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Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2017

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, 2017
Securities available-for-sale:
Mortgage-backed securities and collateralized mortgage obligations issued by U.S. government agencies	$	147,370		$	—		$	146,818		$	552
Debentures of government sponsored agencies	30,382			—			30,382			—
Privately-issued collateralized mortgage obligations	128			—			128			—
Obligations of state and political subdivisions	75,181			—			75,181			—
Corporate bonds	5,031			—			5,031			—
Derivative financial assets (interest rate contracts)	38			—			38			—
Derivative financial liabilities (interest rate contracts)	909			—			909			—
December 31, 2016
Securities available-for-sale:
Mortgage-backed securities and collateralized mortgage obligations issued by U.S. government agencies	$	254,041		$	—		$	253,434		$	607
Debentures of government sponsored agencies	35,403			—			35,403			—
Privately-issued collateralized mortgage obligations	419			—			419			—
Obligations of state and political subdivisions	77,701			—			77,701			—
Corporate bonds	5,016			—			5,016			—
Derivative financial assets (interest rate contracts)	55			—			55			—
Derivative financial liabilities (interest rate contracts)	933			—			933			—

Fair Value Measurements, Nonrecurring

The following table presents the carrying value of assets 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, 2017 and December 31, 2016.

(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, 2017
Other real estate owned	238		—		—		238
December 31, 2016
Other real estate owned	408		—		—		408

Fair Value, by Balance Sheet Grouping

The table below is a summary of fair value estimates for financial instruments as of September 30, 2017 and December 31, 2016, 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. Further, we have not disclosed the fair value of financial instruments specifically excluded from disclosure requirements such as bank-owned life insurance policies ("BOLI"). Additionally, we hold shares of FHLB stock and Visa Inc. Class B common stock at cost. These shares are restricted from resale, except among member banks, and their values are discussed in Note 4, Investment Securities.

	September 30, 2017								December 31, 2016
(in thousands)	Carrying Amounts			Fair Value			Fair Value Hierarchy		Carrying Amounts			Fair Value			Fair Value Hierarchy
Financial assets
Cash and cash equivalents	$	149,124		$	149,124		Level 1		$	48,804		$	48,804		Level 1
Investment securities held-to-maturity	155,122			156,149			Level 2		44,438			45,097			Level 2
Loans, net	1,509,199			1,491,306			Level 3		1,471,174			1,473,360			Level 3
Interest receivable	5,978			5,978			Level 2		6,319			6,319			Level 2
Financial liabilities
Deposits	1,890,970			1,891,097			Level 2		1,772,700			1,773,102			Level 2
Subordinated debentures	5,703			5,089			Level 3		5,586			5,083			Level 3
Interest payable	120			120			Level 2		134			134			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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

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-Publisher FASB
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- Definition

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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=77997519&loc=d3e13476-108611

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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/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
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