XML 42 R31.htm IDEA: XBRL DOCUMENT v3.7.0.1
FAIR VALUE (Tables)
3 Months Ended
Mar. 31, 2017
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets (Liabilities) Measured at Fair Value
The following tables summarize quantitative disclosures about the fair value measurements for each category of financial assets (liabilities) carried at fair value:
As of March 31, 2017
Fair Value
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable
Inputs
(Level 2)
 
Significant Other Unobservable Inputs
(Level 3)
Assets (liabilities) at fair value on a recurring basis:
 
 
 
 
 
 
 
Available for sale securities
 
 
 
 
 
 
 
Mortgage-backed securities
$
79,545

 
$

 
$
79,545

 
$

Collateralized mortgage obligations
102,467

 

 
102,467

 

Municipal securities
7,278

 

 
7,278

 

Corporate bonds
25,173

 

 
25,173

 

Derivative instruments
(661
)
 

 
(661
)
 

 
 
 
 
 
 
 
 
Assets at fair value on a nonrecurring basis:
 
 
 
 
 
 
 
Impaired loans
9,921

 

 

 
9,921

Other real estate owned
1,637

 

 

 
1,637


As of December 31, 2016
Fair Value
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable
Inputs
(Level 2)
 
Significant Other Unobservable Inputs
(Level 3)
Assets (liabilities) at fair value on a recurring basis:
 
 
 
 
 
 
 
Available for sale securities
 
 
 
 
 
 
 
Mortgage-backed securities
$
59,690

 
$

 
$
59,690

 
$

Collateralized mortgage obligations
65,133

 

 
65,133

 

Corporate bonds
24,883

 

 
24,883

 

U.S. treasury securities

 

 

 

Derivative instruments
(695
)
 

 
(695
)
 

 
 
 
 
 
 
 
 
Assets at fair value on a nonrecurring basis:
 
 
 
 
 
 
 
Impaired loans
6,065

 

 

 
6,065

Other real estate owned
1,692

 

 

 
1,692

Schedule of Foreclosed Assets Measured at Fair Value
The following table presents foreclosed assets that were remeasured and recorded at fair value as of:
 
March 31, 2017
 
December 31, 2016
 
March 31, 2016
Foreclosed assets remeasured at initial recognition:
 
 
 
 
 
Carrying value of foreclosed assets prior to remeasurement
$
87

 
$
78

 
$
134

Charge-offs recognized in the allowance for loan losses
(78
)
 
(11
)
 
(14
)
Fair value of foreclosed assets remeasured at initial recognition
$
9

 
$
67

 
$
120

 
 
 
 
 
 
Foreclosed assets remeasured subsequent to initial recognition:
 
 
 
 
 
Carrying value of foreclosed assets prior to remeasurement
$

 
$
170

 
$

Write-downs included in collection and other real estate owned expense

 
(69
)
 

Fair value of foreclosed assets remeasured subsequent to initial recognition
$

 
$
101

 
$

Schedule of Quantitative Information About Nonrecurring Level 3 Fair Value Measurements
The following tables present quantitative information about nonrecurring Level 3 fair value measurements as of:
 
 
Fair Value
 
Valuation
Technique(s)
 
Unobservable Input(s)
 
Range (Weighted Average)
March 31, 2017
 
 
 
 
 
 
 
 
Impaired loans
 
$
9,921

 
Fair value of collateral - sales comparison approach
 
Selling costs or other normal adjustments: Real estate Equipment
 
10%-20% (16%) 10%-20% (14%)
Other real estate owned
 
$
1,637

 
Appraisal value of collateral
 
Selling costs or other normal adjustments
 
10%-20% (16%)
 
 
Fair Value
 
Valuation
Technique(s)
 
Unobservable Input(s)
 
Range (Weighted Average)
December 31, 2016
 
 
 
 
 
 
 
 
Impaired loans
 
$
6,065

 
Fair value of collateral - sales comparison approach
 
Selling costs or other normal adjustments: Real estate Equipment
 
10%-20% (16%) 40%-50% (42%)
Other real estate owned
 
$
1,692

 
Appraisal value of collateral
 
Selling costs or other normal adjustments
 
10%-20% (16%)
Schedule of Carrying Amounts And Estimated Fair Values of Financial Instruments
The carrying amounts and estimated fair values of financial instruments, not previously in this note, as of March 31, 2017 and December 31, 2016 are as follows:
 
 
Fair value measurements as of
March 31, 2017 using:
 
 
Carrying Amount
 
Level 1
Inputs
 
Level 2
Inputs
 
Level 3
Inputs
 
Total
Fair Value
Financial assets:
 
 
 
    
 
    
 
    
 
    
Cash, due from banks, federal funds sold and interest-bearing deposits
 
$
143,757

 
$
115,751

 
$
28,006

 
$

 
$
143,757

Marketable securities held to maturity
 
185,837

 

 
184,412

 

 
184,412

Loans, net
 
1,241,215

 

 

 
1,246,011

 
1,246,011

Accrued interest receivable
 
6,304

 

 
6,304

 

 
6,304

Nonmarketable equity securities
 
7,285

 

 
7,285

 

 
7,285

Cash surrender value of life insurance
 
17,922

 

 
17,922

 

 
17,922

Financial liabilities:
 
 
 
 
 
 
 
 
 
 
Deposits
 
$
1,671,171

 
$
1,335,456

 
$
336,371

 
$

 
$
1,671,827

Securities sold under repurchase agreements
 
12,663

 

 
12,663

 

 
12,663

Accrued interest payable
 
1,010

 

 
1,010

 

 
1,010

Other debt
 
18,929

 

 
18,929

 

 
18,929

Federal Home Loan Bank advances
 
25,165

 

 
25,163

 

 
25,163

Subordinated debentures
 
19,310

 

 
16,852

 

 
16,852


 
 
Fair value measurements as of
December 31, 2016 using:
 
 
Carrying Amount
 
Level 1
Inputs
 
Level 2
Inputs
 
Level 3
Inputs
 
Total
Fair Value
Financial assets:
 
 
 
    
 
    
 
    
 
    
Cash, due from banks, federal funds sold and interest-bearing deposits
 
$
127,543

 
$
100,205

 
$
27,338

 
$

 
$
127,543

Marketable securities held to maturity
 
189,371

 

 
186,155

 

 
186,155

Loans, net
 
1,233,651

 

 

 
1,235,306

 
1,235,306

Accrued interest receivable
 
7,419

 

 
7,419

 

 
7,419

Nonmarketable equity securities
 
10,500

 

 
10,500

 

 
10,500

Cash surrender value of life insurance
 
17,804

 

 
17,804

 

 
17,804

Financial liabilities:
 
 
 
 
 
 
 
 
 
 
Deposits
 
$
1,576,791

 
$
1,234,875

 
$
342,615

 
$

 
$
1,577,490

Securities sold under repurchase agreements
 
10,859

 

 
10,859

 

 
10,859

Accrued interest payable
 
889

 

 
889

 

 
889

Other debt
 
18,286

 

 
18,286

 

 
18,286

Federal Home Loan Bank advances
 
55,170

 

 
55,160

 

 
55,160

Subordinated debentures
 
19,310

 

 
16,809

 

 
16,809