Fair Value Measurements and Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2017

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

For financial assets and liabilities measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at March 31, 2017 and December 31, 2016 are as follows:

			March 31, 2017
			Fair Value Measurements at Reporting Date Using
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
			Assets		Inputs		Inputs
			(Level 1)		(Level 2)		(Level 3)
(dollars in thousands)
Recurring fair value measurements:
Assets
Securities:
Available-for-sale:
Federal agency obligations	$	56,650	$	-	$	56,650	$	-
Residential mortgage pass-
through securities		104,471		-		104,471		-
Commercial mortgage pass-
through securities		4,185		-		4,185		-
Obligations of U.S. states and
political subdivision		125,006		-		106,906		18,100
Trust preferred securities		4,542		-		4,542		-
Corporate bonds and notes		30,547		-		30,547		-
Asset-backed securities		13,969		-		13,969		-
Certificates of deposit		981		-		981		-
Equity securities		608		608		-		-
Other securities		11,517		11,517		-		-
Total available-for-sale	$	352,476	$	12,125	$	322,251	$	18,100
Derivatives		248		-		248		-
Total Assets	$	352,724	$	12,125	$	322,499	$	18,100

			December 31, 2016
			Fair Value Measurements at Reporting Date Using
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
			Assets		Inputs		Inputs
			(Level 1)		(Level 2)		(Level 3)
(dollars in thousands)
Recurring fair value measurements:
Assets
Securities:
Available-for-sale:
Federal agency obligations	$	52,837	$	-	$	52,837	$	-
Residential mortgage pass-
through securities		72,497		-		72,497		-
Commercial mortgage pass-
through securities		4,209		-		4,209		-
Obligations of U.S. states and
political subdivision		150,605		-		132,387		18,218
Trust preferred securities		5,666		-		5,666		-
Corporate bonds and notes		36,928		-		36,928		-
Asset-backed securities		14,583		-		14,583		-
Certificates of deposit		983		-		983		-
Equity securities		568		568		-		-
Other securities		14,414		14,414		-		-
Total available-for-sale	$	353,290	$	14,982	$	320,090	$	18,218
Derivatives		88		-		88		-
Total assets	$	353,378	$	14,982	$	320,178	$	18,218

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block]

For assets measured at fair value on a non-recurring basis, the fair value measurements at March 31, 2017 and December 31, 2016 are as follows:

			Fair Value Measurements at Reporting Date Using
			Quoted
			Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
	March 31,		Assets		Inputs		Inputs
Assets measured at fair value on a nonrecurring basis:	2017		(Level 1)		(Level 2)		(Level 3)
Impaired loans:	(in thousands)
Commercial real estate	$	685	$	-	$	-	$	685
Loans held-for-sale:
Commercial		61,319		-		-		61,319
			Fair Value Measurements at Reporting Date Using
			Quoted
			Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
	December 31,		Assets		Inputs		Inputs
Assets measured at fair value on a nonrecurring basis:	2016		(Level 1)		(Level 2)		(Level 3)
Impaired loans:	(in thousands)
Commercial real estate	$	1,099	$	-	$	-	$	1,099
Loans held-for-sale:
Commercial		70,105		-		4,509		65,596
Commercial real estate		7,712		-		7,712		-

Fair Value, Recurring basis [Table Text Block]

The tables below present a reconciliation of all assets measured at fair value of a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2017 and year ended December 31, 2016 (dollars in thousands):

	Municipal
	Securities
Beginning balance, January 1, 2017	$	18,218
Other(1)		-
Principal paydowns		(118	)
Ending balance, March 31, 2017	$	18,100
	Municipal
	Securities
Beginning balance, January 1, 2016	$	-
Other(1)		18,335
Principal paydowns		(117	)
Ending balance, December 31, 2016	$	18,218

Significant unobservable inputs used in fair value measurements [Table Text Block]

The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a recurring basis at March 31, 2017 and December 31, 2016. The table below provides quantitative information about significant unobservable inputs used in fair value measurements within Level 3 hierarchy.

