FAIR VALUE (Tables)
|
9 Months Ended |
Sep. 30, 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
Value
|
|
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
|
|
Significant Other
Observable
Inputs
(Level 2)
|
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
September 30, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and federal agency securities |
|
$ |
91,413 |
|
|
$ |
--- |
|
|
$ |
91,413 |
|
|
$ |
--- |
|
U.S. Agency MBS and CMOs |
|
|
30,066 |
|
|
|
--- |
|
|
|
30,066 |
|
|
|
--- |
|
Tax-exempt state and municipal bonds |
|
|
43,823 |
|
|
|
--- |
|
|
|
43,823 |
|
|
|
--- |
|
Taxable state and municipal bonds |
|
|
45,184 |
|
|
|
--- |
|
|
|
45,184 |
|
|
|
--- |
|
Corporate bonds and other debt securities |
|
|
8,129 |
|
|
|
--- |
|
|
|
8,129 |
|
|
|
--- |
|
Other equity securities |
|
|
1,424 |
|
|
|
--- |
|
|
|
1,424 |
|
|
|
--- |
|
Loans held for sale |
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
Interest rate swaps |
|
|
402 |
|
|
|
--- |
|
|
|
--- |
|
|
|
402 |
|
Interest rate swaps |
|
|
(402 |
) |
|
|
--- |
|
|
|
--- |
|
|
|
(402 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
Value
|
|
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
|
|
Significant Other
Observable
Inputs
(Level 2)
|
|
|
Significant
Unobservable Inputs
(Level 3)
|
|
September 30, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
Impaired loans |
|
$ |
2,663 |
|
|
$ |
--- |
|
|
$ |
--- |
|
|
$ |
2,663 |
|
Other real estate owned |
|
|
1,318 |
|
|
|
--- |
|
|
|
--- |
|
|
|
1,318 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
Value
|
|
Valuation
Technique
|
|
Unobservable
Inputs
|
|
Range (%) |
| September 30, 2018 |
|
|
|
|
|
|
|
|
Impaired Loans |
|
$ |
2,663 |
|
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 |
|
|
1,318 |
|
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
Value
|
|
Valuation
Technique
|
|
Unobservable
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 September 30, 2018 and December 31, 2017 (dollars in thousands):
|
Level in
Fair Value
Hierarchy
|
|
September 30, 2018 |
|
|
December 31, 2017 |
|
|
Carrying
Amount
|
|
Fair
Value
|
Carrying
Amount
|
|
Fair
Value
|
Financial assets |
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
Level 1 |
|
$ |
30,837 |
|
|
$ |
30,837 |
|
|
$ |
34,945 |
|
|
$ |
34,945 |
|
Cash equivalents |
Level 2 |
|
|
152,339 |
|
|
|
152,339 |
|
|
|
126,522 |
|
|
|
126,522 |
|
Securities held to maturity |
Level 3 |
|
|
71,688 |
|
|
|
72,148 |
|
|
|
85,827 |
|
|
|
86,452 |
|
FHLB stock |
|
|
|
11,558 |
|
NA |
|
|
|
11,558 |
|
NA |
|
Loans, net |
Level 2 |
|
|
1,325,217 |
|
|
|
1,329,994 |
|
|
|
1,301,431 |
|
|
|
1,296,633 |
|
Bank owned life insurance |
Level 3 |
|
|
40,996 |
|
|
|
40,996 |
|
|
|
40,243 |
|
|
|
40,243 |
|
Accrued interest receivable |
Level 2 |
|
|
5,524 |
|
|
|
5,524 |
|
|
|
4,680 |
|
|
|
4,680 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
Deposits |
Level 2 |
|
|
(1,617,743 |
) |
|
|
(1,618,253 |
) |
|
|
(1,579,010 |
) |
|
|
(1,579,016 |
) |
Other borrowed funds |
Level 2 |
|
|
(70,000 |
) |
|
|
(68,548 |
) |
|
|
(92,118 |
) |
|
|
(91,313 |
) |
Long-term debt |
Level 2 |
|
|
(41,238 |
) |
|
|
(37,087 |
) |
|
|
(41,238 |
) |
|
|
(36,546 |
) |
Accrued interest payable |
Level 2 |
|
|
(769 |
) |
|
|
(769 |
) |
|
|
(604 |
) |
|
|
(604 |
) |
| |
|
|
|
|
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|
|
|
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|
Off-balance sheet credit-related items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan commitments |
|
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
|