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Fair Value (Tables)

9 Months Ended

Sep. 30, 2015

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, 2015 and December 31, 2014:

						Fair Value Measurements at September 30, 2015 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		$	147,009			$	0			$	147,009			$	0
States and political subdivisions			180,429				0				180,429				0
Residential and multi-family mortgage			184,347				0				184,347				0
Corporate notes and bonds			19,036				0				19,036				0
Pooled trust preferred			1,160				0				0				1,160
Pooled SBA			54,359				0				54,359				0
Other securities			993				993				0				0
Total Securities Available For Sale		$	587,333			$	993			$	585,180			$	1,160
Trading Securities:
Corporate equity securities		$	2,997			$	2,997			$	0			$	0
Mutual funds			1,028				1,028				0				0
Certificates of deposit			254				254				0				0
Corporate notes and bonds			155				0				155				0
U.S. Government sponsored entities			55				0				55				0
Total Trading Securities		$	4,489			$	4,279			$	210			$	0
Liabilities,
Interest rate swaps		$	(908	)		$	0			$	(908	)		$	0

						Fair Value Measurements at December 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. Government sponsored entities		$	155,564			$	0			$	155,564			$	0
States and political subdivisions			181,002				0				181,002				0
Residential and multi-family mortgage			265,164				0				265,164				0
Corporate notes and bonds			19,430				0				19,430				0
Pooled trust preferred			905				0				0				905
Pooled SBA			62,653				0				62,653				0
Other securities			1,002				1,002				0				0
Total Securities Available For Sale		$	685,720			$	1,002			$	683,813			$	905
Trading Securities:
Corporate equity securities		$	3,044			$	3,044			$	0			$
Mutual funds			997				997				0				0
Certificates of deposit			253				253				0				0
Corporate notes and bonds			157				0				157				0
U.S. Government sponsored entities			54				0				54				0
Total Trading Securities		$	4,505			$	4,294			$	211			$	0
Liabilities,
Interest rate swaps		$	(946	)		$	0			$	(946	)		$	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, 2015 and September 30, 2014:

		2015				2014
Balance, July 1		$	1,160			$	798
Total gains or (losses):
Included in other comprehensive income (unrealized)			0				73
Balance, September 30		$	1,160			$	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, 2015 and September 30, 2014:

		2015				2014
Balance, January 1		$	905			$	661
Total gains or (losses):
Included in other comprehensive income (unrealized)			255				210
Balance, September 30		$	1,160			$	871

Quantitative Information about Level 3 Fair Value Measurements

The following table presents quantitative information about Level 3 fair value measurements at September 30, 2015:

		Fair value				Valuation Technique		Unobservable Inputs		Input Utilized
Pooled trust preferred		$	1,160			Discounted cash flow		Collateral default rate		0.63% and declining to 0.5% over the remainder of 2015 and thereafter
								Yield Prepayment speed		9% 2.0% constant prepayment rate in 2015 and thereafter

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

		Fair value				Valuation Technique		Unobservable Inputs		Input Utilized
Pooled trust preferred		$	905			Discounted cash flow		Collateral default rate		1% in 2015; 0.5% in 2016 and thereafter
								Yield Prepayment speed		11% 2.0% constant prepayment rate in 2015 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, 2015 and December 31, 2014:

						Fair Value Measurements at September 30, 2015 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		$	2,426				0				0			$	2,426
Commercial, industrial, and agricultural		$	2,824				0				0			$	2,824

						Fair Value Measurements at December 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		$	2,353				0				0			$	2,353
Commercial, industrial, and agricultural		$	2,820				0				0			$	2,820

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, 2015:

		Fair value				Valuation Technique		Unobservable Inputs		Range (Weighted Average)
Impaired loans – commercial mortgages		$	2,426			Sales comparison approach		Adjustment for differences between the comparable sales		24% - 100% (40%)
Impaired loans – commercial, industrial, and agricultural		$	2,824			Sales comparison approach		Adjustment for differences between the comparable sales		4%

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, 2014:

		Fair value				Valuation Technique		Unobservable Inputs		Range (Weighted Average)
Impaired loans – commercial mortgages		$	2,353			Sales comparison approach		Adjustment for differences between the comparable sales		34% - 100% (44%)
Impaired loans – commercial, industrial, and agricultural		$	2,820			Sales comparison approach		Adjustment for differences between the comparable sales		8% - 49% (13%)

Carrying Amount and Fair Value of Financial Instruments

The following table presents the carrying amount and fair value of financial instruments at September 30, 2015:

		Carrying				Fair Value Measurement Using:												Total
		Amount				Level 1				Level 2				Level 3				Fair Value
ASSETS
Cash and cash equivalents		$	27,418			$	27,418			$	0			$	0			$	27,418
Interest bearing time deposits with other banks			225				0				225				0				225
Securities available for sale			587,333				993				585,180				1,160				587,333
Trading securities			4,489				4,279				210				0				4,489
Loans held for sale			551				0				572				0				572
Net loans			1,498,885				0				0				1,498,395				1,498,395
FHLB and other equity interests			13,438				n/a				n/a				n/a				n/a
Accrued interest receivable			7,872				6				3,680				4,186				7,872
LIABILITIES
Deposits		$	(1,847,692	)		$	(1,650,797	)		$	(197,034	)		$	0			$	(1,847,831	)
FHLB and other borrowings			(166,030	)			0				(165,265	)			0				(165,265	)
Subordinated debentures			(20,620	)			0				(11,524	)			0				(11,524	)
Interest rate swaps			(908	)			0				(908	)			0				(908	)
Accrued interest payable			(918	)			(357	)			(545	)			(16	)			(918	)

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

		Carrying				Fair Value Measurement Using:												Total
		Amount				Level 1				Level 2				Level 3				Fair Value
ASSETS
Cash and cash equivalents		$	27,928			$	27,928			$	0			$	0			$	27,928
Interest bearing time deposits with other banks			225				0				224				0				224
Securities available for sale			685,720				1,002				683,813				905				685,720
Trading securities			4,505				4,296				209				0				4,505
Loans held for sale			887				0				938				0				938
Net loans			1,337,916				0				0				1,337,537				1,337,537
FHLB and other equity interests			6,695				n/a				n/a				n/a				n/a
Accrued interest receivable			7,441				5				3,503				3,933				7,441
LIABILITIES
Deposits		$	(1,847,079	)		$	(1,670,172	)		$	(176,036	)		$	0			$	(1,846,208	)
FHLB and other borrowings			(111,695	)			0				(111,821	)			0				(111,821	)
Subordinated debentures			(20,620	)			0				(11,395	)			0				(11,395	)
Interest rate swaps			(946	)			0				(946	)			0				(946	)
Accrued interest payable			(804	)			(358	)			(430	)			(16	)			(804	)

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