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

9 Months Ended

Sep. 30, 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 September 30, 2017 and December 31, 2016 are as follows:

			September 30, 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:
Federal agency obligations	$	55,938	$	-	$	55,938	$	-
Residential mortgage pass-through securities		133,164		-		133,164		-
Commercial mortgage pass-through securities		4,130		-		4,130		-
Obligations of U.S. states and political subdivisions		144,976		-		127,111		17,865
Trust preferred securities		4,627		-		4,627		-
Corporate bonds and notes		30,088		-		30,088		-
Asset-backed securities		12,633		-		12,633		-
Certificates of deposit		627		-		627		-
Equity securities		630		630		-		-
Other securities		13,703		13,703		-		-
Total available-for-sale		400,516		14,333		368,318		17,685
Derivatives		164		-		164		-
Total Assets	$	400,680	$	14,333	$	368,482	$	17,685

			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:
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 subdivisions		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 September 30, 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
	September		Assets		Inputs		Inputs
Assets measured at fair value on a nonrecurring basis:	30, 2017		(Level 1)		(Level 2)		(Level 3)
			(dollars in thousands)
Impaired loans:
Commercial real estate	$	1,198	$	-	$	-	$	1,198
Loans held-for-sale:
Commercial		47,430		-		-		47,430
			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)
			(dollars in thousands)
Impaired loans:
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 on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30, 2017 and year ended December 31, 2016:

	Municipal
	Securities
	(dollars in thousands)
Beginning balance, January 1, 2017	$	18,218
Principal paydowns		(353	)
Ending balance, September 30, 2017	$	17,865
	Municipal
	Securities
	(dollars in thousands)
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 September 30, 2017 and December 31, 2016. The table below provides quantitative information about significant unobservable inputs used in fair value measurements within Level 3 hierarchy.

September 30, 2017
			Valuation	Unobservable
	Fair Value		Techniques	Input	Range
			(dollars in thousands)
Securities available-for-sale:
Municipal securities	$	17,865	Discounted cash flows	Discount rate	2.8%
December 31, 2016
			Valuation	Unobservable
	Fair Value		Techniques	Input	Range
			(dollars in thousands)
Securities available-for-sale:
Municipal securities	$	18,218	Discounted cash flows	Discount rate	2.8%

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.

September 30, 2017
			Valuation
			Techniques	Unobservable
Type	Fair Value		(weightings)	Input	Range (weighted average)
(dollars in thousands)
Impaired loans:
Commercial real estate	$	1,918	Appraisals of collateral value	Comparable sales	0% - 15% (6%)
Loans held-for-sale:
Commercial taxi medallion loans	$	47,430	Market approach (70%)	Indications expressed as a price to unpaid principal balance	37 - 100 (46)
			Discounted cash flows (30%)	Discount rate	14%
December 31, 2016
			Valuation
			Techniques	Unobservable
Type	Fair Value		(weightings)	Input	Range (weighted average)
(dollars in thousands)
Impaired loans:
Commercial real estate	$	1,099	Appraisals of collateral value	Comparable sales	0% - 15% (6%)
Loans held-for-sale:
Commercial taxi medallion loans	$	65,596	Market approach (70%)	Indications under securitized transactions expressed as a price to unpaid principal balance	40 - 100 (59)
			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 September 30, 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)
	(dollars in thousands)
September 30, 2017
Financial assets:
Cash and due from banks	$	141,262	$	141,262	$	141,262	$	-	$	-
Securities available-for-sale		400,516		400,516		14,333		368,318		17,865
Restricted investment in bank stocks		29,672		n/a		n/a		n/a		n/a
Loans held-for-sale		89,386		89,386		-		41,956		47,430
Net loans		3,859,419		3,862,104		-		-		3,862,104
Derivatives		164		164		-		164		-
Accrued interest receivable		14,841		14,841		-		2,011		12,830
Financial liabilities:
Noninterest-bearing deposits		719,582		719,582		719,582		-		-
Interest-bearing deposits		2,904,187		2,904,285		1,825,846		1,078,439		-
Borrowings		585,124		586,474		-		586,474		-
Subordinated debentures		54,657		56,519		-		56,519		-
Accrued interest payable		4,304		4,304		-		4,304		-
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		-