ASSETS HELD FOR SALE

9 Months Ended

Sep. 30, 2014

ASSETS HELD FOR SALE [Abstract]

ASSETS HELD FOR SALE

NOTE 12 – ASSETS HELD FOR SALE

The Company periodically reviews long-lived assets against its plans to retain or ultimately dispose of these assets.  If the Company decides to dispose of an asset and commits to a plan to actively market and sell the asset, it will be moved to assets held for sale.  The Company analyzes market conditions each reporting period and records additional impairments due to declines in market values of like assets.  The fair value of the asset is determined by observable inputs such as appraisals and prices of comparable assets in active markets for assets like the Company’s.  Gains are not recognized until the assets are sold.

On June 30, 2014, the Company ceased activities at one of its banking properties and moved the activities and customers to another existing property.  The Company is actively marketing the facility for sale.  At September 30, 2014 and December 31, 2013, existing assets held for sale were $925 and $0, respectively, with a loss of $15 recognized in noninterest expense as fair value was less than carrying value as of September 30, 2014.