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Fair Value (Tables)
9 Months Ended
Sep. 30, 2014
Fair Value [Abstract]  
Quantitative Information About Level 3 Inputs [Table Text Block]

 

 

 

 

 

 

 

 

 

 

Valuation Technique

 

Unobservable Input

 

Range

 

Weighted Average

 

Discounted Cash Flow

 

Prepayment rate

 

8 through 15

%

10.0 

%

 

 

Default rate

 

10 through 15

%

12.5 

%

 

 

Loss severity

 

10 through 25

%

18.0 

%

 

Balances Of Assets And Liabilities Measured At Fair Value On A Recurring Basis [TableTextBlock]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2014

(In thousands)

 

Level 1

 

Level 2

 

Level 3

 

Total

Securities available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government sponsored entities

 

$

 -

 

$

4,584 

 

$

 -

 

$

4,584 

State and political subdivisions

 

 

 -

 

 

13,345 

 

 

 -

 

 

13,345 

Residential mortgage-backed securities

 

 

 -

 

 

36,112 

 

 

 -

 

 

36,112 

Corporate and other securities

 

 

 -

 

 

12,013 

 

 

 -

 

 

12,013 

Total securities available for sale

 

$

 -

 

$

66,054 

 

$

 -

 

$

66,054 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2013

(In thousands)

 

Level 1

 

Level 2

 

Level 3

 

Total

Securities available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government sponsored entities

 

$

 -

 

$

6,418 

 

$

 -

 

$

6,418 

State and political subdivisions

 

 

 -

 

 

16,598 

 

 

 -

 

 

16,598 

Residential mortgage-backed securities

 

 

 -

 

 

44,389 

 

 

 -

 

 

44,389 

Commercial mortgage-backed securities

 

 

 -

 

 

 -

 

 

888 

 

 

888 

Corporate and other securities

 

 

 -

 

 

12,840 

 

 

 -

 

 

12,840 

Total securities available for sale

 

$

 -

 

$

80,245 

 

$

888 

 

$

81,133 

 

Schedule Of Fair Value Changes In Level 3 [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended September 30,

 

For the nine months ended September 30,

(In thousands)

 

2014

 

2013

 

2014

 

2013

Commercial mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of period

 

$

 -

 

$

1,594 

 

$

888 

 

$

4,463 

Payoffs

 

 

 -

 

 

(75)

 

 

(714)

 

 

(815)

Principal paydowns

 

 

 -

 

 

(219)

 

 

(173)

 

 

(2,301)

Total net losses included in:

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income

 

 

 -

 

 

 

 

(1)

 

 

(39)

Balance, end of period

 

$

 -

 

$

1,308 

 

$

 -

 

$

1,308 

 

Assets And Liabilities Carried On The Balance Sheet By Caption And By Level Within The Hierarchy (As Described Above) [TableTextBlock]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value at September 30, 2014

 

Gains (losses) from fair value changes for the three months ended

 

Gains (losses) from fair value changes for the nine months ended

(In thousands)

 

Level 1

 

Level 2

 

Level 3

 

Total

 

September 30, 2014

 

September 30, 2014

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OREO

 

$

 -

 

$

 -

 

$

166 

 

$

166 

 

$

(160)

 

$

(839)

Impaired collateral-dependent loans

 

 

 -

 

 

 -

 

 

1,244 

 

 

1,244 

 

 

186 

 

 

186 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value at September 30, 2013

 

Gains (losses) from fair value changes for the three months ended

 

Gains (losses) from fair value changes for the nine months ended

(In thousands)

 

Level 1

 

Level 2

 

Level 3

 

Total

 

September 30, 2013

 

September 30, 2013

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OREO

 

$

 -

 

$

 -

 

$

1,000 

 

$

1,000 

 

$

(390)

 

$

(459)

Impaired collateral-dependent loans

 

 

 -

 

 

 -

 

 

8,782 

 

 

8,782 

 

 

286 

 

 

554 

 

Carrying Amount And Estimated Fair Values Of The Company's Financial Instruments Not Previously Presented [TableTextBlock]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2014

 

December 31, 2013

(In thousands)

 

Fair value level

 

Carrying amount

 

Estimated fair value

 

Carrying amount

 

Estimated fair value

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

Level 1

 

$

101,589 

 

$

101,589 

 

$

99,404 

 

$

99,404 

Securities held to maturity (1)

 

 

Level 2

 

 

20,825 

 

 

20,738 

 

 

26,381 

 

 

25,549 

SBA loans held for sale

 

 

Level 2

 

 

7,835 

 

 

8,575 

 

 

6,673 

 

 

7,267 

Loans, net of allowance for loan losses (2)

 

 

Level 2

 

 

723,613 

 

 

726,059 

 

 

658,887 

 

 

645,582 

Federal Home Loan Bank stock

 

 

Level 2

 

 

4,907 

 

 

4,907 

 

 

5,392 

 

 

5,392 

Servicing assets

 

 

Level 3

 

 

643 

 

 

643 

 

 

437 

 

 

437 

Accrued interest receivable

 

 

Level 2

 

 

3,422 

 

 

3,422 

 

 

3,272 

 

 

3,272 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

Level 2

 

 

781,920 

 

 

781,594 

 

 

738,698 

 

 

738,337 

Borrowed funds and subordinated debentures

 

 

Level 2

 

 

115,465 

 

 

120,845 

 

 

122,465 

 

 

129,732 

Accrued interest payable

 

 

Level 2

 

 

476 

 

 

476 

 

 

454 

 

 

454 

 

 

(1)

Includes held to maturity commercial mortgage-backed securities that are considered Level 3. These securities had book values of $4.0 million and $6.8 million at September 30, 2014 and December 31, 2013, respectively, and market values of $3.8 million and $6.4 million at September 30, 2014 and December 31, 2013, respectively.

(2)

Includes collateral-dependent impaired loans that are considered Level 3 and reported separately in the tables under the “Fair Value on a Nonrecurring Basis” heading. Collateral-dependent impaired loans, net of specific reserves totaled $1.2 million and $4.5 million at September 30, 2014 and December 31, 2013, respectively.