XML 69 R54.htm IDEA: XBRL DOCUMENT v3.7.0.1

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

12 Months Ended

Dec. 31, 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 December 31, 2016 and December 31, 2015 are as follows:

						December 31, 2016
						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		$	52,837			$	-			$	52,837			$	-
Residential mortgage pass- through securities			72,497				-				72,497				-
Commercial mortgage pass- through securities			4,209				-				4,209				-
Obligations of U.S. states and political subdivision			150,605				-				132,387				18,218
Trust preferred securities			5,666				-				5,666				-
Corporate bonds and notes			36,928				-				36,928				-
Asset-backed securities			14,583				-				14,583				-
Certificates of deposit			983				-				983				-
Equity securities			568				568				-				-
Other securities			14,414				14,414				-				-
Total available-for-sale		$	353,290			$	14,982			$	320,090			$	18,218
Derivatives			88				-				88				-
Total assets		$	353,378			$	14,982			$	320,178			$	18,218

						December 31, 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		$	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 assets		$	195,770			$	18,524			$	177,246			$	-
Liabilities
Derivatives			(131)				-				(131	)			-
Total liabilities		$	(131)			$	-			$	(131	)		$	-

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block]

The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a non-recurring basis for the periods presented. The tables below provide quantitative information about significant unobservable inputs used in fair value measurements within Level 3 hierarchy.

December 31, 2016
(dollars in thousands)		Fair Value			Valuation Techniques		Unobservable Input		Range (weighed average)
Impaired loans:
Commercial real estate		$	1,099		Appraisals of collateral value		Comparable sales		0% - 15% (6%)
Loans held-for-sale:
Commercial taxi medallion loans		$	65,596		Market approach Discounted cash flows		Indications under securitized transactions Discount Rate Collateral value(1)		$50 million to $70 million 14% $627,000

⁽¹⁾ Represents weighted average value per corporate medallion and individual medallion.

December 31, 2015
(dollars in thousands)		Fair Value			Valuation Techniques		Unobservable Input		Range (weighed average)
Impaired loans:
Commercial real estate		$	3,751		Appraisals of collateral value		Market capitalization rates between 8%. Market rental rates for similar properties.

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 December 31, 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)
December 31, 2016
Financial assets:
Cash and due from banks		$	200,399		$	200,399		$	200,399		$	-		$	-
Investment securities available-for-sale			353,290			353,290			14,982			320,090			18,218
Restricted investment in bank stocks			24,310			n/a			n/a			n/a			n/a
Loans held-for-sale			78,005			78,005			-			12,409			65,596
Net loans			3,450,088			3,462,138			-			-			3,462,138
Derivatives			88			88			-			88			-
Accrued interest receivable			12,965			12,965			-			2,026			10,939
Financial liabilities:
Noninterest-bearing deposits			694,977			694,977			694,977			-			-
Interest-bearing deposits			2,649,294			2,649,717			1,681,044			968,673			-
Borrowings			476,280			478,286			-			478,286			-
Subordinated debentures			54,534			55,901			-			55,901			-
Accrued interest payable			4,142			4,142			-			4,142			-
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			1,359,651			777,498			-
Borrowings			671,587			674,131			-			674,131			-
Subordinated debentures			54,343			55,209			-			55,209			-
Derivatives			131			131			-			131			-
Accrued interest payable			4,387			4,387			-			4,387			-

Fair Value, Recurring basis [Table Text Block]

The table below presents a reconciliation of all assets measured at fair value of a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31 (in thousands):

Balance of recurring Level 3 assets at			Municipal Securities
January 1			2016			2015
Federal agency obligations		$	-		$	-
Purchases			-			-
Sales			-			-
Transfer into Level 3			-			-
Transfers out of Level 3			-			-
Other(1)			18,335			-
Principal paydowns			(117)			-
Balance of recurring Level 3 assets
At December 31		$	18,218		$	-

⁽¹⁾ Includes transfers from held-to-maturity to available-for-sale designation

Significant unobservable inputs used in fair value measurements [Table Text Block]

The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a recurring basis at December 31, 2016. The table below provide quantitative information about significant unobservable inputs used in fair value measurements within Level 3 hierarchy.

December 31, 2016

(dollars in thousands)

Fair Value

Valuation Techniques

Unobservable Input

Range

Available-for-sale investments:

Municipal securities

$

18,218

Discounted cash flows

Discount rate

2.80%

Fair Value Measurements, Nonrecurring [Table Text Block]

The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a non-recurring basis for the periods presented. The tables below provide quantitative information about significant unobservable inputs used in fair value measurements within Level 3 hierarchy.

December 31, 2016
(dollars in thousands)		Fair Value			Valuation Techniques (Weightings)		Unobservable Input		Range (weighed average)
Impaired loans:
Commercial real estate		$	1,099		Appraisals of collateral value		Comparable sales		0% - 15% (6%)
Loans held-for-sale:
Commercial taxi medallion loans		$	65,596		Market approach (70%)		Indications under securitized transactions expressed as a price to unpaid principal balance		40 - 100 (59)
					Discounted cash flows (30%)		Discount Rate		14%

December 31, 2015
(dollars in thousands)		Fair Value			Valuation Techniques		Unobservable Input		Range (weighed average)
Impaired loans:
Commercial real estate		$	3,751		Appraisals of collateral value		Comparable sales		0% - 15% (6%)

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, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis.

+ 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=66048111&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

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 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

Reference 2: 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=66048111&loc=d3e19190-110258

Reference 3: 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=66048111&loc=d3e19207-110258

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=66048111&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 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=66048111&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 assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

Reference 2: 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=66048111&loc=d3e19190-110258

Reference 3: 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=66048111&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
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=73719730&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=66048111&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=73719730&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=73719730&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=66048111&loc=d3e19190-110258

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration