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Disclosures of Fair Values of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Assets Measured at Fair Value on Recurring Basis

The following table presents the Company’s assets that are measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall as of December 31, 2016 and 2015 (in thousands):

					Fair Value Measurements Using:
	Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
December 31, 2016
Available-for-sale securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	136,324			$	—			$	136,324			$	—
Obligations of states and political subdivisions	162,705				—				162,705				—
Mortgage-backed securities	314,991				—				314,991				—
Trust preferred securities	1,652				—				—				1,652
Other securities	4,176				144				4,032				—
Total available-for-sale securities	$	619,848			$	144			$	618,052			$	1,652
December 31, 2015
Available-for-sale securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	90,141			$	—			$	90,141			$	—
Obligations of states and political subdivisions	110,717				—				110,717				—
Mortgage-backed securities	312,054				—				312,054				—
Trust preferred securities	1,906				—				—				1,906
Other securities	4,030				64				3,966				—
Total available-for-sale securities	$	518,848			$	64			$	516,878			$	1,906

Fair Value of Assets Measured on a Recurring Basis Using Significant Unobservable Inputs

The change in fair value of assets measured on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2016 and 2015 is summarized as follows (in thousands):

		Trust Preferred Securities
		December 31, 2016			December 31, 2015
Beginning balance		$	1,906		$	364
Transfers into Level 3		—			—
Transfers out of Level 3		—			—
Total gains or losses
Included in net income		—			—
Included in other comprehensive income (loss)		(174		)	1,712
Purchases, issuances, sales and settlements
Purchases		—			—
Issuances		—			—
Sales		—			—
Settlements		(80		)	(170		)
Ending balance		$	1,652		$	1,906
Total gains or losses for the period included in net income attributable to the change in unrealized gains or losses related to assets and liabilities still held at the reporting date		$	—		$	—

Assets Measured at Fair Value on a Nonrecurring Basis

The following table presents the fair value measurement of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at December 31, 2016 and 2015 (in thousands):

	Fair Value Measurements Using
	Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
December 31, 2016
Impaired loans (collateral dependent)	$	6,938			$	—			$	—			$	6,938
Foreclosed assets held for sale	173				—				—				173
December 31, 2015
Impaired loans (collateral dependent)	$	294			$	—			$	—			$	294
Foreclosed assets held for sale	423				—				—				423

Significant Assumptions Used in Valuation of Level 3 Financial Instruments

The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements other than goodwill at December 31, 2016.

	Fair Value (in thousands)				Valuation Technique		Unobservable Inputs		Range (Weighted Average)
Trust Preferred Securities	$	1,652			Discounted cash flow		Discount rate		13.6	%
							Constant prepayment rate (1)		1.3	%
							Cumulative projected prepayments		22.4	%
							Probability of default		0.5	%
							Projected cures given deferral		0	%
							Loss severity		97.6	%
Impaired loans (collateral dependent)	6,938				Third party valuations		Discount to reflect realizable value		0	%	-	40%	(	20	%	)
Foreclosed assets held for sale	173				Third party valuations		Discount to reflect realizable value less estimated selling costs		0	%	-	40%	(	35	%	)

(1) Every five years

Carrying Amounts and Estimated Fair Values of Financial Instruments Not Carried at Fair Value

The following tables present estimated fair values of the Company’s financial instruments at December 31, 2016 and 2015 in accordance with FAS 107-1 and APB 28-1, codified with ASC 805 (in thousands):

	Carrying Amount				Fair Value				Level 1				Level 2				Level 3
December 31, 2016
Financial Assets
Cash and due from banks	$	137,002			$	137,002			$	137,002			$	—			$	—
Federal funds sold	38,900				38,900				38,900				—				—
Certificates of deposit investments	14,643				14,651				—				14,651				—
Available-for-sale securities	619,848				619,848				144				618,052				1,652
Held-to-maturity securities	74,231				73,096				—				73,096				—
Loans held for sale	1,175				1,175				—				1,175				—
Loans net of allowance for loan losses	1,808,064				1,795,764				—				—				1,795,764
Interest receivable	10,553				10,553				—				10,553				—
Federal Reserve Bank stock	3,949				3,949				—				3,949				—
Federal Home Loan Bank stock	4,389				4,389				—				4,389				—
Financial Liabilities
Deposits	2,329,887				2,331,725				—				1,976,806				354,919
Securities sold under agreements to repurchase	185,763				185,766				—				185,766				—
Interest payable	535				535				—				535				—
Federal Home Loan Bank borrowings	40,094				40,318				—				40,318				—
Other borrowings	18,063				18,063				—				18,063				—
Junior subordinated debentures	23,917				17,068				—				17,068				—

December 31, 2015
Financial Assets
Cash and due from banks	$	115,292			$	115,292			$	115,292			$	—			$	—
Federal funds sold	492				492				492				—				—
Certificates of deposit investments	25,000				25,056				—				25,056				—
Available-for-sale securities	518,848				518,848				64				516,878				1,906
Held-to-maturity securities	85,208				85,737				—				85,737				—
Loans held for sale	968				968				—				968				—
Loans net of allowance for loan losses	1,266,345				1,265,126				—				—				1,265,126
Interest receivable	8,085				8,085				—				8,085				—
Federal Reserve Bank stock	2,272				2,272				—				2,272				—
Federal Home Loan Bank stock	3,391				3,391				—				3,391				—
Financial Liabilities
Deposits	1,732,568				1,732,463				—				1,489,130				243,333
Securities sold under agreements to repurchase	128,842				128,843				—				128,843				—
Interest payable	356				356				—				356				—
Federal Home Loan Bank borrowings	20,000				20,422				—				20,422				—
Junior subordinated debentures	20,620				13,207				—				13,207				—

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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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Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2.

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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).

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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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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