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Fair Value (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are as follows at March 31, 2014 and December 31, 2013:

						Fair Value Measurements at March 31, 2014 Using
Description		Total				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Securities Available For Sale:
U.S. Treasury		$	0			$	0			$	0			$	0
U.S. Government sponsored entities			182,727				0				182,727				0
States and political subdivisions			176,268				0				176,268				0
Residential and multi-family mortgage			245,828				0				245,828				0
Commercial mortgage			225				0				225				0
Corporate notes and bonds			14,202				0				14,202				0
Pooled trust preferred			798				0				0				798
Pooled SBA			66,824				0				66,824				0
Other securities			990				990				0				0
Total Securities Available For Sale		$	687,862			$	990			$	686,074			$	798
Trading Securities:
Corporate equity securities		$	2,680			$	2,680			$	0			$	0
Mutual funds			933				933				0				0
Certificates of deposit			254				254				0				0
Corporate notes and bonds			152				0				152				0
U.S. Government sponsored entities			54				0				54				0
Total Trading Securities		$	4,073			$	3,867			$	206			$	0
Liabilities,
Interest rate swaps		$	(1,079	)		$	0			$	(1,079	)		$	0

						Fair Value Measurements at December 31, 2013 Using
Description		Total				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Securities Available For Sale:
U.S. Treasury		$	0			$	0			$	0			$	0
U.S. Government sponsored entities			181,625				0				181,625				0
States and political subdivisions			177,943				0				177,943				0
Residential and multi-family mortgage			242,607				0				242,607				0
Commercial mortgage			374				0				374				0
Corporate notes and bonds			14,075				0				14,075				0
Pooled trust preferred			661				0				0				661
Pooled SBA			67,721				0				67,721				0
Other securities			985				985				0				0
Total Securities Available For Sale		$	685,991			$	985			$	684,345			$	661
Trading Securities:
Corporate equity securities		$	2,705			$	2,705			$	0			$	0
Mutual funds			965				965				0				0
Certificates of deposit			253				253				0				0
Corporate notes and bonds			152				0				152				0
U.S. Government sponsored entities			52				0				52				0
Total Trading Securities		$	4,127			$	3,923			$	204			$	0
Liabilities,
Interest rate swaps		$	(1,116	)		$	0			$	(1,116	)		$	0

Securities Available for Sale Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3)

The table below presents a reconciliation of the fair value of securities available for sale measured on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2014:

		Pooled trust preferred
Balance, January 1, 2014		$	661
Total gains or (losses):
Included in other comprehensive income (unrealized)			137
Balance, March 31, 2014		$	798

The table below presents a reconciliation of the fair value of securities available for sale measured on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2013:

		Corporate notes and bonds				Pooled trust preferred
Balance, January 1, 2013		$	1,980			$	600
Total gains or (losses):
Included in other comprehensive income (unrealized)			87				(42	)
Balance, March 31, 2013		$	2,067			$	558

Quantitative Information about Level 3 Fair Value Measurements

The following table presents quantitative information about Level 3 fair value measurements at March 31, 2014:

		Fair value				Valuation Technique		Unobservable Inputs		Input Utilized
Pooled trust preferred		$	798			Discounted cash flow		Collateral default rate		1.5% in 2014; 1.0% in 2015; 0.5% in 2016 and thereafter
								Yield Prepayment speed		13% 2.0% constant prepayment rate in 2014 and thereafter

The following table presents quantitative information about Level 3 fair value measurements at December 31, 2013:

		Fair value				Valuation Technique		Unobservable Inputs		Input Utilized
Pooled trust preferred		$	661			Discounted cash flow		Collateral default rate		2% in 2014; 1.5% in 2015; 1.0% in 2016; 0.5% in 2017 and thereafter
								Yield Prepayment speed		15% 2.0% constant prepayment rate in 2014 and thereafter

Assets and Liabilities Measured at Fair Value on Non-Recurring Basis

Assets and liabilities measured at fair value on a non-recurring basis are as follows at March 31, 2014 and December 31, 2013:

