Peoples Financial Services (PFIS) 10-Q 5 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 30, 2017
Document And Entity Information
Entity Registrant Name	PEOPLES FINANCIAL SERVICES CORP.
Trading Symbol	pfis
Entity Central Index Key	1,056,943
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		7,396,163
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Cash and due from banks:
Cash and due from banks	$ 31,511	$ 39,496
Interest-bearing deposits in other banks	304	445
Total cash and due from banks	31,815	39,941
Investment securities:
Available-for-sale	264,644	259,410
Held-to-maturity: Fair value March 31, 2017, $10,359; December 31, 2016, $10,714	10,180	10,517
Total investment securities	274,824	269,927
Loans, net	1,559,867	1,532,965
Less: allowance for loan losses	16,969	15,961
Net loans	1,542,898	1,517,004
Loans held for sale	444
Premises and equipment, net	34,967	33,260
Accrued interest receivable	5,604	6,228
Goodwill	63,370	63,370
Intangible assets, net	3,944	4,211
Other assets	65,640	65,501
Total assets	2,023,506	1,999,442
Deposits:
Noninterest-bearing	358,538	353,686
Interest-bearing	1,257,006	1,235,071
Total deposits	1,615,544	1,588,757
Short-term borrowings	77,475	82,700
Long-term debt	57,615	58,134
Accrued interest payable	457	462
Other liabilities	13,096	12,771
Total liabilities	1,764,187	1,742,824
Stockholders' equity:
Common stock, par value $2.00, authorized 25,000,000 shares, issued and outstanding 7,394,143 shares at March 31, 2017 and at December 31, 2016	14,792	14,788
Capital surplus	134,884	134,871
Retained earnings	113,621	111,114
Accumulated other comprehensive loss	(3,978)	(4,155)
Total stockholders' equity	259,319	256,618
Total liabilities and stockholders' equity	$ 2,023,506	$ 1,999,442

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position
Held-to-maturity, Fair value	$ 10,359	$ 10,714
Common stock, par value	$ 2	$ 2
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	7,396,163	7,394,143
Common stock, shares outstanding	7,396,163	7,394,143

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Interest and fees on loans:
Taxable	$ 15,541	$ 14,346
Tax-exempt	726	751
Interest and dividends on investment securities:
Taxable	697	687
Tax-exempt	794	875
Dividends	12	10
Interest on interest-bearing deposits in other banks	29	17
Total interest income	17,799	16,686
Interest expense:
Interest on deposits	1,434	1,283
Interest on short-term borrowings	174	77
Interest on long-term debt	348	360
Total interest expense	1,956	1,720
Net interest income	15,843	14,966
Provision for loan losses	1,200	1,200
Net interest income after provision for loan losses	14,643	13,766
Noninterest income:
Service charges, fees and commissions	1,572	1,444
Merchant services income	1,015	914
Commission and fees on fiduciary activities	508	482
Wealth management income	319	412
Mortgage banking income	179	204
Life insurance investment income	189	193
Net gain on sale of investment securities available-for-sale		242
Total noninterest income	3,782	3,891
Noninterest expense:
Salaries and employee benefits expense	6,275	5,332
Net occupancy and equipment expense	2,394	2,437
Merchant services expense	730	632
Amortization of intangible assets	268	305
Other expenses	2,689	2,912
Total noninterest expense	12,356	11,618
Income before income taxes	6,069	6,039
Income tax expense	1,269	1,157
Net income	4,800	4,882
Other comprehensive income:
Unrealized gain on investment securities available-for-sale	273	995
Reclassification adjustment for net gain on sales included in net income		(242)
Other comprehensive loss	273	753
Income tax related to other comprehensive loss	96	264
Other comprehensive income, net of income taxes	177	489
Comprehensive income	$ 4,977	$ 5,371
Net income:
Basic	$ 0.65	$ 0.66
Diluted	$ 0.65	$ 0.66
Average common shares outstanding:
Basic	7,394,143	7,403,510
Diluted	7,394,143	7,403,510
Dividends declared	$ 0.31	$ 0.31

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Capital Surplus	Retained Earnings	Accumulated Other Comprehensive Loss	Total
Balance at Dec. 31, 2015	$ 14,821	$ 135,371	$ 100,701	$ (2,125)	$ 248,768
Net income			4,882		4,882
Other comprehensive income, net of income taxes				489	489
Dividends declared			(2,295)		(2,295)
Stock based compensation		18			18
Shares retired	(22)	(395)			(417)
Balance at Mar. 31, 2016	14,799	134,994	103,288	(1,636)	251,445
Balance at Dec. 31, 2016	14,788	134,871	111,114	(4,155)	256,618
Net income			4,800		4,800
Other comprehensive income, net of income taxes				177	177
Dividends declared			(2,293)		(2,293)
Common stock grants awarded, net of unearned compensation of $81	4	(4)
Stock based compensation		17			17
Balance at Mar. 31, 2017	$ 14,792	$ 134,884	$ 113,621	$ (3,978)	$ 259,319

Consolidated Statements of Cha6

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2016$ / sharesshares
Statement of Stockholders' Equity
Dividends declared (in dollars per share) | $ / shares	$ 0.31
Share retired, shares | shares	11,308

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net income	$ 4,800	$ 4,882
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of premises and equipment	451	392
Amortization of deferred loan costs	211	169
Amortization of intangibles	268	305
Net accretion of purchase accounting adjustments on tangible assets		(275)
Amortization of loss on investment tax credits	117	125
Provision for loan losses	1,200	1,200
Net gain on sale of other real estate owned	(1)	(11)
Loans originated for sale	(5,141)	(5,268)
Proceeds from sale of loans originated for sale	4,734	5,394
Net gain on sale of loans originated for sale	(37)	(204)
Net amortization of investment securities	759	1,041
Net gain on sale of investment securities available-for-sale		(242)
Life insurance investment income	(189)	(193)
Stock based compensation	17	18
Net change in:
Accrued interest receivable	624	341
Other assets	(580)	(583)
Accrued interest payable	(5)	(54)
Other liabilities	308	(404)
Net cash provided by operating activities	7,536	6,633
Cash flows from investing activities:
Proceeds from sales of investment securities available-for-sale		10,271
Proceeds from repayments of investment securities:
Available-for-sale	9,285	10,453
Held-to-maturity	331	418
Purchases of investment securities:
Available-for-sale	(14,999)
Net redemption (purchase) of restricted equity securities	270	(798)
Net increase in lending activities	(27,349)	(69,321)
Investment in low income housing investment tax credits		(2,050)
Purchases of premises and equipment	(2,158)	(1,646)
Purchase of investment in life insurance		(1,500)
Proceeds from sale of other real estate owned	208	83
Net cash used in investing activities	(34,412)	(54,090)
Cash flows from financing activities:
Net increase in deposits	26,787	19,798
Repayment of long-term debt	(519)	(573)
Net (decrease) increase in short-term borrowings	(5,225)	22,025
Retirement of common stock		(417)
Cash dividends paid	(2,293)	(2,295)
Net cash provided by financing activities	18,750	38,538
Net decrease in cash and cash equivalents	(8,126)	(8,919)
Cash and cash equivalents at beginning of period	39,941	32,917
Cash and cash equivalents at end of period	31,815	23,998
Cash paid during the period for:
Interest	1,961	1,931
Noncash items:
Transfers of loans to other real estate	$ 50	$ 524

Summary of significant accounti

Summary of significant accounting policies	3 Months Ended
	Mar. 31, 2017
Summary of significant accounting policies
Summary of significant accounting policies	1. Summary of significan Nature of operations: Peoples Financial Services Corp., a bank holding company incorporated under the laws of Pennsylvania, provides a full range of financial services through its wholly-owned subsidiary, Peoples Security Bank and Trust Company (“Peoples Bank”), including its subsidiary, Peoples Advisors, LLC (collectively, the “Company” or “Peoples”). The Company services its retail and commercial customers through twenty-six full-service community banking offices located within the Lackawanna, Lehigh, Luzerne, Monroe, Montgomery, Northampton, Susquehanna, Wayne and Wyoming Counties of Pennsylvania and Broome County of New York. Basis of presentation: The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP’) for interim financial information and with the instructions to Form 10-Q and Article 10-01 of Regulation S-X. In the opinion of management, all normal recurring adjustments necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. All significant intercompany balances and transactions have been eliminated in consolidation. Prior-period amounts are reclassified when necessary to conform to the current year’s presentation. These reclassifications did not have any effect on the operating results or financial position of the Company. The operating results and financial position of the Company for the three months ended and as of March 31, 2017, are not necessarily indicative of the results of operations and financial position that may be expected in the future. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates that are particularly susceptible to material change in the near term relate to the determination of the allowance for loan losses, fair value of financial instruments, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, the valuation of deferred tax assets, determination of other-than-temporary impairment losses on securities, impairment of goodwill and fair value of assets acquired and liabilities assumed in business combinations. Actual results could differ from those estimates. For additional information and disclosures required under GAAP, reference is made to the Company’s Annual Report on Form 10-K for the period ended December 31, 2016. Recent accounting standards: In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” The updated standard is a new comprehensive revenue recognition model that requires revenue to be recognized in a manner that depicts the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. In August 2015, the FASB issued ASU 2015-14 which deferred the effective date of ASU 2014-09 by one year. During 2016, the FASB issued ASU Nos. 2016-10, 2016-12 and 2016-20 that provide additional guidance related to the identification of performance obligations within a contract, assessing collectability, contract costs, and other technical corrections and improvements. ASU 2014-09 will become effective for the Company for the annual period beginning after December 15, 2017 and for interim periods within the annual period. ASU 2014-09 allows for either full retrospective or modified retrospective adoption. The Company has not selected a transition method. The Company has completed an evaluation of its revenue-producing contracts and determined they are primarily agreements that are not within the scope of this standard. As a result, the Company does not expect the adoption of this standard to have a material impact to the Company’s reported revenues and interest income. The Company is continuing to evaluate the impact on other revenue and income sources. In January 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-01, “Financial Instruments – Overall . ” The guidance in this ASU among other things, (1) requires equity investments with certain exceptions, to be measured at fair value with changes in fair value recognized in net income, (2) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, (3) eliminates the requirement for public businesses entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, (4) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, (5) requires an entity to present separately in other comprehensive income the portion of the change in fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments, (6) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements and (7) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities. The guidance in this ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is in the process of evaluating the impact of the adoption of this guidance on the Company’s financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases”. From the lessee's perspective, the new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement for a lessess. From the lessor's perspective, the new standard requires a lessor to classify leases as either sales-type, finance or operating. A lease will be treated as a sale if it transfers all of the risks and rewards, as well as control of the underlying asset, to the lessee. If risks and rewards are conveyed without the transfer of control, the lease is treated as a financing. If the lessor doesn’t convey risks and rewards or control, an operating lease results. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. A modified retrospective transition approach is required for lessors for sales-type, direct financing, and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company’s initial findings conclude that the new pronouncement will not have a significant impact on its consolidated financial statements as the current projected minimum lease payments under existing lease contracts subject to the new pronouncement are less than one percent of its current assets. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU will have a significant impact on the Company’s calculation and accounting for its Allowance for Loan Losses as well as credit losses related to investment securities available-for-sale. A summary of significant provisions of this ASU is as follows:  The ASU requires that a financial asset (or a group of financial assets) measured at amortized cost basis be presented, net of a valuation allowance for credit losses, at an amount expected to be collected on the financial asset(s), and that the income statement include the measurement of credit losses for newly recognized financial assets as well as changes in expected losses on previously recognized financial assets. The provisions of this ASU require measurement of expected credit losses based on relevant information including past events, historical experience, current conditions, and reasonable and supportive forecasts that affect the collectability of the asset. The provisions of this ASU differ from current U.S. GAAP in that current U.S. GAAP generally delays recognition of the full amount of credit losses until the loss is probable of occurring.  The amendments in the Update retain many of the disclosure requirements related to credit quality in current U.S. GAAP, updated to reflect the change from an incurred loss methodology to an expected credit loss methodology. In addition, the Update requires that disclosure of credit quality indicators in relation to the amortized cost of financing receivables, a current requirement, be further disaggregated by year of origination.  This ASU requires that credit losses on available-for-sale debt securities be presented as an allowance rather than as a write-down, and limits the amount of the allowance for credit losses to the amount by which the fair value is below amortized cost. For purchased investment securities available-for-sale with a more-than-insignificant amount of credit deterioration since origination, the ASU requires an allowance be determined in a manner similar to other investment securities available-for-sale; however, the initial allowance would be added to the purchase price, with only subsequent changes in the allowance recorded in credit loss expense, and interest income recognized at the effective rate excluding the discount embedded in the purchase price related to estimated credit losses at acquisition.  This ASU will be effective for the Company for interim and annual periods beginning in the first quarter of 2020. Earlier adoption is permitted beginning in the first quarter of 2019. The Company will record the effect of implementing this ASU through a cumulative-effect adjustment through retained earnings as of the beginning of the reporting period in which Topic 326 is effective. The Company cannot yet determine the magnitude of any such one-time cumulative adjustment or of the overall impact of the new standard on our financial condition or results of operations; however, it is anticipated that the allowance will increase upon adoption and that the increased allowance level will decrease regulatory capital and ratios.. In June 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) –Classification of Certain Cash Receipts and Cash Payments. This Update provides clarification regarding eight specific cash flow issues with the objective of reducing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. For the Company, the amendments in this Update are effective beginning in the first quarter 2018. The amendments in this Update should be applied using a retroactive transition method to each period presented. The Company anticipates there will be no adjustments to the Consolidated Statements of Cash Flows, as previously reported, as a result of the clarifications provided in the Update. In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350) to simplify the accounting for goodwill impairment. This guidance, among other things, removes step 2 of the goodwill impairment test thus eliminating the need to determine the fair value of individual assets and liabilities of the reporting unit. Upon adoption of this ASU, goodwill impairment will be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. This may result in more or less impairment being recognized than under current guidance. This Update will become effective for the Company’s annual and interim goodwill impairment tests beginning in the first quarter of 2020.

