XML 87 R27.htm IDEA: XBRL DOCUMENT
v3.3.0.814

Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2015
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | For financial assets and liabilities measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at June 30, 2015 and December 31, 2014 are as follows:
|  |  |  |  | June 30, 2015 |
|  |  |  |  | Fair Value Measurements at Reporting Date Using |
|  |  |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recurring fair value measurements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency obligations |  | $ | 30,972 |  |  | $ | — |  |  | $ | 30,972 |  |  | $ | — |
Residential mortgage pass-through securities |  |  | 54,734 |  |  |  | — |  |  |  | 54,734 |  |  |  | — |
Commercial mortgage pass-through securities |  |  | 3,023 |  |  |  | — |  |  |  | 3,023 |  |  |  | — |
Obligations of U.S. states and political subdivision |  |  | 8,358 |  |  |  | — |  |  |  | 8,358 |  |  |  | — |
Trust preferred securities |  |  | 16,306 |  |  |  | — |  |  |  | 16,306 |  |  |  | — |
Corporate bonds and notes |  |  | 109,838 |  |  |  | — |  |  |  | 109,838 |  |  |  | — |
Asset-backed securities |  |  | 24,682 |  |  |  | — |  |  |  | 24,682 |  |  |  | — |
Certificates of deposit |  |  | 2,115 |  |  |  | — |  |  |  | 2,115 |  |  |  | — |
Equity securities |  |  | 327 |  |  |  | 327 |  |  |  | — |  |  |  | — |
Other securities |  |  | 13,743 |  |  |  | 13,743 |  |  |  | — |  |  |  | — |
Total available-for-sale |  |  | 264,098 |  |  |  | 14,070 |  |  |  | 250,028 |  |  |  | — |
Loans held for sale |  |  | 124 |  |  |  | — |  |  |  | 124 |  |  |  | — |
Total assets |  | $ | 264,222 |  |  | $ | 14,070 |  |  | $ | 250,152 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | 250 |  |  | $ | — |  |  | $ | 250 |  |  | $ | — |
Total liabilities |  | $ | 250 |  |  | $ | — |  |  | $ | 250 |  |  | $ | — |
|  |  |  |  | December 31, 2014 |
|  |  |  |  | Fair Value Measurements at Reporting Date Using |
|  |  |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recurring fair value measurements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency obligations |  | $ | 32,817 |  |  | $ | — |  |  | $ | 32,817 |  |  | $ | — |
Residential mortgage pass-through securities |  |  | 60,356 |  |  |  | — |  |  |  | 60,356 |  |  |  | — |
Commercial mortgage pass-through securities |  |  | 3,046 |  |  |  | — |  |  |  | 3,046 |  |  |  | — |
Obligations of U.S. states and political subdivision |  |  | 8,406 |  |  |  | — |  |  |  | 8,406 |  |  |  | — |
Trust preferred securities |  |  | 16,306 |  |  |  | — |  |  |  | 16,306 |  |  |  | — |
Corporate bonds and notes |  |  | 125,777 |  |  |  | — |  |  |  | 125,777 |  |  |  | — |
Asset-backed securities |  |  | 27,502 |  |  |  | — |  |  |  | 27,502 |  |  |  | — |
Certificates of deposit |  |  | 2,123 |  |  |  | — |  |  |  | 2,123 |  |  |  | — |
Equity securities |  |  | 307 |  |  |  | 307 |  |  |  | — |  |  |  | — |
Other securities |  |  | 12,892 |  |  |  | 12,892 |  |  |  | — |  |  |  | — |
Total available-for-sale |  |  | 289,532 |  |  |  | 13,199 |  |  |  | 276,333 |  |  |  | — |
Derivatives |  |  | 48 |  |  |  | — |  |  |  | 48 |  |  |  | — |
Total assets |  | $ | 289,580 |  |  | $ | 13,199 |  |  | $ | 276,381 |  |  | $ | — |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | For assets measured at fair value on a non-recurring basis, the unobservable inputs used to derive fair value measurements at June 30, 2014 and December 31, 2014 were as follows:
|  |  |  |  |  | Range
Impaired loans |  | Valuation Techniques |  | Range of Unobservable Inputs |  | Minimum |  | Maximum
Commercial |  | Appraisals of collateral value |  | Adjustment for age of comparable sales |  | 0% |  | 15%
Commercial real estate |  | Appraisals of collateral value |  | Market capitalization rates, Market rental rates for similar properties |  | 8% |  | 12%
|  |  |  |  |  | Range
Impaired loans |  | Valuation Techniques |  | Range of Unobservable Inputs |  | Minimum |  | Maximum
Commercial |  | Appraisals of collateral value |  | Adjustment for age of comparable sales |  | 0% |  | 15%
Commercial real estate |  | Appraisals of collateral value |  | Market capitalization rates, Market rental rates for similar properties |  | 8% |  | 12%
Fair Value Measurements, Nonrecurring [Table Text Block] |
|  |  |  |  | Fair Value Measurements at Reporting Date Using |
Assets measured at fair value on a nonrecurring basis: |  | June 30, 2015 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Impaired loans |  | (in thousands) |
Commercial |  | $ | 3,516 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,516 |
Commercial real estate |  |  | 1,113 |  |  |  | — |  |  |  | — |  |  |  | 1,113 |
|  |  |  |  | Fair Value Measurements at Reporting Date Using |
Assets Measured at Fair Value on a Non- Recurring Basis |  | December 31, 2014 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Impaired loans |  | (in thousands) |
Commercial |  | $ | 276 |  |  | $ | — |  |  | $ | — |  |  | $ | 276 |
Commercial real estate |  |  | 3,369 |  |  |  | — |  |  |  | — |  |  |  | 3,369 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of June 30, 2015 and December 31, 2014.
