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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2015
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] |
Summary of assets measured at fair value on a recurring basis | The following tables present the assets reported on the consolidated balance sheet at their fair value on a recurring basis as of December 31, 2015 and 2014 (in thousands) by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
2015 |  | Level I |  | Level II |  | Level III |  |  | Total
Fair value measurements on a recurring basis: |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |
U.S. agency securities |  | $ - |  | $ 199,591 |  | $ - |  |  | $ 199,591
U.S. treasuries securities |  | 10,082 |  | - |  | - |  |  | 10,082
Obligations of state and |  |  |  |  |  |  |  |  |
political subdivisions |  | - |  | 102,863 |  | - |  |  | 102,863
Corporate obligations |  | - |  | 14,565 |  | - |  |  | 14,565
Mortgage-backed securities in |  |  |  |  |  |  |  |  |
government sponsored entities |  | - |  | 30,204 |  | - |  |  | 30,204
Equity securities in financial institutions |  | 2,432 |  | - |  | - |  |  | 2,432
2014 |  | Level I |  | Level II |  | Level III |  |  | Total
Fair value measurements on a recurring basis: |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |
U.S. agency securities |  | $ - |  | $ 150,885 |  | $ - |  |  | $ 150,885
U.S. treasuries |  | 4,849 |  | - |  | - |  |  | 4,849
Obligations of state and |  |  |  |  |  |  |  |  |
political subdivisions |  | - |  | 105,036 |  | - |  |  | 105,036
Corporate obligations |  | - |  | 13,958 |  | - |  |  | 13,958
Mortgage-backed securities in |  |  |  |  |  |  |  |  |
government sponsored entities |  | - |  | 29,728 |  | - |  |  | 29,728
Equity securities in financial institutions |  | 1,690 |  | - |  | - |  |  | 1,690
Summary of assets measured at fair value on non-recurring basis | Assets measured at fair value on a nonrecurring basis as of December 31, 2015 and 2014 (in thousands) are included in the table below:
2015 |  | Level I |  | Level II |  | Level III |  | Total
Impaired Loans |  | $ - |  | $ - |  | $ 894 |  | $ 894
Other real estate owned |  | - |  | - |  | 1,197 |  | 1,197
2014 |  | Level I |  | Level II |  | Level III |  | Total
Impaired Loans |  | $ - |  | $ - |  | $ 846 |  | $ 846
Other real estate owned |  | - |  | - |  | 893 |  | 893
Significant unobservable inputs used in fair value measurement process | The following table provides a listing of the significant unobservable inputs used in the fair value measurement process for items valued utilizing level III techniques.
Quantitative Information about Level 3 Fair Value Measurements
2015 | Fair Value |  | Valuation Technique(s) | Unobservable input | Range | Weighted average
Impaired Loans | 894 |  | Appraised Collateral Values | Discount for time since appraisal | 0-70% | 46.50%
|  |  |  | Selling costs | 4%-10% | 7.75%
|  |  |  | Holding period | 0 - 12 months | 10 months
Other real estate owned | 1,197 |  | Appraised Collateral Values | Discount for time since appraisal | 0-75% | 25%
2014 | Fair Value |  | Valuation Technique(s) | Unobservable input | Range | Weighted average
Impaired Loans | 846 |  | Appraised Collateral Values | Discount for time since appraisal | 0-20% | 2.00%
|  |  |  | Selling costs | 4%-10% | 8.54%
|  |  |  | Holding period | 12 months | 12 months
Other real estate owned | 893 |  | Appraised Collateral Values | Discount for time since appraisal | 0-20% | 20%
Fair value of financial instruments | The fair values of the Company’s financial instruments are as follows (in thousands):
| Carrying |  |  |  |
December 31, 2015 | Amount | Fair Value | Level I | Level II | Level III
Financial assets: |  |  |  |  |
Cash and due from banks | $ 24,384 | $ 24,384 | $ 24,384 | $ - | $ -
Interest bearing time deposits with other banks | 7,696 | 7,705 | - | - | 7,705
Available-for-sale securities | 359,737 | 359,737 | 12,514 | 347,223 | -
Loans held for sale | 603 | 603 | 603 |  |
Net loans | 687,925 | 712,524 | - | - | 712,524
Bank owned life insurance | 25,535 | 25,535 | 25,535 | - | -
Regulatory stock | 3,459 | 3,459 | 3,459 | - | -
Accrued interest receivable | 4,211 | 4,211 | 4,211 | - | -
Financial liabilities: |  |  |  |  |
Deposits | $ 988,031 | $ 987,542 | $ 706,121 | $ - | $ 281,421
Borrowed funds | 41,631 | 38,863 | 1,598 | - | 37,265
Accrued interest payable | 734 | 734 | 734 | - | -
| Carrying |  |  |  |
December 31, 2014 | Amount | Fair Value | Level I | Level II | Level III
Financial assets: |  |  |  |  |
Cash and due from banks | $ 11,423 | $ 11,423 | $ 11,423 | $ - | $ -
Interest bearing time deposits with other banks | 5,960 | 5,969 | - | - | 5,969
Available-for-sale securities | 306,146 | 306,146 | 6,539 | 299,607 | -
Loans held for sale | 497 | 497 | 497 |  |
Net loans | 547,290 | 564,944 | - | - | 564,944
Bank owned life insurance | 20,309 | 20,309 | 20,309 | - | -
Regulatory stock | 2,035 | 2,035 | 2,035 | - | -
Accrued interest receivable | 3,644 | 3,644 | 3,644 | - | -
Financial liabilities: |  |  |  |  |
Deposits | $ 773,933 | $ 774,387 | $ 525,166 | $ - | $ 249,221
Borrowed funds | 41,799 | 38,219 | 16,593 | - | 21,626
Accrued interest payable | 756 | 756 | 756 | - | -

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19296-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13476-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13467-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13433-108611 + Details
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- Definition Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
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