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Fair Value (Tables)
 12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis
Assets and liabilities measured at fair value on a recurring basis, including financial assets and liabilities for which the Company has elected the fair value option, are summarized below:
 
 
Fair Value Measurements at December 31, 2019 Using
 
 
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable  Inputs
(Level 3)
 
Total
Assets:
 
 

 
 

 
 

 
 

Obligations of State and Political Subdivisions
 
$
—

 
$
320,279

 
$
4,021

 
$
324,300

MBS/CMO
 
—

 
530,525

 
—

 
530,525

Total Securities
 
$
—

 
$
850,804

 
$
4,021

 
$
854,825

 
 
 
 
 
 
 
 
 
Loans Held-for-Sale
 
$
—

 
$
17,713

 
$
—

 
$
17,713

 
 
 
 
 
 
 
 
 
Derivative Assets
 
$
—

 
$
2,607

 
$
—

 
$
2,607

 
 
 
 
 
 
 
 
 
Derivative Liabilities
 
$
—

 
$
2,829

 
$
—

 
$
2,829


 
 
Fair Value Measurements at December 31, 2018 Using
 
 
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable Inputs
(Level 3)
 
Total
Assets:
 
 

 
 

 
 

 
 

Obligations of State and Political Subdivisions
 
$
—

 
$
289,542

 
$
4,991

 
$
294,533

MBS/CMO
 
—

 
518,078

 
—

 
518,078

Total Securities
 
$
—

 
$
807,620

 
$
4,991

 
$
812,611

 
 
 
 
 
 
 
 
 
Loans Held-for-Sale
 
$
—

 
$
4,263

 
$
—

 
$
4,263

 
 
 
 
 
 
 
 
 
Derivative Assets
 
$
—

 
$
1,713

 
$
—

 
$
1,713

 
 
 
 
 
 
 
 
 
Derivative Liabilities
 
$
—

 
$
1,734

 
$
—

 
$
1,734
Schedule of Aggregate Fair Value, Contractual Balance and Gains or Loss of Loans Held-for-Sale
As of December 31, 2019 and 2018, the aggregate fair value, contractual balance (including accrued interest), and gain or loss was as follows:
 
 
2019
 
2018
Aggregate Fair Value
 
$
17,713

 
$
4,263

Contractual Balance
 
17,378

 
4,231

Gain (Loss)
 
335

 
32
Schedule of Reconciliation of all Assets Measured at Fair Value on Recurring Basis, Using Significant Unobservable Inputs (Level 3)
The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2019 and 2018:
 
 
Obligations of State and Political Subdivisions
 
 
2019
 
2018
Balance of Recurring Level 3 Assets at January 1
 
$
4,991

 
$
5,649

Total Gains or Losses Included in Other Comprehensive Income
 
(25
)
 
(69
)
Maturities / Calls
 
(945
)
 
(920
)
Acquired through Bank Acquisition
 
—

 
331

Balance of Recurring Level 3 Assets at December 31
 
$
4,021

 
$
4,991
Schedule of Assets and Liabilities Measured at Fair Value on Non-Recurring Basis
Assets and liabilities measured at fair value on a non-recurring basis are summarized below:
 
 
Fair Value Measurements at December 31, 2019 Using
 
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
Assets:
 
 

 
 

 
 

 
 

Impaired Loans
 
 

 
 

 
 

 
 

Commercial and Industrial Loans
 
$
—

 
$
—

 
$
2,109

 
$
2,109

Commercial Real Estate Loans
 
—

 
—

 
493

 
493


 
 
Fair Value Measurements at December 31, 2018 Using
 
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
Assets:
 
 

 
 

 
 

 
 

Impaired Loans
 
 

 
 

 
 

 
 

Commercial and Industrial Loans
 
$
—

 
$
—

 
$
2,210

 
$
2,210

Commercial Real Estate Loans
 
—

 
—

 
2,528

 
2,528
Schedule of Fair Value Assets and Liabilities Measured on Nonrecurring Basis Validation Techniques
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 and 2018:
December 31, 2019
 
Fair Value
 
Valuation Technique(s)
 
Unobservable Input(s)
 