Other comprehensive income (los

Other comprehensive income (loss)	3 Months Ended
	Mar. 31, 2017
Other comprehensive income (loss)
Other comprehensive income (loss)	2. Other comprehensive income (loss): The components of other comprehensive loss and their related tax effects are reported in the Consolidated Statements of Income and Comprehensive Income. The accumulated other comprehensive loss included in the Consolidated Balance Sheets relates to net unrealized gains and losses on investment securities available-for-sale and benefit plan adjustments. The components of accumulated other comprehensive loss included in stockholders’ equity at March 31, 2017 and December 31, 2016 is as follows: March 31, 2017 December 31, 2016 Net unrealized gain on investment securities available-for-sale $ 826 $ 553 Income tax 289 193 Net of income taxes 537 360 Benefit plan adjustments (6,946) (6,946) Income tax (2,431) (2,431) Net of income taxes (4,515) (4,515) Accumulated other comprehensive loss $ (3,978) $ (4,155) Other comprehensive income (loss) and related tax effects for the three months ended March 31, 2017 and 2016 is as follows: Three Months Ended March 31, 2017 2016 Unrealized gain on investment securities available-for-sale $ 273 $ 995 Net gain on the sale of investment securities available-for-sale(1) (242) Other comprehensive income gain before taxes 273 753 Income tax expense 96 264 Other comprehensive income $ 177 $ 489 (1)

Earnings per share

Earnings per share	3 Months Ended
	Mar. 31, 2017
Earnings per share
Earnings per share	3. Earnings per share: Basic earnings per share represent income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate solely to outstanding stock options, and are determined using the treasury stock method. There were no shares considered anti-dilutive for the three month periods ended March 31, 2017 and 2016. 2017 2016 For the Three Months Ended March 31 Basic Diluted Basic Diluted Net Income $ 4,800 $ 4,800 $ 4,882 $ 4,882 Average common shares outstanding 7,394,143 7,394,143 7,403,510 7,403,510 Earnings per share $ 0.65 $ 0.65 $ 0.66 $ 0.66

Investment securities

Investment securities	3 Months Ended
	Mar. 31, 2017
Investment securities
Investment securities	4. Investment securities: The amortized cost and fair value of investment securities aggregated by investment category at March 31, 2017 and December 31, 2016 are summarized as follows: Gross Gross Amortized Unrealized Unrealized Fair March 31, 2017 Cost Gains Losses Value Available-for-sale: U.S. Treasury securities $ 20,050 $ 1 $ 156 $ 19,895 U.S. Government-sponsored enterprises 83,677 72 1,277 82,472 State and municipals: Taxable 14,663 604 15,267 Tax-exempt 105,894 2,104 461 107,537 Mortgage-backed securities: U.S. Government agencies 19,321 47 36 19,332 U.S. Government-sponsored enterprises 20,213 46 118 20,141 Total $ 263,818 $ 2,874 $ 2,048 $ 264,644 Held-to-maturity: Tax-exempt state and municipals $ 6,861 $ 86 $ 83 $ 6,864 Mortgage-backed securities: U.S. Government agencies 64 64 U.S. Government-sponsored enterprises 3,255 176 3,431 Total $ 10,180 $ 262 $ 83 $ 10,359 Gross Gross Amortized Unrealized Unrealized Fair December 31, 2016 Cost Gains Losses Value Available-for-sale: U.S. Treasury securities $ 7,570 $ 132 $ 7,438 U.S. Government-sponsored enterprises 82,314 $ 79 1,480 80,913 State and municipals: Taxable 14,698 566 39 15,225 Tax-exempt 110,931 2,309 640 112,600 Mortgage-backed securities: U.S. Government agencies 21,041 48 47 21,042 U.S. Government-sponsored enterprises 22,303 48 159 22,192 Total $ 258,857 $ 3,050 $ 2,497 $ 259,410 Held-to-maturity: Tax-exempt state and municipals $ 6,862 $ 72 $ 67 $ 6,867 Mortgage-backed securities: U.S. Government agencies 68 1 69 U.S. Government-sponsored enterprises 3,587 191 3,778 Total $ 10,517 $ 264 $ 67 $ 10,714 The maturity distribution of the fair value, which is the net carrying amount, of the debt securities classified as available-for-sale at March 31, 2017, is summarized as follows: Fair March 31, 2017 Value Within one year $ 39,613 After one but within five years 118,950 After five but within ten years 49,157 After ten years 17,451 225,171 Mortgage-backed securities 39,473 Total $ 264,644 The maturity distribution of the amortized cost and fair value, of debt securities classified as held-to-maturity at March 31, 2017, is summarized as follows: Amortized Fair March 31, 2017 Cost Value Within one year After one but within five years After five but within ten years After ten years $ 6,861 $ 6,864 6,861 6,864 Mortgage-backed securities 3,319 3,495 Total $ 10,180 $ 10,359 Securities with a carrying value of $142,335 and $144,750 at March 31, 2017 and December 31, 2016, respectively, were pledged to secure public deposits and certain other deposits as required or permitted by law. Securities and short-term investment activities are conducted with a diverse group of government entities, corporations and state and local municipalities. The counterparty’s creditworthiness and type of collateral is evaluated on a case-by-case basis. At March 31, 2017 and December 31, 2016, there were no significant concentrations of credit risk from any one issuer, with the exception of U.S. Government agencies and sponsored enterprises that exceeded 10.0 percent of stockholders’ equity. The fair value and gross unrealized losses of investment securities with unrealized losses for which an other-than-temporary impairment (“OTTI”) has not been recognized at March 31, 2017 and December 31, 2016, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, are summarized as follows: Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized March 31, 2017 Value Losses Value Losses Value Losses U.S. Treasury securities $ 17,411 $ 156 $ 17,411 $ 156 U.S. Government-sponsored enterprises 62,591 1,277 62,591 1,277 State and municipals: Taxable Tax-exempt 51,467 544 51,467 544 Mortgage-backed securities: U.S. Government agencies 5,769 23 $ 1,337 $ 13 7,106 36 U.S. Government-sponsored enterprises 13,832 66 2,380 52 16,212 118 Total $ 151,070 $ 2,066 $ 3,717 $ 65 $ 154,787 $ 2,131 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2016 Value Losses Value Losses Value Losses U.S. Treasury securities $ 7,438 $ 132 $ 7,438 $ 132 U.S. Government-sponsored enterprises 59,460 1,480 59,460 1,480 State and municipals: Taxable 1,035 39 1,035 39 Tax-exempt 55,166 707 $ 226 55,392 707 Mortgage-backed securities: U.S. Government agencies 5,917 27 1,496 $ 7,413 47 U.S. Government-sponsored enterprises 16,412 85 2,712 19,124 159 Total $ 145,428 $ 2,470 $ 4,434 $ 94 $ 149,862 $ 2,564 The Company had 150 investment securities, consisting of 93 tax-exempt state and municipal obligations, six U.S. Treasury securities, 23 U.S. Government-sponsored enterprise securities, and 28 mortgage-backed securities that were in unrealized loss positions at March 31, 2017. Of these securities, eight mortgage-backed securities were in a continuous unrealized loss position for twelve months or more. Management does not consider the unrealized losses on the debt securities, as a result of changes in interest rates, to be OTTI based on historical evidence that indicates the cost of these securities is recoverable within a reasonable period of time in relation to normal cyclical changes in the market rates of interest. Moreover, because there has been no material change in the credit quality of the issuers or other events or circumstances that may cause a significant adverse impact on the fair value of these securities, and management does not intend to sell these securities and it is unlikely that the Company will be required to sell these securities before recovery of their amortized cost basis, which may be maturity, the Company does not consider the unrealized losses to be OTTI at March 31, 2017. There was no OTTI recognized for the three months ended March 31, 2017 and 2016. The Company had 163 investment securities, consisting of 107 tax-exempt state and municipal obligations, two taxable state and municipal obligation, two U.S. Treasury securities, 22 U.S. Government-sponsored enterprise securities and 30 mortgage-backed securities that were in unrealized loss positions at December 31, 2016. Of these securities, nine mortgage-backed securities and two tax-exempt state and municipal securities were in a continuous unrealized loss position for twelve months or more.

