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 June 30, 2015 Using | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Total | Assets: | | |
| | |
| | |
| | |
| U.S. Treasury and Agency Securities | | $ | — |
| | $ | 9,890 |
| | $ | — |
| | $ | 9,890 |
| Obligations of State and Political Subdivisions | | — |
| | 171,263 |
| | 10,825 |
| | 182,088 |
| Mortgage-backed Securities-Residential | | — |
| | 426,465 |
| | — |
| | 426,465 |
| Equity Securities | | — |
| | — |
| | 353 |
| | 353 |
| Total Securities | | $ | — |
| | $ | 607,618 |
| | $ | 11,178 |
| | $ | 618,796 |
| | | | | | | | | | Loans Held-for-Sale | | $ | — |
| | $ | 10,622 |
| | $ | — |
| | $ | 10,622 |
| | | | | | | | | | Derivative Assets | | $ | — |
| | $ | 440 |
| | $ | — |
| | $ | 440 |
| | | | | | | | | | Derivative Liabilities | | $ | — |
| | $ | 401 |
| | $ | — |
| | $ | 401 |
|
| | | | | | | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2014 Using | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Total | Assets: | | |
| | |
| | |
| | |
| U.S. Treasury and Agency Securities | | $ | — |
| | $ | 19,561 |
| | $ | — |
| | $ | 19,561 |
| Obligations of State and Political Subdivisions | | — |
| | 143,636 |
| | 10,141 |
| | 153,777 |
| Mortgage-backed Securities-Residential | | — |
| | 457,304 |
| | — |
| | 457,304 |
| Equity Securities | | — |
| | — |
| | 353 |
| | 353 |
| Total Securities | | $ | — |
| | $ | 620,501 |
| | $ | 10,494 |
| | $ | 630,995 |
| | | | | | | | | | Loans Held-for-Sale | | $ | — |
| | $ | 6,311 |
| | $ | — |
| | $ | 6,311 |
| | | | | | | | | | Derivative Assets | | $ | — |
| | $ | 507 |
| | $ | — |
| | $ | 507 |
| | | | | | | | | | Derivative Liabilities | | $ | — |
| | $ | 508 |
| | $ | — |
| | $ | 508 |
|
|
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 three months ended June 30, 2015 and 2014: | | | | | | | | | | | | | | | | | | | | Obligations of State and Political Subdivisions | | Equity Securities | | | 2015 | | 2014 | | 2015 | | 2014 | | | | | | | | | | Balance of Recurring Level 3 Assets at April 1 | | $ | 9,602 |
| | $ | 10,476 |
| | $ | 353 |
| | $ | 353 |
| Total Gains or Losses (realized/unrealized) Included in Other Comprehensive Income | | (81 | ) | | 86 |
| | — |
| | — |
| Maturities / Calls | | — |
| | — |
| | — |
| | — |
| Purchases | | 1,304 |
| | — |
| | — |
| | — |
| Balance of Recurring Level 3 Assets at June 30 | | $ | 10,825 |
| | $ | 10,562 |
| | $ | 353 |
| | $ | 353 |
|
| | | | | | | | | | | | | | | | | | |
| Obligations of State and Political Subdivisions |
| Equity Securities | |
| 2015 |
| 2014 |
| 2015 |
| 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
| Balance of Recurring Level 3 Assets at January 1 |
| $ | 10,141 |
|
| $ | 10,832 |
|
| $ | 353 |
|
| $ | 353 |
| Total Gains or Losses (realized/unrealized) Included in Other Comprehensive Income |
| (45 | ) |
| 155 |
|
| — |
|
| — |
| Maturities / Calls |
| (575 | ) |
| (425 | ) |
| — |
|
| — |
| Purchases |
| 1,304 |
|
| — |
|
| — |
|
| — |
| Balance of Recurring Level 3 Assets at June 30 |
| $ | 10,825 |
|
| $ | 10,562 |
|
| $ | 353 |
|
| $ | 353 |
|
|
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 June 30, 2015 and December 31, 2014. Not all of the Company’s assets and liabilities are considered financial instruments, and therefore are not included in the table. 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. | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at June 30, 2015 Using | | | Carrying Value | | Level 1 | | Level 2 | | Level 3 | | Total | Financial Assets: | | |
| | |
| | |
| | |
| | |
| Cash and Short-term Investments | | $ | 52,367 |
| | $ | 31,538 |
| | $ | 20,829 |
| | $ | — |
| | $ | 52,367 |
| Securities Held-to-Maturity | | 95 |
| | — |
| | 95 |
| | — |
| | 95 |
| Loans, Net | | 1,454,409 |
| | — |
| | — |
| | 1,455,587 |
| | 1,455,587 |
| FHLB Stock and Other Restricted Stock | | 8,122 |
| | N/A |
| | N/A |
| | N/A |
| | N/A |
| Accrued Interest Receivable | | 7,920 |
| | — |
| | 2,352 |
| | 5,568 |
| | 7,920 |
| Financial Liabilities: | | |
| | |
| | |
| | |
| | |
| Demand, Savings, and Money Market Deposits | | (1,439,560 | ) | | (1,439,560 | ) | | — |
| | — |
| | (1,439,560 | ) | Time Deposits | | (323,205 | ) | | — |
| | (324,292 | ) | | — |
| | (324,292 | ) | Short-term Borrowings | | (170,493 | ) | | — |
| | (170,493 | ) | | — |
| | (170,493 | ) | Long-term Debt | | (69,579 | ) | | — |
| | (65,100 | ) | | (5,486 | ) | | (70,586 | ) | Accrued Interest Payable | | (681 | ) | | — |
| | (674 | ) | | (7 | ) | | (681 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2014 Using | | | Carrying Value | | Level 1 | | Level 2 | | Level 3 | | Total | Financial Assets: | | |
| | |
| | |
| | |
| | |
| Cash and Short-term Investments | | $ | 42,546 |
| | $ | 33,481 |
| | $ | 9,065 |
| | $ | — |
| | $ | 42,546 |
| Securities Held-to-Maturity | | 184 |
| | — |
| | 186 |
| | — |
| | 186 |
| Loans, Net | | 1,431,549 |
| | — |
| | — |
| | 1,432,622 |
| | 1,432,622 |
| FHLB Stock and Other Restricted Stock | | 7,040 |
| | N/A |
| | N/A |
| | N/A |
| | N/A |
| Accrued Interest Receivable | | 8,162 |
| | — |
| | 2,240 |
| | 5,922 |
| | 8,162 |
| Financial Liabilities: | | |
| | |
| | |
| | |
| | |
| Demand, Savings, and Money Market Deposits | | (1,446,336 | ) | | (1,446,336 | ) | | — |
| | — |
| | (1,446,336 | ) | Time Deposits | | (333,425 | ) | | — |
| | (335,134 | ) | | — |
| | (335,134 | ) | Short-term Borrowings | | (141,473 | ) | | — |
| | (141,473 | ) | | — |
| | (141,473 | ) | Long-term Debt | | (64,591 | ) | | — |
| | (60,289 | ) | | (5,429 | ) | | (65,718 | ) | Accrued Interest Payable | | (754 | ) | | — |
| | (704 | ) | | (50 | ) | | (754 | ) |
|