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1052 - Disclosure - Fair Value (Tables)
(http://www.progbank.com/taxonomy/role/NotesToFinancialStatementsFairValueDisclosuresTextBlockTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Reporting Entity [Axis]0000736772 (http://www.sec.gov/CIK)
Fair Value Disclosures [Abstract]Period [Axis]
2016-01-01 - 2016-12-31
Fair Value Disclosures [Abstract]
 
Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are as follows at December 31, 2016 and 2015:

 

           Fair Value Measurements at December 31, 2016 Using  

Description

    Total     Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		      Significant Other
Observable
Inputs (Level 2)		     Significant
Unobservable
Inputs
(Level 3)		  

Assets:

          

Securities Available For Sale:

          

U.S. Government sponsored entities

    $ 140,351     $ 0      $ 140,351     $ 0  

States and political subdivisions

      157,037       0        157,037       0  

Residential and multi-family mortgage

      134,976       0        134,976       0  

Corporate notes and bonds

      17,414       0        17,414       0  

Pooled trust preferred

      2,049       0        0       2,049  

Pooled SBA

      43,037       0        43,037       0  

Other equity securities

      971       971        0       0  
  

 

 

    

 

 

     

 

 

    

 

 

  

Total Securities Available For Sale

    $ 495,835     $ 971      $ 492,815     $ 2,049  
  

 

 

    

 

 

     

 

 

    

 

 

  

Interest Rate swaps:

    $ 211     $ 0      $ 211     $ 0  
  

 

 

    

 

 

     

 

 

    

 

 

  

Trading Securities:

          

Corporate equity securities

    $ 3,312     $ 3,312      $ 0     $ 0  

Mutual funds

      1,037       1,037        0       0  

Certificates of deposit

      202       202        0       0  

Corporate notes and bonds

      254       254        0       0  

U.S. Government sponsored entities

      53       0        53       0  

Total Trading Securities

    $ 4,858     $ 4,805      $ 53     $ 0  
  

 

 

    

 

 

     

 

 

    

 

 

  

Liabilities,

          

Interest rate swaps

    $ (670 )    $ 0      $ (670 )    $ 0  
  

 

 

    

 

 

     

 

 

    

 

 

  
           Fair Value Measurements at December 31, 2015 Using  

Description

    Total     Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		      Significant Other
Observable
Inputs (Level 2)		     Significant
Unobservable
Inputs
(Level 3)		  

Assets:

          

Securities Available For Sale:

          

U.S. Government sponsored entities

    $ 141,751     $ 0      $ 141,751     $ 0  

States and political subdivisions

      171,819       0        171,819       0  

Residential and multi-family mortgage

      157,982       0        157,982       0  

Corporate notes and bonds

      18,688       0        18,688       0  

Pooled trust preferred

      3,413       0        0       3,413  

Pooled SBA

      51,409       0        51,409       0  

Other equity securities

      981       981        0       0  
  

 

 

    

 

 

     

 

 

    

 

 

  

Total Securities Available For Sale

    $ 546,043     $ 981      $ 541,649     $ 3,413  
  

 

 

    

 

 

     

 

 

    

 

 

  

Interest Rate swaps:

    $ 131     $ 0      $ 131     $ 0  
  

 

 

    

 

 

     

 

 

    

 

 

  

Trading Securities:

          

Corporate equity securities

    $ 3,389     $ 3,389      $ 0     $ 0  

Mutual funds

      750       750        0       0  

Certificates of deposit

      253       253        0       0  

Corporate notes and bonds

      130       130        0       0  

U.S. Government sponsored entities

      54       0        54       0  

Total Trading Securities

    $ 4,576     $ 4,522      $ 54     $ 0  
  

 

 

    

 

 

     

 

 

    

 

 

  

Liabilities,

          

Interest rate swaps

    $ (867 )    $ 0      $ (867 )    $ 0  
  

 

 

    

 

 

     

 

 

    

 

 

  
  
Securities Available for Sale Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3)

The table below presents a reconciliation and income statement classification of gains and losses for all securities available for sale measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2016:

 

     Pooled
trust
preferred		  

Balance, January 1, 2016

    $ 3,413  

Total gains or (losses):

   

Included in other comprehensive income (loss)

      (442 ) 

Sale of available-for-sale securities

      (922 ) 
  

 

 

  

Balance, December 31, 2016

    $ 2,049  
  

 

 

  

The table below presents a reconciliation and income statement classification of gains and losses for all securities available for sale measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2015:

 

     Pooled
trust
preferred		  

Balance, January 1, 2015

    $ 905  

Total gains or (losses):

   

Included in other comprehensive income (loss)

      2,508  

Included in realized gains on available-for-sale securities

      0  

Sale of available-for-sale securities

      0  
  

 

 

  

Balance, December 31, 2015

    $ 3,413  
  

 

 

  
  
Quantitative Information about Level 3 Fair Value Measurements

The following table presents quantitative information about Level 3 fair value measurements at December 31, 2016:

 

