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Disclosures about Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2016

Text Block [Abstract]

Fair Value Measurements of Assets and Liabilities Recognized on a Recurring Basis

The following table presents the fair value measurements of assets and liabilities recognized in the accompanying condensed consolidated financial statements measured at fair value on a recurring basis and the level within the FASB ASC fair value hierarchy in which the fair value measurements fall at the following:

		Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
September 30, 2016
Available-for-sale securities
U.S. Treasury and federal agencies		$	27,422			$	—			$	27,422			$	—
State and municipal			64,039				—				64,039				—
Federal agency collateralized mortgage obligations			189,684				—				189,684				—
Federal agency mortgage-backed pools			275,973				—				275,973				—
Corporate notes			95				—				95				—
Total available-for-sale securities			557,213				—				557,213				—
Hedged loans			113,558				—				113,558				—
Forward sale commitments			787				—				787				—
Interest rate swap agreements			(7,870	)			—				(7,870	)			—
Commitments to originate loans			—				—				—				—
December 31, 2015
Available-for-sale securities
U.S. Treasury and federal agencies		$	5,926			$	—			$	5,926			$	—
State and municipal			75,095				—				75,095				—
Federal agency collateralized mortgage obligations			156,203				—				156,203				—
Federal agency mortgage-backed pools			207,704				—				207,704				—
Corporate notes			54				—				54				—
Total available-for-sale securities			444,982				—				444,982				—
Hedged loans			115,472				—				115,472				—
Forward sale commitments			642				—				642				—
Interest rate swap agreements			(4,923	)			—				(4,923	)			—

Realized Gains and Losses Included in Net Income for Periods in Consolidated Statements of Income

Realized gains and losses included in net income for the periods are reported in the condensed consolidated statements of income as follows:

		Three Months Ended September 30								Nine Months Ended September 30
Non Interest Income Total gains and losses from:		2016 (Unaudited)				2015 (Unaudited)				2016 (Unaudited)				2015 (Unaudited)
Hedged loans		$	(830	)		$	765			$	2,781			$	579
Fair value interest rate swap agreements			830				(765	)			(2,781	)			(579	)
Derivative loan commitments			(324	)			(77	)			145				196
		$	(324	)		$	(77	)		$	145			$	196

Other Assets Measured at Fair Value on Nonrecurring Basis

Certain other assets are measured at fair value on a nonrecurring basis in the ordinary course of business and are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment):

		Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
September 30, 2016
Impaired loans		$	5,840			$	—			$	—			$	5,840
Mortgage servicing rights			10,269				—				—				10,269
December 31, 2015
Impaired loans		$	6,803			$	—			$	—			$	6,803
Mortgage servicing rights			8,874				—				—				8,874

Qualitative Information About Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements, Other than Goodwill

The following table presents qualitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements, other than goodwill.

		Fair Value at September 30, 2016				Valuation Technique		Unobservable Inputs		Range (Weighted Average)
Impaired loans		$	5,840			Collateral based measurement		Discount to reflect current market conditions and ultimate collectability		10% - 15% (12%)
Mortgage servicing rights		$	10,269			Discounted cashflows		Discount rate, Constant prepayment rate, Probability of default		10% - 15% (12%), 4% - 7% (4.6%), 1% - 10% (4.5%)
		Fair Value at				Valuation				Range (Weighted
		December 31, 2015				Technique		Unobservable Inputs		Average)
Impaired loans		$	6,803			Collateral based measurement		Discount to reflect current market conditions and ultimate collectability		10% - 15% (12%)
Mortgage servicing rights		$	8,874			Discounted cashflows		Discount rate, Constant prepayment rate, Probability of default		10% - 15% (12%), 4% - 7% (4.6%), 1% - 10% (4.5%)

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Tabular disclosure of the amount of gains or losses for the period included in earnings or resulted in a change to net assets, have arisen from the use of significant unobservable inputs (level 3) to measure the fair value of assets, liabilities, and financial instruments classified in shareholders' equity.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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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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