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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2017
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]  
Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized below (dollars in thousands):







 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 



 

Fair Value Measurement

 September 30, 2017

 

Quoted Prices in Active Markets For Identical Assets (Level 1)

 

Significant Other Observable Inputs (Level 2)

 

Significant Unobservable Inputs (Level 3)

Assets:

 

 

 

 

 

 

 

 

 

Residential mortgage-backed securities

 

$

 -

 

$

 26,170 

 

$

 -

Residential collateralized mortgage obligation

 

 

 -

 

 

 2,950 

 

 

 -

Commercial mortgage backed securities

 

 

 -

 

 

 1,566 

 

 

 -

Municipal bond

 

 

 -

 

 

 1,126 

 

 

 -

CRA mutual fund

 

 

 2,110 

 

 

 -

 

 

 -

 

 

 

 

 

 

 

 

 

 

 December 31, 2016

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

Residential mortgage-backed securities

 

$

 -

 

$

 29,027 

 

$

 -

Residential collateralized mortgage obligation

 

 

 -

 

 

 5,103 

 

 

 -

Municipal bond

 

 

 -

 

 

 1,136 

 

 

 -

CRA mutual fund

 

 

 2,063 

 

 

 -

 

 

 -



Assets and Liabilities Measured on a Non-Recurring Basis

Assets and liabilities measured at fair value on a non-recurring basis are summarized below (dollars in thousands):





 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 



 

Fair Value Measurement

 September 30, 2017

 

Quoted Prices in Active Markets For Identical Assets (Level 1)

 

Significant Other Observable Inputs (Level 2)

 

Significant Unobservable Inputs (Level 3)

Assets:

 

 

 

 

 

 

 

 

 

Impaired loans:

 

 

 

 

 

 

 

 

 

Commercial and industrial

 

$

 -

 

$

 -

 

$

 3,294 







 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 



 

Fair Value Measurement

 December 31, 2016

 

Quoted Prices in Active Markets For Identical Assets (Level 1)

 

Significant Other Observable Inputs (Level 2)

 

Significant Unobservable Inputs (Level 3)

Assets:

 

 

 

 

 

 

 

 

 

Impaired loans:

 

 

 

 

 

 

 

 

 

Commercial and industrial

 

$

 -

 

$

 -

 

$

 3,294 



Quantitative Information About Level 3 Fair Value Measurements for Assets

The following table presents quantitative information about level 3 fair value measurements for assets measured at fair value on a non-recurring basis at September 30, 2017 and December 31, 2016:







 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 



 

 

Fair Value

 

Valuation Technique

 

Unobservable Input

 

Range (Weighted Average)

 



 

 

 

 

 

 

 

 

 

 

 September 30, 2017

 

 

 

 

 

 

 

 

 

 

Impaired loans – Commercial and industrial

 

$

 3,294 

 

Market approach

 

Adjustments for the difference in comparable sales

 

 10.0 

%



 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 December 31, 2016

 

 

 

 

 

 

 

 

 

 

Impaired loans – Commercial and industrial

 

$

 3,294 

 

Market approach

 

Adjustments for the difference in comparable sales

 

 10.0 

%



Carrying Amount and Estimated Fair Values of Financial Instruments

Carrying amount and estimated fair values of financial instruments at year end were as follows (dollars in thousands):





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

September 30, 2017



 

 

 

Fair Value Measurement Using:

 

 

 

 

Carrying Amount

 

Quoted Prices In
Active Markets for Identical Assets
(Level 1)

 

Significant Other Observable Inputs (Level 2)

 

Significant Unobservable
Inputs
(Level 3)

 

Total
Fair Value



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

 267,099 

 

$

 267,099 

 

$

 -

 

$

 -

 

$

 267,099 

Securities available for sale

 

 

 33,922 

 

 

 2,110 

 

 

 31,812 

 

 

 -

 

 

 33,922 

Securities held to maturity

 

 

 5,681 

 

 

 -

 

 

 5,630 

 

 

 -

 

 

 5,630 

Loans, net

 

 

 1,365,754 

 

 

 -

 

 

 -

 

 

 1,381,158 

 

 

 1,381,158 

Other investments

 

 

 13,740 

 

 

N/A

 

 

       N/A

 

 

           N/A

 

 

          N/A

Accrued interest receivable

 

 

 3,903 

 

 

 2 

 

 

 135 

 

 

 3,766 

 

 

 3,903 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Deposits without stated maturities

 

 

 1,405,458 

 

 

 1,405,458 

 

 

 -

 

 

 -

 

 

 1,405,458 

   Deposits with stated maturities

 

 

 83,185 

 

 

 -

 

 

 83,278 

 

 

 -

 

 

 83,278 

Borrowed funds

 

 

 43,750 

 

 

 -

 

 

 43,794 

 

 

 -

 

 

 43,794 

Trust preferred securities

 

 

 20,620 

 

 

 -

 

 

 -

 

 

 20,005 

 

 

 20,005 

Subordinated debt, net of issuance cost

 

 

 24,468 

 

 

 -

 

 

 25,000 

 

 

 -

 

 

 25,000 

Accrued interest payable

 

 

 547 

 

 

 17 

 

 

 360 

 

 

 170 

 

 

 547 





NOTE 6 - FAIR VALUE OF FINANCIAL INSTRUMENTS (Continued)







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

December 31, 2016



 

 

 

Fair Value Measurement Using:

 

 

 

 

Carrying Amount

 

Quoted Prices In
Active Markets for Identical Assets
(Level 1)

 

Significant Other Observable Inputs (Level 2)

 

Significant Unobservable
Inputs
(Level 3)

 

Total
Fair Value



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

 82,931 

 

$

 82,931 

 

$

 -

 

$

 -

 

$

 82,931 

Securities available for sale

 

 

 37,329 

 

 

 2,063 

 

 

 35,266 

 

 

 -

 

 

 37,329 

Securities held to maturity

 

 

 6,500 

 

 

 -

 

 

 6,419 

 

 

 -

 

 

 6,419 

Loans, net

 

 

 1,042,731 

 

 

 -

 

 

 -

 

 

 1,059,333 

 

 

 1,059,333 

Other investments

 

 

 12,588 

 

 

             N/A

 

 

      N/A

 

 

          N/A

 

 

         N/A

Accrued interest receivable

 

 

 2,735 

 

 

 -

 

 

 157 

 

 

 2,578 

 

 

 2,735 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Deposits without stated maturities

 

 

 903,267 

 

 

 903,267 

 

 

 -

 

 

 -

 

 

 903,267 

   Deposits with stated maturities

 

 

 90,513 

 

 

 -

 

 

 90,559 

 

 

 -

 

 

 90,559 

Borrowed funds

 

 

 78,418 

 

 

 -

 

 

 78,872 

 

 

 -

 

 

 78,872 

Trust preferred securities

 

 

 20,620 

 

 

 -

 

 

 -

 

 

 19,998 

 

 

 19,998 

Accrued interest payable

 

 

 227 

 

 

 19 

 

 

 62 

 

 

 146 

 

 

 227