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Fair Value (Tables)

9 Months Ended

Sep. 30, 2020

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, 2020 and December 31, 2019:

									Fair Value Measurements at September 30, 2020 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			$	169,709					$	0					$	169,709					$	0
States and political subdivisions			66,952						0						66,530						422
Residential and multi-family mortgage			306,309						5,130						301,179						0
Corporate notes and bonds			13,402						0						13,402						0
Pooled SBA			27,503						0						27,503						0
Other			982						982						0						0
Total Securities Available For Sale			$	584,857					$	6,112					$	578,323					$	422
Interest Rate swaps			$	4,493					$	0					$	4,493					$	0
Trading Securities:
Corporate equity securities			$	3,964					$	3,964					$	0					$	0
Mutual funds			1,060						1,060						0						0
Certificates of deposit			417						417						0						0
Corporate notes and bonds			672						672						0						0
U.S. Government sponsored entities			51						0						51						0
Total Trading Securities			$	6,164					$	6,113					$	51					$	0
Liabilities:
Interest rate swaps			$	(5,327)					$	0					$	(5,327)					$	0

									Fair Value Measurements at December 31, 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			$	127,094					$	0					$	127,094					$	0
States and political subdivisions			104,363						0						104,363						0
Residential and multi-family mortgage			276,636						0						273,841						2,795
Corporate notes and bonds			8,082						0						8,082						0
Pooled SBA			25,174						0						25,174						0
Other			964						964						0						0
Total Securities Available For Sale			$	542,313					$	964					$	538,554					$	2,795
Interest Rate swaps			$	1,877					$	0					$	1,877					$	0
Trading Securities:
Corporate equity securities			$	7,946					$	7,946					$	0					$	0
Mutual funds			807						807						0						0
Certificates of deposit			350						350						0						0
Corporate notes and bonds			655						655						0						0
U.S. Government sponsored entities			51						0						51						0
Total Trading Securities			$	9,809					$	9,758					$	51					$	0
Liabilities:
Interest rate swaps			$	(2,362)					$	0					$	(2,362)					$	0

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

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) as of September 30, 2020:

			States and Political Subdivisions						Residential & Multi-Family Mortgage
Balance, January 1, 2020			$	0					$	2,795
Purchases			422						0
Total gains or (losses):
Included in other comprehensive income (loss)			0						0
Transfers out of Level 3			0						$	(2,795)
Balance, September 30, 2020			$	422					$	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, 2020 and December 31, 2019:

									Fair Value Measurements at September 30, 2020 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			$	2,519					0						0						$	2,519
Commercial mortgages			$	11,140					0						0						$	11,140

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, 2020:

Fair value

Valuation Technique

Unobservable Inputs

Range (Weighted Average)

Impaired loans – commercial, industrial and agricultural

$2,519

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability

0%-100% (49%)

Impaired loans – commercial mortgages

$11,140

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability

0%-44% (25%)

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, 2019:

Fair value

Valuation Technique

Unobservable Inputs

Range (Weighted Average)

Impaired loans – commercial, industrial and agricultural

$2,910

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability

0%-100% (54%)

Impaired loans – commercial mortgages

$1,147

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability

25%-100% (52%)

Carrying Amount and Fair Value of Financial Instruments

The following table presents the carrying amount and fair value of financial instruments at September 30, 2020:

			Carrying						Fair Value Measurement Using:																		Total
			Amount						Level 1						Level 2						Level 3						Fair Value
ASSETS
Cash and cash equivalents			$	555,941					$	555,941					$	0					$	0					$	555,941
Securities available for sale			584,857						6,112						578,323						422						584,857
Trading securities			6,164						6,113						51						0						6,164
Loans held for sale			3,668						0						3,697						0						3,697
Net loans			3,318,923						0						0						3,290,329						3,290,329
FHLB and other restricted interests			26,815						n/a						n/a						n/a						n/a
Interest rate swaps			4,493						0						4,493						0						4,493
Accrued interest receivable			21,299						33						3,103						18,161						21,297
LIABILITIES
Deposits			$	(4,022,705)					$	(3,543,338)					$	(494,056)					$	0					$	(4,037,394)
FHLB and other borrowings			(169,327)						0						(174,846)						0						(174,846)
Subordinated debentures			(70,620)						0						(62,394)						0						(62,394)
Interest rate swaps			(5,327)						0						(5,327)						0						(5,327)
Accrued interest payable			(1,514)						0						(1,514)						0						(1,514)

The following table presents the carrying amount and fair value of financial instruments at December 31, 2019:

			Carrying						Fair Value Measurement Using:																		Total
			Amount						Level 1						Level 2						Level 3						Fair Value
ASSETS
Cash and cash equivalents			$	192,974					$	192,974					$	0					$	0					$	192,974
Securities available for sale			542,313						964						538,554						2,795						542,313
Trading securities			9,809						9,758						51						0						9,809
Loans held for sale			930						0						933						0						933
Net loans			2,784,562						0						0						2,765,133						2,765,133
FHLB and other restricted interests			27,868						n/a						n/a						n/a						n/a
Interest rate swaps			1,877						0						1,877						0						1,877
Accrued interest receivable			11,486						6						3,238						8,242						11,486
LIABILITIES
Deposits			$	(3,102,327)					$	(2,674,511)					$	(432,287)					$	0					$	(3,106,798)
FHLB and other borrowings			(227,907)						0						(230,679)						0						(230,679)
Subordinated debentures			(70,620)						0						(64,084)						0						(64,084)
Interest rate swaps			(2,362)						0						(2,632)						0						(2,632)
Accrued interest payable			(1,597)						0						(1,597)						0						(1,597)

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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 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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