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Fair Value (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2017 and December 31, 2016:

						Fair Value Measurements at June 30, 2017 Using
						Quoted Prices in								Significant
						Active Markets for				Significant Other				Unobservable
						Identical Assets				Observable Inputs				Inputs
Description		Total				(Level 1)				(Level 2)				(Level 3)
Assets:
Securities Available For Sale:
U.S. Government sponsored entities		$	128,476			$	0			$	128,476			$	0
States and political subdivisions			149,051				0				149,051				0
Residential and multi-family mortgage			116,781				0				116,781				0
Corporate notes and bonds			18,220				0				18,220				0
Pooled SBA			39,565				0				39,565				0
Other equity securities			972				972				0				0
Total Securities Available For Sale		$	453,065			$	972			$	452,093			$	0
Interest Rate swaps		$	235			$	0			$	235			$	0
Trading Securities:
Corporate equity securities		$	3,987			$	3,987			$	0			$	0
Mutual funds			1,244				1,244				0				0
Certificates of deposit			211				211				0				0
Corporate notes and bonds			256				256				0				0
U.S. Government sponsored entities			53				0				53				0
Total Trading Securities		$	5,751			$	5,698			$	53			$	0
Liabilities,
Interest rate swaps		$	(548	)		$	0			$	(548	)		$	0

						Fair Value Measurements at December 31, 2016 Using
						Quoted Prices in								Significant
						Active Markets for				Significant Other				Unobservable
						Identical Assets				Observable Inputs				Inputs
Description		Total				(Level 1)				(Level 2)				(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 June 30, 2017 and 2016:

		2017				2016
Balance, April 1		$	0			$	3,109
Total gains or (losses):
Included in other comprehensive income (unrealized)			0				(922	)
Sale of available-for-sale securities			0				(485	)
Balance, June 30		$	0			$	1,702

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 six months ended June 30, 2017 and 2016:

		2017				2016
Balance, January 1		$	2,049			$	3,413
Total gains or (losses):
Included in other comprehensive income (unrealized)			134				(922	)
Sale of available-for-sale securities			(2,183	)			(789	)
Balance, June 30		$	0			$	1,702

Quantitative Information about Level 3 Fair Value Measurements

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

		Fair value				Valuation Technique		Unobservable Inputs		Input Utilized
Pooled trust preferred		$	2,049			Discounted cash flow		Collateral default rate		0.5% in 2016 and thereafter
								Yield (weighted average)		10%
								Prepayment speed		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 June 30, 2017 and December 31, 2016:

Fair Value Measurements at June 30, 2017 Using

Quoted Prices in

Significant

Active Markets for

Significant Other

Unobservable

Identical Assets

Observable Inputs

Inputs

Description

Total

(Level 1)

(Level 2)

(Level 3)

Assets:

Impaired loans:

Commercial mortgages

$

11

0

0

$

11

Fair Value Measurements at December 31, 2016 Using

Quoted Prices in

Significant

Active Markets for

Significant Other

Unobservable

Identical Assets

Observable Inputs

Inputs

Description

Total

(Level 1)

(Level 2)

(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 June 30, 2017:

		Fair value				Valuation Technique		Unobservable Inputs		Range (Weighted Average)
Impaired loans – commercial mortgages		$	11			Discounted cash flow method		Discount used in discounted cash flow method		10% (10%)

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:

		Fair value				Valuation Technique		Unobservable Inputs		Range (Weighted Average)
Impaired loans – commercial mortgages		$	2,067			Sales comparison approach and discounted cash flow method		Adjustment for differences between the comparable sales and discount used in discounted cash flow method		10% - 14% (13%)

Carrying Amount and Fair Value of Financial Instruments

The following table presents the carrying amount and fair value of financial instruments at June 30, 2017:

		Carrying				Fair Value Measurement Using:												Total
		Amount				Level 1				Level 2				Level 3				Fair Value
ASSETS
Cash and cash equivalents		$	33,049			$	33,049			$	0			$	0			$	33,049
Securities available for sale			453,065				972				452,093				0				453,065
Trading securities			5,751				5,698				53				0				5,751
Loans held for sale			1,652				0				1,654				0				1,654
Net loans			2,003,560				0				0				1,960,554				1,960,554
FHLB and other equity interests			23,298				n/a				n/a				n/a				n/a
Interest rate swaps			235				0				235				0				235
Accrued interest receivable			7,857				6				2,760				5,091				7,857
LIABILITIES
Deposits		$	(2,076,789	)		$	(1,839,627	)		$	(225,848	)		$	0			$	(2,065,475	)
FHLB and other borrowings			(262,940	)			0				(251,585	)			0				(251,585	)
Subordinated debentures			(70,620	)			0				(62,696	)			0				(62,696	)
Interest rate swaps			(548	)			0				(548	)			0				(548	)
Accrued interest payable			(510	)			0				(510	)			0				(510	)

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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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 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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