|
FAIR VALUE (Tables)
|
12 Months Ended |
|
Dec. 31, 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):
| |
|
|
|
|
Quoted Prices in
Active Markets
for Identical
Assets (Level 1) |
|
|
Significant Other
Observable Inputs (Level 2) |
|
|
Significant Unobservable Inputs (Level 3) |
|
December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and federal agency securities |
|
$ |
67,164 |
|
|
$ |
--- |
|
|
$ |
67,164 |
|
|
$ |
--- |
|
U.S. Agency MBS and CMOs |
|
|
16,688 |
|
|
|
--- |
|
|
|
16,688 |
|
|
|
--- |
|
Tax-exempt state and municipal bonds |
|
|
37,461 |
|
|
|
--- |
|
|
|
37,461 |
|
|
|
--- |
|
Taxable state and municipal bonds |
|
|
25,293 |
|
|
|
--- |
|
|
|
25,293 |
|
|
|
--- |
|
Corporate bonds and other debt securities |
|
|
13,766 |
|
|
|
--- |
|
|
|
13,766 |
|
|
|
--- |
|
Other equity securities |
|
|
1,502 |
|
|
|
--- |
|
|
|
1,502 |
|
|
|
--- |
|
Loans held for sale |
|
|
2,347 |
|
|
|
--- |
|
|
|
2,347 |
|
|
|
--- |
|
Interest rate swaps |
|
|
140 |
|
|
|
--- |
|
|
|
--- |
|
|
|
140 |
|
Interest rate swaps |
|
|
(140 |
) |
|
|
--- |
|
|
|
--- |
|
|
|
(140 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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):
| |
|
|
|
|
Quoted Prices
in Active
Markets for
Identical Assets (Level 1) |
|
|
Significant Other
Observable Inputs (Level 2) |
|
|
Significant Unobservable Inputs (Level 3) |
|
December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
Impaired loans |
|
$ |
12,649 |
|
|
$ |
--- |
|
|
$ |
--- |
|
|
$ |
12,649 |
|
Other real estate owned |
|
|
22,472 |
|
|
|
--- |
|
|
|
--- |
|
|
|
22,472 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impaired loans |
|
$ |
22,403 |
|
|
$ |
--- |
|
|
$ |
--- |
|
|
$ |
22,403 |
|
Other real estate owned |
|
|
29,711 |
|
|
|
--- |
|
|
|
--- |
|
|
|
29,711 |
|
|
| Quantitative Information about Level 3 Fair Value Measurements Measured on a Non-Recurring Basis |
Quantitative information about Level 3 fair value measurements measured on a non-recurring basis were as follows at year end (dollars in thousands).
| |
|
Asset (Liability) Fair Value |
|
Valuation
Technique
|
|
Unobservable
Inputs
|
|
Range (%) |
December 31, 2014 |
|
|
|
|
|
|
|
|
Impaired Loans |
|
$ |
12,649 |
|
Sales comparison approach |
|
Adjustment for differences between comparable sales |
|
1.0 to 20.0 |
| |
|
|
|
|
Income approach |
|
Capitalization rate |
|
9.5 to 12.0 |
| |
|
|
|
|
|
|
|
|
|
Other real estate owned |
|
|
22,472 |
|
Sales comparison approach |
|
Adjustment for differences between comparable sales |
|
3.0 to 22.7 |
| |
|
|
|
|
Income approach |
|
Capitalization rate |
|
9.5 to 12.0 |
| |
|
Asset (Liability) Fair Value |
|
Valuation
Technique
|
|
Unobservable
Inputs
|
|
Range (%) |
December 31, 2013 |
|
|
|
|
|
|
|
|
Impaired Loans |
|
$ |
22,403 |
|
Sales comparison approach |
|
Adjustment for differences between comparable sales |
|
2.0 to 23.0 |
| |
|
|
|
|
Income approach |
|
Capitalization rate |
|
9.5 to 12.0 |
| |
|
|
|
|
|
|
|
|
|
Other real estate owned |
|
|
29,711 |
|
Sales comparison approach |
|
Adjustment for differences between comparable sales |
|
1.0 to 17.0 |
| |
|
|
|
|
Income approach |
|
Capitalization rate |
|
9.5 to 12.0 |
|
| 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 year end (dollars in thousands).
|
Level in |
|
2014 |
|
|
2013 |
|
|
Fair Value
Hierarchy
|
|
Carrying Amount |
|
|
Fair
Value
|
|
|
Carrying Amount |
|
|
Fair
Value
|
|
Financial assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
Level 1 |
|
$ |
31,503 |
|
|
$ |
31,503 |
|
|
$ |
38,714 |
|
|
$ |
38,714 |
|
Cash equivalents |
Level 2 |
|
|
97,952 |
|
|
|
97,952 |
|
|
|
118,178 |
|
|
|
118,178 |
|
Interest-bearing time deposits in other financial institutions |
Level 2 |
|
|
20,000 |
|
|
|
20,062 |
|
|
|
25,000 |
|
|
|
25,003 |
|
Securities held to maturity |
Level 3 |
|
|
31,585 |
|
|
|
31,428 |
|
|
|
19,248 |
|
|
|
19,278 |
|
FHLB stock |
|
|
|
11,238 |
|
|
NA |
|
|
|
11,236 |
|
|
NA |
|
Loans, net |
Level 2 |
|
|
1,086,872 |
|
|
|
1,082,675 |
|
|
|
999,176 |
|
|
|
990,084 |
|
Bank owned life insurance |
Level 3 |
|
|
28,195 |
|
|
|
28,195 |
|
|
|
27,517 |
|
|
|
27,517 |
|
Accrued interest receivable |
Level 2 |
|
|
3,399 |
|
|
|
3,399 |
|
|
|
3,231 |
|
|
|
3,231 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
Level 2 |
|
|
(1,306,325 |
) |
|
|
(1,306,671 |
) |
|
|
(1,249,734 |
) |
|
|
(1,250,886 |
) |
Other borrowed funds |
Level 2 |
|
|
(88,107 |
) |
|
|
(89,066 |
) |
|
|
(89,991 |
) |
|
|
(90,321 |
) |
Long-term debt |
Level 2 |
|
|
(41,238 |
) |
|
|
(35,396 |
) |
|
|
(41,238 |
) |
|
|
(35,098 |
) |
Accrued interest payable |
Level 2 |
|
|
(289 |
) |
|
|
(289 |
) |
|
|
(308 |
) |
|
|
(308 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Off-balance sheet credit-related items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan commitments |
|
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
|