Loans, net and allowance for lo

Loans, net and allowance for loan losses	3 Months Ended
	Mar. 31, 2017
Loans, net and allowance for loan losses
Loans, net and allowance for loan losses	5. Loans, net and allowance for loan losses: The major classifications of loans outstanding, net of deferred loan origination fees and costs at March 31, 2017 and December 31, 2016 are summarized as follows. Net deferred loan costs were $494 and $579 at March 31, 2017 and December 31, 2016. March 31, 2017 December 31, 2016 Commercial $ 431,164 $ 408,814 Real estate: Commercial 703,194 700,144 Residential 286,389 289,781 Consumer 139,120 134,226 Total $ 1,559,867 $ 1,532,965 The changes in the allowance for loan losses account by major classification of loan for the three months ended March 31, 2017 and 2016 are summarized as follows: Real estate March 31, 2017 Commercial Commercial Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance January 1, 2017 $ 3,799 $ 5,847 $ 4,707 $ 1,608 $ $ 15,961 Charge-offs (125) (15) (171) (311) Recoveries 7 33 22 57 119 Provisions 323 536 264 77 1,200 Ending balance $ 4,129 $ 6,291 $ 4,978 $ 1,571 $ $ 16,969 Real estate March 31, 2016 Commercial Commercial Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance January 1, 2016 $ 3,042 $ 4,245 $ 4,082 $ 1,583 $ 23 $ 12,975 Charge-offs (3) (55) (65) (123) Recoveries 2 16 25 63 106 Provisions 281 410 252 65 192 1,200 Ending balance $ 3,322 $ 4,616 $ 4,359 $ 1,646 $ 215 $ 14,158 The allocation of the allowance for loan losses and the related loans by major classifications of loans at March 31, 2017 and December 31, 2016 is summarized as follows: Real estate March 31, 2017 Commercial Commercial Residential Consumer Unallocated Total Allowance for loan losses: Ending balance $ 4,129 $ 6,291 $ 4,978 $ 1,571 $ $ 16,969 Ending balance: individually evaluated for impairment 404 513 484 23 1,424 Ending balance: collectively evaluated for impairment 3,725 5,778 4,494 1,548 15,545 Ending balance: loans acquired with deteriorated credit quality $ $ $ $ $ $ Loans receivable: Ending balance $ 431,164 $ 703,194 $ 286,389 $ 139,120 $ $ 1,559,867 Ending balance: individually evaluated for impairment 2,311 3,849 3,359 207 9,726 Ending balance: collectively evaluated for impairment 428,476 698,008 282,996 138,913 1,548,393 Ending balance: loans acquired with deteriorated credit quality $ 377 $ 1,337 $ 34 $ $ $ 1,748 Real estate December 31, 2016 Commercial Commercial Residential Consumer Unallocated Total Allowance for loan losses: Ending balance $ 3,799 $ 5,847 $ 4,707 $ 1,608 $ $ 15,961 Ending balance: individually evaluated for impairment 225 1,197 520 1,942 Ending balance: collectively evaluated for impairment 3,574 4,650 4,187 1,608 14,019 Ending balance: loans acquired with deteriorated credit quality $ $ $ $ $ $ Loans receivable: Ending balance $ 408,814 $ 700,144 $ 289,781 $ 134,226 $ $ 1,532,965 Ending balance: individually evaluated for impairment 1,724 5,820 3,543 155 11,242 Ending balance: collectively evaluated for impairment 406,127 692,987 286,201 134,071 1,519,386 Ending balance: loans acquired with deteriorated credit quality $ 963 $ 1,337 $ 37 $ $ $ 2,337 The Company segments loans into risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. Loans are individually analyzed for credit risk by classifying them within the Company’s internal risk rating system. The Company’s risk rating classifications are defined as follows: · Pass- A loan to borrowers with acceptable credit quality and risk that is not adversely classified as Substandard, Doubtful, Loss nor designated as Special Mention. · Special Mention- A loan that has potential weaknesses that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the institution’s credit position at some future date. Special Mention loans are not adversely classified since they do not expose the Company to sufficient risk to warrant adverse classification. · Substandard- A loan that is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the bank will sustain some loss if the deficiencies are not corrected. · Doubtful – A loan classified as Doubtful has all the weaknesses inherent in one classified Substandard with the added characteristic that the weaknesses make the collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. · Loss- A loan classified as Loss is considered uncollectible and of such little value that its continuance as bankable loan is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future. The following tables present the major classification of loans summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system at March 31, 2017 and December 31, 2016: Special March 31, 2017 Pass Mention Substandard Doubtful Total Commercial $ 422,506 $ 4,698 $ 3,960 $ $ 431,164 Real estate: Commercial 680,231 10,409 12,554 703,194 Residential 279,384 205 6,800 286,389 Consumer 138,853 — 267 139,120 Total $ 1,520,974 $ 15,312 $ 23,581 $ $ 1,559,867 Special December 31, 2016 Pass Mention Substandard Doubtful Total Commercial $ 398,867 $ 6,222 $ 3,725 $ $ 408,814 Real estate: Commercial 674,914 10,392 14,838 700,144 Residential 282,737 233 6,811 289,781 Consumer 133,983 243 134,226 Total $ 1,490,501 $ 16,847 $ 25,617 $ $ 1,532,965 Information concerning nonaccrual loans by major loan classification at March 31, 2017 and December 31, 2016 is summarized as follows: March 31, 2017 December 31, 2016 Commercial $ 1,532 $ 934 Real estate: Commercial 4,701 7,016 Residential 2,821 3,003 Consumer 207 155 Total $ 9,261 $ 11,108 The major classifications of loans by past due status are summarized as follows: Greater Loans > 90 30-59 Days 60-89 Days than 90 Total Past Days and March 31, 2017 Past Due Past Due Days Due Current Total Loans Accruing Commercial $ 440 $ 33 $ 1,532 $ 2,005 $ 429,159 $ 431,164 Real estate: Commercial 1,257 779 4,809 6,845 696,349 703,194 $ 108 Residential 2,766 904 2,945 6,615 279,774 286,389 124 Consumer 864 168 437 1,469 137,651 139,120 230 Total $ 5,327 $ 1,884 $ 9,723 $ 16,934 $ 1,542,933 $ 1,559,867 $ 462 Greater Loans > 90 30-59 Days 60-89 Days than 90 Total Past Days and December 31, 2016 Past Due Past Due Days Due Current Total Loans Accruing Commercial $ 249 $ 75 $ 934 $ 1,258 $ 407,556 $ 408,814 Real estate: Commercial 4,782 527 7,016 12,325 687,819 700,144 Residential 2,100 354 3,561 6,015 283,766 289,781 $ 558 Consumer 962 259 441 1,662 132,564 134,226 286 Total $ 8,093 $ 1,215 $ 11,952 $ 21,260 $ 1,511,705 $ 1,532,965 $ 844 The following tables summarize information concerning impaired loans as of and for the three months ended March 31, 2017 and March 31, 2016, and as of and for the year ended, December 31, 2016 by major loan classification: For the Quarter Ended Unpaid Average Interest Recorded Principal Related Recorded Income March 31, 2017 Investment Balance Allowance Investment Recognized With no related allowance: Commercial $ 765 $ 1,386 $ 1,585 $ 4 Real estate: Commercial 3,715 4,368 3,039 4 Residential 2,349 2,533 2,277 4 Consumer 184 184 170 Total 7,013 8,471 7,071 12 With an allowance recorded: Commercial 1,923 1,923 $ 404 1,103 13 Real estate: Commercial 1,471 1,471 513 3,132 6 Residential 1,044 1,044 484 1,210 4 Consumer 23 23 23 12 Total 4,461 4,461 1,424 5,457 23 Commercial 2,688 3,309 404 2,688 17 Real estate: Commercial 5,186 5,839 513 6,171 10 Residential 3,393 3,577 484 3,487 8 Consumer 207 207 23 182 Total $ 11,474 $ 12,932 $ 1,424 $ 12,528 $ 35 For the Year Ended Unpaid Average Interest Recorded Principal Related Recorded Income December 31, 2016 Investment Balance Allowance Investment Recognized With no related allowance: Commercial $ 2,404 $ 3,213 $ 1,461 $ 48 Real estate: Commercial 2,364 3,018 4,300 71 Residential 2,205 2,388 2,133 35 Consumer 155 155 147 Total 7,128 8,774 8,041 154 With an allowance recorded: Commercial 283 283 $ 225 859 Real estate: Commercial 4,793 4,793 1,197 2,366 2 Residential 1,375 1,376 520 1,185 7 Consumer 50 Total 6,451 6,452 1,942 4,460 9 Commercial 2,687 3,496 225 2,320 48 Real estate: Commercial 7,157 7,811 1,197 6,666 73 Residential 3,580 3,764 520 3,318 42 Consumer 155 155 197 Total $ 13,579 $ 15,226 $ 1,942 $ 12,501 $ 163 For the Quarter Ended Unpaid Average Interest Recorded Principal Related Recorded Income March 31, 2016 Investment Balance Allowance Investment Recognized With no related allowance: Commercial $ 1,173 $ 2,383 $ 1,263 $ Real estate: Commercial 3,162 3,832 2,947 Residential 2,216 2,399 2,632 Consumer 89 89 60 Total 6,640 8,703 6,902 50 With an allowance recorded: Commercial 1,141 1,141 $ 1,040 968 Real estate: Commercial 3,028 3,028 541 2,836 Residential 992 992 533 1,455 2 Consumer 89 89 89 103 Total 5,250 5,250 2,203 5,362 2 Commercial 2,314 3,524 1,040 2,231 17 Real estate: Commercial 6,190 6,860 541 5,783 32 Residential 3,208 3,391 533 4,087 3 Consumer 178 178 89 163 Total $ 11,890 $ 13,953 $ 2,203 $ 12,264 $ 52 Included in the commercial loan and commercial and residential real estate categories are troubled debt restructurings that are classified as impaired. Troubled debt restructurings totaled $2,226 at March 31, 2017, $1,909 at December 31, 2016 and $2,834 at March 31, 2016. Troubled debt restructured loans are loans with original terms, interest rate, or both, that have been modified as a result of a deterioration in the borrower’s financial condition and a concession has been granted that the Company would not otherwise consider. Unless on nonaccrual, interest income on these loans is recognized when earned, using the interest method. The Company offers a variety of modifications to borrowers that would be considered concessions. The modification categories offered generally fall within the following categories: · Rate Modification - A modification in which the interest rate is changed to a below market rate. · Term Modification - A modification in which the maturity date, timing of payments or frequency of payments is changed. · Interest Only Modification - A modification in which the loan is converted to interest only payments for a period of time. · Payment Modification - A modification in which the dollar amount of the payment is changed, other than an interest only modification described above. · Combination Modification - Any other type of modification, including the use of multiple categories above. There was one loan modified as a troubled debt restructuring for the three months ended March 31, 2017, in the amount of $345. There was one loan modified as a troubled debt restructuring for the three months ended March 31, 2016, in the amount of $75. During the three months ended March 31, 2017, there were no payment defaults on restructured loans; there were two payment defaults on restructured residential real estate loans during the three months ended March 31, 2016 totaling $208.

