Fair Value Disclosures [Abstract] | Period [Axis] |
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2016-01-01 - 2016-12-31 |
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Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring Basis |
Assets and Liabilities Measured on a Recurring Basis
The assets and liabilities measured at fair value on a recurring
basis are summarized below:
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December 31, 2016
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Total carrying
value in the
consolidated |
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|
Quoted Prices
In Active
Markets for |
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|
Significant
Other
Observable |
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|
Significant
Unobservable
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Description
|
|
balance sheet at
December 31, 2016 |
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Identical Assets
(Level 1) |
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Inputs
(Level 2) |
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Inputs
(Level 3) |
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Assets
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Available for sale securities
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$ |
209,480 |
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|
2,001 |
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|
205,662 |
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|
1,817 |
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December 31, 2015
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Total carrying
value in the
consolidated |
|
|
Quoted Prices
In Active
Markets for |
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|
Significant
Other
Observable |
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|
Significant
Unobservable
|
|
Description
|
|
balance sheet at
December 31, 2015 |
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Identical Assets
(Level 1) |
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|
Inputs
(Level 2) |
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|
Inputs
(Level 3) |
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Assets
|
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Available for sale securities
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$ |
237,177 |
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|
2,000 |
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233,312 |
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1,865 |
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|
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis |
The assets and liabilities measured at fair value on a
non-recurring basis are summarized below:
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December 31, 2016
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Total carrying
value in the |
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|
Quoted Prices
In Active |
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Significant
Other |
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Significant |
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Description
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|
consolidated
balance sheet at
12/31/2016 |
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Markets for
Identical Assets
(Level 1) |
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|
Observable
Inputs
(Level 2) |
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Unobservable
Inputs
(Level 3) |
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Assets
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Foreclosed assets
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$ |
2,397 |
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|
— |
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|
— |
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|
2,397 |
|
Impaired loans, net of allowance of $1,148
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$ |
6,123 |
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— |
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— |
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6,123 |
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December 31, 2015
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Total carrying
value in the |
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Quoted Prices
In Active |
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|
Significant
Other |
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|
Significant |
|
Description
|
|
consolidated
balance sheet at
12/31/2015 |
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|
Markets for
Identical Assets
(Level 1) |
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|
Observable
Inputs
(Level 2) |
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Unobservable
Inputs
(Level 3) |
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Assets
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Foreclosed assets
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$ |
1,736 |
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— |
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— |
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1,736 |
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Impaired loans, net of allowance of $630
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$ |
3,319 |
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— |
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— |
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3,319 |
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Quantitative Information about Level 3 Fair Value Measurements for Assets Measured at Fair Value on Reoccurring and Non-reoccurring Basis |
The following table presents quantitative information about level 3
fair value measurements for assets measured at fair value on a
reoccuring and non-reoccuring basis at December 31, 2016 and
2015:
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Level 3 Significant Unobservable Input
Assumptions
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Fair
Value |
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Valuation
Technique
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Unobservable
Input
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Quantitative Range
of Unobservable
Inputs |
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December 31, 2016
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Assets measured on a non-recurring basis
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Foreclosed assets
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2,397 |
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Discount to appraised value of
collateral |
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Appraisal comparability
adjustments |
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30% to 55% |
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Impaired loans
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|
7,271 |
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Discount to appraised value of
collateral |
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Appraisal comparability
adjustments |
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10% to 25% |
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Asset measured on a recurring basis
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Trust preferred securities
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1,817 |
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Discounted cash flow
Spread to Libor swap curve
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|
Compare to quotes for sale
when available
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One month libor
4% to 6%
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December 31, 2015
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Assets measured on a non-recurring basis
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Foreclosed assets
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|
1,736 |
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|
Discount to appraised value of
collateral |
|
Appraisal comparability
adjustments |
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|
10% to 15% |
|
Impaired loans
|
|
|
3,949 |
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|
Discount to appraised value of
collateral |
|
Appraisal comparability
adjustments |
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|
10% to 15% |
|
Asset measured on a recurring basis
|
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|
|
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Trust preferred securities
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|
1,865 |
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|
Discounted cash flow
Spread to Libor swap curve
|
|
Compare to quotes for sale
when available
|
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|
One month libor
4% to 6%
|
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|
Roll-Forward of the Consolidated Condensed Statement of Financial Condition Items |
The table below includes a roll-forward of the balance sheet items
for the years ended December 31, 2016 and 2015, (including the
change in fair value) for assets and liabilities classified by the
Company within level 3 of the valuation hierarchy for assets and
liabilities measured at fair value on a recurring basis. When a
determination is made to classify a financial instrument within
level 3 of the valuation hierarchy, the determination is based upon
the significance of the unobservable factors to the overall fair
value measurement. However, since level 3 financial instruments
typically include, in addition to the unobservable or level 3
components, observable components (that is components that are
actively quoted and can be validated to external sources), the
gains and losses in the table below include changes in fair value
due in part to observable factors that are part of the valuation
methodology.
