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Fair Value Measurements And Fair Values Of Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2014
Fair Value Measurements And Fair Values Of Financial Instruments [Abstract]  
Fair Value, By Balance Sheet Grouping

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2014

 

Carrying

 

Fair

 

 

 

 

 

 

 

(Dollars in thousands)

Amount

 

Value

 

Level 1

 

Level 2

 

Level 3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

48,593 

 

$

48,593 

 

$

48,593 

 

$

 -

 

$

 -

Investment securities available for sale

 

171,751 

 

 

171,751 

 

 

1,053 

 

 

170,698 

 

 

 -

Restricted stock

 

438 

 

 

438 

 

 

 -

 

 

438 

 

 

 -

Loans held for sale

 

389 

 

 

389 

 

 

 -

 

 

389 

 

 

 -

Net loans

 

717,420 

 

 

721,680 

 

 

 -

 

 

 -

 

 

721,680 

Accrued interest receivable

 

3,038 

 

 

3,038 

 

 

 -

 

 

3,038 

 

 

 -

Mortgage servicing rights

 

143 

 

 

143 

 

 

 -

 

 

 -

 

 

143 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

$

881,181 

 

$

881,289 

 

$

 -

 

$

881,289 

 

$

 -

Securities sold under agreements to repurchase

 

9,079 

 

 

9,079 

 

 

 -

 

 

9,079 

 

 

 -

Accrued interest payable

 

169 

 

 

169 

 

 

 -

 

 

169 

 

 

 -

Interest rate swaps

 

191 

 

 

191 

 

 

 -

 

 

191 

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2013

 

Carrying

 

Fair

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

Amount

 

Value

 

Level 1

 

Level 2

 

Level 3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

40,745 

 

$

40,745 

 

$

40,745 

 

$

 -

 

$

 -

Investment securities available for sale

 

159,674 

 

 

159,674 

 

 

1,970 

 

 

157,704 

 

 

 -

Restricted stock

 

1,906 

 

 

1,906 

 

 

 -

 

 

1,906 

 

 

 -

   Loans held for sale

 

349 

 

 

349 

 

 

 -

 

 

349 

 

 

 -

Net loans

 

713,711 

 

 

722,119 

 

 

 -

 

 

 -

 

 

722,119 

Accrued interest receivable

 

3,087 

 

 

3,087 

 

 

 -

 

 

3,087 

 

 

 -

Mortgage servicing rights

 

184 

 

 

184 

 

 

 -

 

 

 -

 

 

184 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

$

845,724 

 

$

846,289 

 

$

 -

 

$

846,289 

 

$

 -

Securities sold under agreements to repurchase

 

23,834 

 

 

23,834 

 

 

 -

 

 

23,834 

 

 

 -

Long-term debt

 

12,403 

 

 

12,999 

 

 

 -

 

 

12,999 

 

 

 -

Accrued interest payable

 

229 

 

 

229 

 

 

 -

 

 

229 

 

 

 -

Interest rate swaps

 

561 

 

 

561 

 

 

 -

 

 

561 

 

 

 -

 

Schedule Of Fair Value, Assets And Liabilities Measured On Recurring Basis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in Thousands)

 

Fair Value at December 31, 2014

Asset  Description

 

Level 1

 

Level 2

 

Level 3

 

Total

Equity securities

 

$

1,053 

 

$

 -

 

$

 -

 

$

1,053 

U.S. Government and Agency securities

 

 

 -

 

 

15,963 

 

 

 -

 

 

15,963 

Municipal securities

 

 

 -

 

 

68,366 

 

 

 -

 

 

68,366 

Trust Preferred Securities

 

 

 -

 

 

5,137 

 

 

 -

 

 

5,137 

Agency mortgage-backed securities

 

 

 -

 

 

79,494 

 

 

 -

 

 

79,494 

Private-label mortgage-backed securities

 

 

 -

 

 

1,695 

 

 

 -

 

 

1,695 

Asset-backed securities

 

 

 -

 

 

43 

 

 

 -

 

 

43 

Total assets

 

$

1,053 

 

$

170,698 

 

$

 -

 

$

171,751 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liability Description

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

$

 -

 

$

191 

 

