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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

The following tables present the fair value measurements of assets and liabilities recognized in the accompanying condensed consolidated balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at June 30, 2016 and December 31, 2015.

						June 30, 2016 Fair Value Measurements Using
		Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
U.S. Government-sponsored agencies		$	75,678			$	—			$	75,678			$	—
Municipal securities		80,798				—				80,798				—
Mortgage-backed securities		235,911				—				235,911				—
Asset-backed securities		19,332				—				19,332				—
Corporate securities		19,074				—				19,074				—
Other securities		3,013				3,013				—				—
Total available-for-sale securities		433,806				3,013				430,793				—
Loans held-for-sale (mandatory pricing agreements)		38,128				—				38,128				—
Forward contracts		(1,045		)		(1,045		)		—				—
IRLCs		1,724				—				—				1,724

						December 31, 2015 Fair Value Measurements Using
		Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
U.S. Government-sponsored agencies		$	37,750			$	—			$	37,750			$	—
Municipal securities		21,469				—				21,469				—
Mortgage-backed securities		113,052				—				113,052				—
Asset-backed securities		19,361				—				19,361				—
Corporate securities		19,087				—				19,087				—
Other securities		2,979				2,979				—				—
Total available-for-sale securities		213,698				2,979				210,719				—
Loans held-for-sale (mandatory pricing agreements)		24,065				—				24,065				—
Forward contracts		30				30				—				—
IRLCs		582				—				—				582

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

The following tables reconcile the beginning and ending balances of recurring fair value measurements recognized in the accompanying condensed consolidated balance sheets using significant unobservable (Level 3) inputs for the three and six month periods ended June 30, 2016 and June 30, 2015.

		Three Months Ended
		Interest Rate Lock Commitments
Balance, April 1, 2016		$	1,283
Total realized gains
Included in net income		441
Balance, June 30, 2016		$	1,724
Balance, April 1, 2015		$	913
Total realized gains
Included in net income		(290		)
Balance, June 30, 2015		$	623

		Six Months Ended
		Interest Rate Lock Commitments
Balance, January 1, 2016		$	582
Total realized gains
Included in net income		1,142
Balance, June 30, 2016		$	1,724
Balance, January 1, 2015		$	521
Total realized gains
Included in net income		102
Balance, June 30, 2015		$	623

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques

The following tables present quantitative information about significant unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements other than goodwill.

		Fair Value at June 30, 2016			Valuation Technique		Significant Unobservable Inputs		Range
IRLCs		1,724			Discounted cash flow		Loan closing rates		36% - 99%

		Fair Value at December 31, 2015				Valuation Technique		Significant Unobservable Inputs		Range
IRLCs		$	582			Discounted cash flow		Loan closing rates		43% - 100%

Fair Value, by Balance Sheet Grouping

The following tables summarize the carrying value and estimated fair value of all financial assets and liabilities at June 30, 2016 and December 31, 2015.

						June 30, 2016 Fair Value Measurements Using
		Carrying Amount				Quoted Prices In Active Market for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Cash and cash equivalents		$	70,008			$	70,008			$	—			$	—
Interest-bearing time deposits		250				250				—				—
Loans held-for-sale (best efforts pricing agreements)		6,375				—				6,375
Loans		1,111,622				—				—				1,138,152
Accrued interest receivable		5,508				5,508				—				—
Federal Home Loan Bank of Indianapolis stock		8,595				—				8,595				—
Deposits		1,388,933				513,929				—				867,231
Advances from Federal Home Loan Bank		147,974				—				146,276				—
Subordinated debt		12,778				—				13,023				—
Accrued interest payable		138				138				—				—

						December 31, 2015 Fair Value Measurements Using
		Carrying Amount				Quoted Prices In Active Market for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Cash and cash equivalents		$	25,152			$	25,152			$	—			$	—
Interest-bearing time deposits		1,000				1,000				—				—
Loans held-for-sale (best efforts pricing agreements)		12,453				—				12,453				—
Loans		953,859				—				—				967,303
Accrued interest receivable		4,105				4,105				—				—
Federal Home Loan Bank of Indianapolis stock		8,595				—				8,595				—
Deposits		956,054				472,481				—				478,360
Advances from Federal Home Loan Bank		190,957				—				188,126				—
Subordinated debt		12,724				—				13,212				—
Accrued interest payable		117				117				—				—

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- 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

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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=36462937&loc=d3e19207-110258

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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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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.

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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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