FAIR VALUE (Tables)
|
3 Months Ended |
Mar. 31, 2016 |
|---|
| 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) |
|
March 31, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and federal agency securities |
|
$ |
76,973 |
|
|
$ |
--- |
|
|
$ |
76,973 |
|
|
$ |
--- |
|
U.S. Agency MBS and CMOs |
|
|
11,762 |
|
|
|
--- |
|
|
|
11,762 |
|
|
|
--- |
|
Tax-exempt state and municipal bonds |
|
|
36,341 |
|
|
|
--- |
|
|
|
36,341 |
|
|
|
--- |
|
Taxable state and municipal bonds |
|
|
26,434 |
|
|
|
--- |
|
|
|
26,434 |
|
|
|
--- |
|
Corporate bonds and other debt securities |
|
|
15,016 |
|
|
|
--- |
|
|
|
15,016 |
|
|
|
--- |
|
Other equity securities |
|
|
1,515 |
|
|
|
--- |
|
|
|
1,515 |
|
|
|
--- |
|
Loans held for sale |
|
|
2,259 |
|
|
|
--- |
|
|
|
2,259 |
|
|
|
--- |
|
Interest rate swaps |
|
|
1,220 |
|
|
|
--- |
|
|
|
--- |
|
|
|
1,220 |
|
Interest rate swaps |
|
|
(1,220 |
) |
|
|
--- |
|
|
|
--- |
|
|
|
(1,220 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and federal agency securities |
|
$ |
74,392 |
|
|
$ |
--- |
|
|
$ |
74,392 |
|
|
$ |
--- |
|
U.S. Agency MBS and CMOs |
|
|
13,755 |
|
|
|
--- |
|
|
|
13,755 |
|
|
|
--- |
|
Tax-exempt state and municipal bonds |
|
|
33,598 |
|
|
|
--- |
|
|
|
33,598 |
|
|
|
--- |
|
Taxable state and municipal bonds |
|
|
28,763 |
|
|
|
--- |
|
|
|
28,763 |
|
|
|
--- |
|
Corporate bonds and other debt securities |
|
|
14,813 |
|
|
|
--- |
|
|
|
14,813 |
|
|
|
--- |
|
Other equity securities |
|
|
1,494 |
|
|
|
--- |
|
|
|
1,494 |
|
|
|
--- |
|
Loans held for sale |
|
|
2,776 |
|
|
|
--- |
|
|
|
2,776 |
|
|
|
--- |
|
Interest rate swaps |
|
|
790 |
|
|
|
--- |
|
|
|
--- |
|
|
|
790 |
|
Interest rate swaps |
|
|
(790 |
) |
|
|
--- |
|
|
|
--- |
|
|
|
(790 |
) |
|
| 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)
|
|
March 31, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
Impaired loans |
|
$ |
6,306 |
|
|
$ |
--- |
|
|
$ |
--- |
|
|
$ |
6,306 |
|
Other real estate owned |
|
|
12,590 |
|
|
|
--- |
|
|
|
--- |
|
|
|
12,590 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impaired loans |
|
$ |
6,573 |
|
|
$ |
--- |
|
|
$ |
--- |
|
|
$ |
6,573 |
|
Other real estate owned |
|
|
13,602 |
|
|
|
--- |
|
|
|
--- |
|
|
|
13,602 |
|
|
| 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 (%) |
|
March 31, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
Impaired Loans |
|
$ |
6,306 |
|
Sales comparison approach |
|
Adjustment for differences between comparable sales |
|
1.0 |
|
to |
19.0 |
|
| |
|
|
|
|
Income approach |
|
Capitalization rate |
|
9.5 |
|
to |
11.0 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other real estate owned |
|
|
12,590 |
|
Sales comparison approach |
|
Adjustment for differences between comparable sales |
|
2.0 |
|
to |
22.5 |
|
| |
|
|
|
|
Income approach |
|
Capitalization rate |
|
9.5 |
|
to |
11.0 |
|
| |
|
Asset
(Liability)
Fair
Value
|
|
Valuation
Technique
|
|
Unobservable
Inputs
|
|
Range (%) |
|
December 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
Impaired Loans |
|
$ |
6,573 |
|
Sales comparison approach |
|
Adjustment for differences between comparable sales |
|
1.0 |
|
to |
19.0 |
|
| |
|
|
|
|
Income approach |
|
Capitalization rate |
|
9.5 |
|
to |
11.0 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other real estate owned |
|
|
13,602 |
|
Sales comparison approach |
|
Adjustment for differences between comparable sales |
|
4.5 |
|
to |
32.5 |
|
| |
|
|
|
|
Income approach |
|
Capitalization rate |
|
9.5 |
|
to |
11.0 |
|
|
| 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 March 31, 2016 and December 31, 2015 (dollars in thousands):
| |
Level in |
|
March 31, 2016 |
|
|
December 31, 2015 |
|
|
Fair Value
Hierarchy
|
|
Carrying
Amount
|
|
|
Fair
Value
|
|
|
Carrying
Amount
|
|
|
Fair
Value
|
|
Financial assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
Level 1 |
|
$ |
22,499 |
|
|
|
22,499 |
|
|
$ |
29,104 |
|
|
|
29,104 |
|
Cash equivalents |
Level 2 |
|
|
72,104 |
|
|
|
72,104 |
|
|
|
152,372 |
|
|
|
152,372 |
|
Interest-bearing time deposits in other financial institutions |
Level 2 |
|
|
--- |
|
|
|
--- |
|
|
|
20,000 |
|
|
|
20,008 |
|
Securities held to maturity |
Level 3 |
|
|
51,303 |
|
|
|
52,485 |
|
|
|
51,856 |
|
|
|
52,837 |
|
FHLB stock |
|
|
|
11,558 |
|
|
NA |
|
|
|
11,558 |
|
|
NA |
|
Loans, net |
Level 2 |
|
|
1,192,749 |
|
|
|
1,190,050 |
|
|
|
1,187,423 |
|
|
|
1,177,527 |
|
Bank owned life insurance |
Level 3 |
|
|
28,784 |
|
|
|
28,784 |
|
|
|
28,858 |
|
|
|
28,858 |
|
Accrued interest receivable |
Level 2 |
|
|
3,929 |
|
|
|
3,929 |
|
|
|
3,622 |
|
|
|
3,622 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
Level 2 |
|
|
(1,340,834 |
) |
|
|
(1,340,799 |
) |
|
|
(1,435,512 |
) |
|
|
(1,435,473 |
) |
Other borrowed funds |
Level 2 |
|
|
(94,840 |
) |
|
|
(95,917 |
) |
|
|
(96,169 |
) |
|
|
(96,465 |
) |
Long-term debt |
Level 2 |
|
|
(41,238 |
) |
|
|
(35,876 |
) |
|
|
(41,238 |
) |
|
|
(35,757 |
) |
Accrued interest payable |
Level 2 |
|
|
(273 |
) |
|
|
(273 |
) |
|
|
(273 |
) |
|
|
(273 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Off-balance sheet credit-related items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan commitments |
|
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
|