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Fair Value (Tables) | 3 Months Ended
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Mar. 31, 2020
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 March 31, 2020 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 |  | $ | — |  |  | $ | 323,382 |  |  | $ | 3,482 |  |  | $ | 326,864 |
MBS/CMO |  | — |  |  | 548,923 |  |  | — |  |  | 548,923 |
Total Securities |  | $ | — |  |  | $ | 872,305 |  |  | $ | 3,482 |  |  | $ | 875,787 |
Loans Held-for-Sale |  | $ | — |  |  | $ | 15,561 |  |  | $ | — |  |  | $ | 15,561 |
Derivative Assets |  | $ | — |  |  | $ | 9,521 |  |  | $ | — |  |  | $ | 9,521 |
Derivative Liabilities |  | $ | — |  |  | $ | 10,222 |  |  | $ | — |  |  | $ | 10,222 |
|  | Fair Value Measurements at December 31, 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 |  | $ | — |  |  | $ | 320,279 |  |  | $ | 4,021 |  |  | $ | 324,300 |
MBS/CMO |  | — |  |  | 530,525 |  |  | — |  |  | 530,525 |
Total Securities |  | $ | — |  |  | $ | 850,804 |  |  | $ | 4,021 |  |  | $ | 854,825 |
Loans Held-for-Sale |  | $ | — |  |  | $ | 17,713 |  |  | $ | — |  |  | $ | 17,713 |
Derivative Assets |  | $ | — |  |  | $ | 2,607 |  |  | $ | — |  |  | $ | 2,607 |
Derivative Liabilities |  | $ | — |  |  | $ | 2,829 |  |  | $ | — |  |  | $ | 2,829 |
Schedule of Aggregate Fair Value, Contractual Balance and Gain (Loss) of Loans Held-for-Sale | As of March 31, 2020 and December 31, 2019, the aggregate fair value, contractual balance (including accrued interest), and gain or loss on Loans Held-for-Sale was as follows:
|  | March 31, 2020 |  | December 31, 2019
Aggregate Fair Value |  | $ | 15,561 |  |  | $ | 17,713 |
Contractual Balance |  | 15,221 |  |  | 17,378 |
Gain (Loss) |  | 340 |  |  | 335 |
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 months ended March 31, 2020 and 2019:
|  | Obligations of State and Political Subdivisions
|  | 2020 |  | 2019
Balance of Recurring Level 3 Assets at January 1 |  | $ | 4,021 |  |  | $ | 4,991 |
Total Gains or Losses Included in Other Comprehensive Income |  | (16 | ) |  | (9 | )
Maturities / Calls |  | (523 | ) |  | (470 | )
Acquired through Bank Acquisition |  | — |  |  | — |
Balance of Recurring Level 3 Assets at March 31 |  | $ | 3,482 |  |  | $ | 4,512 |
Of the total gain/loss included in earnings for the three months ended March 31, 2020 and 2019, ($16) and ($9) was attributable to other changes in fair value, respectively.
Schedule of Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | As discussed in Note 2 - Recent Accounting Pronouncements, the Company adopted ASC 326 on January 1, 2020. The table below is based upon previously applicable GAAP.
|  | Fair Value Measurements at December 31, 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 |  | $ | — |  |  | $ | — |  |  | $ | 2,109 |  |  | $ | 2,109 |
Commercial Real Estate Loans |  | — |  |  | — |  |  | 493 |  |  | 493 |
Assets and liabilities measured at fair value on a non-recurring basis are summarized below:
|  | Fair Value Measurements at March 31, 2020 Using
|  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Individually Analyzed Loans |  |  |  |  |  |  |  |  |  |  |  |
Commercial and Industrial Loans |  | $ | — |  |  | $ | — |  |  | $ | 2,727 |  |  | $ | 2,727 |
Commercial Real Estate Loans |  | $ | — |  |  | $ | — |  |  | $ | 6,460 |  |  | $ | 6,460 |
Agricultural Loans |  | $ | — |  |  | $ | — |  |  | $ | 552 |  |  | $ | 552 |
Home Equity Loans |  | $ | — |  |  | $ | — |  |  | $ | 366 |  |  | $ | 366 |
Residential Mortgage Loans |  | $ | — |  |  | $ | — |  |  | $ | 24 |  |  | $ | 24 |
Schedule of Fair Value Assets and Liabilities Measured on Nonrecurring Basis Valuation Techniques | The following tables present quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at March 31, 2020 and December 31, 2019:
March 31, 2020 |  | Fair Value |  | Valuation Technique(s) |  | Unobservable Input(s) |  | Range (Weighted Average)
Individual Analyzed Loans - Commercial and Industrial Loans |  | $ | 2,727 |  |  | Sales comparison approach |  | Adjustment for physical condition of comparable properties sold |  | 0%-100% (62%)
