XML 50 R40.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Fair Value of Financial Instruments (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2017
Fair Value of Financial Instruments [Abstract] |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques | ﻿ ﻿ For Level 3 assets and liabilities measured at fair value on a recurring and non-recurring basis as of June 30, 2017 and December 31, 2016, the significant unobservable inputs used in the fair value measurements were as follows: ﻿
﻿ |  |  |  |  |
﻿ |  |  |  |  |
﻿(in thousands) |  | Fair Value at June 30, 2017 | Valuation Technique | Significant Unobservable Inputs | Significant Unobservable Input Value
﻿Recurring: |  |  |  |  |
﻿ |  |  |  |  |
﻿Investment Securities – available for sale | $ | 14,347 | Discounted Cash Flow | Discount Rate | LIBOR+ 5.50%
﻿ |  |  |  |  |
﻿Non-recurring: |  |  |  |  |
﻿ |  |  |  |  |
﻿Impaired Loans | $ | 4,691 | Market Comparable Properties | Marketability Discount | 10.0% - 34.2% (1) (weighted avg 11.0%)
﻿ |  |  |  |  |
﻿Other Real Estate Owned | $ | 1,009 | Market Comparable Properties | Marketability Discount | 15%
﻿ |  |  |  |  |
﻿(in thousands) |  | Fair Value at December 31, 2016 | Valuation Technique | Significant Unobservable Inputs | Significant Unobservable Input Value
﻿Recurring: |  |  |  |  |
﻿ |  |  |  |  |
﻿Investment Securities – available for sale | $ | 20,254 | Discounted Cash Flow | Discount Rate | Range of LIBOR+ 4.5% to 5.5%
﻿ |  |  |  |  |
﻿Non-recurring: |  |  |  |  |
﻿ |  |  |  |  |
﻿Impaired Loans | $ | 14,537 | Market Comparable Properties | Marketability Discount | 4.6% - 31.0% (1) (weighted avg 6.5%)
﻿ |  |  |  |  |
﻿Other Real Estate Owned | $ | 1,201 | Market Comparable Properties | Marketability Discount | 15%
﻿ NOTE: Range would include discounts taken since appraisal and estimated values
Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | For assets measured at fair value on a recurring and non-recurring basis, the fair value measurements by level within the fair value hierarchy used at June 30, 2017 and December 31, 2016 are as follows: ﻿
﻿ |  |  |  |  |  |  |  |
﻿ |  |  |  | Fair Value Measurements at June 30, 2017 Using
﻿ |  | Assets Measured at Fair Value |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
﻿(in thousands) |  | 06/30/2017 |  | (Level 1) |  | (Level 2) |  | (Level 3)
﻿Recurring: |  |  |  |  |  |  |  |
﻿Investment securities available-for-sale: |  |  |  |  |  |  |  |
﻿ U.S. government agencies | $ | 24,424 |  |  | $ | 24,424 |  |
﻿ Commercial mortgage-backed agencies | $ | 42,343 |  |  | $ | 42,343 |  |
﻿ Collateralized mortgage obligations | $ | 29,021 |  |  | $ | 29,021 |  |
﻿ Obligations of states and political subdivisions | $ | 19,063 |  |  | $ | 19,063 |  |
﻿ Collateralized debt obligations | $ | 14,347 |  |  |  |  | $ | 14,347
﻿Financial Derivatives | $ | 537 |  |  | $ | 537 | $ |
﻿Non-recurring: |  |  |  |  |  |  |  |
﻿Impaired loans | $ | 4,691 |  |  |  |  | $ | 4,691
﻿Other real estate owned | $ | 1,009 |  |  |  |  | $ | 1,009
﻿ ﻿
﻿ |  |  |  |  |  |  |  |
﻿ |  |  |  | Fair Value Measurements at December 31, 2016 Using
﻿ |  |  |  |
﻿ |  | Assets Measured at Fair Value |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