Other assets

Other assets	3 Months Ended
	Mar. 31, 2017
Other assets.
Other assets	6. Other assets: The components of other assets at March 31, 2017, and December 31, 2016 are summarized as follows: March 31, 2017 December 31, 2016 Other real estate owned $ 236 $ 393 Investment in residential housing program 8,194 8,312 Mortgage servicing rights 698 698 Bank owned life insurance 33,261 33,073 Restricted equity securities 6,781 7,051 Other assets 16,470 15,974 Total $ 65,640 $ 65,501

Fair value estimates

Fair value estimates	3 Months Ended
	Mar. 31, 2017
Fair value estimates
Fair value estimates	7. Fair value estimates: The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosure under GAAP. Fair value estimates are calculated without attempting to estimate the value of anticipated future business and the value of certain assets and liabilities that are not considered financial. Accordingly, such assets and liabilities are excluded from disclosure requirements. In accordance with FASB ASC 820, “Fair Value Measurements and Disclosures,” fair value is the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets. In many cases, these values cannot be realized in immediate settlement of the instrument. Current fair value guidance provides a consistent definition of fair value, which focuses on exit price in an orderly transaction that is not a forced liquidation or distressed sale between participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is a reasonable point within the range that is most representative of fair value under current market conditions. In accordance with GAAP, the Company groups its assets and liabilities generally measured at fair value into three levels based on market information or other fair value estimates in which the assets and liabilities are traded or valued and the reliability of the assumptions used to determine fair value. These levels include: · Level 1: Unadjusted quoted prices of identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. · Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. · Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. An asset’s or liability’s placement in the fair value hierarchy is based on the lowest level of input that is significant to the fair value estimate. The following methods and assumptions were used by the Company to calculate fair values and related carrying amounts of financial instruments: Cash and cash equivalents: The carrying values of cash and cash equivalents as reported on the balance sheet approximate fair value. Investment securities: The fair values of U.S. Treasury securities and marketable equity securities are based on quoted market prices from active exchange markets. The fair values of debt securities are based on pricing from a matrix pricing model. Loans held for sale: The fair values of loans held for sale are based upon current delivery prices in the secondary mortgage market. Net loans: For adjustable-rate loans that re-price frequently and with no significant credit risk, fair values are based on carrying values. The fair values of other non-impaired loans are estimated using discounted cash flow analysis, using interest rates currently offered in the market for loans with similar terms to borrowers of similar credit risk. Fair values for impaired loans are estimated using discounted cash flow analysis determined by the loan review function or underlying collateral values, where applicable. Loans acquired in connection with business combinations are recorded at their acquisition date fair value. In order to record the loans at fair value, management made three different types of fair value adjustments. A market rate adjustment was made to adjust for the movement in market interest rates, irrespective of credit adjustments, compared to the stated rates of the acquired loans. A credit adjustment was made on pools of homogeneous loans representing the changes in credit quality of the underlying borrowers from the loan inception to the acquisition date. The credit adjustment on distressed loans represents the portion of the loan balance that has been deemed uncollectible based on the management’s expectations of future cash flows for each respective loan. Mortgage servicing rights: To determine the fair value, the Company estimates the present value of future cash flows incorporating assumptions such as cost of servicing, discount rates, prepayment speeds and default rates. Accrued interest receivable: The carrying value of accrued interest receivable as reported on the balance sheet approximates fair value. Restricted equity securities: The carrying values of restricted equity securities approximate fair value, due to the lack of marketability for these securities. Deposits: The fair values of noninterest-bearing deposits and savings, NOW and money market accounts are the amounts payable on demand at the reporting date. The fair value estimates do not include the benefit that results from such low-cost funding provided by the deposit liabilities compared to the cost of borrowing funds in the market. The carrying values of adjustable-rate, fixed-term time deposits approximate their fair values at the reporting date. For fixed-rate time deposits, the present value of future cash flows is used to estimate fair values. The discount rates used are the current rates offered for time deposits with similar maturities. The fair value assigned to the core deposit intangible asset represents the future economic benefit of the potential cost savings from acquiring core deposits in the 2013 Penseco merger compared to the cost of obtaining alternative funding such as brokered deposits from market sources. Management utilized an income valuation approach to present value the estimated future cash savings in order to determine the fair value of the intangible asset. Short-term borrowings: The carrying values of short-term borrowings approximate fair value. Long-term debt: The fair value of fixed-rate long-term debt is based on the present value of future cash flows. The discount rate used is the current rate offered for long-term debt with the same maturity. Accrued interest payable: The carrying value of accrued interest payable as reported on the balance sheet approximates fair value. Off-balance sheet financial instruments: The majority of commitments to extend credit, unused portions of lines of credit and standby letters of credit carry current market interest rates if converted to loans. Because such commitments are generally unassignable of either the Company or the borrower, they only have value to the Company and the borrower. None of the commitments are subject to undue credit risk. The estimated fair values of off-balance sheet financial instruments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. The fair value of off-balance sheet financial instruments was not material at March 31, 2017 and December 31, 2016. Assets and liabilities measured at fair value on a recurring basis at March 31, 2017 and December 31, 2016 are summarized as follows: Fair Value Measurement Using Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs March 31, 2017 Amount (Level 1) (Level 2) (Level 3) U.S. Treasury securities $ 19,895 $ 19,895 $ U.S. Government-sponsored enterprises 82,472 $ 82,472 State and Municipals: Taxable 15,267 15,267 Tax-exempt 107,537 107,537 Mortgage-backed securities: U.S. Government agencies 19,332 19,332 U.S. Government-sponsored enterprises 20,141 20,141 Total $ 264,644 $ 19,895 $ 244,749 $ Fair Value Measurement Using Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs December 31, 2016 Amount (Level 1) (Level 2) (Level 3) U.S. Treasury securities $ 7,438 $ 7,438 $ U.S. Government-sponsored enterprises 80,913 $ 80,913 State and Municipals: Taxable 15,225 15,225 Tax-exempt 112,600 112,600 Mortgage-backed securities: U.S. Government agencies 21,042 21,042 U.S. Government-sponsored enterprises 22,192 22,192 Total $ 259,410 $ 7,438 $ 251,972 $ Assets and liabilities measured at fair value on a nonrecurring basis at March 31, 2017 and December 31, 2016 are summarized as follows: Fair Value Measurement Using Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs March 31, 2017 Amount (Level 1) (Level 2) (Level 3) Impaired loans $ 2,474 $ 2,474 Other real estate owned $ 236 $ 236 Fair Value Measurement Using Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs December 31, 2016 Amount (Level 1) (Level 2) (Level 3) Impaired loans $ 3,193 $ 3,193 Other real estate owned $ 371 $ 371 Fair values of impaired loans are based on the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value: Quantitative Information about Level 3 Fair Value Measurements Fair Value Range March 31, 2017 Estimate Valuation Techniques Unobservable Input (Weighted Average) Impaired loans $ 2,474 Appraisal of collateral Appraisal adjustments 3.7% to 97.0% (63.0)% Liquidation expenses 3.0% to 6.0% (4.9)% Other real estate owned $ 236 Appraisal of collateral Appraisal adjustments 20.0% to 40.0% (34.9)% Liquidation expenses 3.0% to 6.0% (5.0)% Quantitative Information about Level 3 Fair Value Measurements Fair Value Range December 31, 2016 Estimate Valuation Techniques Unobservable Input (Weighted Average) Impaired loans $ 3,193 Appraisal of collateral Appraisal adjustments 18.0% to 97.0% (74.5)% Liquidation expenses 3.0% to 6.0% (5.3)% Other real estate owned $ 371 Appraisal of collateral Appraisal adjustments 25.0% to 54.6% (43.1)% Liquidation expenses 3.0% to 6.0% (5.0)% Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 Inputs which are not identifiable. Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. The carrying and fair values of the Company’s financial instruments at March 31, 2017 and December 31, 2016 and their placement within the fair value hierarchy are as follows: Fair Value Hierarchy Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Fair Assets Inputs Inputs March 31, 2017 Value Value (level 1) (level 2) (Level 3) Financial assets: Cash and cash equivalents $ 31,815 $ 31,815 $ 31,815 Investment securities: Available-for-sale 264,644 264,644 19,895 $ 244,749 Held-to-maturity 10,180 10,359 10,359 Loans held for sale 444 453 453 Net loans 1,542,898 1,529,464 $ 1,529,464 Accrued interest receivable 5,604 5,604 5,604 Mortgage servicing rights 698 1,587 1,587 Restricted equity securities 6,781 6,781 6,781 Total $ 1,863,064 $ 1,850,707 Financial liabilities: Deposits $ 1,615,544 $ 1,614,470 $ 1,614,470 Short-term borrowings 77,475 77,475 77,475 Long-term debt 57,615 58,484 58,484 Accrued interest payable 457 457 457 Total $ 1,751,091 $ 1,750,886 Fair Value Hierarchy Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Fair Assets Inputs Inputs December 31, 2016 Value Value (level 1) (level 2) (Level 3) Financial assets: Cash and cash equivalents $ 39,941 $ 39,941 $ 39,941 Investment securities: Available-for-sale 259,410 259,410 $ 7,438 $ 251,972 Held-to-maturity 10,517 10,714 10,714 Loans held for sale Net loans 1,517,004 1,507,936 $ 1,507,936 Accrued interest receivable 6,228 6,228 6,228 Mortgage servicing rights 698 1,587 1,587 Restricted equity securities 7,051 7,051 7,051 Total $ 1,840,849 $ 1,832,867 Financial liabilities: Deposits $ 1,588,757 $ 1,587,701 $ 1,587,701 Short-term borrowings 82,700 82,700 82,700 Long-term debt 58,134 58,987 58,987 Accrued interest payable 462 462 462 Total $ 1,730,053 $ 1,729,850

