FAIR VALUE (Tables)
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6 Months Ended |
Jun. 30, 2014
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FAIR VALUE [Abstract] |
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Carrying Amounts and Estimated Fair Values of Financial Instruments |
The carrying amounts and estimated fair values of financial instruments at June 30, 2014 were as follows:
| | | | | Fair Value Measurements at June 30, 2014 Using | | | | Carrying Amount | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | Financial assets | | | | | | | | | | | | | | | | Cash and due from banks | | $ | 93,377 | | | $ | 93,377 | | | $ | - | | | $ | - | | | $ | 93,377 | | Federal funds sold | | | 3,548 | | | | 3,548 | | | | - | | | | - | | | | 3,548 | | Securities available for sale | | | 269,770 | | | | - | | | | 269,630 | | | | 140 | | | | 269,770 | | Loans held for sale | | | 487 | | | | - | | | | - | | | | 487 | | | | 487 | | Loans, net | | | 822,964 | | | | - | | | | - | | | | 825,813 | | | | 825,813 | | Federal Home Loan Bank stock | | | 3,895 | | | | n/a | | | | n/a | | | | n/a | | | | n/a | | Interest receivable | | | 3,386 | | | | - | | | | 807 | | | | 2,579 | | | | 3,386 | | | | | | | | | | | | | | | | | | | | | | | Financial liabilities | | | | | | | | | | | | | | | | | | | | | Deposits | | $ | (1,089,561 | ) | | $ | (716,889 | ) | | $ | (373,389 | ) | | $ | - | | | $ | (1,090,278 | ) | Securities sold under agreements to repurchase | | | (11,003 | ) | | | - | | | | (11,003 | ) | | | - | | | | (11,003 | ) | Other borrowed funds | | | (12,937 | ) | | | - | | | | (12,984 | ) | | | - | | | | (12,984 | ) | Interest payable | | | (461 | ) | | | (6 | ) | | | (455 | ) | | | - | | | | (461 | ) | | | | | | | | | | | | | | | | | | | | | |
The carrying amounts and estimated fair values of financial instruments at December 31, 2013 were as follows:
| | | | | Fair Value Measurements at December 31, 2013 Using | | | | Carrying Amount | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | Financial assets | | | | | | | | | | | | | | | | Cash and due from banks | | $ | 63,984 | | | $ | 63,984 | | | $ | - | | | $ | - | | | $ | 63,984 | | Federal funds sold | | | 12,777 | | | | 12,777 | | | | - | | | | - | | | | 12,777 | | Securities available for sale | | | 218,066 | | | | - | | | | 217,926 | | | | 140 | | | | 218,066 | | Loans held for sale | | | 77 | | | | - | | | | - | | | | 77 | | | | 77 | | Loans, net | | | 729,743 | | | | - | | | | - | | | | 725,588 | | | | 725,588 | | Federal Home Loan Bank stock | | | 4,183 | | | | n/a | | | | n/a | | | | n/a | | | | n/a | | Interest receivable | | | 3,132 | | | | - | | | | 593 | | | | 2,539 | | | | 3,132 | | | | | | | | | | | | | | | | | | | | | | | Financial liabilities | | | | | | | | | | | | | | | | | | | | | Deposits | | $ | (924,023 | ) | | $ | (592,664 | ) | | $ | (332,475 | ) | | $ | - | | | $ | (925,139 | ) | Securities sold under agreements to repurchase | | | (11,319 | ) | | | - | | | | (11,319 | ) | | | - | | | | (11,319 | ) | Other borrowed funds | | | (13,800 | ) | | | - | | | | (13,811 | ) | | | - | | | | (13,811 | ) | Interest payable | | | (383 | ) | | | (5 | ) | | | (378 | ) | | | - | | | | (383 | ) | | | | | | | | | | | | | | | | | | | | | |
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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:
