FAIR VALUE (Tables)
|
3 Months Ended |
Mar. 31, 2021 |
|---|
| FAIR VALUE [Abstract] |
|
| Assets and Liabilities Measured at Fair Value on Recurring Basis |
Assets and liabilities 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, 2021 |
|
|
|
|
|
|
|
|
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|
|
|
Available for sale securities |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and federal agency securities |
|
$ |
61,852 |
|
|
$ |
— |
|
|
$ |
61,852 |
|
|
$ |
— |
|
U.S. Agency MBS and CMOs |
|
|
63,763 |
|
|
|
— |
|
|
|
63,763 |
|
|
|
— |
|
Tax-exempt state and municipal bonds |
|
|
43,495 |
|
|
|
— |
|
|
|
43,495 |
|
|
|
— |
|
Taxable state and municipal bonds |
|
|
60,080 |
|
|
|
— |
|
|
|
60,080 |
|
|
|
— |
|
Corporate bonds and other debt securities |
|
|
4,482 |
|
|
|
— |
|
|
|
4,482 |
|
|
|
— |
|
Other equity securities |
|
|
1,487 |
|
|
|
— |
|
|
|
1,487 |
|
|
|
— |
|
Loans held for sale |
|
|
9,315 |
|
|
|
— |
|
|
|
9,315 |
|
|
|
— |
|
Interest rate swaps |
|
|
3,801 |
|
|
|
— |
|
|
|
— |
|
|
|
3,801 |
|
Interest rate swaps |
|
|
(3,801 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,801 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available for sale securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and federal agency securities |
|
$ |
64,110 |
|
|
$ |
— |
|
|
$ |
64,110 |
|
|
$ |
— |
|
U.S. Agency MBS and CMOs |
|
|
64,983 |
|
|
|
— |
|
|
|
64,983 |
|
|
|
— |
|
Tax-exempt state and municipal bonds |
|
|
45,642 |
|
|
|
— |
|
|
|
45,642 |
|
|
|
— |
|
Taxable state and municipal bonds |
|
|
57,177 |
|
|
|
— |
|
|
|
57,177 |
|
|
|
— |
|
Corporate bonds and other debt securities |
|
|
4,920 |
|
|
|
— |
|
|
|
4,920 |
|
|
|
— |
|
Other equity securities |
|
|
1,513 |
|
|
|
— |
|
|
|
1,513 |
|
|
|
— |
|
Loans held for sale |
|
|
5,422 |
|
|
|
— |
|
|
|
5,422 |
|
|
|
— |
|
Interest rate swaps |
|
|
4,217 |
|
|
|
— |
|
|
|
— |
|
|
|
4,217 |
|
Interest rate swaps |
|
|
(4,217 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,217 |
) |
|
| 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)
|
|
March 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
Impaired loans |
|
$ |
5,800 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5,800 |
|
Other real estate owned |
|
|
28 |
|
|
|
— |
|
|
|
— |
|
|
|
28 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impaired loans |
|
$ |
4,686 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,686 |
|
Other real estate owned |
|
|
194 |
|
|
|
— |
|
|
|
— |
|
|
|
194 |
|
|
| 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 (%) |
March 31, 2021 |
|
|
|
|
|
|
|
|
Impaired Loans |
|
$ |
5,800 |
|
Sales comparison approach |
|
Adjustment for differences
between comparable sales
|
|
1.0 to 20.0 |
| |
|
|
|
|
Income approach |
|
Capitalization rate |
|
9.5 to 11.0 |
Other real estate owned |
|
|
28 |
|
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, 2020 |
|
|
|
|
|
|
|
|
Impaired Loans |
|
$ |
4,686 |
|
Sales comparison approach |
|
Adjustment for differences
between comparable sales
|
|
1.5 to 20.0 |
| |
|
|
|
|
Income approach |
|
Capitalization rate |
|
9.5 to 11.0 |
Other real estate owned |
|
|
194 |
|
Sales comparison approach |
|
Adjustment for differences
between comparable sales
|
|
3.0 to 20.0 |
| |
|
|
|
|
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, 2021 and December 31, 2020 (dollars in thousands):
|
Level in
|
|
March 31, 2021 |
|
|
December 31, 2020 |
|
|
Fair Value
Hierarchy
|
|
Carrying
Amount
|
|
|
Fair
Value
|
|
|
Carrying
Amount
|
|
|
Fair
Value
|
|
Financial assets |
|
|
|
|
|
|
|
|
|
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|
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|
Cash and due from banks |
Level 1 |
|
$ |
26,900 |
|
|
$ |
26,900 |
|
|
$ |
31,480 |
|
|
$ |
31,480 |
|
Cash equivalents |
Level 2 |
|
|
884,985 |
|
|
|
884,985 |
|
|
|
752,256 |
|
|
|
752,256 |
|
Securities held to maturity |
Level 3 |
|
|
89,170 |
|
|
|
92,139 |
|
|
|
79,468 |
|
|
|
83,246 |
|
FHLB stock |
|
|
|
11,558 |
|
|
NA |
|
|
|
11,558 |
|
|
NA |
|
Loans, net |
Level 2 |
|
|
1,377,151 |
|
|
|
1,402,744 |
|
|
|
1,407,236 |
|
|
|
1,448,874 |
|
Bank owned life insurance |
Level 3 |
|
|
42,244 |
|
|
|
42,244 |
|
|
|
42,516 |
|
|
|
42,516 |
|
Accrued interest receivable |
Level 2 |
|
|
5,994 |
|
|
|
5,994 |
|
|
|
5,625 |
|
|
|
5,625 |
|
Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
Level 2 |
|
|
(2,387,945 |
) |
|
|
(2,388,095 |
) |
|
|
(2,298,587 |
) |
|
|
(2,298,867 |
) |
Other borrowed funds |
Level 2 |
|
|
(70,000 |
) |
|
|
(72,438 |
) |
|
|
(70,000 |
) |
|
|
(73,010 |
) |
Long-term debt |
Level 2 |
|
|
(20,619 |
)
|
|
|
(18,073 |
) |
|
|
(20,619 |
) |
|
|
(18,011 |
) |
Accrued interest payable |
Level 2 |
|
|
(240 |
) |
|
|
(240 |
) |
|
|
(242 |
) |
|
|
(242 |
) |
Off-balance sheet credit-related items |
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
Loan commitments |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
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|
— |
|
|