$

 -

 

$

191 

 Total liabilities

 

$

 -

 

$

191 

 

$

 -

 

$

191 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in Thousands)

 

Fair Value at December 31, 2013

Asset  Description

 

Level 1

 

Level 2

 

Level 3

 

Total

Equity securities

 

$

1,970 

 

$

 -

 

$

 -

 

$

1,970 

U.S. Government and Agency securities

 

 

 -

 

 

11,751 

 

 

 -

 

 

11,751 

Municipal securities

 

 

 -

 

 

56,857 

 

 

 -

 

 

56,857 

Corporate debt securities

 

 

 -

 

 

1,001 

 

 

 -

 

 

1,001 

Trust Preferred Securities

 

 

 -

 

 

5,051 

 

 

 -

 

 

5,051 

Agency mortgage-backed securities

 

 

 -

 

 

81,027 

 

 

 -

 

 

81,027 

Private-label mortgage-backed securities

 

 

 -

 

 

1,969 

 

 

 -

 

 

1,969 

Asset-backed securities

 

 

 -

 

 

48 

 

 

 -

 

 

48 

Total assets

 

$

1,970 

 

$

157,704 

 

$

 -

 

$

159,674 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liability Description

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

$

 -

 

$

561 

 

$

 -

 

$

561 

Total liabilities

 

$

 -

 

$

561 

 

$

 -

 

$

561 

 

Fair Value Measurements, Nonrecurring

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in Thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value at December 31, 2014

Asset  Description

 

Level 1

 

Level 2

 

Level 3

 

Total

Impaired loans (1)

 

$

 -

 

$

 -

 

$

3,469 

 

$

3,469 

Other real estate owned (1)

 

 

 -

 

 

 -

 

 

760 

 

 

760 

Mortgage servicing rights

 

 

 -

 

 

 -

 

 

143 

 

 

143 

Total assets

 

$

 -

 

$

 -

 

$

4,372 

 

$

4,372 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in Thousands)

 

Fair Value at December 31, 2013

Asset  Description

 

Level 1

 

Level 2

 

Level 3

 

Total

Impaired loans (1)

 

$

 -

 

$

 -

 

$

8,588 

 

$

8,588 

Other real estate owned (1)

 

 

 -

 

 

 -

 

 

498 

 

 

498 

Mortgage servicing rights

 

 

 -

 

 

 -

 

 

184 

 

 

184 

Total assets

 

$

 -

 

$

 -

 

$

9,270 

 

$

9,270 

(1) Includes assets directly charged-down to fair value during the year-to-date period.

Fair Value Inputs, Assets, Quantitative Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in Thousands)

 

Quantitative Information about Level 3 Fair Value Measurements

 

 

 

 

 

 

 

 

Range

December 31, 2014

 

Fair Value

 

Valuation Technique

 

Unobservable Input

 

(Weighted Average)

Impaired loans (1)

 

$                   3,469 

 

Appraisal

 

Appraisal Adjustments (2)

 

0% - 100%  (26%)

 

 

 

 

 

 

Cost to sell

 

0% - 10% (5%)

Other real estate owned (1)

 

760 

 

Appraisal

 

Appraisal Adjustments (2)

 

 

 

 

 

 

 

 

Cost to sell

 

8% (8%)

Mortgage servicing rights

 

143 

 

Discounted Cash Flow (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Range

December 31, 2013

 

Fair Value

 

Valuation Technique

 

Unobservable Input

 

(Weighted Average)

Impaired loans (1)

 

$                   8,588 

 

Appraisal

 

Appraisal Adjustments (2)

 

0% - 60%  (5%)

 

 

 

 

 

 

Cost to sell

 

5% - 13.5%    (7%)

Other real estate owned (1)

 

498 

 

Appraisal

 

Appraisal Adjustments (2)

 

 

 

 

 

 

 

 

Cost to sell

 

8% (8%)

Mortgage servicing rights

 

184 

 

Discounted Cash Flow (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes assets directly charged-down to fair value during the year-to-date period.

 

 

(2) Qualitative adjustments are discounts specific to each asset and are made as needed.

 

 

(3) Valuation and inputs are determined by a third-party pricing service without adjustment.