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Fair Value Measurements and Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2016

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, 2016 and December 31, 2015 are as follows:

					June 30, 2016
					Fair Value Measurements at Reporting Date Using
					Quoted Prices
					in Active			Significant
					Markets for			Other			Significant
					Identical			Observable			Unobservable
					Assets			Inputs			Inputs
					(Level 1)			(Level 2)			(Level 3)
(in thousands)
Recurring fair value measurements:
Assets
Investment securities:
Available-for-sale:
Federal agency obligations		$	30,403		$	-		$	30,403		$	-
Residential mortgage pass-
through securities			47,030			-			47,030			-
Commercial mortgage pass-
through securities			3,074			-			3,074			-
Obligations of U.S. states and
political subdivision			38,421			-			38,421			-
Trust preferred securities			16,327			-			16,327			-
Corporate bonds and notes			34,919			-			34,919			-
Asset-backed securities			16,712			-			16,712			-
Certificates of deposit			1,217			-			1,217			-
Equity securities			381			381			-			-
Other securities			19,782			19,782			-			-
Total available-for-sale		$	208,266		$	20,163		$	188,103		$	-
Loans held-for-sale			360			-			360			-
Total assets		$	208,586		$	20,163		$	188,463			-
Liabilities
Derivatives		$	1,856		$	-		$	1,856		$	-
Total liabilities		$	1,856		$	-		$	1,856		$	-

					December 31, 2015
					Fair Value Measurements at Reporting Date Using
					Quoted Prices
					in Active			Significant
					Markets for			Other			Significant
					Identical			Observable			Unobservable
					Assets			Inputs			Inputs
					(Level 1)			(Level 2)			(Level 3)
(in thousands)
Recurring fair value measurements:
Assets
Investment securities:
Available-for-sale:
Federal agency obligations		$	29,146		$	-		$	29,146		$	-
Residential mortgage pass-
through securities			44,910			-			44,910			-
Commercial mortgage pass-
through securities			2,972			-			2,972			-
Obligations of U.S. states and
political subdivision			8,357			-			8,357			-
Trust preferred securities			16,255			-			16,255			-
Corporate bonds and notes			53,976			-			53,976			-
Asset-backed securities			19,725			-			19,725			-
Certificates of deposit			1,905			-			1,905			-
Equity securities			374			374			-			-
Other securities			18,150			18,150			-			-
Total available-for-sale		$	195,770		$	18,524		$	177,246		$	-
Liabilities
Derivatives		$	131		$	-		$	131		$	-
Total liabilities		$	131		$	-		$	131		$	-

Fair Value Measurements, Nonrecurring [Table Text Block]

For assets measured at fair value on a non-recurring basis, the fair value measurements at June 30, 2016 and December 31, 2015 are as follows:

Impaired loans

Valuation Techniques

Range of Unobservable Inputs

Commercial

Appraisals of collateral value

Adjustment for age of comparable sales, generally a decline of 0% to 15%. Adjustment for age of lease payments. Market capitalization rates between 4% and 8%

Fair Value Measurements at Reporting Date Using

Quoted

Prices

in Active

Significant

Markets for

Other

Significant

Identical

Observable

Unobservable

Assets

Inputs

Inputs

Assets measured at fair value on a nonrecurring basis:

June 30, 2016

(Level 1)

(Level 2)

(Level 3)

Impaired loans

(in thousands)

Commercial

$

3,626

$

-

$

-

$

3,626

Fair Value Measurements at Reporting Date Using

Quoted

Prices

in Active

Significant

Markets for

Other

Significant

Identical

Observable

Unobservable

December 31,

Assets

Inputs

Inputs

Assets measured at fair value on a nonrecurring basis:

2015

(Level 1)

(Level 2)

(Level 3)

Impaired loans

(in thousands)

Commercial

$

3,751

$

-

$

-

$

3,751

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, 2016 and December 31, 2015.

								Fair Value Measurements
								Quoted
								Prices in
								Active			Significant
								Markets for			Other			Significant
								Identical			Observable			Unobservable
		Carrying			Fair			Assets			Inputs			Inputs
		Amount			Value			(Level 1)			(Level 2)			(Level 3)
		(in thousands)
June 30, 2016
Financial assets
Cash and due from banks		$	175,113		$	175,113		$	175,113		$	-		$	-
Investment securities available-for-sale			208,266			208,266			18,524			177,246			-
Investment securities held-to-maturity			214,718			227,427			30,947			178,030			18,450
Restricted investment in bank stocks			25,210			n/a			n/a			n/a			n/a
Net loans			3,342,857			3,365,251			-			-			3,365,251
Loans held-for-sale			360			360			-			360			-
Accrued interest receivable			12,726			12,726			141			2,485			10,100
Financial liabilities
Noninterest-bearing deposits			648,664			648,664			648,664			-			-
Interest-bearing deposits			2,552,329			2,545,465			-			2,545,465			-
Borrowings			496,414			502,496			-			502,496			-
Subordinated debentures, net			54,441			53,367			-			53,367			-
Derivatives			1,856			1,856			-			1,856			-
Accrued interest payable		$	4,617		$	4,617		$	-		$	4,617		$	-
December 31, 2015
Financial assets
Cash and due from banks		$	200,895		$	200,895		$	200,895		$	-		$	-
Investment securities available-for-sale			195,770			195,770			18,524			177,246			-
Investment securities held-to-maturity			224,056			230,558			29,226			182,774			18,558
Restricted investment in bank stocks			32,612			n/a			n/a			n/a			n/a
Net loans			3,072,435			3,059,343			-			-			3,059,343
Accrued interest receivable			12,545			12,545			68			2,699			9,778
Financial liabilities
Noninterest-bearing deposits			650,775			650,775			650,775			-			-
Interest-bearing deposits			2,140,191			2,137,149			-			2,137,149			-
Borrowings			671,587			674,131			-			674,131			-
Subordinated debentures, net			54,343			55,209			-			55,209			-
Derivatives			131			131			-			131			-
Accrued interest payable		$	4,387		$	4,387		$	-		$	4,387		$	-

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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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

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-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13476-108611

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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