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Year ended
December 31, |
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2016 |
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2015 |
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Other |
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Other |
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Assets |
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Assets |
|
Fair value, December 31,
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$ |
1,865 |
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|
$ |
1,489 |
|
Change in unrealized gains (losses) included in other comprehensive
income for assets and liabilities still held at December 31,
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(65 |
) |
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|
359 |
|
Other than temporary impairment charge
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|
— |
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|
— |
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Recovery of prior impairment charge
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|
17 |
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|
17 |
|
Purchases, issuances and settlements, net
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|
— |
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|
— |
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Transfers in and/or out of Level 3
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|
— |
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— |
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Fair value, December 31,
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$ |
1,817 |
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$ |
1,865 |
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|
Estimated Fair Values of Financial Instruments |
The estimated fair values of financial instruments were as follows
at December 31, 2016:
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Using |
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Quoted Prices |
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|
Significant |
|
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|
|
|
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In Active Markets |
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|
Other |
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Significant |
|
|
|
|
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Estimated |
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for Identical |
|
|
Observable |
|
|
Unobservable |
|
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|
Carrying |
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Fair |
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Assets |
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|
Inputs |
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|
Inputs |
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Amount |
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Value |
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|
Level 1 |
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Level 2 |
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Level 3 |
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Financial Assets:
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Cash and due from banks
|
|
$ |
21,779 |
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|
21,779 |
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21,779 |
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|
— |
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|
— |
|
Interest-bearing deposits in banks
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|
3,970 |
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|
3,970 |
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|
3,970 |
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|
— |
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|
— |
|
Securities available for sale
|
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|
209,480 |
|
|
|
209,480 |
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|
2,001 |
|
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|
205,662 |
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|
1,817 |
|
Federal Home Loan Bank stock
|
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|
4,428 |
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|
4,428 |
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|
— |
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|
4,428 |
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|
— |
|
Loans held for sale
|
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|
1,094 |
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|
1,094 |
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|
— |
|
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|
1,094 |
|
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|
— |
|
Loans receivable
|
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|
604,286 |
|
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|
593,257 |
|
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|
— |
|
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|
— |
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|
593,257 |
|
Accrued interest receivable
|
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|
3,799 |
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|
3,799 |
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|
— |
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|
3,799 |
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|
— |
|
Financial Liabilities:
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Deposits
|
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|
732,882 |
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|
732,942 |
|
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|
— |
|
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|
732,942 |
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|
|
— |
|
Advances from borrowers for taxes and insurance
|
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|
766 |
|
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|
766 |
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|
— |
|
|
|
766 |
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|
— |
|
Advances from Federal Home Loan Bank
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|
11,000 |
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|
10,979 |
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|
— |
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|
10,979 |
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|
|
— |
|
Repurchase agreements
|
|
|
47,655 |
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|
47,655 |
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|
— |
|
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|
47,655 |
|
|
|
— |
|
Subordinated debentures
|
|
|
10,310 |
|
|
|
10,099 |
|
|
|
— |
|
|
|
— |
|
|
|
10,099 |
|
The estimated fair values of financial instruments were as follows
at December 31, 2015:
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Using |
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Quoted Prices |
|
|
Significant |
|
|
|
|
|
|
|
|
|
|
|
|
In Active Markets |
|
|
Other |
|
|
Significant |
|
|
|
|
|
|
Estimated |
|
|
for Identical |
|
|
Observable |
|
|
Unobservable |
|
|
|
Carrying |
|
|
Fair |
|
|
Assets |
|
|
Inputs |
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|
Inputs |
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|
Amount |
|
|
Value |
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|
Level 1 |
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|
Level 2 |
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|
Level 3 |
|
Financial Assets:
|
|
|
|
|
Cash and due from banks
|
|
$ |
46,926 |
|
|
|
46,926 |
|
|
|
46,926 |
|
|
|
— |
|
|
|
— |
|
Interest-bearing deposits in banks
|
|
|
7,772 |
|
|
|
7,772 |
|
|
|
7,772 |
|
|
|
— |
|
|
|
— |
|
Securities available for sale
|
|
|
237,177 |
|
|
|
237,177 |
|
|
|
2,000 |
|
|
|
233,312 |
|
|
|
1,865 |
|
Federal Home Loan Bank stock
|
|
|
4,428 |
|
|
|
4,428 |
|
|
|
— |
|
|
|
4,428 |
|
|
|
— |
|
Loans held for sale
|
|
|
2,792 |
|
|
|
2,792 |
|
|
|
— |
|
|
|
2,792 |
|
|
|
— |
|
Loans receivable
|
|
|
556,349 |
|
|
|
552,981 |
|
|
|
— |
|
|
|
— |
|
|
|
552,981 |
|
Accounts receivable
|
|
|
4,139 |
|
|
|
4,139 |
|
|
|
— |
|
|
|
4,139 |
|
|
|
— |
|
Financial Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
739,406 |
|
|
|
724,877 |
|
|
|
— |
|
|
|
724,877 |
|
|
|
— |
|
Advances from borrowers for taxes and insurance
|
|
|
614 |
|
|
|
614 |
|
|
|
— |
|
|
|
614 |
|
|
|
— |
|
Advances from Federal Home Loan Bank
|
|
|
15,000 |
|
|
|
14,985 |
|
|
|
— |
|
|
|
14,985 |
|
|
|
— |
|
Repurchase agreements
|
|
|
45,770 |
|
|
|
45,931 |
|
|
|
— |
|
|
|
45,931 |
|
|
|
— |
|
Subordinated debentures
|
|
|
10,310 |
|
|
|
10,099 |
|
|
|
— |
|
|
|
— |
|
|
|
10,099 |
|
|
Foreclosed Assets that were Re-measured and Reported at Fair Value |
The following table presents foreclosed assets that were
re-measured and reported at fair value:
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|
Years Ended December 31, |
|
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|
2016 |
|
|
2015 |
|
|
2014 |
|
Beginning balance
|
|
$ |
1,736 |
|
|
|
1,927 |
|
|
|
1,674 |
|
Foreclosed assets measured at initial recognition:
|
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|
|
|
|
|
|
|
|
|
|
|
Carrying value of foreclosed assets prior to acquisition
|
|
|
2,935 |
|
|
|
986 |
|
|
|
1,816 |
|
Proceeds from sale of foreclosed assets
|
|
|
(1,623 |
) |
|
|
(344 |
) |
|
|
(1,118 |
) |
Charge-offs recognized in the allowance for loan loss
|
|
|
(672 |
) |
|
|
(117 |
) |
|
|
(237 |
) |
Gains (losses) included in non-interest expense
|
|
|
21 |
|
|
|
(716 |
) |
|
|
(208 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value
|
|
$ |
2,397 |
|
|
|
1,736 |
|
|
|
1,927 |
|
|
|
|
|
|
|
|
|
|
|
|
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|