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Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2016

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table summarizes our assets and liabilities that were required to be recorded at fair value on a recurring basis.

(in thousands)   Description of Financial Instruments	Carrying Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
September 30, 2016
Securities available-for-sale:
Mortgage-backed securities and collateralized mortgage obligations issued by U.S. government-sponsored agencies	$	252,824		$	—		$	252,199		$	625
Debentures of government-sponsored agencies	40,576			—			40,576			—
Privately-issued collateralized mortgage obligations	560			—			560			—
Obligations of state and political subdivisions	80,027			—			80,027			—
Corporate bonds	5,009			—			5,009			—
Derivative financial liabilities (interest rate contracts)	2,480			—			2,480			—
December 31, 2015
Securities available-for-sale:
Mortgage-backed securities and collateralized mortgage obligations issued by U.S. government-sponsored agencies	$	190,093		$	—		$	188,381		$	1,712
Debentures of government-sponsored agencies	160,892			—			160,892			—
Privately-issued collateralized mortgage obligations	4,150			—			4,150			—
Obligations of state and political subdivisions	57,673			—			57,673			—
Corporate bonds	4,979			—			4,979			—
Derivative financial assets (interest rate contracts)	3			—			3			—
Derivative financial liabilities (interest rate contracts)	1,658			—			1,658			—

Fair Value Measurements, Nonrecurring

The following table presents the carrying value of assets and liabilities measured at fair value on a non-recurring basis and that were held in the consolidated statements of condition at each respective period end, by level within the fair value hierarchy as of September 30, 2016 and December 31, 2015.

(in thousands)	Carrying Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs  (Level 3)
September 30, 2016
Impaired loans 1	$	124		$	—		$	—		$	124
Other real estate owned	408			—			—			408
December 31, 2015
Impaired loans	$	—		$	—		$	—		$	—
Other real estate owned	421			—			—			421

¹Represents collateral-dependent loan principal balances that had been generally written down to the values of the underlying collateral and reflected net of specific valuation allowances. At September 30, 2016, the $124 thousand carrying value of a consumer loan was net of a $52 thousand specific valuation allowance. The carrying value of loans fully charged-off, which includes unsecured lines of credit, overdrafts and all other loans, is zero.

Fair Value, by Balance Sheet Grouping

The table below is a summary of fair value estimates for financial instruments as of September 30, 2016 and December 31, 2015, excluding financial instruments recorded at fair value on a recurring basis (summarized in the first table in this note). The carrying amounts in the following table are recorded in the consolidated statements of condition under the indicated captions. We have excluded non-financial assets and non-financial liabilities defined by the Codification (ASC 820-10-15-1A), such as Bank premises and equipment, deferred taxes and other liabilities.  In addition, we have not disclosed the fair value of financial instruments specifically excluded from disclosure requirements of the Financial Instruments Topic of the Codification (ASC 825-10-50-8), such as bank-owned life insurance policies ("BOLI").

	September 30, 2016								December 31, 2015
(in thousands)	Carrying Amounts			Fair Value			Fair Value Hierarchy		Carrying Amounts			Fair Value			Fair Value Hierarchy
Financial assets
Cash and cash equivalents	$	96,930		$	96,930		Level 1		$	26,343		$	26,343		Level 1
Investment securities held-to-maturity	46,423			47,867			Level 2		69,637			71,054			Level 2
Loans, net	1,451,950			1,471,861			Level 3		1,436,229			1,470,380			Level 3
Interest receivable	5,645			5,645			Level 2		6,643			6,643			Level 2
Financial liabilities
Deposits	1,801,469			1,801,932			Level 2		1,728,226			1,728,717			Level 2
Federal Home Loan Bank and other borrowings	—			—			Level 2		67,000			67,279			Level 2
Subordinated debentures	5,540			5,156			Level 3		5,395			5,132			Level 3
Interest payable	138			138			Level 2		187			187			Level 2

X

- Definition

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).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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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

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-Topic 820
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