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Fair Value of Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2017
Fair Value Disclosures [Abstract]  
Fair Value Measurements, Recurring and Nonrecurring
The table below presents the financial instrument's fair value and the amounts within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement:
Fair Value of Assets and Liabilities Measured on a Recurring and Nonrecurring Basis
 
 
 
Fair Value Measurements at Reporting Date Using:
 
 
 
Fair Value
 
Quoted Prices
In Active Markets for Identical Assets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total Gains (Losses)
Fair Value of Assets and Liabilities Measured on a Recurring Basis:
 
 
 
 
 
 
 
 
 
March 31, 2017
 
 
 
 
 
 
 
 
 
Securities Available-for Sale:
 
 
 
 
 
 
 
 
 
U.S. Government & Agency Obligations
$
147,231

 
$
54,695

 
$
92,536

 
$
—

 
 
State and Municipal Obligations
25,507

 
—

 
25,507

 
—

 
 
Mortgage-Backed Securities - Residential
169,728

 
—

 
169,728

 
—

 
 
Corporate and Other Debt Securities
3,298

 
—

 
3,298

 
—

 
 
Mutual Funds and Equity Securities
1,395

 
—

 
1,395

 
—

 
 
  Total Securities Available-for-Sale
$
347,159

 
$
54,695

 
$
292,464

 
$
—

 
 
December 31, 2016
 
 
 
 
 
 
 
 
 
Securities Available-for Sale:
 
 
 
 
 
 
 
 
 
U.S. Government & Agency Obligations
$
147,377

 
$
54,706

 
$
92,671

 
$
—

 
 
State and Municipal Obligations
27,690

 
—

 
27,690

 
—

 
 
Mortgage-Backed Securities - Residential
167,239

 
—

 
167,239

 
—

 
 
Corporate and Other Debt Securities
3,308

 
—

 
3,308

 
—

 
 
Mutual Funds and Equity Securities
1,382

 
—

 
1,382

 
—

 
 
Total Securities Available-for Sale
$
346,996

 
$
54,706

 
$
292,290

 
$
—

 
 
March 31, 2016
 
 
 
 
 
 
 
 
 
Securities Available-for Sale:
 
 
 
 
 
 
 
 
 
U.S. Government & Agency Obligations
$
157,646

 
$
—

 
$
157,646

 
$
—

 
 
State and Municipal Obligations
49,543

 
—

 
49,543

 
—

 
 
Mortgage-Backed Securities - Residential
168,110

 
—

 
168,110

 
—

 
 
Corporate and Other Debt Securities
11,715

 
—

 
11,715

 
—

 
 
Mutual Funds and Equity Securities
1,233

 
—

 
1,233

 
—

 
 
Total Securities Available-for Sale
$
388,247

 
$
—

 
$
388,247

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
Fair Value of Assets and Liabilities Measured on a Nonrecurring Basis:
 
 
 
 
 
 
 
 
 
March 31, 2017
 
 
 
 
 
 
 
 
 
Collateral Dependent Impaired Loans
$
288

 
$
—

 
$
—

 
$
288

 
$
(34
)
Other Real Estate Owned and Repossessed Assets, Net
1,734

 
—

 
—

 
1,734

 
(500
)
December 31, 2016

 
 
 
 
 
 
 
 
Collateral Dependent Impaired Loans
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Other Real Estate Owned and Repossessed Assets, Net
$
1,686

 
$
—

 
—

 
1,686

 
$
(587
)
March 31, 2016
 
 
 
 
 
 
 
 
 
Collateral Dependent Impaired Loans
$
1,703

 
$
—

 
$
—

 
$
1,703

 
$
(260
)
Other Real Estate Owned and Repossessed Assets, Net
2,011

 
—

 
—

 
2,011

 
(784
)
Fair Value, by Balance Sheet Grouping
The following table presents a summary of the carrying amount, the fair value or an amount approximating fair value and the fair value hierarchy of Arrow’s financial instruments:
Schedule of Fair Values by Balance Sheet Grouping
 
 
 
 
 
