Financial Instruments (Tables)
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9 Months Ended |
Sep. 30, 2016 |
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| Investments, All Other Investments [Abstract] |
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| Schedule of Carrying Amount, Fair Value, and Placement in Fair Value Hierarchy of Company's Financial Instruments, Excluding Financial Instruments, which the Carrying Amount Approximates Fair Value |
The following presents the carrying amount, fair value, and
placement in the fair value hierarchy of the Company’s
financial instruments as of September 30, 2016 and
December 31, 2015. This table excludes financial instruments
for which the carrying amount approximates fair value. For
short-term financial assets such as cash and cash equivalents, the
carrying amount is a reasonable estimate of fair value due to the
relatively short time between the origination of the instrument and
its expected realization. For financial liabilities such as
noninterest-bearing demand, interest-bearing demand, and savings
deposits, the carrying amount is a reasonable estimate of fair
value due to these products having no stated maturity.
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Fair Value Measurements |
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| (dollars in thousands) |
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Carrying
Amount |
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Fair Value |
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Quoted Prices in
Active Markets
for Identical
Assets or
Liabilities
(Level 1) |
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Significant
Other
Observable
Inputs
(Level 2) |
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Significant
Unobservable
Inputs
(Level 3) |
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September 30, 2016
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Financial Instruments - Assets
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Investment Securities Available for Sale
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$ |
59,269 |
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$ |
59,269 |
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$ |
— |
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$ |
59,269 |
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$ |
— |
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Net Loans
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405,086 |
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410,218 |
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— |
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409,167 |
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1,051 |
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Financial Instruments – Liabilities
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Time Deposits
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173,170 |
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172,894 |
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— |
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172,894 |
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— |
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Long-Term Debt
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10,000 |
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10,323 |
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— |
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10,323 |
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— |
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December 31, 2015
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Financial Instruments - Assets
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Investment Securities Available for Sale
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$ |
56,050 |
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$ |
56,050 |
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$ |
— |
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$ |
56,050 |
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$ |
— |
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Net Loans
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237,798 |
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237,798 |
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— |
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236,761 |
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1,167 |
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Financial Instruments – Liabilities
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Time Deposits
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96,373 |
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95,725 |
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— |
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95,725 |
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— |
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Long-Term Debt
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20,000 |
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20,925 |
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— |
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20,925 |
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— |
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| Schedule of Assets Recorded at Fair Value on Recurring Basis |
Assets Recorded at Fair Value on a Recurring
Basis
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| (dollars in
thousands) |
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Total |
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Level 1 |
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Level 2 |
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Level 3 |
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September 30, 2016
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Investment securities available for sale
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Government sponsored enterprises
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$ |
2,089 |
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$ |
— |
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$ |
2,089 |
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$ |
— |
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Mortgage-backed securities
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31,211 |
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— |
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31,211 |
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— |
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Corporate securities
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3,064 |
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— |
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3,064 |
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— |
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State and municipal securities
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22,905 |
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— |
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22,905 |
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— |
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$ |
59,269 |
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$ |
— |
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$ |
59,269 |
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$ |
— |
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December 31, 2015
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Investment securities available for sale
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U.S. Treasury securities
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$ |
1,516 |
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$ |
— |
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$ |
1,516 |
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$ |
— |
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U.S. Government agency securities
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4 |
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— |
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4 |
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— |
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Government sponsored enterprises
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15,309 |
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— |
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15,309 |
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— |
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Mortgage-backed securities
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13,513 |
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— |
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13,513 |
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— |
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Asset-backed securities
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1,989 |
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— |
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1,989 |
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— |
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Corporate securities
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2,974 |
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— |
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2,974 |
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— |
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State and municipal securities
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20,745 |
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— |
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20,745 |
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— |
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Total assets at fair value
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$ |
56,050 |
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$ |
— |
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$ |
56,050 |
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$ |
— |
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| Schedule of Assets Recorded at Fair Value on Nonrecurring Basis |
Assets measured at fair value on a nonrecurring basis are included
in the table below.
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September 30, 2016
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| (dollars in thousands) |
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Total |
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Level 1 |
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Level 2 |
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Level 3 |
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Loans
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$ |
1,051 |
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$ |
— |
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$ |
— |
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$ |
1,051 |
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Foreclosed assets
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70 |
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— |
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— |
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70 |
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Total assets at fair value
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$ |
1,121 |
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$ |
— |
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$ |
— |
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$ |
1,121 |
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December 31, 2015
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| (dollars in thousands) |
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Total |
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Level 1 |
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Level 2 |
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Level 3 |
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Loans
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$ |
1,167 |
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$ |
— |
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$ |
— |
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$ |
1,167 |
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Foreclosed assets
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408 |
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— |
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— |
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408 |
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Total assets at fair value
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$ |
1,575 |
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$ |
— |
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$ |
— |
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$ |
1,575 |
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| Schedule of Assets Recorded at Fair Value on Recurring and Nonrecurring Basis |
For Level 3 assets measured at fair value on a recurring or
non-recurring basis as of September 30, 2016 and
December 31, 2015, the significant unobservable inputs used in
the fair value measurements were as follows:
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Fair Value at
September 30,
2016 |
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Fair Value at
December 31,
2015 |
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Valuation Technique |
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Significant
Unobservable
Inputs |
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General Range
of Significant
Unobservable
Input Values |
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Impaired Loans
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$ |
1,051 |
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$ |
1,167 |
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Appraised
Value/Discounted
Cash Flows/Market
Value of Note |
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Discounts to reflect
current market
conditions, ultimate
collectability, and
estimated costs to
sell |
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0 – 10% |
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Other Real Estate Owned
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$
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70
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$ |
408 |
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Appraised
Value/Comparable
Sales/Other Estimates
from Independent
Sources
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Discounts to reflect
current market
conditions and
estimated costs to
sell |
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0 – 10% |
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