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Fair Values (Tables)
12 Months Ended
Dec. 31, 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 of Assets and Liabilities Measured on a Recurring Basis:
Fair Value
 
Quoted Prices
In Active Markets for Identical Assets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
 
December 31, 2019
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
Securities Available-for Sale:
 
 
 
 
 
 
 
 
 
U.S. Government & Agency Obligations
$
5,054

 
$

 
$
5,054

 
$

 
 
State and Municipal Obligations
764

 

 
764

 

 
 
Mortgage-Backed Securities
350,716

 

 
350,716

 

 
 
Corporate and Other Debt Securities
800

 

 
800

 

 
 
  Total Securities Available-for-Sale
357,334

 

 
357,334

 
$

 


Equity Securities
2,063

 

 
2,063

 

 
 
Total Securities Measured on a Recurring Basis
359,397

 

 
359,397

 

 
 
Derivatives, included in other assets
69

 

 
69

 

 
 
Total Measured on a Recurring Basis
$
359,466

 
$

 
$
359,466

 
$

 
 
Liabilities:
 
 
 
 
 
 
 
 
 
Derivatives, included in other liabilities
$
69

 
$

 
$
69

 
$

 
 
Total Measured on a Recurring Basis
$
69

 
$

 
$
69

 
$

 
 
December 31, 2018
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
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

 
$

 


 
 
 
 
 
 
 
 
 
 
Fair Value of Assets and Liabilities Measured on a Nonrecurring Basis:
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
December 31, 2019
 
 
 
 
 
 
 
 
 
Collateral Dependent Impaired Loans
$
285

 
$

 
$

 
$
285

 
$

Other Real Estate Owned and Repossessed Assets, Net
1,261

 

 

 
1,261

 
(186
)
December 31, 2018
 
 
 
 
 
 
 
 
 
Collateral Dependent Impaired Loans
$

 
$

 
$

 
$

 
$

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

 

 

 
1,260

 
(132
)
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
December 31, 2019
 
 
 
 
 
 
 
 
 
Cash and Cash Equivalents
$
70,221

 
$
70,221

 
$
70,221

 
$

 
$

Securities Available-for-Sale
357,334

 
357,334

 

 
357,334

 

Securities Held-to-Maturity
245,065

 
249,618

 

 
249,618

 

Equity Securities
2,063

 
2,063

 
 
 
2,063

 
 
Federal Home Loan Bank and Federal Reserve Bank Stock
10,317

 
10,317

 

 
10,317

 

Net Loans
2,364,933

 
2,332,797

 

 

 
2,332,797

Accrued Interest Receivable
7,377

 
7,377

 

 
7,377

 

Derivatives, included in other assets
69

 
69

 

 
69

 

Deposits
2,616,054

 
2,614,170

 

 
2,614,170

 

Federal Funds Purchased and Securities Sold Under Agreements to Repurchase
51,099

 
51,099

 

 
51,099

 

Federal Home Loan Bank Overnight Advances
130,000

 
130,000

 

 
130,000

 

Federal Home Loan Bank Term Advances
30,000

 
29,993

 

 
29,993

 

Junior Subordinated Obligations Issued
  to Unconsolidated Subsidiary Trusts
20,000

 
20,000

 

 
20,000

 

Accrued Interest Payable
1,436

 
1,436

 

 
1,436

 

Derivatives, included in other liabilities
69

 
69

 

 
69

 

 
 
 
 
 
 
 
 
 
 
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