XML 68 R53.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 12 Months Ended
--- | ---
Dec. 31, 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 December 31, 2017 and December 31, 2016 are as follows:
|  |  |  |  | December 31, 2017 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) |
|  |  |  |  |  | (dollars in thousands) |
Recurring fair value measurements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal agency obligations |  | $ | 56,022 |  |  | $ | - |  |  | $ | 56,022 |  |  | $ | - |
Residential mortgage pass-through securities |  |  | 181,891 |  |  |  | - |  |  |  | 181,891 |  |  |  | - |
Commercial mortgage pass-through securities |  |  | 4,054 |  |  |  | - |  |  |  | 4,054 |  |  |  | - |
Obligations of U.S. states and political subdivision |  |  | 131,128 |  |  |  | - |  |  |  | 121,496 |  |  |  | 9,632 |
Trust preferred securities |  |  | 4,671 |  |  |  | - |  |  |  | 4,671 |  |  |  | - |
Corporate bonds and notes |  |  | 29,693 |  |  |  | - |  |  |  | 29,693 |  |  |  | - |
Asset-backed securities |  |  | 12,050 |  |  |  | - |  |  |  | 12,050 |  |  |  | - |
Certificates of deposit |  |  | 625 |  |  |  | - |  |  |  | 625 |  |  |  | - |
Equity securities |  |  | 11,728 |  |  |  | 11,728 |  |  |  | - |  |  |  | - |
Other securities |  |  | 3,422 |  |  |  | 3,422 |  |  |  | - |  |  |  | - |
Total available-for-sale |  |  | 435,284 |  |  |  | 15,150 |  |  |  | 410,502 |  |  |  | 9,632 |
Derivatives |  |  | 798 |  |  |  | - |  |  |  | 798 |  |  |  | - |
Total assets |  | $ | 436,082 |  |  | $ | 15,150 |  |  | $ | 411,300 |  |  | $ | 9,632 |
|  |  |  |  | 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) |
|  |  |  |  |  | (dollars 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 |  |  | 11,710 |  |  |  | 11,710 |  |  |  | - |  |  |  | - |
Other securities |  |  | 3,272 |  |  |  | 3,272 |  |  |  | - |  |  |  | - |
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 December 31, 2017 and December 31, 2016 are as follows:
|  |  |  |  | Fair Value Measurements at Reporting Date Using |
Assets measured at fair value on a nonrecurring basis: |  | December 31, 2017 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Impaired loans: |  | (dollars in thousands) |
Commercial real estate |  | $ | 1,094 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,094 |
|  |  |  |  |  | Fair Value Measurements at Reporting Date Using |
Assets measured at fair value on a nonrecurring basis: |  | December 31, 2016 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (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, by Balance Sheet Grouping [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 year ended December 31, 2017 and year ended December 31, 2016:
|  | Municipal Securities |
|  | (dollars in thousands) |
Beginning balance, January 1, 2017 |  | $ | 18,218 |
Principal paydowns |  |  | (8,586) |
Ending balance, December 31, 2017 |  | $ | 9,632 |
|  | 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
Fair Value, Recurring basis [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, 2017 and December 31, 2016. The table below provides quantitative information about significant unobservable inputs used in fair value measurements within Level 3 hierarchy.
December 31, 2017 |  |  |  |  |  |  |  |  |  |
|  | Fair Value |  |  | Valuation Techniques |  | Unobservable Input |  | Range |
Securities available-for-sale: |  |  |  |  | (dollars in thousands) |  |  |  |  |
Municipal securities |  | $ | 9,632 |  |  | Discounted cash flows |  | Discount rate |  |  | 2.9% |
December 31, 2016 |  |  |  |  |  |  |  |  |  |
|  | Fair Value |  |  | Valuation Techniques |  | Unobservable Input |  | Range |
Securities available-for-sale: |  |  |  |  |  | (dollars in thousands) |  |  |  |  |  |
Municipal securities |  | $ | 18,218 |  |  | Discounted cash flows |  | Discount rate |  |  | 2.8% |
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 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, 2017 |  |  |  |  |  |  |  |  |
|  | Fair Value |  |  | Valuation Techniques |  | Unobservable Input |  | Range (weighed average)
Impaired loans: |  | (dollars in thousands)
Commercial real estate |  | $ | 1,094 |  |  | Appraisals of collateral value |  | Comparable sales |  | 0% - 10% (5%)
December 31, 2016 |  |  |  |  |  |  |  |  |  |
|  | Fair Value |  |  | Valuation Techniques (weightings) |  | Unobservable Input |  | Range (weighed average)
Impaired loans: |  | (dollars in thousands)
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%) Discounted cash flows (30%) |  | Indications under securitized transactions expressed as a price to unpaid principal balance Discount Rate |  | 40 - 100 (59) 14%
Fair Value Measurements, Nonrecurring [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, 2017 and December 31, 2016:
|  |  |  |  |  |  |  | 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) |
|  | (dollars in thousands) |
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 149,582 |  |  | $ | 149,582 |  |  | $ | 149,582 |  |  | $ | - |  |  | $ | - |
Investment securities available-for-sale |  |  | 435,284 |  |  |  | 435,284 |  |  |  | 15,150 |  |  |  | 410,502 |  |  |  | 9,632 |
Restricted investment in bank stocks |  |  | 33,497 |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |
Loans held-for-sale |  |  | 24,845 |  |  |  | 24,845 |  |  |  | - |  |  |  | 370 |  |  |  | 24,475 |
Net loans |  |  | 4,139,708 |  |  |  | 4,118,542 |  |  |  | - |  |  |  | - |  |  |  | 4,118,542 |
Derivatives |  |  | 798 |  |  |  | 798 |  |  |  | - |  |  |  | 798 |  |  |  | - |
Accrued interest receivable |  |  | 15,470 |  |  |  | 15,470 |  |  |  | - |  |  |  | 1,900 |  |  |  | 13,570 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest-bearing deposits |  |  | 776,843 |  |  |  | 776,843 |  |  |  | 776,843 |  |  |  | - |  |  |  | - |
Interest-bearing deposits |  |  | 3,018,285 |  |  |  | 3,018,285 |  |  |  | 1,842,151 |  |  |  | 1,176,134 |  |  |  | - |
Borrowings |  |  | 670,077 |  |  |  | 669,680 |  |  |  | - |  |  |  | 669,680 |  |  |  | - |
Subordinated debentures |  |  | 54,699 |  |  |  | 57,340 |  |  |  | - |  |  |  | 57,340 |  |  |  | - |
Accrued interest payable |  |  | 3,707 |  |  |  | 3,707 |  |  |  | - |  |  |  | 3,707 |  |  |  | - |
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 |  |  |  | - |

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=77997519&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=77997519&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=75026489&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=75031198&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=77997519&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