						Fair Value Measurements at March 31, 2014 Using
Description		Total				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Impaired loans:
Commercial mortgages		$	2,994				0				0			$	2,994
Commercial, industrial, and agricultural			3,204				0				0				3,204
						Fair Value Measurements at December 31, 2013 Using
Description		Total				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Impaired loans:
Commercial mortgages		$	3,000				0				0			$	3,000
Commercial, industrial, and agricultural			3,706				0				0				3,706

Quantitative Information about Level 3 Fair Value Measurements for Financial Instruments Measured at Fair Value on Non Recurring Basis

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at March 31, 2014:

		Fair value				Valuation Technique		Unobservable Inputs		Range (Weighted Average)
Impaired loans – commercial mortgages		$	2,994			Sales comparison approach		Adjustment for differences between the comparable sales		15% - 60% (26%)
Impaired loans – commercial, industrial, and agricultural		$	3,004			Sales comparison approach		Adjustment for differences between the comparable sales		20%
Impaired loans – commercial, industrial, and agricultural		$	200			Income approach		Adjustment for differences in net operating income		54%

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2013:

		Fair value				Valuation Technique		Unobservable Inputs		Range (Weighted Average)
Impaired loans – commercial mortgages		$	3,000			Sales comparison approach		Adjustment for differences between the comparable sales		17% - 61% (22%)
Impaired loans – commercial, industrial, and agricultural		$	3,274			Sales comparison approach		Adjustment for differences between the comparable sales		9%
Impaired loans – commercial, industrial, and agricultural		$	432			Income approach		Adjustment for differences in net operating income		2%

Carrying Amount and Fair Value of Financial Instruments

The following table presents the carrying amount and fair value of financial instruments at March 31, 2014:

		Carrying				Fair Value Measurement Using:												Total
		Amount				Level 1				Level 2				Level 3				Fair Value
ASSETS
Cash and cash equivalents		$	33,866			$	33,866			$	0			$	0			$	33,866
Interest bearing time deposits with other banks			225				0				225				0				225
Securities available for sale			687,862				990				686,074				798				687,862
Trading securities			4,073				3,867				206				0				4,073
Loans held for sale			329				0				348				0				348
Net loans			1,277,422				0				0				1,274,928				1,274,928
FHLB and other equity interests			7,519				n/a				n/a				n/a				n/a
Accrued interest receivable			8,215				6				4,141				4,068				8,215
LIABILITIES
Deposits		$	(1,828,658	)		$	(1,608,072	)		$	(220,150	)		$	0			$	(1,828,222	)
FHLB and other borrowings			(91,149	)			0				(91,028	)			0				(91,028	)
Subordinated debentures			(20,620	)			0				(11,096	)			0				(11,096	)
Interest rate swaps			(1,079	)			0				(1,079	)			0				(1,079	)
Accrued interest payable			(827	)			(337	)			(475	)			(15	)			(827	)

The following table presents the carrying amount and fair value of financial instruments at December 31, 2013:

		Carrying				Fair Value Measurement Using:												Total
		Amount				Level 1				Level 2				Level 3				Fair Value
ASSETS
Cash and cash equivalents		$	29,633			$	29,633			$	0			$	0			$	29,633
Interest bearing time deposits with other banks			275				0				274				0				274
Securities available for sale			685,991				985				684,345				661				685,991
Trading securities			4,127				3,923				204				0				4,127
Loans held for sale			487				0				507				0				507
Net loans			1,279,129				0				0				1,276,622				1,276,622
FHLB and other equity interests			7,533				n/a				n/a				n/a				n/a
Accrued interest receivable			8,032				368				3,302				4,362				8,032
LIABILITIES
Deposits		$	(1,835,314	)		$	(1,569,552	)		$	(265,237	)		$	0			$	(1,834,789	)
FHLB and other borrowings			(87,950	)			0				(87,833	)			0				(87,833	)
Subordinated debentures			(20,620	)			0				(11,178	)			0				(11,178	)
Interest rate swaps			(1,116	)			0				(1,116	)			0				(1,116	)
Accrued interest payable			(868	)			(200	)			(653	)			(15	)			(868	)

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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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