Employee benefit plans

Employee benefit plans	3 Months Ended
	Mar. 31, 2017
Employee benefit plans
Employee benefit plans	8. Employee benefit plans: The Company provides an Employee Stock Ownership Plan (“ESOP”) and a Retirement Profit Sharing Plan. The Company also maintains a Supplemental Executive Retirement Plan (“SERP”), an Employees’ Pension Plan, which is currently frozen, and a Postretirement Plan Life Insurance plan which was curtailed in 2013. For the three months ended March 31, salaries and employee benefits expense includes approximately $296 in 2017 and $274 in 2016 relating to the employee benefit plans. Components of net periodic benefit cost are as follows: Pension Benefits Three Months Ended March 31, 2017 2016 Components of net periodic pension cost: Interest cost $ $ 166 Expected return on plan assets (223) Amortization of unrecognized net gain 52 Net periodic other benefit cost $ $ (5) The 2008 long-term incentive plan (“2008 Plan”) allows for eligible participants to be granted equity awards. The plan was a legacy plan of Penseco Financial Services Corporation. Under the 2008 Plan the Compensation Committee of the board of directors has broad authority with respect to awards granted under the 2008 Plan, including, without limitation, the authority to: · Designate the individuals eligible to receive awards under the 2008 Plan. · Determine the size, type and date of grant for individual awards, provided that awards approved by the Committee are not effective unless and until ratified by the board of directors. · Interpret the 2008 Plan and award agreements issued with respect to individual participants. Persons eligible to receive awards under the 2008 Plan include directors, officers, employees, consultants and other service providers of the Company and its subsidiaries, except that incentive stock option may be granted only to individuals who are employees on the date of grant. As of March 31, 2017, there were 120,116 shares of the Company’s common stock available for grant as awards pursuant to the 2008 Plan. If any outstanding awards are forfeited by the holder or canceled by the Company, the underlying shares would be available for regrant to others. The 2008 Plan authorizes grants of stock options, stock appreciation rights, dividend equivalents, performance awards, restricted stock and restricted stock units. During the three months ended March 31, 2017, the Company awarded 2,020 shares of non-performance-based restricted stock, bringing the total of nonvested restricted stock awards to 14,382 shares, and 7,071 performance-based restricted stock units under the 2008 Plan. During the three months ended March 31, 2016, the Company did not make any awards under the 2008 Plan. The non-performance restricted stock grants made during the three months ended March 31, 2017 vest equally over three years from the grant date. Grants of restricted stock made in prior periods cliff vest after five years. The performance-based restricted stock units vest three years after the grant date and include conditions based on the Company’s three-year cumulative diluted earnings per share and three-year average return on equity that determines the number of restricted stock units that may vest. The Company expenses the fair value of all-share based compensation over the requisite service period commencing at grant date. The fair value of restricted stock is expensed on a straight-line basis. The Company periodically assesses the probability of achievement of the performance criteria and adjusts the amount of compensation expense accordingly. Compensation is recognized over the vesting period and adjusted for the probability of achievement of the performance criteria. The Company classifies share-based compensation for employees within “salaries and employee benefits expense” on the Consolidated Statements of Income and Comprehensive Income. The Company did not recognize any compensation expense for the three months ended March 31, 2017 and 2016, respectively for awards granted under the 2008 Plan. As of March 31, 2017, the Company had $365 of unrecognized compensation expense associated with awards. That cost is expected to be recognized over a weighted average vesting period of 3 years.

Summary of significant accoun16

Summary of significant accounting policies (Policies)	3 Months Ended
	Mar. 31, 2017
Summary of significant accounting policies
Nature of operations	Nature of operations: Peoples Financial Services Corp., a bank holding company incorporated under the laws of Pennsylvania, provides a full range of financial services through its wholly-owned subsidiary, Peoples Security Bank and Trust Company (“Peoples Bank”), including its subsidiary, Peoples Advisors, LLC (collectively, the “Company” or “Peoples”). The Company services its retail and commercial customers through twenty-six full-service community banking offices located within the Lackawanna, Lehigh, Luzerne, Monroe, Montgomery, Northampton, Susquehanna, Wayne and Wyoming Counties of Pennsylvania and Broome County of New York.
Basis of presentation	Basis of presentation: The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP’) for interim financial information and with the instructions to Form 10-Q and Article 10-01 of Regulation S-X. In the opinion of management, all normal recurring adjustments necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. All significant intercompany balances and transactions have been eliminated in consolidation. Prior-period amounts are reclassified when necessary to conform to the current year’s presentation. These reclassifications did not have any effect on the operating results or financial position of the Company. The operating results and financial position of the Company for the three months ended and as of March 31, 2017, are not necessarily indicative of the results of operations and financial position that may be expected in the future. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates that are particularly susceptible to material change in the near term relate to the determination of the allowance for loan losses, fair value of financial instruments, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, the valuation of deferred tax assets, determination of other-than-temporary impairment losses on securities, impairment of goodwill and fair value of assets acquired and liabilities assumed in business combinations. Actual results could differ from those estimates. For additional information and disclosures required under GAAP, reference is made to the Company’s Annual Report on Form 10-K for the period ended December 31, 2016.
Recent accounting standards	Recent accounting standards: In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” The updated standard is a new comprehensive revenue recognition model that requires revenue to be recognized in a manner that depicts the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. In August 2015, the FASB issued ASU 2015-14 which deferred the effective date of ASU 2014-09 by one year. During 2016, the FASB issued ASU Nos. 2016-10, 2016-12 and 2016-20 that provide additional guidance related to the identification of performance obligations within a contract, assessing collectability, contract costs, and other technical corrections and improvements. ASU 2014-09 will become effective for the Company for the annual period beginning after December 15, 2017 and for interim periods within the annual period. ASU 2014-09 allows for either full retrospective or modified retrospective adoption. The Company has not selected a transition method. The Company has completed an evaluation of its revenue-producing contracts and determined they are primarily agreements that are not within the scope of this standard. As a result, the Company does not expect the adoption of this standard to have a material impact to the Company’s reported revenues and interest income. The Company is continuing to evaluate the impact on other revenue and income sources. In January 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-01, “Financial Instruments – Overall . ” The guidance in this ASU among other things, (1) requires equity investments with certain exceptions, to be measured at fair value with changes in fair value recognized in net income, (2) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, (3) eliminates the requirement for public businesses entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, (4) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, (5) requires an entity to present separately in other comprehensive income the portion of the change in fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments, (6) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements and (7) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities. The guidance in this ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is in the process of evaluating the impact of the adoption of this guidance on the Company’s financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases”. From the lessee's perspective, the new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement for a lessess. From the lessor's perspective, the new standard requires a lessor to classify leases as either sales-type, finance or operating. A lease will be treated as a sale if it transfers all of the risks and rewards, as well as control of the underlying asset, to the lessee. If risks and rewards are conveyed without the transfer of control, the lease is treated as a financing. If the lessor doesn’t convey risks and rewards or control, an operating lease results. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. A modified retrospective transition approach is required for lessors for sales-type, direct financing, and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company’s initial findings conclude that the new pronouncement will not have a significant impact on its consolidated financial statements as the current projected minimum lease payments under existing lease contracts subject to the new pronouncement are less than one percent of its current assets. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU will have a significant impact on the Company’s calculation and accounting for its Allowance for Loan Losses as well as credit losses related to investment securities available-for-sale. A summary of significant provisions of this ASU is as follows:  The ASU requires that a financial asset (or a group of financial assets) measured at amortized cost basis be presented, net of a valuation allowance for credit losses, at an amount expected to be collected on the financial asset(s), and that the income statement include the measurement of credit losses for newly recognized financial assets as well as changes in expected losses on previously recognized financial assets. The provisions of this ASU require measurement of expected credit losses based on relevant information including past events, historical experience, current conditions, and reasonable and supportive forecasts that affect the collectability of the asset. The provisions of this ASU differ from current U.S. GAAP in that current U.S. GAAP generally delays recognition of the full amount of credit losses until the loss is probable of occurring.  The amendments in the Update retain many of the disclosure requirements related to credit quality in current U.S. GAAP, updated to reflect the change from an incurred loss methodology to an expected credit loss methodology. In addition, the Update requires that disclosure of credit quality indicators in relation to the amortized cost of financing receivables, a current requirement, be further disaggregated by year of origination.  This ASU requires that credit losses on available-for-sale debt securities be presented as an allowance rather than as a write-down, and limits the amount of the allowance for credit losses to the amount by which the fair value is below amortized cost. For purchased investment securities available-for-sale with a more-than-insignificant amount of credit deterioration since origination, the ASU requires an allowance be determined in a manner similar to other investment securities available-for-sale; however, the initial allowance would be added to the purchase price, with only subsequent changes in the allowance recorded in credit loss expense, and interest income recognized at the effective rate excluding the discount embedded in the purchase price related to estimated credit losses at acquisition.  This ASU will be effective for the Company for interim and annual periods beginning in the first quarter of 2020. Earlier adoption is permitted beginning in the first quarter of 2019. The Company will record the effect of implementing this ASU through a cumulative-effect adjustment through retained earnings as of the beginning of the reporting period in which Topic 326 is effective. The Company cannot yet determine the magnitude of any such one-time cumulative adjustment or of the overall impact of the new standard on our financial condition or results of operations; however, it is anticipated that the allowance will increase upon adoption and that the increased allowance level will decrease regulatory capital and ratios.. In June 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) –Classification of Certain Cash Receipts and Cash Payments. This Update provides clarification regarding eight specific cash flow issues with the objective of reducing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. For the Company, the amendments in this Update are effective beginning in the first quarter 2018. The amendments in this Update should be applied using a retroactive transition method to each period presented. The Company anticipates there will be no adjustments to the Consolidated Statements of Cash Flows, as previously reported, as a result of the clarifications provided in the Update. In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350) to simplify the accounting for goodwill impairment. This guidance, among other things, removes step 2 of the goodwill impairment test thus eliminating the need to determine the fair value of individual assets and liabilities of the reporting unit. Upon adoption of this ASU, goodwill impairment will be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. This may result in more or less impairment being recognized than under current guidance. This Update will become effective for the Company’s annual and interim goodwill impairment tests beginning in the first quarter of 2020.

Other comprehensive income (l17

Other comprehensive income (loss) (Tables)	3 Months Ended
	Mar. 31, 2017
Other comprehensive income (loss)
Components of accumulated other comprehensive loss	March 31, 2017 December 31, 2016 Net unrealized gain on investment securities available-for-sale $ 826 $ 553 Income tax 289 193 Net of income taxes 537 360 Benefit plan adjustments (6,946) (6,946) Income tax (2,431) (2,431) Net of income taxes (4,515) (4,515) Accumulated other comprehensive loss $ (3,978) $ (4,155)
Other comprehensive income (loss) and related tax effects	Three Months Ended March 31, 2017 2016 Unrealized gain on investment securities available-for-sale $ 273 $ 995 Net gain on the sale of investment securities available-for-sale(1) (242) Other comprehensive income gain before taxes 273 753 Income tax expense 96 264 Other comprehensive income $ 177 $ 489 (1)

Earnings per share (Tables)

Earnings per share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings per share
Schedule of earnings per share	2017 2016 For the Three Months Ended March 31 Basic Diluted Basic Diluted Net Income $ 4,800 $ 4,800 $ 4,882 $ 4,882 Average common shares outstanding 7,394,143 7,394,143 7,403,510 7,403,510 Earnings per share $ 0.65 $ 0.65 $ 0.66 $ 0.66

Investment securities (Tables)