     Fair
value		    Valuation
Technique		    Unobservable
Inputs		   

Input Utilized

Pooled trust preferred

    $2,049    Discounted

cash flow

    Collateral default rate

 

Yield

   

0.5% in 2016 and thereafter

10%
         Prepayment speed    2.0% constant prepayment rate in 2016 and thereafter

The following table presents quantitative information about Level 3 fair value measurements at December 31, 2015:

 

     Fair
value		    Valuation
Technique		    Unobservable
Inputs		   

Input Utilized

Pooled trust preferred

    $3,413    Discounted

cash flow

    Collateral default rate

 

Yield

   

1% in 2015; 0.5% in 2016 and thereafter

9%
         Prepayment speed    2.0% constant prepayment rate in 2015 and thereafter
  
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis

Assets and liabilities measured at fair value on a non-recurring basis are as follows at December 31, 2016 and 2015:

 

            Fair Value Measurements at December 31, 2016 Using  

Description

    Total      Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		      Significant Other
Observable Inputs
(Level 2)		      Significant
Unobservable
Inputs
(Level 3)		  

Assets:

            

Impaired loans:

            

Commercial mortgages

    $ 2,067        0        0      $ 2,067  
            Fair Value Measurements at December 31, 2015 Using  

Description

    Total      Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		      Significant Other
Observable Inputs
(Level 2)		      Significant
Unobservable
Inputs
(Level 3)		  

Assets:

            

Impaired loans:

            

Commercial mortgages

    $ 2,247        0        0      $ 2,247  
  
Quantitative Information about Level 3 Fair Value Measurements for Financial Instruments Measured at Fair Value on Non Recurring Basis

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, 2016:

 

     Fair
value		     

Valuation
Technique

   

Unobservable Inputs

    Range (Weighted
Average)

Impaired loans – commercial mortgages

    $ 2,067      Sales comparison approach    Adjustment for differences between the comparable sales    14% – 98% (34%)

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, 2015:

 

     Fair
value		     

Valuation
Technique

   

Unobservable Inputs

    Range (Weighted
Average)

Impaired loans – commercial

mortgages

    $ 2,247      Sales comparison approach    Adjustment for differences between the comparable sales    25% –69% (36%)
  
Carrying Amount and Fair Value of Financial Instruments

The following table presents the carrying amount and fair value of financial instruments at December 31, 2016:

 

     Carrying
Amount		     Fair Value Measurement Using:      Total
Fair Value		  
       Level 1     Level 2     Level 3     

ASSETS

            

Cash and cash equivalents

    $ 29,183     $ 29,183     $ 0     $ 0      $ 29,183  

Securities available for sale

      495,835       971       492,815       2,049        495,835  

Trading securities

      4,858       4,805       53       0        4,858  

Loans held for sale

      7,528       0       7,553       0        7,553  

Net loans

      1,857,206       0       0       1,817,341        1,817,341  

FHLB and other equity interests

      19,186       n/a       n/a       n/a        n/a  

Interest rate swaps

      211       0       211       0        211  

Accrued interest receivable

      8,264       6       3,014       5,244        8,264  

LIABILITIES

            

Deposits

    $ (2,017,522 )    $ (1,786,748 )    $ (219,765 )    $ 0        (2,006,513 ) 

FHLB and other borrowings

      (237,004 )      0       (226,769 )      0        (226,769 ) 

Subordinated debentures

      (70,620 )      0       (61,831 )      0        (61,831 ) 

Deposits held for sale

      (6,456 )      0       (6,417 )      0        (6,417 ) 

Interest rate swaps

      (670 )      0       (670 )      0        (670 ) 

Accrued interest payable

      (510 )      0       (510 )      0        (510 ) 

 

The following table presents the carrying amount and fair value of financial instruments at December 31, 2015:

 

     Carrying
Amount		     Fair Value Measurement Using:      Total
Fair Value		  
       Level 1     Level 2     Level 3     

ASSETS

            

Cash and cash equivalents

    $ 27,261     $ 27,261     $ 0     $ 0      $ 27,261  

Securities available for sale

      546,043       981       541,649       3,413        546,043  

Trading securities

      4,576       4,522       54       0        4,576  

Loans held for sale

      1,381       0       1,438       0        1,438  

Net loans

      1,561,061       0       0       1,554,502        1,554,502  

FHLB and other equity interests

      15,921       n/a       n/a       n/a        n/a  

Interest rate swaps

      131       0       131       0        131  

Accrued interest receivable

      7,312       5       2,875       4,432        7,312  

LIABILITIES

            

Deposits

    $ (1,815,053 )    $ (1,630,888 )    $ (183,028 )    $ 0        (1,813,916 ) 

FHLB and other borrowings

      (220,515 )      0       (218,808 )      0        (218,808 ) 

Subordinated debentures

      (20,620 )      0       (11,761 )      0        (11,761 ) 

Interest rate swaps

      (867 )      0       (867 )      0        (867 ) 

Accrued interest payable

      (766 )      (344 )      (422 )      0        (766 )