| | | | | Fair Value Measurements at June 30, 2014 Using: | | | | Carrying Value | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | Available for sale | | | | | | | | | | | | | Mortgage-backed securities | | | | | | | | | | | | | U. S. agency MBS - residential | | $ | 59,490 | | | $ | - | | | $ | 59,490 | | | $ | - | | U. S. agency CMO’s - residential | | | 163,049 | | | | - | | | | 163,049 | | | | - | | Total mortgage-backed securities of government sponsored agencies | | | 222,539 | | | | - | | | | 222,539 | | | | - | | U. S. government sponsored agency securities | | | 36,145 | | | | - | | | | 36,145 | | | | - | | Obligations of states and political subdivisions | | | 11,086 | | | | - | | | | 10,946 | | | | 140 | | Total available for sale | | $ | 269,770 | | | $ | - | | | $ | 269,630 | | | $ | 140 | |
| | | | | Fair Value Measurements at December 31, 2013 Using: | | | | Carrying Value | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | Available for sale | | | | | | | | | | | | | Mortgage-backed securities | | | | | | | | | | | | | U. S. agency MBS - residential | | $ | 27,823 | | | $ | - | | | $ | 27,823 | | | $ | - | | U. S. agency CMO’s | | | 176,722 | | | | - | | | | 176,722 | | | | - | | Total mortgage-backed securities of government sponsored agencies | | | 204,545 | | | | - | | | | 204,545 | | | | - | | U. S. government sponsored agency securities | | | 6,981 | | | | - | | | | 6,981 | | | | - | | Obligations of states and political subdivisions | | | 6,540 | | | | - | | | | 6,400 | | | | 140 | | Total securities available for sale | | $ | 218,066 | | | $ | - | | | $ | 217,926 | | | $ | 140 | | Mortgage-backed securities | | | | | | | | | | | | | | | | |
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Assets and Liabilities Measured at Fair Value on a Non-recurring Basis |
Assets and liabilities measured at fair value on a non-recurring basis at June 30, 2014 are summarized below:
| | | | | Fair Value Measurements at June 30, 2014 Using | | | | Carrying Value | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | Assets: | | | | | | | | | | | | | Impaired loans: | | | | | | | | | | | | | Residential Real Estate | | $ | 839 | | | $ | - | | | $ | - | | | $ | 839 | | Multifamily Residential | | | 332 | | | | - | | | | - | | | | 332 | | Commercial Real Estate | | | | | | | | | | | | | | | | | Owner Occupied | | | 346 | | | | - | | | | - | | | | 346 | | Commercial and Industrial | | | 737 | | | | - | | | | - | | | | 737 | | All Other | | | 4,165 | | | | - | | | | - | | | | 4,165 | | Total impaired loans | | | 6,419 | | | $ | - | | | $ | - | | | $ | 6,419 | | | | | | | | | | | | | | | | | | | Other real estate owned: | | | | | | | | | | | | | | | | | Commercial Real Estate | | | | | | | | | | | | | | | | | Non-owner Occupied | | $ | 290 | | | | - | | | | - | | | $ | 290 | | All Other | | | 8,448 | | | | - | | | | - | | | | 8,448 | | Total OREO | | $ | 8,738 | | | $ | - | | | $ | - | | | $ | 8,738 | |
Assets and liabilities measured at fair value on a non-recurring basis at December 31, 2013 are summarized below:
| | | | | Fair Value Measurements at December 31, 2013 Using | | | | Carrying Value | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | Assets: | | | | | | | | | | | | | Impaired loans: | | | | | | | | | | | | | Residential Real Estate | | $ | 1,518 | | | $ | - | | | $ | - | | | $ | 1,518 | | Commercial Real Estate | | | | | | | | | | | | | | | | | Owner Occupied | | | 345 | | | | - | | | | - | | | | 345 | | Non-owner Occupied | | | 428 | | | | - | | | | - | | | | 428 | | Commercial and Industrial | | | 3,384 | | | | - | | | | - | | | | 3,384 | | All Other | | | 4,133 | | | | - | | | | - | | | | 4,133 | | Total impaired loans | | | 9,808 | | | $ | - | | | $ | - | | | $ | 9,808 | | | | | | | | | | | | | | | | | | | Other real estate owned: | | | | | | | | | | | | | | | | | Commercial Real Estate | | | | | | | | | | | | | | | | | Non-owner Occupied | | | 290 | | | | - | | | | - | | | | 290 | | All Other | | | 8,496 | | | | - | | | | - | | | | 8,496 | | Total OREO | | $ | 8,786 | | | $ | - | | | $ | - | | | $ | 8,786 | |
