Fair Value (Tables)

3 Months Ended

Mar. 31, 2020

Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are as follows at March 31, 2020 and December 31, 2019:



				Fair Value Measurements at March 31, 2020 Using:
				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs			Significant Unobservable Inputs
Description	Total			(Level 1)		(Level 2)			(Level 3)
Assets:
Securities Available For Sale:
U.S. Government sponsored entities	$	126,066		$	0	$	126,066		$	0
States and political subdivisions	103,292			0		103,292			0
Residential and multi-family mortgage	307,520			0		307,520			0
Corporate notes and bonds	7,622			0		7,622			0
Pooled SBA	25,101			0		25,101			0
Other	981			981		0			0
Total Securities Available For Sale	$	570,582		$	981	$	569,601		$	0
Interest Rate swaps	$	4,461		$	0	$	4,461		$	0
Trading Securities:
Corporate equity securities	$	3,699		$	3,699	$	0		$	0
Mutual funds	487			487		0			0
Certificates of deposit	614			614		0			0
Corporate notes and bonds	655			655		0			0
U.S. Government sponsored entities	52			0		52			0
Total Trading Securities	$	5,507		$	5,455	$	52		$	0
Liabilities:
Interest rate swaps	$	(5,362	)	$	0	$	(5,362	)	$	0

				Fair Value Measurements at December 31, 2019 Using:
				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs			Significant Unobservable Inputs
Description	Total			(Level 1)		(Level 2)			(Level 3)
Assets:
Securities Available For Sale:
U.S. Government sponsored entities	$	127,094		$	0	$	127,094		$	0
States and political subdivisions	104,363			0		104,363			0
Residential and multi-family mortgage	276,636			0		273,841			2,795
Corporate notes and bonds	8,082			0		8,082			0
Pooled SBA	25,174			0		25,174			0
Other	964			964		0			0
Total Securities Available For Sale	$	542,313		$	964	$	538,554		$	2,795
Interest Rate swaps	$	1,877		$	0	$	1,877		$	0
Trading Securities:
Corporate equity securities	$	7,946		$	7,946	$	0		$	0
Mutual funds	807			807		0			0
Certificates of deposit	350			350		0			0
Corporate notes and bonds	655			655		0			0
U.S. Government sponsored entities	51			0		51			0
Total Trading Securities	$	9,809		$	9,758	$	51		$	0
Liabilities:
Interest rate swaps	$	(2,362	)	$	0	$	(2,362	)	$	0

Assets and Liabilities Measured at Fair Value on Non-Recurring Basis

Assets and liabilities measured at fair value on a non-recurring basis are as follows at March 31, 2020 and December 31, 2019:



			Fair Value Measurements at March 31, 2020 Using:
			Quoted Prices in Active Markets for Identical Assets	Significant Other Observable Inputs	Significant Unobservable Inputs
Description	Total		(Level 1)	(Level 2)	(Level 3)
Assets:
Impaired loans:
Commercial, industrial and agricultural	$	5,627	0	0	$	5,627
Commercial mortgages	$	10,909	0	0	$	10,909

			Fair Value Measurements at December 31, 2019 Using
			Quoted Prices in		Significant
			Active Markets for	Significant Other	Unobservable
			Identical Assets	Observable Inputs	Inputs
Description	Total		(Level 1)	(Level 2)	(Level 3)
Assets:
Impaired loans:
Commercial, industrial and agricultural	$	2,910	0	0	$	2,910
Commercial mortgages	$	1,147	0	0	$	1,147

Quantitative Information about Level 3 Fair Value Measurements for Financial Instruments Measured at Fair Value on Non Recurring Basis

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at March 31, 2020:



	Fair value	Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Impaired loans – commercial, industrial and agricultural	$5,627	Collateral based measurements	Discount to reflect current market conditions and ultimate collectability	0%-100% (22%)
Impaired loans – commercial mortgages	$10,909	Collateral based measurements	Discount to reflect current market conditions and ultimate collectability	25-100% (30%)

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2019:



	Fair value	Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Impaired loans – commercial, industrial and agricultural	$2,910	Collateral based measurements	Discount to reflect current market conditions and ultimate collectability	0%-60% (54%)
Impaired loans – commercial mortgages	$1,147	Collateral based measurements	Discount to reflect current market conditions and ultimate collectability	25%-100% (52%)

Carrying Amount and Fair Value of Financial Instruments

The following table presents the carrying amount and fair value of financial instruments at March 31, 2020:



	Carrying			Fair Value Measurement Using:								Total
	Amount			Level 1			Level 2			Level 3		Fair Value
ASSETS
Cash and cash equivalents	$	136,341		$	136,341		$	0		$	0	$	136,341
Securities available for sale	570,582			981			569,601			0		570,582
Trading securities	5,507			5,455			52			0		5,507
Loans held for sale	1,815			0			1,825			0		1,825
Net loans	2,828,745			0			0			2,789,605		2,789,605
FHLB and other restricted interests	27,975			n/a			n/a			n/a		n/a
Interest rate swaps	4,461			0			4,461			0		4,461
Accrued interest receivable	11,530			6			3,387			8,137		11,530
LIABILITIES
Deposits	$	(3,100,216	)	$	(2,675,399	)	$	(437,247	)	$	0	$	(3,112,646	)
FHLB and other borrowings	(225,722		)	0			(233,544		)	0		(233,544		)
Subordinated debentures	(70,620		)	0			(62,647		)	0		(62,647		)
Interest rate swaps	(5,362		)	0			(5,362		)	0		(5,362		)
Accrued interest payable	(1,760		)	0			(1,760		)	0		(1,760		)

The following table presents the carrying amount and fair value of financial instruments at December 31, 2019:



	Carrying			Fair Value Measurement Using:								Total
	Amount			Level 1			Level 2			Level 3		Fair Value
ASSETS
Cash and cash equivalents	$	192,974		$	192,974		$	0		$	0	$	192,974
Securities available for sale	542,313			964			538,554			2,795		542,313
Trading securities	9,809			9,758			51			0		9,809
Loans held for sale	930			0			933			0		933
Net loans	2,784,562			0			0			2,765,133		2,765,133
FHLB and other restricted interests	27,868			n/a			n/a			n/a		n/a
Interest rate swaps	1,877			0			1,877			0		1,877
Accrued interest receivable	11,486			6			3,238			8,242		11,486
LIABILITIES
Deposits	$	(3,102,327	)	$	(2,674,511	)	$	(432,287	)	$	0	$	(3,106,798	)
FHLB and other borrowings	(227,907		)	0			(230,679		)	0		(230,679		)
Subordinated debentures	(70,620		)	0			(64,084		)	0		(64,084		)
Interest rate swaps	(2,362		)	0			(2,632		)	0		(2,632		)
Accrued interest payable	(1,597		)	0			(1,597		)	0		(1,597		)