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Fair Value (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2014 and December 31, 2013:

						Fair Value Measurements at September 30, 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. Government sponsored entities		$	164,772			$	0			$	164,772			$	0
States and political subdivisions			181,561				0				181,561				0
Residential and multi-family mortgage			271,650				0				271,650				0
Commercial mortgage			0				0				0				0
Corporate notes and bonds			14,712				0				14,712				0
Pooled trust preferred			871				0				0				871
Pooled SBA			64,803				0				64,803				0
Other securities			997				997				0				0
Total Securities Available For Sale		$	699,366			$	997			$	697,498			$	871
Trading Securities:
Corporate equity securities		$	3,009			$	3,009			$	0			$	0
Mutual funds			919				919				0				0
Certificates of deposit			254				254				0				0
Corporate notes and bonds			204				0				204				0
U.S. Government sponsored entities			54				0				54				0
Total Trading Securities		$	4,440			$	4,182			$	258			$	0
Liabilities:
Interest rate swaps		$	(936	)		$	0			$	(936	)		$	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. 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 September 30, 2014:

		Pooled trust preferred
Balance, July 1, 2014		$	798
Total gains or (losses):
Included in other comprehensive income (unrealized)			73
Balance, September 30, 2014		$	871

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 nine months ended September 30, 2014:

		Pooled Trust Preferred
Balance, January 1, 2014		$	661
Total gains or (losses):
Included in other comprehensive income (unrealized)			210
Balance, September 30, 2014		$	871

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 September 30, 2013:

		Pooled trust preferred
Balance, July 1, 2013		$	630
Total gains or (losses):
Included in other comprehensive income			146
Balance, September 30, 2013		$	776

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 nine months ended September 30, 2013:

		Corporate notes and bonds				Pooled trust preferred
Balance, January 1, 2013		$	1,980			$	600
Total gains or (losses):
Included in other comprehensive income			(29	)			176
Included in realized gains on available-for-sale securities			58				0
Sale of available-for-sale securities			(2,009	)			0
Balance, September 30, 2013		$	0			$	776

Quantitative Information About Level 3 Fair Value Measurements

The following table presents quantitative information about Level 3 fair value measurements at September 30, 2014:

		Fair value				Valuation Technique		Unobservable Inputs		Input Utilized
Pooled trust preferred		$	871			Discounted cash flow		Collateral default rate		1.5% in 2014; 1.0% in 2015; 0.5% in 2016 and thereafter
								Yield Prepayment speed		12% 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 September 30, 2014 and December 31, 2013:

						Fair Value Measurements at September 30, 2014 Using
Description		Total				Quoted Prices in Active Markets for Identical Assets (Level1)				Significant  Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Impaired loans:
Commercial mortgages		$	3,148				0				0			$	3,148
Commercial, industrial, and agricultural			3,058				0				0				3,058

						Fair Value Measurements at December 31, 2013 Using
Description		Total				Quoted Prices in Active Markets for Identical Assets (Level1)				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 September 30, 2014:

		Fair value				Valuation Technique		Unobservable Inputs		Range (Weighted Average)
Impaired loans – commercial mortgages		$	3,148			Sales comparison approach		Adjustment for differences between the comparable sales		11% - 97% (28%)
Impaired loans – commercial, industrial, and agricultural		$	3,058			Sales comparison approach		Adjustment for differences between the comparable sales		8% - 9% (9%)

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 September 30, 2014:

		Carrying				Fair Value Measurement Using:												Total
		Amount				Level 1				Level 2				Level 3				Fair Value
ASSETS
Cash and cash equivalents		$	29,397			$	29,397			$	0			$	0			$	29,397
Interest bearing time deposits with other banks			225				0				224				0				224
Securities available for sale			699,366				997				697,498				871				699,366
Trading securities			4,440				4,182				258				0				4,440
Loans held for sale			1,290				0				1,290				0				1,290
Net loans			1,308,532				0				0				1,305,396				1,305,396
FHLB and other equity interests			8,491				n/a				n/a				n/a				n/a
Accrued interest receivable			7,842				6				4,072				3,764				7,842
LIABILITIES
Deposits		$	(1,866,864	)		$	(1,681,430	)		$	(184,459	)		$	0			$	(1,865,889	)
FHLB and other borrowings			(83,877	)			0				(83,846	)			0				(83,846	)
Subordinated debentures			(20,620	)			0				(11,227	)			0				(11,227	)
Interest rate swaps			(936	)			0				(936	)			0				(936	)
Accrued interest payable			(799	)			(341	)			(443	)			(15	)			(799	)

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 for quantitative information about level 3 fair value measurements for financial instruments measured at fair value on non recurring basis.

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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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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 quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs.

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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).

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