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

6 Months Ended

Jun. 30, 2017

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, 2017 and December 31, 2016 are as follows:

					June 30, 2017
					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)
					(dollars in thousands)
Recurring fair value measurements:
Assets
Securities:
Available-for-sale:
Federal agency obligations		$	59,645		$	-		$	59,645		$	-
Residential mortgage pass-through securities			140,400			-			140,400			-
Commercial mortgage pass-through securities			4,173			-			4,173			-
Obligations of U.S. states and political subdivisions			136,354			-			118,371			17,983
Trust preferred securities			4,586			-			4,586			-
Corporate bonds and notes			30,288			-			30,288			-
Asset-backed securities			13,281			-			13,281			-
Certificates of deposit			629			-			629			-
Equity securities			604			604			-			-
Other securities			12,170			12,170			-			-
Total available-for-sale		$	402,130		$	12,774		$	371,373		$	17,983
Derivatives			45			-			45			-
Total Assets		$	402,175		$	12,774		$	371,418		$	17,983

					December 31, 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)
					(dollars in thousands)
Recurring fair value measurements:
Assets
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 subdivisions			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

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 fair value measurements at June 30, 2017 and December 31, 2016 are as follows:

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, 2017

(Level 1)

(Level 2)

(Level 3)

Impaired loans:

(dollars in thousands)

Commercial real estate

$

1,432

$

-

$

-

$

1,432

Loans held-for-sale:

Commercial

50,891

-

-

50,891

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:

2016

(Level 1)

(Level 2)

(Level 3)

Impaired loans:

(dollars in thousands)

Commercial real estate

$

1,099

$

-

$

-

$

1,099

Loans held-for-sale:

Commercial

70,105

-

4,509

65,596

Commercial real estate

7,712

-

7,712

-

Fair Value, Recurring basis [Table Text Block]

The tables below present a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended June 30, 2017 and year ended December 31, 2016:

	Municipal
	Securities
	(dollars in thousands)
Beginning balance, January 1, 2017	$	18,218
Other(1)		-
Principal paydowns		(235	)
Ending balance, June 30, 2017	$	17,983
	Municipal
	Securities
	(dollars in thousands)
Beginning balance, January 1, 2016	$	-
Other(1)		18,335
Principal paydowns		(117	)
Ending balance, December 31, 2016	$	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 June 30, 2017 and December 31, 2016. The table below provides quantitative information about significant unobservable inputs used in fair value measurements within Level 3 hierarchy.

June 30, 2017

				Valuation		Unobservable
		Fair Value		Techniques		Input		Range
Securities available-for-sale:				(dollars in thousands)
Municipal securities		$     17,983		Discounted Cash		Discount Rate		2.8%
				Flows
December 31, 2016
				Valuation		Unobservable
		Fair Value		Techniques		Input		Range
Securities available-for-sale:				(dollars in thousands)
Municipal securities		$     18,218		Discounted Cash		Discount Rate		2.8%
				Flows

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.

June 30, 2017

					Valuation
					Techniques		Unobservable
Type		Fair Value			(weightings)		Input		Range (weighted average)
					(dollars in thousands)
Impaired loans:
Commercial real estate		$	1,432		Appraisals of collateral value		Comparable sales		0% - 15% (6%)
Loans held-for-sale:
Commercial taxi medallion loans		$	50,891		Market approach		Indications under securitized		37 - 100 (45)
					(70%)		transactions expressed as a
							price to unpaid principal
							balance
					Discounted cash
					flows (30%)		Discount Rate		14%
December 31, 2016
					Valuation
					Techniques		Unobservable
Type		Fair Value			(weightings)		Input		Range (weighted average)
					(dollars in thousands)
Impaired loans:
Commercial real estate		$	1,099		Appraisals of		Comparable sales		0% - 15% (6%)
					collateral value
Loans held-for-sale:
Commercial taxi medallion loans		$	65,596		Market approach		Indications under securitized		40 - 100 (59)
					(70%)		transactions expressed as a
							price to unpaid principal
							balance
					Discounted cash
					flows (30%)		Discount Rate		14%

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, 2017 and December 31, 2016:

								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)
		(dollars in thousands)
June 30, 2017
Financial assets:
Cash and due from banks		$	146,508		$	146,508		$	146,508		$	-		$	-
Securities available-for-sale			402,130			402,130			12,774			371,373			17,983
Restricted investment in bank stocks			32,152			n/a			n/a			n/a			n/a
Loans held-for-sale			51,124			51,124			-			233			50,891
Net loans			3,733,171			3,740,586			-			-			3,740,586
Derivatives			45			45			-			45			-
Accrued interest receivable			13,194			13,194			-			1,744			11,450
Financial liabilities:
Noninterest-bearing deposits			695,522			695,522			695,522			-			-
Interest-bearing deposits			2,734,851			2,735,530			1,753,548			981,982			-
Borrowings			626,173			627,854			-			627,854			-
Subordinated debentures			54,616			56,542			-			56,542			-
Accrued interest payable			6,044			6,044			-			6,044			-
December 31, 2016
Financial assets:
Cash and due from banks		$	200,399		$	200,399		$	200,399		$	-		$	-
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			-

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- 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.

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