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Fair Values (Tables)
6 Months Ended
Jun. 30, 2019
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)
Fair Value of Assets and Liabilities Measured on a Recurring Basis:
 
 
 
 
 
 
 
June 30, 2019
 
 
 
 
 
 
 
Securities Available-for Sale:
 
 
 
 
 
 
 
U.S. Government & Agency Obligations
$
17,524

 
$

 
$
17,524

 
$

State and Municipal Obligations
967

 

 
967

 

Mortgage-Backed Securities
266,587

 

 
266,587

 

Corporate and Other Debt Securities
800

 

 
800

 

  Total Securities Available-for-Sale
285,878

 

 
285,878

 

Equity Securities
1,850

 

 
1,850

 

  Total Securities Measured on a Recurring Basis
$
287,728

 
$

 
$
287,728

 
$

December 31, 2018
 
 
 
 
 
 
 
Securities Available-for Sale:
 
 
 
 
 
 
 
U.S. Government & Agency Obligations
$
46,765

 
$

 
$
46,765

 
$

State and Municipal Obligations
1,195

 

 
1,195

 

Mortgage-Backed Securities
268,775

 

 
268,775

 

Corporate and Other Debt Securities
800

 

 
800

 

  Total Securities Available-for-Sale
317,535

 
 
 
317,535

 
 
Equity Securities
1,774

 

 
1,774

 

  Total Securities Measured on a Recurring Basis
$
319,309

 
$

 
$
319,309

 
$

June 30, 2018
 
 
 
 
 
 
 
Securities Available-for Sale:
 
 
 
 
 
 
 
U.S. Government & Agency Obligations
$
59,615

 
$

 
$
59,615

 
$

State and Municipal Obligations
3,383

 

 
3,383

 

Mortgage-Backed Securities
261,589

 

 
261,589

 

Corporate and Other Debt Securities
800

 

 
800

 

  Total Securities Available-for-Sale
325,387

 
 
 
325,387

 
 
Equity Securities
1,802

 

 
1,802

 

  Total Securities Measured on a Recurring Basis
$
327,189

 
$

 
$
327,189

 
$

 
 
 
 
 
 
 
 


 
Fair Value
 
Quoted Prices
In Active Markets for Identical Assets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Gains (Losses) Recognized in Earnings
Fair Value of Assets and Liabilities Measured on a Nonrecurring Basis:
 
 
 
 
 
 
 
 
 
June 30, 2019
 
 
 
 
 
 
 
 
 
Collateral Dependent Impaired Loans
$
37

 
$

 
$

 
$
37

 

Other Real Estate Owned and Repossessed Assets, Net
1,373

 

 

 
1,373

 
(164
)
December 31, 2018
 
 
 
 
 
 
 
 
 
Collateral Dependent Impaired Loans
$

 
$

 
$

 
$

 

Other Real Estate Owned and Repossessed Assets, Net
1,260

 

 

 
1,260

 
(132
)
June 30, 2018
 
 
 
 
 
 
 
 
 
Collateral Dependent Impaired Loans
$
747

 
$

 
$

 
$
747

 

Other Real Estate Owned and Repossessed Assets, Net
1,487

 

 

 
1,487

 
(85
)
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 Value
 
Fair Value
 
Level 1
 
Level 2
 
Level 3
June 30, 2019
 
 
 
 
 
 
 
 
 
Cash and Cash Equivalents
$
62,695

 
$
62,695

 
$
62,695

 
$

 
$

Securities Available-for-Sale
285,878

 
285,878

 

 
285,878

 

Securities Held-to-Maturity
262,541

 
266,068

 

 
266,068

 

Equity Securities
1,850

 
1,850

 

 
1,850

 

Federal Home Loan Bank and Federal
  Reserve Bank Stock
8,202

 
8,202

 

 
8,202

 

Net Loans
2,259,613

 
2,218,244

 

 

 
2,218,244

Accrued Interest Receivable
7,491

 
7,491

 

 
7,491

 

Deposits
2,503,753

 
2,499,849

 

 
2,499,849

 

Federal Funds Purchased and Securities
  Sold Under Agreements to Repurchase
51,149

 
51,149

 

 
51,149

 

Federal Home Loan Bank Overnight Advances
83,000

 
83,000

 

 
83,000

 

Federal Home Loan Bank Term Advances
30,000

 
29,943

 

 
29,943

 

Junior Subordinated Obligations Issued
  to Unconsolidated Subsidiary Trusts
20,000

 
20,000

 

 
20,000

 

Accrued Interest Payable
1,187

 
1,187

 

 
1,187

 

 
 
 
 
 
 
 
 
 
 
December 31, 2018
 
 
 
 
 
 
 
 
 
Cash and Cash Equivalents
$
84,239

 
$
84,239

 
$
84,239

 
$

 
$

Securities Available-for-Sale
317,535

 
317,535

 

 
317,535

 

Securities Held-to-Maturity
283,476

 
280,338

 

 
280,338

 

Equity Securities
1,774

 
1,774

 
 
 
1,774

 
 
Federal Home Loan Bank and Federal
  Reserve Bank Stock
15,506

 
15,506

 

 
15,506

 

Net Loans
2,176,019

 
2,114,372

 

 

 
2,114,372

Accrued Interest Receivable
7,035

 
7,035

 

 
7,035

 

Deposits
2,345,584

 
2,338,410

 

 
2,338,410

 

Federal Funds Purchased and Securities
  Sold Under Agreements to Repurchase
54,659

 
54,659

 

 
54,659

 

Federal Home Loan Bank Overnight Advances
234,000

 
234,000

 

 
234,000

 

Federal Home Loan Bank Term Advances
45,000

 
44,652

 

 
44,652

 

Junior Subordinated Obligations Issued
  to Unconsolidated Subsidiary Trusts
20,000

 
20,000

 

 
20,000

 

Accrued Interest Payable
570

 
570

 

 
570

 

 
 
 
 
 
 
 
 
 
 
June 30, 2018
 
 
 
 
 
 
 
 
 
Cash and Cash Equivalents
$
60,741

 
$
60,741

 
$
60,741

 
$

 
$

Securities Available-for-Sale
325,387

 
325,387

 

 
325,387

 

Securities Held-to-Maturity
297,885

 
292,605

 

 
292,605

 

Equity Securities
1,802

 
1,802

 

 
1,802

 
 
Federal Home Loan Bank and Federal
  Reserve Bank Stock
11,089

 
11,089

 

 
11,089

 

Net Loans
2,038,222

 
1,971,756

 

 

 
1,971,756

Schedule of Fair Values by Balance Sheet Grouping
 
 
 
 
 
Fair Value Hierarchy
 
Carrying Value
 
Fair Value
 
Level 1
 
Level 2
 
Level 3
Accrued Interest Receivable
6,729

 
6,729

 

 
6,729

 

Deposits
2,304,781

 
2,295,796

 

 
2,295,796

 

Federal Funds Purchased and Securities
  Sold Under Agreements to Repurchase
60,248

 
60,248

 

 
60,248

 

Federal Home Loan Bank Overnight Advances
136,000

 
136,000

 

 
136,000

 

Federal Home Loan Bank Term Advances
45,000

 
44,495

 

 
44,495

 

Junior Subordinated Obligations Issued
  to Unconsolidated Subsidiary Trusts
20,000

 
20,000

 

 
20,000

 

Accrued Interest Payable
540

 
540

 

 
540