XML 43 R32.htm IDEA: XBRL DOCUMENT
v3.19.2

Fair Value (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2019
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis, including financial assets and liabilities for which the Company has elected the fair value option, are summarized below:
|  | Fair Value Measurements at June 30, 2019 Using
|  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Assets: |  |  |  |  |  |  |  |
Obligations of State and Political Subdivisions |  | $ | — |  |  | $ | 298,778 |  |  | $ | 4,506 |  |  | $ | 303,284 |
MBS/CMO - Residential |  | — |  |  | 537,408 |  |  | — |  |  | 537,408 |
Total Securities |  | $ | — |  |  | $ | 836,186 |  |  | $ | 4,506 |  |  | $ | 840,692 |
Loans Held-for-Sale |  | $ | — |  |  | $ | 14,184 |  |  | $ | — |  |  | $ | 14,184 |
Derivative Assets |  | $ | — |  |  | $ | 2,381 |  |  | $ | — |  |  | $ | 2,381 |
Derivative Liabilities |  | $ | — |  |  | $ | 2,607 |  |  | $ | — |  |  | $ | 2,607 |
|  | Fair Value Measurements at December 31, 2018 Using
|  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Assets: |  |  |  |  |  |  |  |
Obligations of State and Political Subdivisions |  | $ | — |  |  | $ | 289,542 |  |  | $ | 4,991 |  |  | $ | 294,533 |
MBS/CMO - Residential |  | — |  |  | 518,078 |  |  | — |  |  | 518,078 |
Total Securities |  | $ | — |  |  | $ | 807,620 |  |  | $ | 4,991 |  |  | $ | 812,611 |
Loans Held-for-Sale |  | $ | — |  |  | $ | 4,263 |  |  | $ | — |  |  | $ | 4,263 |
Derivative Assets |  | $ | — |  |  | $ | 1,713 |  |  | $ | — |  |  | $ | 1,713 |
Derivative Liabilities |  | $ | — |  |  | $ | 1,734 |  |  | $ | — |  |  | $ | 1,734 |
Schedule of Reconciliation of all Assets Measured at Fair Value on Recurring Basis, Using Significant Unobservable Inputs (Level 3) | The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2019 and 2018:
|  | Obligations of State and Political Subdivisions
|  | 2019 |  | 2018
Balance of Recurring Level 3 Assets at April 1 |  | $ | 4,512 |  |  | $ | 5,171 |
Total Gains or Losses Included in Other Comprehensive Income |  | (6 | ) |  | (4 | )
Maturities / Calls |  | — |  |  | — |
Purchases |  | — |  |  | — |
Balance of Recurring Level 3 Assets at June 30 |  | $ | 4,506 |  |  | $ | 5,167 |
|  | Obligations of State and Political Subdivisions
|  | 2019 |  | 2018
Balance of Recurring Level 3 Assets at January 1 |  | $ | 4,991 |  |  | $ | 5,649 |
Total Gains or Losses Included in Other Comprehensive Income |  | (15 | ) |  | (22 | )
Maturities / Calls |  | (470 | ) |  | (460 | )
Purchases |  | — |  |  | — |
Balance of Recurring Level 3 Assets at June 30 |  | $ | 4,506 |  |  | $ | 5,167 |
Schedule of Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | Assets and liabilities measured at fair value on a non-recurring basis are summarized below:
|  | Fair Value Measurements at June 30, 2019 Using
|  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Impaired Loans |  |  |  |  |  |  |  |  |  |  |  |
Commercial and Industrial Loans |  | $ | — |  |  | $ | — |  |  | $ | 1,835 |  |  | $ | 1,835 |
Commercial Real Estate Loans |  | — |  |  | — |  |  | 1,750 |  |  | 1,750 |
|  | Fair Value Measurements at December 31, 2018 Using
|  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Impaired Loans |  |  |  |  |  |  |  |  |  |  |  |
Commercial and Industrial Loans |  | $ | — |  |  | $ | — |  |  | $ | 2,210 |  |  | $ | 2,210 |
Commercial Real Estate Loans |  | — |  |  | — |  |  | 2,528 |  |  | 2,528 |
Schedule of Fair Value Assets and Liabilities Measured on Nonrecurring Basis Valuation Techniques | The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at June 30, 2019 and December 31, 2018:
June 30, 2019 |  | Fair Value |  | Valuation Technique(s) |  | Unobservable Input(s) |  | Range (Weighted Average)
