FAIR VALUE (Tables)
|
3 Months Ended |
Mar. 31, 2018 |
|---|
| FAIR VALUE [Abstract] |
|
| Assets Measured at Fair Value on 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 Inputs |
|
|
Significant Unobservable Inputs |
|
| |
|
Value |
|
|
(Level 1) |
|
|
(Level 2) |
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|
(Level 3) |
|
March 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and federal agency securities |
|
$ |
94,029 |
|
|
$ |
--- |
|
|
$ |
94,029 |
|
|
$ |
--- |
|
U.S. Agency MBS and CMOs |
|
|
25,602 |
|
|
|
--- |
|
|
|
25,602 |
|
|
|
--- |
|
Tax-exempt state and municipal bonds |
|
|
43,039 |
|
|
|
--- |
|
|
|
43,039 |
|
|
|
--- |
|
Taxable state and municipal bonds |
|
|
43,547 |
|
|
|
--- |
|
|
|
43,547 |
|
|
|
--- |
|
Corporate bonds and other debt securities |
|
|
8,052 |
|
|
|
--- |
|
|
|
8,052 |
|
|
|
--- |
|
Other equity securities |
|
|
1,446 |
|
|
|
--- |
|
|
|
1,446 |
|
|
|
--- |
|
Loans held for sale |
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
Interest rate swaps |
|
|
60 |
|
|
|
--- |
|
|
|
--- |
|
|
|
60 |
|
Interest rate swaps |
|
|
(60 |
) |
|
|
--- |
|
|
|
--- |
|
|
|
(60 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and federal agency securities |
|
$ |
101,964 |
|
|
$ |
--- |
|
|
$ |
101,964 |
|
|
$ |
--- |
|
U.S. Agency MBS and CMOs |
|
|
23,385 |
|
|
|
--- |
|
|
|
23,385 |
|
|
|
--- |
|
Tax-exempt state and municipal bonds |
|
|
42,057 |
|
|
|
--- |
|
|
|
42,057 |
|
|
|
--- |
|
Taxable state and municipal bonds |
|
|
43,735 |
|
|
|
--- |
|
|
|
43,735 |
|
|
|
--- |
|
Corporate bonds and other debt securities |
|
|
8,109 |
|
|
|
--- |
|
|
|
8,109 |
|
|
|
--- |
|
Other equity securities |
|
|
1,470 |
|
|
|
--- |
|
|
|
1,470 |
|
|
|
--- |
|
Loans held for sale |
|
|
1,208 |
|
|
|
--- |
|
|
|
1,208 |
|
|
|
--- |
|
Interest rate swaps |
|
|
197 |
|
|
|
--- |
|
|
|
--- |
|
|
|
197 |
|
Interest rate swaps |
|
|
(197 |
) |
|
|
--- |
|
|
|
--- |
|
|
|
(197 |
) |
|
| Assets Measured at Fair Value on 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 Inputs |
|
|
Significant Unobservable Inputs |
|
| |
|
Value |
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
| March 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
Impaired loans |
|
$ |
2,533 |
|
|
$ |
--- |
|
|
$ |
--- |
|
|
$ |
2,533 |
|
Other real estate owned |
|
|
2,838 |
|
|
|
--- |
|
|
|
--- |
|
|
|
2,838 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| December 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impaired loans |
|
$ |
2,278 |
|
|
$ |
--- |
|
|
$ |
--- |
|
|
$ |
2,278 |
|
Other real estate owned |
|
|
3,658 |
|
|
|
--- |
|
|
|
--- |
|
|
|
3,658 |
|
|
| Quantitative Information about Level 3 Fair Value Measurements Measured on Non-Recurring Basis |
Quantitative information about Level 3 fair value measurements measured on a non-recurring basis was as follows at period end (dollars in thousands):
| |
|
Asset |
|
|
|
|
|
|
|
|
| |
|
Fair |
|
Valuation |
|
Unobservable |
|
|
|
|
| |
|
Value |
|
Technique |
|
Inputs |
|
Range (%) |
March 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
Impaired Loans |
|
$ |
2,533 |
|
Sales comparison approach |
|
Adjustment for differences between comparable sales |
|
1.0 |
to |
15.0 |
| |
|
|
|
|
Income approach |
|
Capitalization rate |
|
9.5 |
to |
11.0 |
| |
|
|
|
|
|
|
|
|
|
|
|
Other real estate owned |
|
|
2,838 |
|
Sales comparison approach |
|
Adjustment for differences between comparable sales |
|
3.0 |
to |
20.0 |
| |
|
|
|
|
Income approach |
|
Capitalization rate |
|
9.5 |
to |
11.0 |
| |
|
Asset |
|
|
|
|
|
|
|
|
| |
|
Fair |
|
Valuation |
|
Unobservable |
|
|
|
|
| |
|
Value |
|
Technique |
|
Inputs |
|
Range (%) |
December 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
Impaired Loans |
|
$ |
2,278 |
|
Sales comparison approach |
|
Adjustment for differences between comparable sales |
|
2.0 |
to |
15.0 |
| |
|
|
|
|
Income approach |
|
Capitalization rate |
|
9.5 |
to |
11.0 |
| |
|
|
|
|
|
|
|
|
|
|
|
Other real estate owned |
|
|
3,658 |
|
Sales comparison approach |
|
Adjustment for differences between comparable sales |
|
3.0 |
to |
22.0 |
| |
|
|
|
|
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, 2018 and December 31, 2017 (dollars in thousands):
| |
Level in |
|
March 31, 2018 |
|
December 31, 2017 |
| |
Fair Value |
|
Carrying |
|
Fair |
|
Carrying |
|
Fair |
| |
Hierarchy |
|
Amount |
|
Value |
|
Amount |
|
Value |
Financial assets |
|
|
|
|
|
|
|
|
|
Cash and due from banks |
Level 1 |
|
$ |
26,954 |
|
$ |
26,954 |
|
$ |
34,945 |
|
$ |
34,945 |
Cash equivalents |
Level 2 |
|
|
103,898 |
|
|
103,898 |
|
|
126,522 |
|
|
126,522 |
Securities held to maturity |
Level 3 |
|
|
90,513 |
|
|
90,536 |
|
|
85,827 |
|
|
86,452 |
FHLB stock |
|
|
|
11,558 |
|
|
NA |
|
|
11,558 |
|
|
NA |
Loans, net |
Level 2 |
|
|
1,306,337 |
|
|
1,311,146 |
|
|
1,301,431 |
|
|
1,296,633 |
Bank owned life insurance |
Level 3 |
|
|
40,494 |
|
|
40,494 |
|
|
40,243 |
|
|
40,243 |
Accrued interest receivable |
Level 2 |
|
|
5,200 |
|
|
5,200 |
|
|
4,680 |
|
|
4,680 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
Level 2 |
|
|
(1,560,872) |
|
|
(1,560,808) |
|
|
(1,579,010) |
|
|
(1,579,016) |
Other borrowed funds |
Level 2 |
|
|
(80,667) |
|
|
(79,567) |
|
|
(92,118) |
|
|
(91,313) |
Long-term debt |
Level 2 |
|
|
(41,238) |
|
|
(36,847) |
|
|
(41,238) |
|
|
(36,546) |
Accrued interest payable |
Level 2 |
|
|
(613) |
|
|
(613) |
|
|
(604) |
|
|
(604) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Off-balance sheet credit-related items |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan commitments |
|
|
|
--- |
|
|
--- |
|
|
--- |
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|
--- |
|