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FAIR VALUE MEASUREMENTS AND DISCLOSURES (Tables)
12 Months Ended
Dec. 31, 2015
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
Below is a table that presents information about certain assets and liabilities measured at fair value on a recurring basis (in thousands):
 
 
Assets / Liabilities
Measured at Fair Value at December 31, 2015
 
Fair Value Measurements
at December 31, 2015
Description
 
 
Level 1
 
Level 2
 
Level 3
Available-for-sale securities:
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions
 
$
31,493

 
$

 
$
31,493

 
$

GSE mortgage-backed securities
 
87,038

 

 
87,038

 

Collateralized mortgage obligations: residential
 
192,088

 

 
192,088

 

Collateralized mortgage obligations: commercial
 
5,448

 

 
5,448

 

Mutual funds
 
2,092

 
2,092

 

 


 
 
Assets / Liabilities
Measured at Fair Value at December 31, 2014
 
Fair Value Measurements
at December 31, 2014
Description
 
 
Level 1
 
Level 2
 
Level 3
Available-for-sale securities:
 
 
 
 
 
 
 
 
U.S. Government sponsored enterprises
 
$
10,227

 
$

 
$
10,227

 
$

Obligations of state and political subdivisions
 
44,605

 

 
44,605

 

GSE mortgage-backed securities
 
109,103

 

 
109,103

 

Collateralized mortgage obligations: residential
 
60,839

 

 
60,839

 

Collateralized mortgage obligations: commercial
 
24,545

 

 
24,545

 

Other asset-backed securities
 
24,343

 

 
24,343

 

Collateralized debt obligation
 
1,218

 

 
1,218

 

Mutual funds
 
2,104

 
2,104

 
 
 
 
Schedule of Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Assets measured at fair value on a nonrecurring basis are as follows (in thousands):
 
 
Assets / Liabilities
Measured at Fair Value at December 31, 2015
 
Fair Value Measurements
at December 31, 2015
Description
 
 
Level 1
 
Level 2
 
Level 3
Impaired loans
 
$
17,487

 
$

 
$
17,487

 
$

Other real estate
 
4,187

 

 
4,187

 


 
 
Assets / Liabilities
Measured at Fair Value at December 31, 2014
 
Fair Value Measurements
at December 31, 2014
Description
 
 
Level 1
 
Level 2
 
Level 3
Impaired loans
 
$
5,051

 
$

 
$
5,051

 
$

Other real estate
 
4,234

 

 
4,234

 

Schedule of Estimated Fair Values of Financial Instruments
The estimated fair values of our financial instruments are as follows at December 31, 2015 and 2014 (in thousands):
 
 
 
 
Fair Value Measurements at
December 31, 2015 Using:
 
 
Carrying
Value
 
Level 1
 
Level 2
 
Level 3
Financial assets:
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
89,201

 
$
89,201

 
$

 
$

Securities available-for-sale
 
318,159

 
2,092

 
316,067

 

Securities held-to-maturity
 
116,792

 

 
117,698

 

Other investments
 
11,188

 
11,188

 

 

Loans, net
 
1,244,634

 

 
17,487

 
1,232,497

Cash surrender value of life insurance policies
 
13,622

 

 
13,622

 

Financial liabilities:
 
 

 
 

 
 

 
 

Non-interest-bearing deposits
 
374,261

 

 
374,261

 

Interest-bearing deposits
 
1,176,589

 

 
1,007,137

 
168,633

Securities sold under agreements to repurchase
 
85,957

 
85,957

 

 

Short-term Federal Home Loan Bank advances
 
25,000

 

 
25,000

 

Long-term Federal Home Loan Bank advances
 
25,851

 

 

 
26,508

Junior subordinated debentures
 
22,167

 

 
22,167

 

 
 
 
 
Fair Value Measurements at
December 31, 2014 Using:
 
 
Carrying
Value
 
Level 1
 
Level 2
 
Level 3
Financial assets:
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
86,872

 
$
86,872

 
$

 
$

Securities available-for-sale
 
276,984

 
2,104

 
274,880

 

Securities held-to-maturity
 
141,201

 

 
141,593

 

Other investments
 
9,990

 
9,990

 

 

Loans, net
 
1,273,205

 

 
5,051

 
1,277,882

Cash surrender value of life insurance policies
 
13,659

 

 
13,659

 

Financial liabilities:
 
 

 
 

 
 

 
 

Non-interest-bearing deposits
 
390,863

 

 
390,863

 

Interest-bearing deposits
 
1,194,371

 

 
943,255

 
251,291

Securities sold under agreements to repurchase
 
62,098

 
62,098

 

 

Short-term Federal Home Loan Bank advances
 
25,000

 

 
25,000

 

Long-term Federal Home Loan Bank advances
 
26,277

 

 

 
27,193

Junior subordinated debentures
 
22,167

 

 
22,167