FAIR VALUE (Tables)
|
6 Months Ended |
Jun. 30, 2015 |
|---|
| 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) |
|
June 30, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and federal agency securities |
|
$ |
70,541 |
|
|
$ |
--- |
|
|
$ |
70,541 |
|
|
$ |
--- |
|
U.S. Agency MBS and CMOs |
|
|
14,774 |
|
|
|
--- |
|
|
|
14,774 |
|
|
|
--- |
|
Tax-exempt state and municipal bonds |
|
|
34,897 |
|
|
|
--- |
|
|
|
34,897 |
|
|
|
--- |
|
Taxable state and municipal bonds |
|
|
24,425 |
|
|
|
--- |
|
|
|
24,425 |
|
|
|
--- |
|
Corporate bonds and other debt securities |
|
|
12,732 |
|
|
|
--- |
|
|
|
12,732 |
|
|
|
--- |
|
Other equity securities |
|
|
1,497 |
|
|
|
--- |
|
|
|
1,497 |
|
|
|
--- |
|
Loans held for sale |
|
|
5,114 |
|
|
|
--- |
|
|
|
5,114 |
|
|
|
--- |
|
Interest rate swaps |
|
|
184 |
|
|
|
--- |
|
|
|
--- |
|
|
|
184 |
|
Interest rate swaps |
|
|
(184 |
) |
|
|
--- |
|
|
|
--- |
|
|
|
(184 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
) |
|
| 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) |
|
June 30, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
Impaired loans |
|
$ |
7,779 |
|
|
$ |
--- |
|
|
$ |
--- |
|
|
$ |
7,779 |
|
Other real estate owned |
|
|
22,577 |
|
|
|
--- |
|
|
|
--- |
|
|
|
22,577 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impaired loans |
|
$ |
12,649 |
|
|
$ |
--- |
|
|
$ |
--- |
|
|
$ |
12,649 |
|
Other real estate owned |
|
|
22,472 |
|
|
|
--- |
|
|
|
--- |
|
|
|
22,472 |
|
|
| 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 period end (dollars in thousands):
|
|
|
|
|
|
|
|
Range (%) |
|
June 30, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Impaired Loans |
|
$ |
7,779 |
|
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 |
|
|
22,577 |
|
Sales comparison approach |
|
Adjustment for differences between comparable sales |
|
|
4.5 |
|
to |
|
22.0 |
|
| |
|
|
|
|
Income approach |
|
Capitalization rate |
|
|
9.5 |
|
to |
|
11.0 |
|
| |
|
|
|
|
|
|
|
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 |
|
|
| 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, 2015 and December 31, 2014 (dollars in thousands).
|
Level in |
|
June 30, 2015 |
|
|
December 31, 2014 |
|
|
|
|
|
|
|
|
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|
Financial assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
Level 1 |
|
$ |
28,853 |
|
|
$ |
28,853 |
|
|
$ |
31,503 |
|
|
$ |
31,503 |
|
Cash equivalents |
Level 2 |
|
|
112,721 |
|
|
|
112,721 |
|
|
|
97,952 |
|
|
|
97,952 |
|
Interest-bearing time deposits in other financial institutions |
Level 2 |
|
|
20,000 |
|
|
|
20,052 |
|
|
|
20,000 |
|
|
|
20,062 |
|
Securities held to maturity |
Level 3 |
|
|
43,229 |
|
|
|
43,810 |
|
|
|
31,585 |
|
|
|
31,428 |
|
FHLB stock |
|
|
|
11,558 |
|
|
NA |
|
|
|
11,238 |
|
|
NA |
|
Loans, net |
Level 2 |
|
|
1,104,063 |
|
|
|
1,097,584 |
|
|
|
1,086,872 |
|
|
|
1,082,675 |
|
Bank owned life insurance |
Level 3 |
|
|
28,528 |
|
|
|
28,528 |
|
|
|
28,195 |
|
|
|
28,195 |
|
Accrued interest receivable |
Level 2 |
|
|
3,633 |
|
|
|
3,633 |
|
|
|
3,399 |
|
|
|
3,399 |
|
| |
|
|
|
|
|
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|
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|
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|
Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
Deposits |
Level 2 |
|
|
(1,327,813 |
) |
|
|
(1,327,724 |
) |
|
|
(1,306,325 |
) |
|
|
(1,306,671 |
) |
Other borrowed funds |
Level 2 |
|
|
(96,836 |
) |
|
|
(97,555 |
) |
|
|
(88,107 |
) |
|
|
(89,066 |
) |
Long-term debt |
Level 2 |
|
|
(41,238 |
) |
|
|
(35,626 |
) |
|
|
(41,238 |
) |
|
|
(35,396 |
) |
Accrued interest payable |
Level 2 |
|
|
(283 |
) |
|
|
(283 |
) |
|
|
(289 |
) |
|
|
(289 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Off-balance sheet credit-related items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan commitments |
|
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
|