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Fair Value (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2020 and December 31, 2019:


			Fair Value Measurements at September 30, 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	$	169,709	$	0	$	169,709	$	0
States and political subdivisions	66,952		0		66,530		422
Residential and multi-family mortgage	306,309		5,130		301,179		0
Corporate notes and bonds	13,402		0		13,402		0
Pooled SBA	27,503		0		27,503		0
Other	982		982		0		0
Total Securities Available For Sale	$	584,857	$	6,112	$	578,323	$	422
Interest Rate swaps	$	4,493	$	0	$	4,493	$	0
Trading Securities:
Corporate equity securities	$	3,964	$	3,964	$	0	$	0
Mutual funds	1,060		1,060		0		0
Certificates of deposit	417		417		0		0
Corporate notes and bonds	672		672		0		0
U.S. Government sponsored entities	51		0		51		0
Total Trading Securities	$	6,164	$	6,113	$	51	$	0
Liabilities:
Interest rate swaps	$	(5,327)	$	0	$	(5,327)	$	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

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The table below presents a reconciliation of the fair value of securities available for sale measured on a recurring basis using significant unobservable inputs (Level 3) as of September 30, 2020:


	States and Political Subdivisions		Residential & Multi-Family Mortgage
Balance, January 1, 2020	$	0	$	2,795
Purchases	422		0
Total gains or (losses):
Included in other comprehensive income (loss)	0		0
Transfers out of Level 3	0		$	(2,795)
Balance, September 30, 2020	$	422	$	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 September 30, 2020 and December 31, 2019:


			Fair Value Measurements at September 30, 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	$	2,519	0	0	$	2,519
Commercial mortgages	$	11,140	0	0	$	11,140

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 September 30, 2020:

Fair
value

Valuation Technique

Unobservable Inputs

Range
(Weighted Average)

Impaired loans – commercial, industrial and agricultural

$2,519

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability

0%-100% (49%)

Impaired loans – commercial mortgages

$11,140

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability

0%-44% (25%)

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%-100% (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 September 30, 2020:


	Carrying		Fair Value Measurement Using:						Total
	Amount		Level 1		Level 2		Level 3		Fair Value
ASSETS
Cash and cash equivalents	$	555,941	$	555,941	$	0	$	0	$	555,941
Securities available for sale	584,857		6,112		578,323		422		584,857
Trading securities	6,164		6,113		51		0		6,164
Loans held for sale	3,668		0		3,697		0		3,697
Net loans	3,318,923		0		0		3,290,329		3,290,329
FHLB and other restricted interests	26,815		n/a		n/a		n/a		n/a

Interest rate swaps	4,493		0		4,493		0		4,493
Accrued interest receivable	21,299		33		3,103		18,161		21,297
LIABILITIES
Deposits	$	(4,022,705)	$	(3,543,338)	$	(494,056)	$	0	$	(4,037,394)
FHLB and other borrowings	(169,327)		0		(174,846)		0		(174,846)
Subordinated debentures	(70,620)		0		(62,394)		0		(62,394)
Interest rate swaps	(5,327)		0		(5,327)		0		(5,327)
Accrued interest payable	(1,514)		0		(1,514)		0		(1,514)

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)