |
|
|
|
89 |
|
Interest rate swaps |
|
|
(89 |
) |
|
|
--- |
|
|
|
--- |
|
|
|
(89 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
September 30, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
Impaired loans |
|
$ |
17,709 |
|
|
$ |
--- |
|
|
$ |
--- |
|
|
$ |
17,709 |
|
Other real estate owned |
|
|
23,442 |
|
|
|
--- |
|
|
|
--- |
|
|
|
23,442 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
The carrying amounts and estimated fair values of financial instruments, not previously presented, were as follows at September 30, 2014 and December 31, 2013 (dollars in thousands).
|
Level in |
|
September 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 |
|
$ |
24,731 |
|
|
$ |
24,731 |
|
|
$ |
38,714 |
|
|
$ |
38,714 |
|
Cash equivalents |
Level 2 |
|
|
74,808 |
|
|
|
74,808 |
|
|
|
118,178 |
|
|
|
118,178 |
|
Interest-bearing time deposits in other financial institutions |
Level 2 |
|
|
20,000 |
|
|
|
20,089 |
|
|
|
25,000 |
|
|
|
25,003 |
|
Securities held to maturity |
Level 3 |
|
|
31,744 |
|
|
|
31,771 |
|
|
|
19,248 |
|
|
|
19,278 |
|
FHLB stock |
|
|
|
11,236 |
|
|
NA |
|
|
|
11,236 |
|
|
NA |
|
Loans, net |
Level 2 |
|
|
1,017,450 |
|
|
|
1,015,635 |
|
|
|
999,176 |
|
|
|
990,084 |
|
Bank owned life insurance |
Level 3 |
|
|
28,021 |
|
|
|
28,021 |
|
|
|
27,517 |
|
|
|
27,517 |
|
Accrued interest receivable |
Level 2 |
|
|
3,415 |
|
|
|
3,415 |
|
|
|
3,231 |
|
|
|
3,231 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
Level 2 |
|
|
(1,216,089 |
) |
|
|
(1,216,601 |
) |
|
|
(1,249,734 |
) |
|
|
(1,250,886 |
) |
Other borrowed funds |
Level 2 |
|
|
(88,107 |
) |
|
|
(88,543 |
) |
|
|
(89,991 |
) |
|
|
(90,321 |
) |
Long-term debt |
Level 2 |
|
|
(41,238 |
) |
|
|
(35,514 |
) |
|
|
(41,238 |
) |
|
|
(35,098 |
) |
Subordinated debt |
Level 2 |
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
Accrued interest payable |
Level 2 |
|
|
(291 |
) |
|
|
(291 |
) |
|
|
(308 |
) |
|
|
(308 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Off-balance sheet credit-related items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan commitments |
|
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
|