Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE (Tables)

v2.4.0.6
FAIR VALUE (Tables)
 9 Months Ended
Sep. 30, 2012
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, 2012
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and federal agency securities
 
$
40,692
 
 
$
---
 
 
$
40,692
 
 
$
---
 
U.S. Agency MBS and CMOs
25,491
---
25,491
---
Tax-exempt state and municipal bonds
 
 
17,319
 
 
 
---
 
 
 
17,319
 
 
 
---
 
Taxable state and municipal bonds
26,236
---
26,236
---
Corporate bonds and other debt securities
 
 
4,815
 
 
 
---
 
 
 
4,815
 
 
 
---
 
Other equity securities
 
 
1,575
 
 
 
---
 
 
 
1,575
 
 
 
---
 
Loans held for sale
 
 
11,063
 
 
 
---
 
 
 
11,063
 
 
 
---
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and federal agency securities
 
$
27,613
 
 
$
---
 
 
$
27,613
 
 
$
---
 
U.S. Agency MBS and CMOs
3,886
---
3,886
---
Tax-exempt state and municipal bonds
4,408
---
4,408
---
Taxable state and municipal bonds
 
 
16,716
 
 
 
---
 
 
 
16,716
 
 
 
---
 
Corporate bonds
1,081
---
1,081
---
Other equity securities
 
 
1,042
 
 
 
---
 
 
 
1,042
 
 
 
---
 
Loans held for sale
 
 
1,026
 
 
 
---
 
 
 
1,026
 
 
 
---
 
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, 2012
 
 
 
 
 
 
 
 
 
 
 
 
Impaired loans
 
$
35,114
 
 
$
---
 
 
$
---
 
 
$
35,114
 
Other real estate owned
 
 
42,333
 
 
 
---
 
 
 
---
 
 
 
42,333
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Impaired loans
 
$
22,525
 
 
$
---
 
 
$
---
 
 
$
22,525
 
Other real estate owned
 
 
39,730
 
 
 
---
 
 
 
---
 
 
 
39,730
 
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, 2012 and December 31, 2011 (dollars in thousands).
Level in
September 30, 2012
 
 
December 31, 2011
 
Fair Value
Carrying
 
 
Fair
 
 
Carrying
 
 
Fair
 
Hierarchy
Amount
 
 
Value
 
 
Amount
 
 
Value
 
Financial assets
 
 
 
 
 
 
 
 
 
 
 
Cash and due from banks
Level 1
$
22,398
 
 
$
22,398
 
 
$
30,971
 
 
$
30,971
 
Cash equivalents
Level 2
211,853
211,853
212,071
212,071
Securities held to maturity
Level 3
 
4,300
 
 
 
4,300
 
 
 
300
 
 
 
300
 
FHLB stock
 
11,236
 
 
 
NA
 
 
 
11,236
 
 
 
NA
 
Loans, net
Level 2
 
957,800
 
 
 
965,558
 
 
 
1,016,809
 
 
 
1,024,766
 
Bank owned life insurance
Level 3
26,614
26,614
25,957
25,957
Accrued interest receivable
Level 2
 
3,719
 
 
 
3,719
 
 
 
3,595
 
 
 
3,595
 
 
 
 
 
 
 
 
 
 
 
 
Financial liabilities
 
 
 
 
 
 
 
 
 
 
 
Deposits
Level 2
 
(1,244,748
)
 
 
(1,244,506
)
 
 
(1,215,289
)
 
 
(1,216,452
)
Other borrowed funds
Level 2
 
(91,822
)
 
 
(95,380
)
 
 
(148,603
)
 
 
(151,566
)
Long-term debt
Level 2
 
(41,238
)
 
 
(34,857
)
 
 
(41,238
)
 
 
(34,820
)
Subordinated debt
Level 2
 
(1,650
)
 
 
(1,650
)
 
 
(1,650
)
 
 
(1,650
)
Accrued interest payable
Level 2
 
(4,535
)
 
 
(4,535
)
 
 
(3,517
)
 
 
(3,517
)
 
 
 
 
 
 
 
 
 
 
 
Off-balance sheet credit-related items
 
 
 
 
 
 
 
 
 
 
 
Loan commitments
 
---
 
 
 
---
 
 
 
---
 
 
 
---