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Fair Value (Tables)

3 Months Ended

Mar. 31, 2017

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, 2017 and December 31, 2016:

						Fair Value Measurements at March 31, 2017 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		$	133,213			$	0			$	133,213			$	0
States and political subdivisions			154,164				0				154,164				0
Residential and multi-family mortgage			127,250				0				127,250				0
Corporate notes and bonds			17,829				0				17,829				0
Pooled trust preferred			0				0				0				0
Pooled SBA			41,688				0				41,688				0
Other equity securities			967				967				0				0
Total Securities Available For Sale		$	475,111			$	967			$	474,144			$	0
Interest Rate swaps		$	142			$	0			$	142			$	0
Trading Securities:
Corporate equity securities		$	3,836			$	3,836			$	0			$	0
Mutual funds			1,191				1,191				0				0
Certificates of deposit			212				212				0				0
Corporate notes and bonds			256				256				0				0
U.S. Government sponsored entities			53				0				53				0
Total Trading Securities		$	5,548			$	5,495			$	53			$	0
Liabilities,
Interest rate swaps		$	(516	)		$	0			$	(516	)		$	0

						Fair Value Measurements at December 31, 2016 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		$	140,351			$	0			$	140,351			$	0
States and political subdivisions			157,037				0				157,037				0
Residential and multi-family mortgage			134,976				0				134,976				0
Corporate notes and bonds			17,414				0				17,414				0
Pooled trust preferred			2,049				0				0				2,049
Pooled SBA			43,037				0				43,037				0
Other equity securities			971				971				0				0
Total Securities Available For Sale		$	495,835			$	971			$	492,815			$	2,049
Interest Rate swaps		$	211			$	0			$	211			$	0
Trading Securities:
Corporate equity securities		$	3,312			$	3,312			$	0			$	0
Mutual funds			1,037				1,037				0				0
Certificates of deposit			202				202				0				0
Corporate notes and bonds			254				254				0				0
U.S. Government sponsored entities			53				0				53				0
Total Trading Securities		$	4,858			$	4,805			$	53			$	0
Liabilities,
Interest rate swaps		$	(670	)		$	0			$	(670	)		$	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, 2017 and 2016:

		2017				2016
Balance, January 1		$	2,049			$	3,413
Total gains or (losses):
Included in other comprehensive income (unrealized)			134				(304	)
Sale of available-for-sale securities			(2,183	)			0
Balance, March 31		$	0			$	3,109

Quantitative Information about Level 3 Fair Value Measurements

The following table presents quantitative information about Level 3 fair value measurements at December 31, 2016:

						Valuation		Unobservable		Input
		Fair value				Technique		Inputs		Utilized
Pooled trust preferred		$	2,049			Discounted cash flow		Collateral default rate Yield (weighted average) Prepayment speed		0.5% in 2016 and thereafter 10% 2.0% constant prepayment rate in 2016 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, 2017 and December 31, 2016:

						Fair Value Measurements at March 31, 2017 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		$	2,067				0				0			$	2,067
						Fair Value Measurements at December 31, 2016 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		$	2,067				0				0			$	2,067

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, 2017:

Valuation

Unobservable

Range

Fair value

Technique

Inputs

(Weighted Average)

Impaired loans – commercial mortgages

$

2,067

Sales comparison approach

Adjustment for differences between the comparable sales

11% - 98% (34%)

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, 2016:

Valuation

Unobservable

Range

Fair value

Technique

Inputs

(Weighted Average)

Impaired loans – commercial mortgages

$

2,067

Sales comparison approach

Adjustment for differences between the comparable sales

14% - 98% (34%)

Carrying Amount and Fair Value of Financial Instruments

The following table presents the carrying amount and fair value of financial instruments at March 31, 2017:

		Carrying				Fair Value Measurement Using:												Total
		Amount				Level 1				Level 2				Level 3				Fair Value
ASSETS
Cash and cash equivalents		$	28,369			$	28,369			$	0			$	0			$	28,369
Securities available for sale			475,111				967				474,144				0				475,111
Trading securities			5,548				5,495				53				0				5,548
Loans held for sale			9,156				0				9,169				0				9,169
Net loans			1,892,405				0				0				1,851,784				1,851,784
FHLB and other equity interests			20,185				n/a				n/a				n/a				n/a
Interest rate swaps			142				0				142				0				142
Accrued interest receivable			8,619				7				3,367				5,245				8,619
LIABILITIES
Deposits		$	(2,025,479	)		$	(1,811,747	)		$	(203,536	)		$	0			$	(2,015,283	)
FHLB and other borrowings			(229,079	)			0				(226,769	)			0				(226,769	)
Subordinated debentures			(70,620	)			0				(62,348	)			0				(62,348	)
Deposits held for sale			(6,513	)			0				(6,480	)			0				(6,480	)
Interest rate swaps			(516	)			0				(516	)			0				(516	)
Accrued interest payable			(522	)			0				(522	)			0				(522	)

The following table presents the carrying amount and fair value of financial instruments at December 31, 2016:

		Carrying				Fair Value Measurement Using:												Total
		Amount				Level 1				Level 2				Level 3				Fair Value
ASSETS
Cash and cash equivalents		$	29,183			$	29,183			$	0			$	0			$	29,183
Securities available for sale			495,835				971				492,815				2,049				495,835
Trading securities			4,858				4,805				53				0				4,858
Loans held for sale			7,528				0				7,553				0				7,553
Net loans			1,857,206				0				0				1,817,341				1,817,341
FHLB and other equity interests			19,186				n/a				n/a				n/a				n/a
Interest rate swaps			211				0				211				0				211
Accrued interest receivable			8,264				6				3,014				5,244				8,264
LIABILITIES
Deposits		$	(2,017,522	)		$	(1,786,748	)		$	(219,765	)		$	0				(2,006,513	)
FHLB and other borrowings			(237,004	)			0				(226,769	)			0				(226,769	)
Subordinated debentures			(70,620	)			0				(61,831	)			0				(61,831	)
Deposits held for sale			(6,456	)			0				(6,417	)			0				(6,417	)
Interest rate swaps			(670	)			0				(670	)			0				(670	)
Accrued interest payable			(510	)			0				(510	)			0				(510	)

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