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Fair Value of Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2018
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)
 
Life-to-Date Gains (Losses)
Fair Value of Assets and Liabilities Measured on a Recurring Basis:
 
 
 
 
 
 
 
 
 
September 30, 2018
 
 
 
 
 
 
 
 
 
Securities Available-for Sale:
 
 
 
 
 
 
 
 
 
U.S. Government & Agency Obligations
$
59,602

 
$

 
$
59,602

 
$

 
 
State and Municipal Obligations
2,548

 

 
2,548

 

 
 
Mortgage-Backed Securities
277,461

 

 
277,461

 

 
 
Corporate and Other Debt Securities
800

 

 
800

 

 
 
  Total Securities Available-for-Sale
340,411

 

 
340,411

 

 
 
Equity Securities
1,916

 

 
1,916

 

 
 
  Total Securities Measured on a Recurring Basis
$
342,327

 
$

 
$
342,327

 
$

 
 
December 31, 2017
 
 
 
 
 
 
 
 
 
Securities Available-for Sale:
 
 
 
 
 
 
 
 
 
U.S. Government & Agency Obligations
$
59,894

 
$

 
$
59,894

 
$

 
 
State and Municipal Obligations
10,349

 

 
10,349

 

 
 
Mortgage-Backed Securities
227,596

 

 
227,596

 

 
 
Corporate and Other Debt Securities
800

 

 
800

 

 
 
Equity Securities
1,561

 

 
1,561

 

 
 
Total Securities Available-for Sale
$
300,200

 
$

 
$
300,200

 
$

 
 
September 30, 2017
 
 
 
 
 
 
 
 
 
Securities Available-for Sale:
 
 
 
 
 
 
 
 
 
U.S. Government & Agency Obligations
$
146,978

 
$
64,730

 
$
82,248

 
$

 
 
State and Municipal Obligations
11,902

 

 
11,902

 

 
 
Mortgage-Backed Securities
152,806

 

 
152,806

 

 
 
Corporate and Other Debt Securities
2,299

 

 
2,299

 

 
 
Equity Securities
1,474

 

 
1,474

 

 
 
Total Securities Available-for Sale
$
315,459

 
$
64,730

 
$
250,729

 
$

 
 
 
 
 
 
 
 
 
 
 
 
Fair Value of Assets and Liabilities Measured on a Nonrecurring Basis:
 
 
 
 
 
 
 
 
 
September 30, 2018
 
 
 
 
 
 
 
 
 
Collateral Dependent Impaired Loans
$
857

 
$

 
$

 
$
857

 
$
(58
)
Other Real Estate Owned and Repossessed Assets, Net
1,220

 

 

 
1,220

 
(559
)
December 31, 2017

 
 
 
 
 
 
 
 
Collateral Dependent Impaired Loans
$

 
$

 
$

 
$

 
$

Other Real Estate Owned and Repossessed Assets, Net
$
1,847

 
$

 

 
1,847

 
$
(569
)
September 30, 2017
 
 
 
 
 
 
 
 
 
Collateral Dependent Impaired Loans
$
1,502

 
$

 
$

 
$
1,502

 
$
(138
)
Other Real Estate Owned and Repossessed Assets, Net
1,713

 

 

 
1,713

 
(655
)
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
 
Book Value
 
Fair Value
 
Level 1
 
Level 2
 
Level 3
September 30, 2018
 
 
 
 
 
 
 
 
 
Cash and Cash Equivalents
$
92,295

 
$
92,295

 
$
92,295

 
$

 
$

Securities Available-for-Sale
340,411

 
340,411

 

 
340,411

 

Securities Held-to-Maturity
289,952

 
282,719

 

 
282,719

 

Equity Securities
1,916

 
1,916

 

 
1,916

 

Federal Home Loan Bank and Federal
  Reserve Bank Stock
10,866

 
10,866

 

 
10,866

 

Net Loans
2,106,097

 
2,030,278

 

 

 
2,030,278

Accrued Interest Receivable
8,028

 
8,028

 

 
8,028

 

Deposits
2,407,855

 
2,398,987

 

 
2,398,987

 

Federal Funds Purchased and Securities
  Sold Under Agreements to Repurchase
62,503

 
62,503

 

 
62,503

 

Federal Home Loan Bank Overnight Advances
131,000

 
131,000

 

 
131,000

 

Federal Home Loan Bank Term Advances
45,000

 
44,488

 

 
44,488

 

Junior Subordinated Obligations Issued
  to Unconsolidated Subsidiary Trusts
20,000

 
20,000

 

 
20,000

 

Accrued Interest Payable
485

 
485

 

 
485

 

 
 
 
 
 
 
 
 
 
 
December 31, 2017
 
 
 
 
 
 
 
 
 
Cash and Cash Equivalents
$
72,838

 
$
72,838

 
$
72,838

 
$

 
$

Securities Available-for-Sale
300,200

 
300,200

 

 
300,200

 

Securities Held-to-Maturity
335,907

 
335,901

 

 
335,901

 

Federal Home Loan Bank and Federal
  Reserve Bank Stock
9,949

 
9,949

 

 
9,949

 

Net Loans
1,932,184

 
1,901,046

 

 

 
1,901,046

Accrued Interest Receivable
6,753

 
6,753

 

 
6,753

 

Deposits
2,245,116

 
2,236,548

 

 
2,236,548

 

Federal Funds Purchased and Securities
  Sold Under Agreements to Repurchase
64,966

 
64,966

 

 
64,966

 

Federal Home Loan Bank Overnight Advances
105,000

 
105,000

 

 
105,000

 

Federal Home Loan Bank Term Advances
55,000

 
54,781

 

 
54,781

 

Junior Subordinated Obligations Issued
  to Unconsolidated Subsidiary Trusts
20,000

 
20,000

 

 
20,000

 

Accrued Interest Payable
410

 
410

 

 
410

 

 
 
 
 
 
 
 
 
 
 
September 30, 2017
 
 
 
 
 
 
 
 
 
Cash and Cash Equivalents
$
80,666

 
$
80,666

 
$
80,666

 
$

 
$

Securities Available-for-Sale
315,459

 
315,459

 
64,730

 
250,729

 

Securities Held-to-Maturity
341,526

 
343,899

 

 
343,899

 

Federal Home Loan Bank and Federal
  Reserve Bank Stock
6,704

 
6,704

 

 
6,704

 

Net Loans
1,891,104

 
1,870,379

 

 

 
1,870,379

Accrued Interest Receivable
6,563

 
7,692

 

 
7,692

 

Deposits
2,307,116

 
2,299,011

 

 
2,299,011

 

Federal Funds Purchased and Securities
  Sold Under Agreements to Repurchase
61,419

 
61,419

 

 
61,419

 

Federal Home Loan Bank Overnight Advances
33,000

 
33,000

 

 
33,000

 

Federal Home Loan Bank Term Advances
55,000

 
55,110

 

 
55,110

 

Junior Subordinated Obligations Issued
  to Unconsolidated Subsidiary Trusts
20,000

 
20,000

 

 
20,000

 

Accrued Interest Payable
260

 
260

 

 
260