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

9 Months Ended

Sep. 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 September 30, 2016 and December 31, 2015 are as follows:

					September 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		$	56,099		$	-		$	56,099		$	-
Residential mortgage pass-
through securities			63,404			-			63,404			-
Commercial mortgage pass-
through securities			4,369			-			4,369			-
Obligations of U.S. states and
political subdivision			141,361			-			123,026			18,335
Trust preferred securities			5,675			-			5,675			-
Corporate bonds and notes			38,293			-			38,293			-
Asset-backed securities			15,502			-			15,502			-
Certificates of deposit			988			-			988			-
Equity securities			425			425			-			-
Other securities			12,343			12,343			-			-
Total available-for-sale		$	338,459		$	12,768		$	307,356		$	18,335
Loans held-for-sale			15,112			-			15,112			-
Total assets		$	353,571		$	12,768		$	322,468		$	18,335
Liabilities
Derivatives		$	1,212		$	-		$	1,212		$	-
Total liabilities		$	1,212		$	-		$	1,212		$	-

There were no transfers between Level 1, Level 2 and Level 3 during the three months ended September 30, 2016.

				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 September 30, 2016 and December 31, 2015 are as follows:

Fair Value Measurements at Reporting Date Using

Quoted

Prices

in Active

Significant

Markets for

Other

Significant

Identical

Observable

Unobservable

September 30,

Assets

Inputs

Inputs

Assets measured at fair value on a nonrecurring basis:

2016

(Level 1)

(Level 2)

(Level 3)

Impaired loans:

(in thousands)

Commercial

$

396

$

-

$

-

$

396

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 September 30, 2016 and December 31, 2015.

							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)
September 30, 2016
Financial assets
Cash and cash equivalents	$	233,794		$	233,794		$	233,794		$	-		$	-
Investment securities available-for-sale		338,459			338,459			12,768			307,356			18,335
Restricted investment in bank stocks		24,535			n/a			n/a			n/a			n/a
Net loans		3,407,861			3,421,539			-			-			3,421,539
Loans held-for-sale		15,112			15,112			-			15,112			-
Accrued interest receivable		12,497			12,497			-			1,895			10,602
Financial liabilities
Noninterest-bearing deposits		655,683			655,683			655,683			-			-
Interest-bearing deposits		2,613,266			2,601,221			-			2,601,221			-
Borrowings		481,337			486,503			-			486,503			-
Subordinated debentures, net		54,490			53,784			-			53,784			-
Derivatives		1,212			1,212			-			1,212			-
Accrued interest payable	$	4,600		$	4,600		$	-		$	4,600		$	-
December 31, 2015
Financial assets
Cash and cash equivalents	$	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		$	-

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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).

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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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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