FAIR VALUE (Tables)
|
9 Months Ended |
Sep. 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):
| |
|
Fair
Value
|
|
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
|
|
Significant Other
Observable
Inputs (Level 2)
|
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
September 30, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and federal agency securities |
|
$ |
71,783 |
|
|
$ |
--- |
|
|
$ |
71,783 |
|
|
$ |
--- |
|
U.S. Agency MBS and CMOs |
|
|
13,935 |
|
|
|
--- |
|
|
|
13,935 |
|
|
|
--- |
|
Tax-exempt state and municipal bonds |
|
|
35,004 |
|
|
|
--- |
|
|
|
35,004 |
|
|
|
--- |
|
Taxable state and municipal bonds |
|
|
25,386 |
|
|
|
--- |
|
|
|
25,386 |
|
|
|
--- |
|
Corporate bonds and other debt securities |
|
|
13,896 |
|
|
|
--- |
|
|
|
13,896 |
|
|
|
--- |
|
Other equity securities |
|
|
1,511 |
|
|
|
--- |
|
|
|
1,511 |
|
|
|
--- |
|
Loans held for sale |
|
|
2,895 |
|
|
|
--- |
|
|
|
2,895 |
|
|
|
--- |
|
Interest rate swaps |
|
|
592 |
|
|
|
--- |
|
|
|
--- |
|
|
|
592 |
|
Interest rate swaps |
|
|
(592 |
) |
|
|
--- |
|
|
|
--- |
|
|
|
(592 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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):
| |
|
Fair
Value
|
|
|
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
|
|
|
Significant Other
Observable
Inputs (Level 2)
|
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
September 30, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
Impaired loans |
|
$ |
8,247 |
|
|
$ |
--- |
|
|
$ |
--- |
|
|
$ |
8,247 |
|
Other real estate owned |
|
|
22,808 |
|
|
|
--- |
|
|
|
--- |
|
|
|
22,808 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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):
| |
|
Asset
(Liability)
Fair
Value
|
|
Valuation
Technique
|
|
Unobservable
Inputs
|
|
Range (%) |
September 30, 2015 |
|
|
|
|
|
|
|
|
Impaired Loans |
|
$ |
8,247 |
|
Sales comparison approach |
|
Adjustment for differences between comparable sales |
|
5.0 to 19.0 |
| |
|
|
|
|
Income approach |
|
Capitalization rate |
|
9.5 to 11.0 |
| |
|
|
|
|
|
|
|
|
|
Other real estate owned |
|
|
22,808 |
|
Sales comparison approach |
|
Adjustment for differences between comparable sales |
|
7.0 to 23.0 |
| |
|
|
|
|
Income approach |
|
Capitalization rate |
|
9.5 to 11.0 |
| |
|
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 |
|
| 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, 2015 and December 31, 2014 (dollars in thousands).
|
Level in |
|
September 30, 2015 |
|
|
December 31, 2014 |
|
|
Fair Value Hierarchy
|
|
Carrying
Amount
|
|
|
Fair
Value
|
|
|
Carrying
Amount
|
|
|
Fair
Value
|
|
Financial assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
Level 1 |
|
$ |
23,468 |
|
|
|
23,468 |
|
|
$ |
31,503 |
|
|
$ |
31,503 |
|
Cash equivalents |
Level 2 |
|
|
100,285 |
|
|
|
100,285 |
|
|
|
97,952 |
|
|
|
97,952 |
|
Interest-bearing time deposits in other financial institutions |
Level 2 |
|
|
20,000 |
|
|
|
20,034 |
|
|
|
20,000 |
|
|
|
20,062 |
|
Securities held to maturity |
Level 3 |
|
|
40,434 |
|
|
|
41,624 |
|
|
|
31,585 |
|
|
|
31,428 |
|
FHLB stock |
|
|
|
11,558 |
|
|
NA |
|
|
|
11,238 |
|
|
NA |
|
Loans, net |
Level 2 |
|
|
1,166,414 |
|
|
|
1,159,672 |
|
|
|
1,086,872 |
|
|
|
1,082,675 |
|
Bank owned life insurance |
Level 3 |
|
|
28,697 |
|
|
|
28,697 |
|
|
|
28,195 |
|
|
|
28,195 |
|
Accrued interest receivable |
Level 2 |
|
|
3,778 |
|
|
|
3,778 |
|
|
|
3,399 |
|
|
|
3,399 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
Level 2 |
|
|
(1,366,849 |
) |
|
|
(1,366,798 |
) |
|
|
(1,306,325 |
) |
|
|
(1,306,671 |
) |
Other borrowed funds |
Level 2 |
|
|
(96,169 |
) |
|
|
(97,632 |
) |
|
|
(88,107 |
) |
|
|
(89,066 |
) |
Long-term debt |
Level 2 |
|
|
(41,238 |
) |
|
|
(35,757 |
) |
|
|
(41,238 |
) |
|
|
(35,396 |
) |
Accrued interest payable |
Level 2 |
|
|
(269 |
) |
|
|
(269 |
) |
|
|
(289 |
) |
|
|
(289 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Off-balance sheet credit-related items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan commitments |
|
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
|