﻿(in thousands) |  | 12/31/2016 |  | (Level 1) |  | (Level 2) |  | (Level 3)
﻿Recurring: |  |  |  |  |  |  |  |
﻿Investment securities available-for-sale: |  |  |  |  |  |  |  |
﻿ U.S. government agencies | $ | 24,253 |  |  | $ | 24,253 |  |
﻿ Commercial mortgage-backed agencies | $ | 52,222 |  |  | $ | 52,222 |  |
﻿ Collateralized mortgage obligations | $ | 19,567 |  |  | $ | 19,567 |  |
﻿ Obligations of states and political subdivisions | $ | 23,704 |  |  | $ | 23,704 |  |
﻿ Collateralized debt obligations | $ | 20,254 |  |  |  |  | $ | 20,254
﻿Financial Derivative | $ | 700 |  |  |  | 700 | $ |
﻿Non-recurring: |  |  |  |  |  |  |  |
﻿Impaired loans | $ | 14,537 |  |  |  |  | $ | 14,537
﻿Other real estate owned | $ | 1,201 |  |  |  |  | $ | 1,201
﻿
Reconciliation of Fair Valued Assets Measured on a Recurring Basis | The following tables show a reconciliation of the beginning and ending balances for fair valued assets measured on a recurring basis using Level 3 significant unobservable inputs for the six- and three-month periods ended June 30, 2017 and 2016: ﻿
﻿ |  |  |  |
﻿ |  | Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
﻿ |  |
﻿(In thousands) |  | Investment Securities Available for Sale |  |
﻿Beginning balance January 1, 2017 | $ | 20,254 |  |
﻿ Total losses realized/unrealized: |  |  |  |
﻿ Included in other comprehensive income |  | (5,907) |  |
﻿Ending balance June 30, 2017 | $ | 14,347 |  |
﻿ |  |  |  |
﻿ ﻿ ﻿ ﻿
﻿ |  |  |  |
﻿ |  | Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
﻿ |  |
﻿(in thousands) |  | Investment Securities Available for Sale |  | Cash Flow Hedge
﻿Beginning balance January 1, 2016 | $ | 22,211 | $ | (66)
﻿ Total (losses)/gains realized/unrealized: |  |  |  |
﻿ Included in other comprehensive loss |  | (1,981) |  | 66
﻿Ending balance June 30, 2016 | $ | 20,230 | $ | 0
﻿ |  |  |  |
﻿ ﻿ ﻿
﻿ |  |  |  |
﻿ |  | Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
﻿ |  |
﻿ |  |  |  |
﻿(in thousands) |  | Investment Securities Available for Sale |  | Cash Flow Hedge
﻿Beginning balance April 1, 2017 | $ | 20,357 | $ |
﻿ Total losses realized/unrealized: |  |  |  |
﻿ Included in other comprehensive income |  | (6,010) |  |
﻿Ending balance June 30, 2017 | $ | 14,347 | $ |
﻿ |  |  |  |
﻿ ﻿
﻿ |  |  |  |
﻿ |  | Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
﻿ |  |
﻿ |  |  |  |
﻿(in thousands) |  | Investment Securities Available for Sale |  | Cash Flow Hedge
﻿Beginning balance April 1, 2016 | $ | 19,532 | $ | (33)
﻿ Total gains realized/unrealized: |  |  |  |
﻿ Included in other comprehensive income |  | 698 |  | 33
﻿Ending balance June 30, 2016 | $ | 20,230 | $ | 0
﻿
Fair Value by Balance Sheet Grouping | ﻿ The following tables present fair value information about financial instruments, whether or not recognized in the Consolidated Statement of Financial Condition, for which it is practicable to estimate that value. The actual carrying amounts and estimated fair values of the Corporation’s financial instruments that are included in the Consolidated Statement of Financial Condition are as follows: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |
﻿ | June 30, 2017 |  | Fair Value Measurements