|  |  |  |  |  |  |  | Fair Value Measurements |
|  | Carrying Amount |  |  | Fair Value |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
|  | (in thousands) |
June 30, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 125,483 |  |  | $ | 125,483 |  |  | $ | 125,483 |  |  | $ | — |  |  | $ | — |
Investment securities available-for-sale |  |  | 264,098 |  |  |  | 264,098 |  |  |  | 14,070 |  |  |  | 250,028 |  |  |  | — |
Investment securities held-to-maturity |  |  | 232,557 |  |  |  | 237,205 |  |  |  | 29,016 |  |  |  | 189,523 |  |  |  | 18,666 |
Restricted investment in bank stocks |  |  | 27,078 |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |
Loans held for sale |  |  | 124 |  |  |  | 124 |  |  |  |  |  |  |  | 124 |  |  |  |  |
Net loans |  |  | 2,747,808 |  |  |  | 2,734,082 |  |  |  | — |  |  |  | — |  |  |  | 2,734,082 |
Accrued interest receivable |  |  | 12,055 |  |  |  | 12,055 |  |  |  | 67 |  |  |  | 3,458 |  |  |  | 8,530 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest-bearing deposits |  |  | 553,008 |  |  |  | 553,008 |  |  |  | 553,008 |  |  |  | — |  |  |  | — |
Interest-bearing deposits |  |  | 2,016,223 |  |  |  | 2,019,036 |  |  |  | — |  |  |  | 2,019,036 |  |  |  | — |
Borrowings |  |  | 548,758 |  |  |  | 552,752 |  |  |  | — |  |  |  | 552,752 |  |  |  | — |
Subordinated debentures |  |  | 55,155 |  |  |  | 54,944 |  |  |  | — |  |  |  | 54,944 |  |  |  | — |
Derivatives |  |  | 250 |  |  |  | 250 |  |  |  | — |  |  |  | 250 |  |  |  | — |
Accrued interest payable |  |  | 4,428 |  |  |  | 4,428 |  |  |  | — |  |  |  | 4,428 |  |  |  | — |
|  |  |  |  |  |  |  | Fair Value Measurements |
|  | Carrying Amount |  |  | Fair Value |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
|  | (in thousands) |
December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 126,847 |  |  | $ | 126,847 |  |  | $ | 126,847 |  |  | $ | — |  |  | $ | — |
Investment securities available-for-sale |  |  | 289,532 |  |  |  | 289,532 |  |  |  | 13,199 |  |  |  | 276,333 |  |  |  | — |
Investment securities held-to-maturity |  |  | 224,682 |  |  |  | 231,445 |  |  |  | 29,184 |  |  |  | 183,489 |  |  |  | 18,772 |
Restricted investment in bank stocks |  |  | 23,535 |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |
Net loans |  |  | 2,524,481 |  |  |  | 2,538,415 |  |  |  | — |  |  |  | — |  |  |  | 2,538,415 |
Derivatives |  |  | 48 |  |  |  | 48 |  |  |  | — |  |  |  | 48 |  |  |  | — |
Accrued interest receivable |  |  | 11,700 |  |  |  | 11,700 |  |  |  | 68 |  |  |  | 3,674 |  |  |  | 7,958 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest-bearing deposits |  |  | 492,515 |  |  |  | 492,515 |  |  |  | 492,515 |  |  |  | — |  |  |  | — |
Interest-bearing deposits |  |  | 1,983,092 |  |  |  | 1,990,484 |  |  |  | — |  |  |  | 1,990,484 |  |  |  | — |
Borrowings |  |  | 495,553 |  |  |  | 505,641 |  |  |  | — |  |  |  | 505,641 |  |  |  | — |
Subordinated debentures |  |  | 5,155 |  |  |  | 4,768 |  |  |  | — |  |  |  | 4,768 |  |  |  | — |
Accrued interest payable |  |  | 3,930 |  |  |  | 3,930 |  |  |  | — |  |  |  | 3,930 |  |  |  | — |

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://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
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, used to measure similar assets in prior periods (non-recurring basis) by class of asset or liability. + 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
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 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
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/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
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration