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Disclosures about fair value of assets and liabilities (Tables)

12 Months Ended

Dec. 31, 2017

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 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:

						Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
		Fair Value				(Level 1)				(Level 2)				(Level 3)
December 31, 2017
Available-for-sale securities
U.S. Treasury and federal agencies		$	19,052			$	—			$	19,052			$	—
State and municipal			149,564				—				149,564				—
Federal agency collateralized mortgage obligations			130,365				—				130,365				—
Federal agency mortgage-backed pools			208,657				—				208,657				—
Private labeled mortgage-backed pools			1,642				—				1,642				—
Corporate notes			385				—				385				—
Total available-for-sale securities			509,665				—				509,665				—
Hedged loans			154,575				—				154,575				—
Forward sale commitments			143				—				143				—
Interest rate swap agreements			(917	)			—				(917	)			—
Commitments to originate loans			(3	)			—				(3	)			—
December 31, 2016
Available-for-sale securities
U.S. Treasury and federal agencies		$	7,989			$	—			$	7,989			$	—
State and municipal			116,592				—				116,592				—
Federal agency collateralized mortgage obligations			137,195				—				137,195				—
Federal agency mortgage-backed pools			176,726				—				176,726				—
Corporate notes			1,329				—				1,329				—
Total available-for-sale securities			439,831				—				439,831				—
Hedged loans			122,345				—				122,345				—
Forward sale commitments			602				—				602				—
Interest rate swap agreements			(3,138	)			—				(3,138	)			—
Commitments to originate loans			(22	)			—				(22	)			—

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 consolidated statements of income as follows:

Non Interest Income		Years Ended December 31
Total gains and losses from:		2017				2016				2015
Hedged loans		$	(817	)		$	(1,776	)		$	574
Fair value interest rate swap agreements			817				1,776				(574	)
Derivative loan commitments			(439	)			(62	)			195
		$	(439	)		$	(62	)		$	195

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):

						Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
		Fair Value				(Level 1)				(Level 2)				(Level 3)
December 31, 2017
Impaired loans		$	6,957			$	—			$	—			$	6,957
Mortgage servicing rights			11,602				—				—				11,602
December 31, 2016
Impaired loans		$	2,246			$	—			$	—			$	2,246
Mortgage servicing rights			11,174				—				—				11,174

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, at December 31, 2017 and 2016.

Fair Value at

Valuation

Range (Weighted

December 31, 2017

Technique

Unobservable Inputs

Average)

Impaired loans

$

6,957

Collateral based measurement

Discount to reflect current market conditions and ultimate collectability

0% - 46.8% (2.6%)

Mortgage servicing rights

$

11,602

Discounted cashflows

Discount rate, Constant prepayment rate, Probability of default

9.6% - 10.8% (9.7%), 9.2% - 27.7% (10.5%), 0% - 1.5% (0.2%)

Fair Value at

Valuation

Range (Weighted

December 31, 2016

Technique

Unobservable Inputs

Average)

Impaired loans

$

2,246

Collateral based measurement

Discount to reflect current market conditions and ultimate collectability

10% - 16% (13%)

Mortgage servicing rights

$

11,174

Discounted cashflows

Discount rate, Constant prepayment rate, Probability of default

10% - 16% (13%), 4% - 7% (4.6%), 1% - 10% (4.5%)

X

- Definition

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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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+ References

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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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-Publisher FASB
-Name Accounting Standards Codification
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