Impaired Loans - Commercial and Industrial Loans |  | $ | 1,835 |  |  | Sales comparison approach |  | Adjustment for physical condition of comparable properties sold |  | 60%-100% (61%)
Impaired Loans - Commercial Real Estate Loans |  | $ | 1,750 |  |  | Sales comparison approach |  | Adjustment for physical condition of comparable properties sold |  | 47%-76% (60%)
December 31, 2018 |  | Fair Value |  | Valuation Technique(s) |  | Unobservable Input(s) |  | Range (Weighted Average)
Impaired Loans - Commercial and Industrial Loans |  | $ | 2,210 |  |  | Sales comparison approach |  | Adjustment for physical condition of comparable properties sold |  | 0%-100% (99%)
Impaired Loans - Commercial Real Estate Loans |  | $ | 2,528 |  |  | Sales comparison approach |  | Adjustment for physical condition of comparable properties sold |  | 22%-76% (55%)
Schedule of Carrying Amounts and Estimated Fair Values of Company's Financial Instruments | The carrying amounts and estimated fair values of the Company’s financial instruments not previously presented are provided in the tables below for the periods ending June 30, 2019 and December 31, 2018. Not all of the Company’s assets and liabilities are considered financial instruments, and therefore are not included in the tables. Because no active market exists for a significant portion of the Company’s financial instruments, fair value estimates were based on subjective judgments, and therefore cannot be determined with precision. In accordance with the adoption of ASU 2016-01, the tables below for June 30, 2019 and December 31, 2018, present the fair values measured using an exit price notion.
|  |  |  | Fair Value Measurements at June 30, 2019 Using
|  | Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and Short-term Investments |  | $ | 90,007 |  |  | $ | 48,634 |  |  | $ | 41,373 |  |  | $ | — |  |  | $ | 90,007 |
Interest Bearing Time Deposits with Banks |  | 250 |  |  | — |  |  | 250 |  |  | — |  |  | 250 |
Loans, Net |  | 2,697,204 |  |  | — |  |  | — |  |  | 2,684,900 |  |  | 2,684,900 |
Accrued Interest Receivable |  | 16,210 |  |  | — |  |  | 4,389 |  |  | 11,821 |  |  | 16,210 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demand, Savings, and Money Market Deposits |  | (2,531,061 | ) |  | (2,531,061 | ) |  | — |  |  | — |  |  | (2,531,061 | )
Time Deposits |  | (597,771 | ) |  | — |  |  | (597,447 | ) |  | — |  |  | (597,447 | )
Short-term Borrowings |  | (142,318 | ) |  | (106,000 | ) |  | (36,318 | ) |  | — |  |  | (142,318 | )
Long-term Debt |  | (163,622 | ) |  | — |  |  | (152,022 | ) |  | (8,751 | ) |  | (160,773 | )
Accrued Interest Payable |  | (2,060 | ) |  | — |  |  | (2,040 | ) |  | (20 | ) |  | (2,060 | )
|  |  |  | Fair Value Measurements at December 31, 2018 Using
|  | Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and Short-term Investments |  | $ | 96,550 |  |  | $ | 64,549 |  |  | $ | 32,001 |  |  | $ | — |  |  | $ | 96,550 |
Interest Bearing Time Deposits with Banks |  | 250 |  |  | — |  |  | 250 |  |  | — |  |  | 250 |
Loans, Net |  | 2,707,498 |  |  | — |  |  | — |  |  | 2,689,393 |  |  | 2,689,393 |
Accrued Interest Receivable |  | 16,634 |  |  | — |  |  | 4,143 |  |  | 12,491 |  |  | 16,634 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demand, Savings, and Money Market Deposits |  | (2,484,149 | ) |  | (2,848,149 | ) |  | — |  |  | — |  |  | (2,848,149 | )
Time Deposits |  | (588,483 | ) |  | — |  |  | (586,338 | ) |  | — |  |  | (586,338 | )
Short-term Borrowings |  | (249,774 | ) |  | (204,500 | ) |  | (45,274 | ) |  | — |  |  | (249,774 | )
Long-term Debt |  | (126,635 | ) |  | — |  |  | (117,513 | ) |  | (11,315 | ) |  | (128,828 | )
Accrued Interest Payable |  | (1,740 | ) |  | — |  |  | (1,718 | ) |  | (22 | ) |  | (1,740 | )

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=118260190&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration