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

3 Months Ended

Mar. 31, 2018

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, 2018 and December 31, 2017 are as follows:

			March 31, 2018
			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
Investment securities:
Available-for-sale:
Federal agency obligations	$	52,471	$	-	$	52,471	$	-
Residential mortgage pass-through securities		188,757		-		188,757		-
Commercial mortgage pass-through securities		3,959		-		3,959		-
Obligations of U.S. states and political subdivision		127,370		-		117,802		9,568
Trust preferred securities		4,614		-		4,614		-
Corporate bonds and notes		29,003		-		29,003		-
Asset-backed securities		11,494		-		11,494		-
Certificates of deposit		623		-		623		-
Other securities		6,031		6,031		-		-
Total available-for-sale	$	424,322	$	6,031	$	408,723	$	9,568
Equity securities not held for trading		11,607		11,607		-		-
Derivatives		1,714		-		1,714		-
Total assets	$	437,643	$	17,638	$	410,437	$	9,568

			December 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
Investment securities:
Available-for-sale:
Federal agency obligations	$	56,022	$	-	$	56,022	$	-
Residential mortgage pass-through securities		181,891		-		181,891		-
Commercial mortgage pass-through securities		4,054		-		4,054		-
Obligations of U.S. states and political subdivision		131,128		-		121,496		9,632
Trust preferred securities		4,671		-		4,671		-
Corporate bonds and notes		29,693		-		29,693		-
Asset-backed securities		12,050		-		12,050		-
Certificates of deposit		625		-		625		-
Equity securities		11,728		11,728		-		-
Other securities		3,422		3,422		-		-
Total available-for-sale	$	435,284	$	15,150	$	410,502	$	9,632
Derivatives		798		-		798		-
Total assets	$	436,082	$	15,150	$	411,300	$	9,632

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

For assets measured at fair value on a nonrecurring basis, the fair value measurements at March 31, 2018 and December 31, 2017 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:	2018		(Level 1)		(Level 2)		(Level 3)
Impaired loans:	(dollars in thousands)
Commercial real estate	$	1,092	$	-	$	-	$	1,092
Commercial construction		2,554		-		-		2,554
Commercial loans (taxi medallion loans)		29,405		-		-		29,405
			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:	2017		(Level 1)		(Level 2)		(Level 3)
Impaired loans:	(dollars in thousands)
Commercial real estate	$	1,094	$	-	$	-	$	1,094

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 three months ended March 31, 2018 and for the year ended December 31, 2017:

	Municipal
	Securities
	(dollars in thousands)
Beginning balance, January 1, 2018	$	9,632
Principal paydowns		(64	)
Ending balance, March 31, 2018	$	9,568
	Municipal
	Securities
	(dollars in thousands)
Beginning balance, January 1, 2017	$	18,218
Principal paydowns		(8,586	)
Ending balance, December 31, 2017	$	9,632

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, 2018 and December 31, 2017. The table below provides quantitative information about significant unobservable inputs used in fair value measurements within Level 3 hierarchy.

March 31, 2018
			Valuation	Unobservable
	Fair Value		Techniques	Input	Range
Securities available-for-sale:			(dollars in thousands)
Municipal securities	$	9,568	Discounted cash flows	Discount rate	2.9%
December 31, 2017
			Valuation	Unobservable
	Fair Value		Techniques	Input	Range
Securities available-for-sale:			(dollars in thousands)
Municipal securities	$	9,632	Discounted cash flows	Discount rate	2.9%

Fair Value Measurements, Nonrecurring [Table Text Block]

The tables below provide quantitative information about significant unobservable inputs used in fair value measurements within Level 3 hierarchy.

March 31, 2018
			Valuation	Unobservable
	Fair Value		Techniques	Input	Range
Impaired loans:			(dollars in thousands)
Commercial real estate	$	1,092	Sales comparison approach	Adjustment for differences between the comparable sales	0% - 10%[5%]
Commercial construction	$	2,554	Sales comparison approach	Adjustment for differences between the comparable sales	12% - 17%[15%]
Commercial taxi medallion loans	$	29,405	Market approach (75%)	New York City Taxi and Limousine Commission transfers as a price to unpaid principal balance	26 - 99 (38)
			Discounted cash flows (25%)	Discount Rate	7%
December 31, 2017
			Valuation	Unobservable
	Fair Value		Techniques	Input	Range
Impaired loans:			(dollars in thousands)
Commercial real estate	$	1,094	Sales comparison approach	Adjustment for differences between the comparable sales	0% - 10%[5%]

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

As of March 31, 2018 the fair value measurements presented are consistent with Topic 820, Fair Value Measurement in which fair value represents exit price. 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, 2018 and December 31, 2017:

					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)
March 31, 2018
Financial assets:
Cash and cash equivalents	$	142,787	$	142,787	$	142,787	$	-	$	-
Securities available-for-sale		424,322		424,322		6,031		408,724		9,568
Equity securities		11,607		11,607		11,607		-		-
Loans held-for-sale		45,886		45,886		-		288		45,598
Net loans		4,170,150		4,039,339		-		-		4,039,339
Derivatives		1,714		1,714		-		1,714		-
Financial liabilities:
Noninterest-bearing deposits		739,174		739,174		739,174		-		-
Interest-bearing deposits		3,010,413		3,002,902		1,754,759		1,248,143		-
Borrowings		695,032		692,766		-		692,766		-
Subordinated debentures		128,310		132,015		-		132,015		-
December 31, 2017
Financial assets:
Cash and cash equivalents	$	149,582	$	149,582	$	149,582	$	-	$	-
Securities available-for-sale		435,284		435,284		15,150		410,502		9,632
Loans held-for-sale		24,845		24,845		-		370		24,475
Net loans		4,139,708		4,118,542		-		-		4,118,542
Derivatives		798		798		-		798		-
Financial liabilities:
Noninterest-bearing deposits		776,843		776,843		776,843		-		-
Interest-bearing deposits		3,018,285		3,018,285		1,842,151		1,176,134		-
Borrowings		670,077		669,680		-		669,680		-
Subordinated debentures		54,699		57,340		-		57,340		-