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Fair Value Inputs, Assets, Quantitative Information |
The significant unobservable inputs related to assets and liabilities measured at fair value on a non-recurring basis at June 30, 2014 are summarized below:
| | June 30, 2014 | | Valuation Techniques | | Unobservable Inputs | | Range (Weighted Avg) | Impaired loans: | | | | | | | | | Residential Real Estate | | $ | 839 | | sales comparison | | adjustment for differences between the comparable sales | | | 3.3%-3.3%(3.3%) | Multifamily Residential | | | 332 | | sales comparison | | adjustment for differences between the comparable sales | | | 36.8%-36.8%(36.8%) | Commercial Real Estate | | | | | | | | | | | Owner Occupied | | | 346 | | sales comparison | | adjustment for limited salability of specialized property | | | 65.5%-72.4%(66.9%) | Commercial and Industrial | | | 737 | | sales comparison | | adjustment for limited salability of specialized property | | | 16.4%-41.2%(27.7%) | All Other | | | 4,165 | | sales comparison | | adjustment for percentage of completion of construction | | | 57.2%-57.2%(57.2%) | Total impaired loans | | | 6,419 | | | | | | | | | | | | | | | | | | | Other real estate owned: | | | | | | | | | | | Commercial Real Estate | | | | | | | | | | | Non-owner Occupied | | | 290 | | sales comparison | | adjustment for differences between the comparable sales | | | 42.7%-42.7%(42.7%) | All Other | | | 8,448 | | sales comparison | | adjustment for estimated realizable value | | | 24.6%-49.1%(44.2%) | Total OREO | | $ | 8,738 | | | | | | | |
The significant unobservable inputs related to assets and liabilities measured at fair value on a non-recurring basis at December 31, 2013 are summarized below:
| | December 31, 2013 | | Valuation Techniques | | Unobservable Inputs | | Range (Weighted Avg) | Impaired loans: | | | | | | | | | Residential Real Estate | | $ | 1,518 | | sales comparison | | adjustment for differences between the comparable sales | | | 0.8%-63.5%(11.9%) | Commercial Real Estate | | | | | | | | | | | Owner Occupied | | | 345 | | sales comparison | | adjustment for limited salability of specialized property | | | 62.5%-70.0%(64.0%) | Non-owner Occupied | | | 428 | | sales comparison | | adjustment for limited salability of specialized property | | | 50.6%-50.6%(50.6%) | Commercial and Industrial | | | 3,384 | | sales comparison | | adjustment for limited salability of specialized property | | | 25.0%-65.5%(57.8%) | All Other | | | 4,133 | | sales comparison | | adjustment for percentage of completion of construction | | | 57.6%-99.3%(57.7%) | Total impaired loans | | | 9,808 | | | | | | | | | | | | | | | | | | | Other real estate owned: | | | | | | | | | | | Commercial Real Estate | | | | | | | | | | | Non-owner Occupied | | | 290 | | sales comparison | | adjustment for differences between the comparable sales | | | 42.7%-42.7%(42.7%) | All Other | | | 8,496 | | sales comparison | | adjustment for estimated realizable value | | | 9.5%-24.6%(12.5%) | Total OREO | | $ | 8,786 | | | | | | | |
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