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Fair Value (Tables)

9 Months Ended

Sep. 30, 2019

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, 2019 and December 31, 2018:

					Fair Value Measurements at September 30, 2019 Using:
					Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
Description	Total				(Level 1)				(Level 2)				(Level 3)
Assets:
Securities Available For Sale:
U.S. Government sponsored entities	$	138,768			$	0			$	138,768			$	0
States and political subdivisions	115,064				0				115,064				0
Residential and multi-family mortgage	240,966				0				240,966				0
Corporate notes and bonds	7,003				0				7,003				0
Pooled SBA	27,101				0				27,101				0
Other	965				965				0				0
Total Securities Available For Sale	$	529,867			$	965			$	528,902			$	0
Interest Rate swaps	$	2,572			$	0			$	2,572			$	0
Trading Securities:
Corporate equity securities	$	7,259			$	7,259			$	0			$	0
Mutual funds	911				911				0				0
Certificates of deposit	210				210				0				0
Corporate notes and bonds	657				657				0				0
U.S. Government sponsored entities	51				0				51				0
Total Trading Securities	$	9,088			$	9,037			$	51			$	0
Liabilities:
Interest rate swaps	$	(3,155	)		$	0			$	(3,155	)		$	0
					Fair Value Measurements at December 31, 2018 Using:
					Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
Description	Total				(Level 1)				(Level 2)				(Level 3)
Assets:
Securities Available For Sale:
U.S. Government sponsored entities	$	132,694			$	0			$	132,694			$	0
States and political subdivisions	136,031				0				136,031				0
Residential and multi-family mortgage	206,053				0				206,053				0
Corporate notes and bonds	11,777				0				11,777				0
Pooled SBA	29,374				0				29,374				0
Other	934				934				0				0
Total Securities Available For Sale	$	516,863			$	934			$	515,929			$	0
Interest Rate swaps	$	485			$	0			$	485			$	0
Trading Securities:
Corporate equity securities	$	5,828			$	5,828			$	0			$	0
Mutual funds	1,058				1,058				0				0
Certificates of deposit	268				268				0				0
Corporate notes and bonds	581				581				0				0
U.S. Government sponsored entities	51				0				51				0
Total Trading Securities	$	7,786			$	7,735			$	51			$	0
Liabilities:
Interest rate swaps	$	(686	)		$	0			$	(686	)		$	0

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, 2019 and December 31, 2018:

					Fair Value Measurements at September 30, 2019 Using:
					Quoted Prices in Active Markets  for Identical Assets			Significant Other Observable Inputs			Significant Unobservable Inputs
Description	Total				(Level 1)			(Level 2)			(Level 3)
Assets:
Impaired loans:
Commercial, industrial, and agricultural	$	687			0			0			$	687
Commercial mortgages	$	1,089			0			0			$	1,089
					Fair Value Measurements at December 31, 2018 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, industrial, and agricultural	$	2,055			0			0			$	2,055
Commercial mortgages	$	679			0			0			$	679

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, 2019:

	Fair value		Valuation Technique		Unobservable Inputs		Range (Weighted Average)
Impaired loans – commercial, industrial, and agricultural	$687		Valuation of third party appraisal on underlying collateral		Loss severity rates		48%-61% (54%)
Impaired loans – commercial mortgages	$1,089		Valuation of third party appraisal on underlying collateral		Loss severity rates		25-100% (58%)

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, 2018:

	Fair value		Valuation Technique		Unobservable Inputs		Range (Weighted Average)
Impaired loans – commercial, industrial, and agricultural	$2,055		Valuation of third party appraisal on underlying collateral		Loss severity rates		20%-60% (34%)
Impaired loans – commercial mortgages	$679		Valuation of third party appraisal on underlying collateral		Loss severity rates		15%-39% (33%)

Carrying Amount and Fair Value of Financial Instruments

The following table presents the carrying amount and fair value of financial instruments at September 30, 2019:

	Carrying				Fair Value Measurement Using:												Total
	Amount				Level 1				Level 2				Level 3				Fair Value
ASSETS
Cash and cash equivalents	$	52,161			$	52,161			$	0			$	0			$	52,161
Securities available for sale	529,867				965				528,902				0				529,867
Trading securities	9,088				9,037				51				0				9,088
Loans held for sale	1,279				0				1,282				0				1,282
Net loans	2,729,295				0				0				2,705,463				2,705,463
FHLB and other restricted interests	24,901				n/a				n/a				n/a				n/a
Interest rate swaps	2,572				0				2,572				0				2,572
Accrued interest receivable	11,679				6				3,486				8,187				11,679
LIABILITIES
Deposits	$	(2,875,595	)		$	(2,501,490	)		$	(374,987	)		$	0			$	(2,876,477	)
FHLB and other borrowings	(248,101		)		0				(252,312		)		0				(252,312		)
Subordinated debentures	(70,620		)		0				(64,382		)		0				(64,382		)
Interest rate swaps	(3,155		)		0				(3,155		)		0				(3,155		)
Accrued interest payable	(1,712		)		0				(1,712		)		0				(1,712		)

The following table presents the carrying amount and fair value of financial instruments at December 31, 2018:

	Carrying				Fair Value Measurement Using:												Total
	Amount				Level 1				Level 2				Level 3				Fair Value
ASSETS
Cash and cash equivalents	$	45,563			$	45,563			$	0			$	0			$	45,563
Securities available for sale	516,863				934				515,929				0				516,863
Trading securities	7,786				7,735				51				0				7,786
Loans held for sale	367				0				368				0				368
Net loans	2,454,853				0				0				2,433,417				2,433,417
FHLB and other restricted interests	24,508				n/a				n/a				n/a				n/a
Interest rate swaps	485				0				485				0				485
Accrued interest receivable	10,843				6				3,368				7,469				10,843
LIABILITIES
Deposits	$	(2,610,786	)		$	(2,215,349	)		$	(397,370	)		$	0			$	(2,612,719	)
FHLB and other borrowings	(245,117		)		0				(242,592		)		0				(242,592		)
Subordinated debentures	(70,620		)		0				(65,794		)		0				(65,794		)
Interest rate swaps	(686		)		0				(686		)		0				(686		)
Accrued interest payable	(1,349		)		0				(1,349		)		0				(1,349		)

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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 of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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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).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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-Section 50
-Paragraph 2
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