Fair Value Hierarchy
 
Carrying
Amount
 
Fair
Value
 
Level 1
 
Level 2
 
Level 3
March 31, 2017
 
 
 
 
 
 
 
 
 
Cash and Cash Equivalents
$
64,803

 
$
64,803

 
$
64,803

 
$
—

 
$
—

Securities Available-for-Sale
347,159

 
347,159

 
54,695

 
292,464

 
—

Securities Held-to-Maturity
335,211

 
335,105

 
—

 
335,105

 
—

Federal Home Loan Bank and Federal
  Reserve Bank Stock
6,826

 
6,826

 
6,826

 
—

 
—

Net Loans
1,793,589

 
1,773,895

 
—

 
—

 
1,773,895

Accrued Interest Receivable
7,530

 
7,530

 
7,530

 
—

 
—

Deposits
2,256,536

 
2,248,066

 
2,058,301

 
189,765

 
—

Federal Funds Purchased and Securities
  Sold Under Agreements to Repurchase
32,035

 
32,035

 
32,035

 
—

 
—

Federal Home Loan Bank Overnight Advances
32,000

 
32,000

 
32,000

 
—

 
—

Federal Home Loan Bank Term Advances
55,000

 
55,130

 
—

 
55,130

 
—

Junior Subordinated Obligations Issued
  to Unconsolidated Subsidiary Trusts
20,000

 
20,000

 
—

 
20,000

 
—

Accrued Interest Payable
240

 
240

 
240

 
—

 
—

 
 
 
 
 
 
 
 
 
 
December 31, 2016
 
 
 
 
 
 
 
 
 
Cash and Cash Equivalents
$
57,355

 
$
57,355

 
$
57,355

 
$
—

 
$
—

Securities Available-for-Sale
346,996

 
346,996

 
54,706

 
292,290

 
—

Securities Held-to-Maturity
345,427

 
343,751

 
—

 
343,751

 
—

Federal Home Loan Bank and Federal
  Reserve Bank Stock
10,912

 
10,912

 
10,912

 
—

 
—

Net Loans
1,736,256

 
1,720,078

 
—

 
—

 
1,720,078

Accrued Interest Receivable
6,684

 
6,684

 
6,684

 
—

 
—

Deposits
2,116,546

 
2,109,557

 
1,917,233

 
192,324

 
—

Federal Funds Purchased and Securities
  Sold Under Agreements to Repurchase
35,836

 
35,836

 
35,836

 
—

 
—

Federal Home Loan Bank Overnight Advances
123,000

 
123,000

 
123,000

 
—

 
—

Federal Home Loan Bank Term Advances
55,000

 
55,118

 
—

 
55,118

 
—

Junior Subordinated Obligations Issued
  to Unconsolidated Subsidiary Trusts
20,000

 
20,000

 
—

 
20,000

 
—

Accrued Interest Payable
247

 
247

 
247

 
—

 
—

 
 
 
 
 
 
 
 
 
 
March 31, 2016
 
 
 
 
 
 
 
 
 
Cash and Cash Equivalents
$
60,711

 
$
60,711

 
$
60,711

 
$
—

 
$
—

Securities Available-for-Sale
388,247

 
388,247

 
—

 
388,247

 
—

Securities Held-to-Maturity
315,284

 
324,337

 
—

 
324,337

 
—

Federal Home Loan Bank and Federal
  Reserve Bank Stock
5,149

 
5,149

 
5,149

 
—

 
—

Net Loans
1,606,441

 
1,613,221

 
—

 
—

 
1,613,221

Accrued Interest Receivable
7,156

 
7,156

 
7,156

 
—

 
—

Deposits
2,115,061

 
2,109,546

 
1,925,905

 
183,641

 
—

Federal Funds Purchased and Securities
  Sold Under Agreements to Repurchase
45,155

 
45,155

 
45,155

 
—

 
—

Federal Home Loan Bank Term Advances
55,000

 
56,630

 
—

 
56,630

 
—

Junior Subordinated Obligations Issued
  to Unconsolidated Subsidiary Trusts
20,000

 
20,000

 
—

 
20,000

 
—

Accrued Interest Payable
227

 
227

 
227

 
—

 
—