Individual Analyzed Loans - Commercial Real Estate Loans |  | $ | 6,460 |  |  | Sales comparison approach |  | Adjustment for physical condition of comparable properties sold |  | 0%-100% (48%)
Individual Analyzed Loans - Agricultural Loans |  | $ | 552 |  |  | Sales comparison approach |  | Adjustment for physical condition of comparable properties sold |  | 30%-100% (64%)
Individual Analyzed Loans - Home Equity Loans |  | $ | 366 |  |  | Sales comparison approach |  | Adjustment for physical condition of comparable properties sold |  | 9%-9% (9%)
Individual Analyzed Loans - Residential Mortgage Loans |  | $ | 24 |  |  | Sales comparison approach |  | Adjustment for physical condition of comparable properties sold |  | 66%-87% (81%)
December 31, 2019 |  | Fair Value |  | Valuation Technique(s) |  | Unobservable Input(s) |  | Range (Weighted Average)
Impaired Loans - Commercial and Industrial Loans |  | $ | 2,109 |  |  | Sales comparison approach |  | Adjustment for physical condition of comparable properties sold |  | 29%-100% (64%)
Impaired Loans - Commercial Real Estate Loans |  | $ | 493 |  |  | Sales comparison approach |  | Adjustment for physical condition of comparable properties sold |  | 47%-91% (64%)
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 March 31, 2020 and December 31, 2019. 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 March 31, 2020 and December 31, 2019, present the fair values measured using an exit price notion.
|  |  |  | Fair Value Measurements at March 31, 2020 Using
|  | Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and Short-term Investments |  | $ | 90,140 |  |  | $ | 48,293 |  |  | $ | 41,847 |  |  | $ | — |  |  | $ | 90,140 |
Interest Bearing Time Deposits with Banks |  | 1,985 |  |  | — |  |  | 1,985 |  |  | — |  |  | 1,985 |
Loans, Net |  | 2,966,963 |  |  | — |  |  | — |  |  | 2,971,821 |  |  | 2,971,821 |
Accrued Interest Receivable |  | 18,025 |  |  | — |  |  | 4,459 |  |  | 13,566 |  |  | 18,025 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demand, Savings, and Money Market Deposits |  | (2,878,604 | ) |  | (2,878,604 | ) |  | — |  |  | — |  |  | (2,878,604 | )
Time Deposits |  | (599,910 | ) |  | — |  |  | (600,913 | ) |  | — |  |  | (600,913 | )
Short-term Borrowings |  | (33,523 | ) |  | — |  |  | (33,523 | ) |  | — |  |  | (33,523 | )
Long-term Debt |  | (174,442 | ) |  | — |  |  | (121,827 | ) |  | (55,313 | ) |  | (177,140 | )
Accrued Interest Payable |  | (2,672 | ) |  | — |  |  | (2,611 | ) |  | (61 | ) |  | (2,672 | )
|  |  |  | Fair Value Measurements at December 31, 2019 Using
|  | Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and Short-term Investments |  | $ | 103,884 |  |  | $ | 59,971 |  |  | $ | 43,913 |  |  | $ | — |  |  | $ | 103,884 |
Interest Bearing Time Deposits with Banks |  | 1,985 |  |  | — |  |  | 1,985 |  |  | — |  |  | 1,985 |
Loans, Net |  | 3,058,211 |  |  | — |  |  | — |  |  | 3,056,521 |  |  | 3,056,521 |
Accrued Interest Receivable |  | 18,425 |  |  | — |  |  | 4,400 |  |  | 14,025 |  |  | 18,425 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demand, Savings, and Money Market Deposits |  | (2,798,625 | ) |  | (2,798,625 | ) |  | — |  |  | — |  |  | (2,798,625 | )
Time Deposits |  | (631,396 | ) |  | — |  |  | (624,666 | ) |  | — |  |  | (624,666 | )
Short-term Borrowings |  | (167,736 | ) |  | (128,311 | ) |  | (39,425 | ) |  | — |  |  | (167,736 | )
Long-term Debt |  | (181,950 | ) |  | — |  |  | (127,174 | ) |  | (55,234 | ) |  | (182,408 | )
Accrued Interest Payable |  | (2,442 | ) |  | — |  |  | (2,376 | ) |  | (66 | ) |  | (2,442 | )

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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://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
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- 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
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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/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
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