Range (Weighted Average)
Impaired Loans - Commercial and Industrial Loans
 
$
2,109

 
Sales comparison approach
 
Adjustment for physical condition of comparable properties sold
 
29% - 100%
(64%)
Impaired Loans - Commercial Real Estate Loans
 
$
493

 
Sales comparison approach
 
Adjustment for physical condition of comparable properties sold
 
47% - 91%
(64%)
December 31, 2018
 
Fair Value
 
Valuation Technique(s)
 
Unobservable Input(s)
 
Range (Weighted Average)
Impaired Loans - Commercial and Industrial Loans
 
$
2,210

 
Sales comparison approach
 
Adjustment for physical condition of comparable properties sold
 
0% - 100%
(99%)
Impaired Loans - Commercial Real Estate Loans
 
$
2,528

 
Sales comparison approach
 
Adjustment for physical condition of comparable properties sold
 
22% - 76%
(55%)
Schedule of Carrying Amounts and Estimated Fair Values of Company's Financial Instruments
The carrying amounts and estimated fair values of the Company’s financial instruments not previously presented are provided in the tables below for the periods ending December 31, 2019 and 2018. Not all of the Company’s assets and liabilities are considered financial instruments, and therefore are not included in the tables. Because no active market exists for a significant portion of the Company’s financial instruments, fair value estimates were based on subjective judgments, and therefore cannot be determined
with precision. In accordance with the adoption of ASU 2016-01, the table below presents the fair values measured using an exit price notion.
 
 
 
 
Fair Value Measurements at
December 31, 2019 Using
 
 
Carrying Value
 
Level 1
 
Level 2
 
Level 3
 
Total
Financial Assets:
 
 

 
 

 
 

 
 

 
 

Cash and Short-term Investments
 
$
103,884

 
$
59,971

 
$
43,913

 
$
—

 
$
103,884

Interest Bearing Time Deposits with Banks
 
1,985

 
—

 
1,985

 
—

 
1,985

Loans, Net
 
3,058,211

 
—

 
—

 
3,056,521

 
3,056,521

Accrued Interest Receivable
 
18,425

 
—

 
4,400

 
14,025

 
18,425

Financial Liabilities:
 
 

 
 

 
 

 
 

 
 

Demand, Savings, and Money Market Deposits
 
(2,798,625
)
 
(2,798,625
)
 
—

 
—

 
(2,798,625
)
Time Deposits
 
(631,396
)
 
—

 
(624,666
)
 
—

 
(624,666
)
Short-term Borrowings
 
(167,736
)
 
(128,311
)
 
(39,425
)
 
—

 
(167,736
)
Long-term Debt
 
(181,950
)
 
—

 
(127,174
)
 
(55,234
)
 
(182,408
)
Accrued Interest Payable
 
(2,442
)
 
—

 
(2,376
)
 
(66
)
 
(2,442
)
 
 
 
 
Fair Value Measurements at
December 31, 2018 Using
 
 
Carrying Value
 
Level 1
 
Level 2
 
Level 3
 
Total
Financial Assets:
 
 

 
 

 
 

 
 

 
 

Cash and Short-term Investments
 
$
96,550

 
$
64,549

 
$
32,001

 
$
—

 
$
96,550

Interest Bearing Time Deposits with Banks
 
250

 
—

 
250

 
—

 
250

Loans, Net
 
2,707,498

 
—

 
—

 
2,689,393

 
2,689,393

Accrued Interest Receivable
 
16,634

 
—

 
4,143

 
12,491

 
16,634

Financial Liabilities:
 
 

 
 

 
 

 
 

 
 

Demand, Savings, and Money Market Deposits
 
(2,484,149
)
 
(2,484,149
)
 
—

 
—

 
(2,484,149
)
Time Deposits
 
(588,483
)
 
—

 
(586,338
)
 
—

 
(586,338
)
Short-term Borrowings
 
(249,774
)
 
(204,500
)
 
(45,274
)
 
—

 
(249,774
)
Long-term Debt
 
(126,635
)
 
—

 
(117,513
)
 
(11,315
)
 
(128,828
)
Accrued Interest Payable
 
(1,740
)
 
—

 
(1,718
)
 
(22
)
 
(1,740
)