Investment securities (Tables)	3 Months Ended
	Mar. 31, 2017
Amortized cost and fair value of investment securities aggregated by investment category	Gross Gross Amortized Unrealized Unrealized Fair March 31, 2017 Cost Gains Losses Value Available-for-sale: U.S. Treasury securities $ 20,050 $ 1 $ 156 $ 19,895 U.S. Government-sponsored enterprises 83,677 72 1,277 82,472 State and municipals: Taxable 14,663 604 15,267 Tax-exempt 105,894 2,104 461 107,537 Mortgage-backed securities: U.S. Government agencies 19,321 47 36 19,332 U.S. Government-sponsored enterprises 20,213 46 118 20,141 Total $ 263,818 $ 2,874 $ 2,048 $ 264,644 Held-to-maturity: Tax-exempt state and municipals $ 6,861 $ 86 $ 83 $ 6,864 Mortgage-backed securities: U.S. Government agencies 64 64 U.S. Government-sponsored enterprises 3,255 176 3,431 Total $ 10,180 $ 262 $ 83 $ 10,359 Gross Gross Amortized Unrealized Unrealized Fair December 31, 2016 Cost Gains Losses Value Available-for-sale: U.S. Treasury securities $ 7,570 $ 132 $ 7,438 U.S. Government-sponsored enterprises 82,314 $ 79 1,480 80,913 State and municipals: Taxable 14,698 566 39 15,225 Tax-exempt 110,931 2,309 640 112,600 Mortgage-backed securities: U.S. Government agencies 21,041 48 47 21,042 U.S. Government-sponsored enterprises 22,303 48 159 22,192 Total $ 258,857 $ 3,050 $ 2,497 $ 259,410 Held-to-maturity: Tax-exempt state and municipals $ 6,862 $ 72 $ 67 $ 6,867 Mortgage-backed securities: U.S. Government agencies 68 1 69 U.S. Government-sponsored enterprises 3,587 191 3,778 Total $ 10,517 $ 264 $ 67 $ 10,714
Fair value and unrealized losses of investment securities in continuous unrealized loss position	Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized March 31, 2017 Value Losses Value Losses Value Losses U.S. Treasury securities $ 17,411 $ 156 $ 17,411 $ 156 U.S. Government-sponsored enterprises 62,591 1,277 62,591 1,277 State and municipals: Taxable Tax-exempt 51,467 544 51,467 544 Mortgage-backed securities: U.S. Government agencies 5,769 23 $ 1,337 $ 13 7,106 36 U.S. Government-sponsored enterprises 13,832 66 2,380 52 16,212 118 Total $ 151,070 $ 2,066 $ 3,717 $ 65 $ 154,787 $ 2,131 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2016 Value Losses Value Losses Value Losses U.S. Treasury securities $ 7,438 $ 132 $ 7,438 $ 132 U.S. Government-sponsored enterprises 59,460 1,480 59,460 1,480 State and municipals: Taxable 1,035 39 1,035 39 Tax-exempt 55,166 707 $ 226 55,392 707 Mortgage-backed securities: U.S. Government agencies 5,917 27 1,496 $ 7,413 47 U.S. Government-sponsored enterprises 16,412 85 2,712 19,124 159 Total $ 145,428 $ 2,470 $ 4,434 $ 94 $ 149,862 $ 2,564
Available-for-Sale Securities
Maturity distribution of fair value	Fair March 31, 2017 Value Within one year $ 39,613 After one but within five years 118,950 After five but within ten years 49,157 After ten years 17,451 225,171 Mortgage-backed securities 39,473 Total $ 264,644
Held-to-maturity Securities
Maturity distribution of fair value	Amortized Fair March 31, 2017 Cost Value Within one year After one but within five years After five but within ten years After ten years $ 6,861 $ 6,864 6,861 6,864 Mortgage-backed securities 3,319 3,495 Total $ 10,180 $ 10,359

Loans, net and allowance for 20

Loans, net and allowance for loan losses (Tables)	3 Months Ended
	Mar. 31, 2017
Loans, net and allowance for loan losses
Major classifications of loans outstanding	March 31, 2017 December 31, 2016 Commercial $ 431,164 $ 408,814 Real estate: Commercial 703,194 700,144 Residential 286,389 289,781 Consumer 139,120 134,226 Total $ 1,559,867 $ 1,532,965
Changes in allowance for loan losses account by major classification of loans	The changes in the allowance for loan losses account by major classification of loan for the three months ended March 31, 2017 and 2016 are summarized as follows: Real estate March 31, 2017 Commercial Commercial Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance January 1, 2017 $ 3,799 $ 5,847 $ 4,707 $ 1,608 $ $ 15,961 Charge-offs (125) (15) (171) (311) Recoveries 7 33 22 57 119 Provisions 323 536 264 77 1,200 Ending balance $ 4,129 $ 6,291 $ 4,978 $ 1,571 $ $ 16,969 Real estate March 31, 2016 Commercial Commercial Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance January 1, 2016 $ 3,042 $ 4,245 $ 4,082 $ 1,583 $ 23 $ 12,975 Charge-offs (3) (55) (65) (123) Recoveries 2 16 25 63 106 Provisions 281 410 252 65 192 1,200 Ending balance $ 3,322 $ 4,616 $ 4,359 $ 1,646 $ 215 $ 14,158 The allocation of the allowance for loan losses and the related loans by major classifications of loans at March 31, 2017 and December 31, 2016 is summarized as follows: Real estate March 31, 2017 Commercial Commercial Residential Consumer Unallocated Total Allowance for loan losses: Ending balance $ 4,129 $ 6,291 $ 4,978 $ 1,571 $ $ 16,969 Ending balance: individually evaluated for impairment 404 513 484 23 1,424 Ending balance: collectively evaluated for impairment 3,725 5,778 4,494 1,548 15,545 Ending balance: loans acquired with deteriorated credit quality $ $ $ $ $ $ Loans receivable: Ending balance $ 431,164 $ 703,194 $ 286,389 $ 139,120 $ $ 1,559,867 Ending balance: individually evaluated for impairment 2,311 3,849 3,359 207 9,726 Ending balance: collectively evaluated for impairment 428,476 698,008 282,996 138,913 1,548,393 Ending balance: loans acquired with deteriorated credit quality $ 377 $ 1,337 $ 34 $ $ $ 1,748 Real estate December 31, 2016 Commercial Commercial Residential Consumer Unallocated Total Allowance for loan losses: Ending balance $ 3,799 $ 5,847 $ 4,707 $ 1,608 $ $ 15,961 Ending balance: individually evaluated for impairment 225 1,197 520 1,942 Ending balance: collectively evaluated for impairment 3,574 4,650 4,187 1,608 14,019 Ending balance: loans acquired with deteriorated credit quality $ $ $ $ $ $ Loans receivable: Ending balance $ 408,814 $ 700,144 $ 289,781 $ 134,226 $ $ 1,532,965 Ending balance: individually evaluated for impairment 1,724 5,820 3,543 155 11,242 Ending balance: collectively evaluated for impairment 406,127 692,987 286,201 134,071 1,519,386 Ending balance: loans acquired with deteriorated credit quality $ 963 $ 1,337 $ 37 $ $ $ 2,337
Major classification of loans portfolio summarized by credit quality	Special March 31, 2017 Pass Mention Substandard Doubtful Total Commercial $ 422,506 $ 4,698 $ 3,960 $ $ 431,164 Real estate: Commercial 680,231 10,409 12,554 703,194 Residential 279,384 205 6,800 286,389 Consumer 138,853 — 267 139,120 Total $ 1,520,974 $ 15,312 $ 23,581 $ $ 1,559,867 Special December 31, 2016 Pass Mention Substandard Doubtful Total Commercial $ 398,867 $ 6,222 $ 3,725 $ $ 408,814 Real estate: Commercial 674,914 10,392 14,838 700,144 Residential 282,737 233 6,811 289,781 Consumer 133,983 243 134,226 Total $ 1,490,501 $ 16,847 $ 25,617 $ $ 1,532,965
Information concerning nonaccrual loans by major loan classification	March 31, 2017 December 31, 2016 Commercial $ 1,532 $ 934 Real estate: Commercial 4,701 7,016 Residential 2,821 3,003 Consumer 207 155 Total $ 9,261 $ 11,108
Major classifications of loans by past due status	Greater Loans > 90 30-59 Days 60-89 Days than 90 Total Past Days and March 31, 2017 Past Due Past Due Days Due Current Total Loans Accruing Commercial $ 440 $ 33 $ 1,532 $ 2,005 $ 429,159 $ 431,164 Real estate: Commercial 1,257 779 4,809 6,845 696,349 703,194 $ 108 Residential 2,766 904 2,945 6,615 279,774 286,389 124 Consumer 864 168 437 1,469 137,651 139,120 230 Total $ 5,327 $ 1,884 $ 9,723 $ 16,934 $ 1,542,933 $ 1,559,867 $ 462 Greater Loans > 90 30-59 Days 60-89 Days than 90 Total Past Days and December 31, 2016 Past Due Past Due Days Due Current Total Loans Accruing Commercial $ 249 $ 75 $ 934 $ 1,258 $ 407,556 $ 408,814 Real estate: Commercial 4,782 527 7,016 12,325 687,819 700,144 Residential 2,100 354 3,561 6,015 283,766 289,781 $ 558 Consumer 962 259 441 1,662 132,564 134,226 286 Total $ 8,093 $ 1,215 $ 11,952 $ 21,260 $ 1,511,705 $ 1,532,965 $ 844
Summarized information concerning impaired loans	For the Quarter Ended Unpaid Average Interest Recorded Principal Related Recorded Income March 31, 2017 Investment Balance Allowance Investment Recognized With no related allowance: Commercial $ 765 $ 1,386 $ 1,585 $ 4 Real estate: Commercial 3,715 4,368 3,039 4 Residential 2,349 2,533 2,277 4 Consumer 184 184 170 Total 7,013 8,471 7,071 12 With an allowance recorded: Commercial 1,923 1,923 $ 404 1,103 13 Real estate: Commercial 1,471 1,471 513 3,132 6 Residential 1,044 1,044 484 1,210 4 Consumer 23 23 23 12 Total 4,461 4,461 1,424 5,457 23 Commercial 2,688 3,309 404 2,688 17 Real estate: Commercial 5,186 5,839 513 6,171 10 Residential 3,393 3,577 484 3,487 8 Consumer 207 207 23 182 Total $ 11,474 $ 12,932 $ 1,424 $ 12,528 $ 35 For the Year Ended Unpaid Average Interest Recorded Principal Related Recorded Income December 31, 2016 Investment Balance Allowance Investment Recognized With no related allowance: Commercial $ 2,404 $ 3,213 $ 1,461 $ 48 Real estate: Commercial 2,364 3,018 4,300 71 Residential 2,205 2,388 2,133 35 Consumer 155 155 147 Total 7,128 8,774 8,041 154 With an allowance recorded: Commercial 283 283 $ 225 859 Real estate: Commercial 4,793 4,793 1,197 2,366 2 Residential 1,375 1,376 520 1,185 7 Consumer 50 Total 6,451 6,452 1,942 4,460 9 Commercial 2,687 3,496 225 2,320 48 Real estate: Commercial 7,157 7,811 1,197 6,666 73 Residential 3,580 3,764 520 3,318 42 Consumer 155 155 197 Total $ 13,579 $ 15,226 $ 1,942 $ 12,501 $ 163 For the Quarter Ended Unpaid Average Interest Recorded Principal Related Recorded Income March 31, 2016 Investment Balance Allowance Investment Recognized With no related allowance: Commercial $ 1,173 $ 2,383 $ 1,263 $ Real estate: Commercial 3,162 3,832 2,947 Residential 2,216 2,399 2,632 Consumer 89 89 60 Total 6,640 8,703 6,902 50 With an allowance recorded: Commercial 1,141 1,141 $ 1,040 968 Real estate: Commercial 3,028 3,028 541 2,836 Residential 992 992 533 1,455 2 Consumer 89 89 89 103 Total 5,250 5,250 2,203 5,362 2 Commercial 2,314 3,524 1,040 2,231 17 Real estate: Commercial 6,190 6,860 541 5,783 32 Residential 3,208 3,391 533 4,087 3 Consumer 178 178 89 163 Total $ 11,890 $ 13,953 $ 2,203 $ 12,264 $ 52

Other assets (Tables)

Other assets (Tables)	3 Months Ended
	Mar. 31, 2017
Other assets.
Components of other assets	March 31, 2017 December 31, 2016 Other real estate owned $ 236 $ 393 Investment in residential housing program 8,194 8,312 Mortgage servicing rights 698 698 Bank owned life insurance 33,261 33,073 Restricted equity securities 6,781 7,051 Other assets 16,470 15,974 Total $ 65,640 $ 65,501

Fair value estimates (Tables)

Fair value estimates (Tables)	3 Months Ended
	Mar. 31, 2017
Fair value estimates
Schedule of assets and liabilities measured at fair value on a recurring basis	Fair Value Measurement Using Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs March 31, 2017 Amount (Level 1) (Level 2) (Level 3) U.S. Treasury securities $ 19,895 $ 19,895 $ U.S. Government-sponsored enterprises 82,472 $ 82,472 State and Municipals: Taxable 15,267 15,267 Tax-exempt 107,537 107,537 Mortgage-backed securities: U.S. Government agencies 19,332 19,332 U.S. Government-sponsored enterprises 20,141 20,141 Total $ 264,644 $ 19,895 $ 244,749 $ Fair Value Measurement Using Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs December 31, 2016 Amount (Level 1) (Level 2) (Level 3) U.S. Treasury securities $ 7,438 $ 7,438 $ U.S. Government-sponsored enterprises 80,913 $ 80,913 State and Municipals: Taxable 15,225 15,225 Tax-exempt 112,600 112,600 Mortgage-backed securities: U.S. Government agencies 21,042 21,042 U.S. Government-sponsored enterprises 22,192 22,192 Total $ 259,410 $ 7,438 $ 251,972 $
Schedule of assets and liabilities measured at fair value on a nonrecurring basis	Fair Value Measurement Using Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs March 31, 2017 Amount (Level 1) (Level 2) (Level 3) Impaired loans $ 2,474 $ 2,474 Other real estate owned $ 236 $ 236 Fair Value Measurement Using Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs December 31, 2016 Amount (Level 1) (Level 2) (Level 3) Impaired loans $ 3,193 $ 3,193 Other real estate owned $ 371 $ 371
Additional quantitative information about assets measured at fair value on a nonrecurring basis	Quantitative Information about Level 3 Fair Value Measurements Fair Value Range March 31, 2017 Estimate Valuation Techniques Unobservable Input (Weighted Average) Impaired loans $ 2,474 Appraisal of collateral Appraisal adjustments 3.7% to 97.0% (63.0)% Liquidation expenses 3.0% to 6.0% (4.9)% Other real estate owned $ 236 Appraisal of collateral Appraisal adjustments 20.0% to 40.0% (34.9)% Liquidation expenses 3.0% to 6.0% (5.0)% Quantitative Information about Level 3 Fair Value Measurements Fair Value Range December 31, 2016 Estimate Valuation Techniques Unobservable Input (Weighted Average) Impaired loans $ 3,193 Appraisal of collateral Appraisal adjustments 18.0% to 97.0% (74.5)% Liquidation expenses 3.0% to 6.0% (5.3)% Other real estate owned $ 371 Appraisal of collateral Appraisal adjustments 25.0% to 54.6% (43.1)% Liquidation expenses 3.0% to 6.0% (5.0)%
Carrying and fair values of financial instruments	Fair Value Hierarchy Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Fair Assets Inputs Inputs March 31, 2017 Value Value (level 1) (level 2) (Level 3) Financial assets: Cash and cash equivalents $ 31,815 $ 31,815 $ 31,815 Investment securities: Available-for-sale 264,644 264,644 19,895 $ 244,749 Held-to-maturity 10,180 10,359 10,359 Loans held for sale 444 453 453 Net loans 1,542,898 1,529,464 $ 1,529,464 Accrued interest receivable 5,604 5,604 5,604 Mortgage servicing rights 698 1,587 1,587 Restricted equity securities 6,781 6,781 6,781 Total $ 1,863,064 $ 1,850,707 Financial liabilities: Deposits $ 1,615,544 $ 1,614,470 $ 1,614,470 Short-term borrowings 77,475 77,475 77,475 Long-term debt 57,615 58,484 58,484 Accrued interest payable 457 457 457 Total $ 1,751,091 $ 1,750,886 Fair Value Hierarchy Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Fair Assets Inputs Inputs December 31, 2016 Value Value (level 1) (level 2) (Level 3) Financial assets: Cash and cash equivalents $ 39,941 $ 39,941 $ 39,941 Investment securities: Available-for-sale 259,410 259,410 $ 7,438 $ 251,972 Held-to-maturity 10,517 10,714 10,714 Loans held for sale Net loans 1,517,004 1,507,936 $ 1,507,936 Accrued interest receivable 6,228 6,228 6,228 Mortgage servicing rights 698 1,587 1,587 Restricted equity securities 7,051 7,051 7,051 Total $ 1,840,849 $ 1,832,867 Financial liabilities: Deposits $ 1,588,757 $ 1,587,701 $ 1,587,701 Short-term borrowings 82,700 82,700 82,700 Long-term debt 58,134 58,987 58,987 Accrued interest payable 462 462 462 Total $ 1,730,053 $ 1,729,850

Employee benefit plans (Tables)

Employee benefit plans (Tables)	3 Months Ended
	Mar. 31, 2017
Employee benefit plans
Components of net periodic benefit cost	Pension Benefits Three Months Ended March 31, 2017 2016 Components of net periodic pension cost: Interest cost $ $ 166 Expected return on plan assets (223) Amortization of unrecognized net gain 52 Net periodic other benefit cost $ $ (5)

Summary of significant accoun24

Summary of significant accounting policies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2017Office
Summary of significant accounting policies
Number of full-service community banking offices	26

Other comprehensive income (l25

Other comprehensive income (loss) - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Other comprehensive income (loss)
Net unrealized gain on investment securities available-for-sale	$ 826	$ 553
Income tax	289	193
Net of income taxes	537	360
Benefit plan adjustments	(6,946)	(6,946)
Income tax expense (benefit)	(2,431)	(2,431)
Net of income taxes	(4,515)	(4,515)
Accumulated other comprehensive loss	$ (3,978)	$ (4,155)

Other comprehensive income (l26

Other comprehensive income (loss) - Other Comprehensive Income (Loss) and Related Tax Effects (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Other comprehensive income (loss)
Unrealized gain (loss) on investment securities available-for-sale	$ 273	$ 995
Net gain on the sale of investment securities available-for-sale(1)		(242)
Other comprehensive income gain (loss) before taxes	273	753
Income tax	96	264
Other comprehensive income, net of income taxes	$ 177	$ 489

Earnings per share - Shares Con

Earnings per share - Shares Considered Anti-dilutive (Details) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings per share
Anti-dilutive shares	0	0

Earnings per share - Schedule o

Earnings per share - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings per share
Net Income (Numerator), Basic	$ 4,800	$ 4,882
Average common shares outstanding (Denominator), Basic	7,394,143	7,403,510
Earnings per share, Basic	$ 0.65	$ 0.66
Net Income (Numerator), Diluted	$ 4,800	$ 4,882
Average common shares outstanding (Denominator), Diluted	7,394,143	7,403,510
Earnings per share, Diluted	$ 0.65	$ 0.66

Investment securities - Amortiz

Investment securities - Amortized Cost and Fair Value of Investment Securities Aggregated by Investment Category (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Available-for-sale and Held-to-maturity securities
Available-for-sale, Amortized Cost	$ 263,818	$ 258,857
Available-for-sale, Gross Unrealized Gains	2,874	3,050
Available-for-sale, Gross Unrealized Losses	2,048	2,497
Available-for-sale, Fair Value	264,644	259,410
Held-to-maturity, Amortized Cost	10,180	10,517
Held-to-maturity, Gross Unrealized Gains	262	264
Held-to-maturity, Gross Unrealized Losses	83	67
Held-to-maturity, Fair value	10,359	10,714
Mortgage-backed Securities, U.S. Government agencies
Available-for-sale and Held-to-maturity securities
Available-for-sale, Amortized Cost	19,321	21,041
Available-for-sale, Gross Unrealized Gains	47	48
Available-for-sale, Gross Unrealized Losses	36	47
Available-for-sale, Fair Value	19,332	21,042
Held-to-maturity, Amortized Cost	64	68
Held-to-maturity, Gross Unrealized Gains		1
Held-to-maturity, Fair value	64	69
Mortgage-backed Securities, U.S. Government-sponsored enterprises
Available-for-sale and Held-to-maturity securities
Available-for-sale, Amortized Cost	20,213	22,303
Available-for-sale, Gross Unrealized Gains	46	48
Available-for-sale, Gross Unrealized Losses	118	159
Available-for-sale, Fair Value	20,141	22,192
Held-to-maturity, Amortized Cost	3,255	3,587
Held-to-maturity, Gross Unrealized Gains	176	191
Held-to-maturity, Fair value	3,431	3,778
U.S. Government-sponsored enterprises state and municipals
Available-for-sale and Held-to-maturity securities
Available-for-sale, Amortized Cost	83,677	82,314
Available-for-sale, Gross Unrealized Gains	72	79
Available-for-sale, Gross Unrealized Losses	1,277	1,480
Available-for-sale, Fair Value	82,472	80,913
U.S. Treasury securities
Available-for-sale and Held-to-maturity securities
Available-for-sale, Amortized Cost	20,050	7,570
Available-for-sale, Gross Unrealized Gains	1
Available-for-sale, Gross Unrealized Losses	156	132
Available-for-sale, Fair Value	19,895	7,438
State and Municipals, Taxable
Available-for-sale and Held-to-maturity securities
Available-for-sale, Amortized Cost	14,663	14,698
Available-for-sale, Gross Unrealized Gains	604	566
Available-for-sale, Gross Unrealized Losses		39
Available-for-sale, Fair Value	15,267	15,225
State and Municipals, Tax-exempt
Available-for-sale and Held-to-maturity securities
Available-for-sale, Amortized Cost	105,894	110,931
Available-for-sale, Gross Unrealized Gains	2,104	2,309
Available-for-sale, Gross Unrealized Losses	461	640
Available-for-sale, Fair Value	107,537	112,600
Held-to-maturity, Amortized Cost	6,861	6,862
Held-to-maturity, Gross Unrealized Gains	86	72
Held-to-maturity, Gross Unrealized Losses	83	67
Held-to-maturity, Fair value	$ 6,864	$ 6,867

Investment securities - Maturit

Investment securities - Maturity Distribution of Debt Securities Classified as Available-for-Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Investment securities
Within one year	$ 39,613
After one but within five years	118,950
After five but within ten years	49,157
After ten years	17,451
Available for sale securities	225,171
Mortgage-backed securities	39,473
Total	$ 264,644	$ 259,410

Investment securities - Summary

Investment securities - Summary of Amortized Cost and Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Investment securities
Amortized Cost, After ten years, Held to maturity	$ 6,861
Amortized Cost, Held to maturity	6,861
Amortized Cost, Mortgage-backed securities, Held to maturity	3,319
Held-to-maturity, Amortized Cost	10,180	$ 10,517
Fair Value, After ten years, Held to maturity	6,864
Fair Value, Held to maturity	6,864
Fair Value, Mortgage-backed securities, Held to maturity	3,495
Held to maturity, Fair Value	$ 10,359	$ 10,714