﻿ | Carrying | Fair | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs
﻿(in thousands) | Amount | Value | (Level 1) | (Level 2) | (Level 3)
﻿Financial Assets: |  |  |  |  |  |  |  |  |  |
﻿Cash and due from banks | $ | 71,405 | $ | 71,405 | $ | 71,405 |  |  |  |
﻿Interest bearing deposits in banks |  | 1,557 |  | 1,557 |  | 1,557 |  |  |  |
﻿Investment securities - AFS |  | 129,198 |  | 129,198 |  |  | $ | 114,851 | $ | 14,347
﻿Investment securities - HTM |  | 98,354 |  | 100,365 |  |  |  | 90,563 |  | 9,802
﻿Restricted bank stock |  | 5,204 |  | 5,204 |  |  |  | 5,204 |  |
﻿Loans, net |  | 886,033 |  | 891,251 |  |  |  |  |  | 891,251
﻿Financial derivatives |  | 537 |  | 537 |  |  |  | 537 |  |
﻿Accrued interest receivable |  | 3,495 |  | 3,495 |  |  |  | 3,495 |  |
﻿ |  |  |  |  |  |  |  |  |  |
﻿Financial Liabilities: |  |  |  |  |  |  |  |  |  |
﻿Deposits – non-maturity |  | 803,745 |  | 803,745 |  |  |  | 803,745 |  |
﻿Deposits – time deposits |  | 233,967 |  | 239,043 |  |  |  | 239,043 |  |
﻿Short-term borrowed funds |  | 25,224 |  | 25,224 |  |  |  | 25,224 |  |
﻿Long-term borrowed funds |  | 120,929 |  | 122,046 |  |  |  | 122,046 |  |
﻿Accrued interest payable |  | 428 |  | 428 |  |  |  | 428 |  |
﻿Off balance sheet financial instruments |  | 0 |  | 0 |  | 0 |  |  |  |
﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |
﻿ | December 31, 2016 |  | Fair Value Measurements
﻿ | Carrying | Fair | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs
﻿(in thousands) | Amount | Value | (Level 1) | (Level 2) | (Level 3)
﻿Financial Assets: |  |  |  |  |  |  |  |  |  |
﻿Cash and due from banks | $ | 60,707 | $ | 60,707 | $ | 60,707 |  |  |  |
﻿Interest bearing deposits in banks |  | 2,603 |  | 2,603 |  | 2,603 |  |  |  |
﻿Investment securities - AFS |  | 140,000 |  | 140,000 |  |  | $ | 119,746 | $ | 20,254
﻿Investment securities - HTM |  | 97,169 |  | 97,981 |  |  |  | 89,031 |  | 8,950
﻿Restricted bank stock |  | 5,209 |  | 5,209 |  |  |  | 5,209 |  |
﻿Loans, net |  | 882,008 |  | 886,712 |  |  |  |  |  | 886,712
﻿Financial derivative |  | 700 |  | 700 |  |  |  | 700 |  |
﻿Accrued interest receivable |  | 3,862 |  | 3,862 |  |  |  | 3,862 |  |
﻿ |  |  |  |  |  |  |  |  |  |
﻿Financial Liabilities: |  |  |  |  |  |  |  |  |  |
﻿Deposits- non-maturity |  | 773,119 |  | 773,119 |  |  |  | 773,119 |  |
﻿Deposits- time deposits |  | 241,110 |  | 245,762 |  |  |  | 245,762 |  |
﻿Short-term borrowed funds |  | 36,000 |  | 36,000 |  |  |  | 36,000 |  |
﻿Long-term borrowed funds |  | 131,737 |  | 133,397 |  |  |  | 133,397 |  |
﻿Accrued interest payable |  | 380 |  | 380 |  |  |  | 380 |  |
﻿Off balance sheet financial instruments |  | 0 |  | 0 |  | 0 |  |  |  |
﻿

X
- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=66048111&loc=SL7498348-110258 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis. + 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) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + 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 (c) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13476-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13467-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13433-108611 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration