XML 72 R53.htm IDEA: XBRL DOCUMENT v3.6.0.2
Fair Values of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2016
Fair Values of Financial Instruments [Abstract]  
Fair Value Measurements of Assets Measured at Fair Value on Recurring Basis

The following table presents the fair value measurements of assets measured at fair value on a recurring basis and level within the ASC 820 fair value hierarchy in which the fair value measurements fall: 



 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 



 

 

 

Fair Value Measurements Using



Fair Value

 

Level 1

 

Level 2

 

Level 3

December 31, 2016

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

$

 92,517 

 

$

 -

 

$

 92,517 

 

$

 -

Collateralized mortgage obligations

 

 68,047 

 

 

 -

 

 

 68,047 

 

 

 -

Municipal obligations

 

 77,682 

 

 

 -

 

 

 77,682 

 

 

 -

Corporate obligations

 

 11,667 

 

 

 -

 

 

 9,079 

 

 

 2,588 

Available for sale securities

$

 249,913 

 

$

 -

 

$

 247,325 

 

$

 2,588 









 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 



 

 

 

Fair Value Measurements Using



Fair Value

 

Level 1

 

Level 2

 

Level 3

December 31, 2015

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

$

 107,838 

 

$

 -

 

$

 107,838 

 

$

 -

Collateralized mortgage obligations

 

 84,652 

 

 

 -

 

 

 84,652 

 

 

 -

Municipal obligations

 

 57,188 

 

 

 -

 

 

 57,188 

 

 

 -

Corporate obligations

 

 11,460 

 

 

 -

 

 

 8,926 

 

 

 2,534 

Available for sale securities

$

 261,138 

 

$

 -

 

$

 258,604 

 

$

 2,534 



Reconciliation of Recurring Fair Value Measurements Recognized in Balance Sheet using Significant Unobservable (Level Three) Inputs

The following is a reconciliation of the beginning and ending balances for the years ended December 31, 2016, 2015 and 2014 of recurring fair value measurements recognized in the accompanying balance sheets using significant unobservable (Level 3) inputs:





 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



 

2016

 

 

2015

 

 

2014

Beginning balance

$

 2,534 

 

$

 2,522 

 

$

 3,336 

Total realized and unrealized gains (losses)

 

 

 

 

 

 

 

 

Included in net income

 

 -

 

 

 -

 

 

 (68)

Included in other comprehensive income (loss)

 

 54 

 

 

 12 

 

 

 2,098 

Sales

 

 -

 

 

 -

 

 

 (2,826)

Settlements

 

 -

 

 

 -

 

 

 (18)

Ending balance

$

 2,588 

 

$

 2,534 

 

$

 2,522 

Total gains or losses for the period included in net income attributable to the change in unrealized gains or losses related to assets still held at the reporting date

$

 0 

 

$

 0 

 

$

 0 



Fair Value Measurement of Assets Measured at Fair Value on Nonrecurring Basis

The following table presents the fair value measurement of assets measured at fair value on a nonrecurring basis and the level within the ASC 820 fair value hierarchy in which the fair value measurements fall:





 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 



 

 

Fair Value Measurements Using



Fair Value

 

Level 1

 

Level 2

 

Level 3

December 31, 2015

 

 

 

 

 

 

 

Impaired loans

$

 676 

 

$

 -

 

$

 -

 

$

 676 



Quantitative Information about Unobservable Inputs used in Recurring and Nonrecurring Level Three Fair Value Measurements

The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements.





 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

December 31, 2016

 

Fair Value

 

Valuation Technique

 

Unobservable Inputs

 

Range 

 

Trust Preferred Securities

 

$

 2,588 

 

Discounted cash flow

 

Discount rate

 

7.0 - 8.0

%



 

 

 

 

 

 

Constant prepayment rate

 

 2.0 

%



 

 

 

 

 

 

Cumulative projected prepayments

 

 40.0 

%



 

 

 

 

 

 

Probability of default

 

1.7 - 2.2

%



 

 

 

 

 

 

Projected cures given deferral

 

0 - 15.0

%



 

 

 

 

 

 

Loss severity 

 

32.5 - 38.7

%







 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

December 31, 2015

 

Fair Value

 

Valuation Technique

 

Unobservable Inputs

 

Range 

 

Trust Preferred Securities

 

$

 2,534 

 

Discounted cash flow

 

Discount rate

 

7.0 - 8.0

%



 

 

 

 

 

 

Constant prepayment rate

 

 2.0 

%



 

 

 

 

 

 

Cumulative projected prepayments

 

 40.0 

%



 

 

 

 

 

 

Probability of default

 

1.7 - 1.8

%



 

 

 

 

 

 

Projected cures given deferral

 

0 - 15.0

%



 

 

 

 

 

 

Loss severity 

 

33.8 - 40.2

%

Impaired loans (collateral dependent)

 

$

 676 

 

Third party valuations

 

Discount to reflect realizable value 

 

20.0 - 50.0

%



Estimated Fair Values of Financial Instruments

The estimated fair values of the Company’s financial instruments not carried at fair value in the consolidated balance sheets as of the dates noted below are as follows:    





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

Fair Value Measurements Using

December 31, 2016

 

 

Carrying Amount

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

 26,860 

 

$

 25,795 

 

$

 25,795 

 

$

 -

 

$

 -

Interest-bearing time deposits

 

 

 993 

 

 

 993 

 

 

 993 

 

 

 

 

 

 

Loans held for sale

 

 

 4,063 

 

 

 4,094 

 

 

 -

 

 

 4,094 

 

 

 -

Loans, net

 

 

 1,157,120 

 

 

 1,139,450 

 

 

 -

 

 

 -

 

 

 1,139,450 

FHLB stock

 

 

 10,925 

 

 

 10,925 

 

 

 -

 

 

 10,925 

 

 

 -

Interest receivable

 

 

 4,629 

 

 

 4,629 

 

 

 -

 

 

 4,629 

 

 

 -

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 1,153,382 

 

 

 1,152,030 

 

 

 779,577 

 

 

 -

 

 

 372,453 

FHLB advances

 

 

 240,591 

 

 

 239,866 

 

 

 -

 

 

 239,866 

 

 

 -

Other borrowings

 

 

 4,189 

 

 

 4,189 

 

 

 -

 

 

 4,189 

 

 

 -

Interest payable

 

 

 350 

 

 

 350 

 

 

 -

 

 

 350 

 

 

 -







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Fair Value Measurements Using

December 31, 2015

 

 

Carrying Amount

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

 20,915 

 

$

 20,915 

 

$

 20,915 

 

$

 -

 

$

 -

Loans held for sale

 

 

 5,991 

 

 

 6,058 

 

 

 -

 

 

 6,058 

 

 

 -

Loans, net

 

 

 1,068,204 

 

 

 1,056,357 

 

 

 -

 

 

 -

 

 

 1,056,357 

FHLB stock

 

 

 10,482 

 

 

 10,482 

 

 

 -

 

 

 10,482 

 

 

 -

Interest receivable

 

 

 4,201 

 

 

 4,201 

 

 

 -

 

 

 4,201 

 

 

 -

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 1,091,382 

 

 

 1,090,975 

 

 

 740,759 

 

 

 -

 

 

 350,216 

FHLB advances

 

 

 225,617 

 

 

 224,621 

 

 

 -

 

 

 224,621 

 

 

 -

Other borrowings

 

 

 9,458 

 

 

 9,459 

 

 

 -

 

 

 9,459 

 

 

 -

Interest payable

 

 

 199 

 

 

 199 

 

 

 -

 

 

 199 

 

 

 -