March 31, 2017
			Valuation	Unobservable
(dollars in thousands)	Fair Value		Techniques	Input	Range
Securities available-for-sale:
Municipal securities	$	18,100	Discounted Cash	Discount Rate	2.8%
			Flows
December 31, 2016
			Valuation	Unobservable
(dollars in thousands)	Fair Value		Techniques	Input	Range
Securities available-for-sale:
Municipal securities	$	18,218	Discounted Cash	Discount Rate	2.8%
			Flows

Fair Value Measurements, Nonrecurring [Table Text Block]

The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a non-recurring basis for the periods presented. The tables below provide quantitative information about significant unobservable inputs used in fair value measurements within Level 3 hierarchy.

March 31, 2017
			Valuation
			Techniques	Unobservable
(dollars in thousands)	Fair Value		(weightings)	Input	Range (weighted average)
Impaired loans:
Commercial real	$	685	Appraisals of	Comparable sales	0% - 15% (6%)
estate			collateral value
Loans held-for-sale:
Commercial taxi	$	61,319	Market approach	Indications under securitized	37 - 100 (56)
medallion loans			(70%)	transactions expressed as a
				price to unpaid principal
				balance
			Discounted cash
			flows (30%)	Discount Rate	14%
December 31, 2016
			Valuation
			Techniques	Unobservable
(dollars in thousands)	Fair Value		(weightings)	Input	Range (weighted average)
Impaired loans:
Commercial real	$	1,099	Appraisals of	Comparable sales	0% - 15% (6%)
estate			collateral value
Loans held-for-sale:
Commercial taxi	$	65,596	Market approach	Indications under securitized	40 - 100 (59)
medallion loans			(70%)	transactions expressed as a
				price to unpaid principal
				balance
			Discounted cash
			flows (30%)	Discount Rate	14%

Fair Value, by Balance Sheet Grouping [Table Text Block]

The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of March 31, 2017 and December 31, 2016:

					Fair Value Measurements
					Quoted
					Prices in
					Active		Significant
					Markets for		Other		Significant
					Identical		Observable		Unobservable
	Carrying		Fair		Assets		Inputs		Inputs
	Amount		Value		(Level 1)		(Level 2)		(Level 3)
	(in thousands)
March 31, 2017
Financial assets:
Cash and due from banks	$	161,869	$	161,869	$	161,869	$	-	$	-
Securities available-for-sale		352,476		352,476		12,125		322,251		18,100
Restricted investment in bank stocks		24,985		n/a		n/a		n/a		n/a
Loans held-for-sale		62,255		62,255		-		936		61,319
Net loans		3,544,762		3,554,778		-		-		3,554,778
Derivatives		248		248		-		248		-
Accrued interest receivable		12,701		12,701		-		1,555		11,146
Financial liabilities:
Noninterest-bearing deposits		671,183		671,183		671,183		-		-
Interest-bearing deposits		2,684,294		2,684,132		1,714,491		969,641		-
Borrowings		491,226		492,818		-		492,818		-
Subordinated debentures		54,575		56,040		-		56,040		-
Accrued interest payable		3,783		3,783		-		3,783		-
December 31, 2016
Financial assets:
Cash and due from banks	$	200,399	$	200,399	$	200,399	$	-	$	-
Securities available-for-sale		353,290		353,290		14,982		320,090		18,218
Restricted investment in bank stocks		24,310		n/a		n/a		n/a		n/a
Loans held-for-sale		78,005		78,005		-		12,409		65,596
Net loans		3,450,088		3,462,138		-		-		3,462,138
Derivatives		88		88		-		88		-
Accrued interest receivable		12,965		12,965		-		2,026		10,939
Financial liabilities:
Noninterest-bearing deposits		694,977		694,977		694,977		-		-
Interest-bearing deposits		2,649,294		2,649,717		1,681,044		968,673		-
Borrowings		476,280		478,286		-		478,286		-
Subordinated debentures		54,534		55,901		-		55,901		-
Accrued interest payable		4,142		4,142		-		4,142		-