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20. FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2016
Fair Value Measurements Tables  
Fair value on a recurring basis

The following tables present the balances of financial assets measured at fair value on a recurring basis as of December 31, 2016, and 2015 (dollars in thousands):

 

December 31, 2016   Total     Level 1     Level 2     Level 3  
                         
U. S. Treasuries   $ 24,014     $ -     $ 24,014     $ -  
Mortgage-backed obligations of federal agencies     634       -       634       -  
Equity securities     135       -       135       -  
Total securities available for sale   $ 24,783       -     $ 24,783       -  

 

December 31, 2015   Total     Level 1     Level 2     Level 3  
                         
U. S. Treasuries   $ 4,021     $ -     $ 4,021     $ -  
U. S. Government sponsored enterprises     8,074       -       8,074       -  
Mortgage-backed obligations of federal agencies     817       -       817       -  
Equity securities     135       -       135       -  
Total securities available for sale   $ 13,047       -     $ 13,047       -  

 
Financial Assets Mmeasured at Fair Value On Nnonrecurring Basis

The following table summarizes the Company’s financial assets that were measured at fair value on a nonrecurring basis during the period (dollars in thousands).

 

December 31, 2016   Total     Level 1     Level 2     Level 3  
                         
     Construction/Land Development   $ 4,739       -       -     $ 4,739  
     Real Estate     985       -       -       985  
     Commercial Real Estate     892       -       -       892  
     Dealer Finance     67       -       -       67  
Impaired loans   $ 6,683       -       -     $ 6,683  

 

December 31, 2015   Total     Level 1     Level 2     Level 3  
                         
     Construction/Land Development   $ 9,161       -       -     $ 9,161  
     Real Estate     86       -       -       86  
     Commercial Real Estate     872       -       -       872  
     Home Equity – open end     1,145       -       -       1,145  
     Dealer Finance     51       -       -       51  
Impaired loans   $ 11,315       -       -     $ 11,315  

 

 

The following table summarizes the Company’s other real estate owned that were measured at fair value on a nonrecurring basis during the period.

 

December 31, 2016   Total     Level 1     Level 2     Level 3  
                         
Other real estate owned   $ 2,076       -       -     $ 2,076  
                                 

 

December 31, 2015   Total     Level 1     Level 2     Level 3  
                         
Other real estate owned   $ 2,128       -       -     $ 2,128  
                                 

 
Fair Value Measurements

The following table presents information about Level 3 Fair Value Measurements for December 31, 2016:

 

    Fair Value at December 31, 2016   Valuation Technique   Significant Unobservable Inputs   Range
                 
Impaired Loans   $ 6,683   Discounted appraised value   Discount for selling costs and marketability   2%-50% (Average 4.7%)
                   

 

The following table presents information about Level 3 Fair Value Measurements for December 31, 2016:

 

    Fair Value at December 31, 2016   Valuation Technique   Significant Unobservable Inputs   Range
                 
Other real estate owned   $ 2,076   Discounted appraised value   Discount for selling costs   5%-15% (Average 8%)
Carrying Value and Estimated Fair Value for Financial Instruments

The estimated fair values, and related carrying amounts (in thousands), of the Company’s financial instruments are as follows:

 

          Fair Value Measurements at December 31, 2016 Using  
(dollars in thousands)   Carrying Amount     Quoted Prices in Active Markets for Identical Assets (Level 1)     Significant Other Observable Inputs (Level 2)     Significant Unobservable Inputs (Level 3)     Fair Value at December 31, 2016  
Assets:                              
Cash and cash equivalents   $ 16,355     $ 16,355     $ -     $ -     $ 16,355  
Securities     24,908       -       24,908       -       24,908  
Loans held for sale     62,735       -       62,735       -       62,735  
Loans held for investment, net     584,093       -       -       598,991       598,991  
Interest receivable     1,785       -       1,785       -       1,785  
Bank owned life insurance     13,513       -       13,513       -       13,513  
Total   $ 703,389     $ 16,355     $ 102,941     $ 598,991     $ 718,287  
Liabilities:                                        
Deposits   $ 537,085     $ -     $ 379,857     $ 158,073     $ 537,930  
Short-term debt     40,000       -       40,000       -       40,000  
Long-term debt     64,237       -       -       63,945       63,945  
Interest payable     228       -       228       -       228  
Total   $ 641,550     $ -     $ 420,085     $ 222,018     $ 642,103  

 

          Fair Value Measurements at December 31, 2015 Using  
(dollars in thousands)   Carrying Amount     Quoted Prices in Active Markets for Identical Assets (Level 1)     Significant Other Observable Inputs (Level 2)     Significant Unobservable Inputs (Level 3)     Fair Value at December 31, 2016  
Assets:                              
Cash and cash equivalents   $ 8,519     $ 8,519     $ -     $ -     $ 8,519  
Securities     13,172       -       13,172       -       13,172  
Loans held for sale     57,806       -       57,806       -       57,806  
Loans held for investment, net     535,272       -       -       546,792       546,792  
Interest receivable     1,709       -       1,709       -       1,709  
Bank owned life insurance     13,046       -       13,046       -       13,046  
Total   $ 629,524     $ 8,519     $ 85,733     $ 546,792     $ 641,044  
Liabilities:                                        
Deposits   $ 494,670     $ -     $ 333,630     $ 162,524     $ 496,154  
Short-term debt     24,954       -       24,954       -       24,954  
Long-term debt     48,161       -       -       48,565       48,565  
Interest payable     203       -       203       -       203  
Total   $ 567,988     $ -     $ 358,787     $ 210,685     $ 569,472