Investment securities - Additio

Investment securities - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 31, 2017security	Mar. 31, 2017USD ($)security	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)security
Available-for-sale and Held-to-maturity securities
Carrying value of securities pledged | $		$ 142,335		$ 144,750
Number of investment securities held		150		163
State and Municipals, Tax-exempt
Available-for-sale and Held-to-maturity securities
Number of investment securities held		93		107
Number of securities in continuous unrealized loss positions 12 months or longer				2
State and Municipals, Taxable
Available-for-sale and Held-to-maturity securities
Number of investment securities held				2
Credit Concentration Risk | Total Stockholders' Equity | US Government Agency and Sponsored Enterprises | Minimum
Available-for-sale and Held-to-maturity securities
Maximum percentage of stockholders' equity exceeded for securities of any individual issuer		10.00%		10.00%
U.S. Government-sponsored enterprises state and municipals
Available-for-sale and Held-to-maturity securities
Number of investment securities held		23		22
Number of securities in continuous unrealized loss positions 12 months or longer				9
Other-than-temporary impairments recognized | $		$ 0	$ 0
Mortgage-backed Securities, U.S. Government-sponsored enterprises
Available-for-sale and Held-to-maturity securities
Number of investment securities held		28		30
Number of securities in continuous unrealized loss positions 12 months or longer		8
U.S. Treasury securities
Available-for-sale and Held-to-maturity securities
Number of investment securities held	6			2

Investment securities - Fair Va

Investment securities - Fair Value and Unrealized Losses of Investment Securities in Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Available-for-sale and Held-to-maturity securities
Less Than 12 Months, Fair Value	$ 151,070	$ 145,428
Less Than 12 Months, Unrealized Losses	2,066	2,470
12 Months or More, Fair Value	3,717	4,434
12 Months or More, Unrealized Losses	65	94
Total, Fair Value	154,787	149,862
Total, Unrealized Losses	2,131	2,564
State and Municipals, Taxable
Available-for-sale and Held-to-maturity securities
Less Than 12 Months, Fair Value		1,035
Less Than 12 Months, Unrealized Losses		39
Total, Fair Value		1,035
Total, Unrealized Losses		39
State and Municipals, Tax-exempt
Available-for-sale and Held-to-maturity securities
Less Than 12 Months, Fair Value	51,467	55,166
Less Than 12 Months, Unrealized Losses	544	707
12 Months or More, Fair Value		226
Total, Fair Value	51,467	55,392
Total, Unrealized Losses	544	707
U.S. Treasury securities
Available-for-sale and Held-to-maturity securities
Less Than 12 Months, Fair Value	17,411	7,438
Less Than 12 Months, Unrealized Losses	156	132
Total, Fair Value	17,411	7,438
Total, Unrealized Losses	156	132
U.S. Government-sponsored enterprises state and municipals
Available-for-sale and Held-to-maturity securities
Less Than 12 Months, Fair Value	62,591	59,460
Less Than 12 Months, Unrealized Losses	1,277	1,480
Total, Fair Value	62,591	59,460
Total, Unrealized Losses	1,277	1,480
Mortgage-backed Securities, U.S. Government agencies
Available-for-sale and Held-to-maturity securities
Less Than 12 Months, Fair Value	5,769	5,917
Less Than 12 Months, Unrealized Losses	23	27
12 Months or More, Fair Value	1,337	1,496
12 Months or More, Unrealized Losses	13	20
Total, Fair Value	7,106	7,413
Total, Unrealized Losses	36	47
Mortgage-backed Securities, U.S. Government-sponsored enterprises
Available-for-sale and Held-to-maturity securities
Less Than 12 Months, Fair Value	13,832	16,412
Less Than 12 Months, Unrealized Losses	66	85
12 Months or More, Fair Value	2,380	2,712
12 Months or More, Unrealized Losses	52	74
Total, Fair Value	16,212	19,124
Total, Unrealized Losses	$ 118	$ 159

Loans, net and allowance for 34

Loans, net and allowance for loan losses - Net Deferred Loan Costs (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Loans, net and allowance for loan losses
Net deferred loan costs	$ 494	$ 579

Loans, net and allowance for 35

Loans, net and allowance for loan losses - Major Classifications of Loans Outstanding (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable
Loans, net	$ 1,559,867	$ 1,532,965
Commercial
Accounts, Notes, Loans and Financing Receivable
Loans, net	431,164	408,814
Real estate Commercial
Accounts, Notes, Loans and Financing Receivable
Loans, net	703,194	700,144
Real estate Residential
Accounts, Notes, Loans and Financing Receivable
Loans, net	286,389	289,781
Consumer
Accounts, Notes, Loans and Financing Receivable
Loans, net	$ 139,120	$ 134,226

Loans, net and allowance for 36

Loans, net and allowance for loan losses - Changes in Allowance for Loan Losses Account by Major Classification of Loans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Dec. 31, 2016
Allowance for loan losses:
Beginning Balance	$ 15,961	$ 12,975
Charge-offs	(311)	(123)
Recoveries	119	106
Provisions	1,200	1,200
Ending balance	16,969	14,158
Beginning Balance	15,961	12,975
Ending balance: individually evaluated for impairment			$ 1,424	$ 1,942
Charge-offs	(311)	(123)
Ending balance: collectively evaluated for impairment			15,545	14,019
Recoveries	119	106
Ending balance: loans acquired with deteriorated credit quality	15,961	12,975	16,969	15,961
Provisions	1,200	1,200
Loans receivable:
Total Loans			1,559,867	1,532,965
Ending balance: individually evaluated for impairment			9,726	11,242
Ending balance: collectively evaluated for impairment			1,548,393	1,519,386
Total Loans			1,559,867	1,532,965
Ending balance	16,969	14,158
Ending balance: individually evaluated for impairment			9,726	11,242
Ending balance: collectively evaluated for impairment			1,548,393	1,519,386
Loans Acquired with Deteriorated Credit Quality
Loans receivable:
Ending balance			1,748	2,337
Ending balance			1,748	2,337
Commercial
Allowance for loan losses:
Beginning Balance	3,799	3,042
Charge-offs		(3)
Recoveries	7	2
Provisions	323	281
Ending balance	4,129	3,322
Beginning Balance	3,799	3,042
Ending balance: individually evaluated for impairment			404	225
Charge-offs		(3)
Ending balance: collectively evaluated for impairment			3,725	3,574
Recoveries	7	2
Ending balance: loans acquired with deteriorated credit quality	3,799	3,042	4,129	3,799
Provisions	323	281
Loans receivable:
Total Loans			431,164	408,814
Ending balance: individually evaluated for impairment			2,311	1,724
Ending balance: collectively evaluated for impairment			428,476	406,127
Total Loans			431,164	408,814
Ending balance	4,129	3,322
Ending balance: individually evaluated for impairment			2,311	1,724
Ending balance: collectively evaluated for impairment			428,476	406,127
Commercial | Loans Acquired with Deteriorated Credit Quality
Loans receivable:
Ending balance			377	963
Ending balance			377	963
Real estate Commercial
Allowance for loan losses:
Beginning Balance	5,847	4,245
Charge-offs	(125)	(55)
Recoveries	33	16
Provisions	536	410
Ending balance	6,291	4,616
Beginning Balance	5,847	4,245
Ending balance: individually evaluated for impairment			513	1,197
Charge-offs	(125)	(55)
Ending balance: collectively evaluated for impairment			5,778	4,650
Recoveries	33	16
Ending balance: loans acquired with deteriorated credit quality	5,847	4,245	6,291	5,847
Provisions	536	410
Loans receivable:
Total Loans			703,194	700,144
Ending balance: individually evaluated for impairment			3,849	5,820
Ending balance: collectively evaluated for impairment			698,008	692,987
Total Loans			703,194	700,144
Ending balance	6,291	4,616
Ending balance: individually evaluated for impairment			3,849	5,820
Ending balance: collectively evaluated for impairment			698,008	692,987
Real estate Commercial | Loans Acquired with Deteriorated Credit Quality
Loans receivable:
Ending balance			1,337	1,337
Ending balance			1,337	1,337
Real estate Residential
Allowance for loan losses:
Beginning Balance	4,707	4,082
Charge-offs	(15)
Recoveries	22	25
Provisions	264	252
Ending balance	4,978	4,359
Beginning Balance	4,707	4,082
Ending balance: individually evaluated for impairment			484	520
Charge-offs	(15)
Ending balance: collectively evaluated for impairment			4,494	4,187
Recoveries	22	25
Ending balance: loans acquired with deteriorated credit quality	4,707	4,082	4,978	4,707
Provisions	264	252
Loans receivable:
Total Loans			286,389	289,781
Ending balance: individually evaluated for impairment			3,359	3,543
Ending balance: collectively evaluated for impairment			282,996	286,201
Total Loans			286,389	289,781
Ending balance	4,978	4,359
Ending balance: individually evaluated for impairment			3,359	3,543
Ending balance: collectively evaluated for impairment			282,996	286,201
Real estate Residential | Loans Acquired with Deteriorated Credit Quality
Loans receivable:
Ending balance			34	37
Ending balance			34	37
Consumer
Allowance for loan losses:
Beginning Balance	1,608	1,583
Charge-offs	(171)	(65)
Recoveries	57	63
Provisions	77	65
Ending balance	1,571	1,646
Beginning Balance	1,608	1,583
Ending balance: individually evaluated for impairment			23
Charge-offs	(171)	(65)
Ending balance: collectively evaluated for impairment			1,548	1,608
Recoveries	57	63
Ending balance: loans acquired with deteriorated credit quality	1,608	1,583	1,571	1,608
Provisions	77	65
Loans receivable:
Total Loans			139,120	134,226
Ending balance: individually evaluated for impairment			207	155
Ending balance: collectively evaluated for impairment			138,913	134,071
Total Loans			139,120	134,226
Ending balance	$ 1,571	1,646
Ending balance: individually evaluated for impairment			207	155
Ending balance: collectively evaluated for impairment			$ 138,913	$ 134,071
Unallocated
Allowance for loan losses:
Beginning Balance		23
Provisions		192
Ending balance		215
Beginning Balance		23
Ending balance: loans acquired with deteriorated credit quality		23
Provisions		192
Loans receivable:
Ending balance		$ 215

Loans, net and allowance for 37

Loans, net and allowance for loan losses - Allocation of Allowance for Loan Losses and Related Loans by Major Classification of Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Allowance for loan losses:
Ending balance	$ 16,969	$ 15,961	$ 14,158	$ 12,975
Ending balance: individually evaluated for impairment	1,424	1,942
Ending balance: collectively evaluated for impairment	15,545	14,019
Loans receivable:
Ending balance	1,559,867	1,532,965
Ending balance: individually evaluated for impairment	9,726	11,242
Ending balance: collectively evaluated for impairment	1,548,393	1,519,386
Loans Acquired with Deteriorated Credit Quality
Loans receivable:
Ending balance	1,748	2,337
Commercial
Allowance for loan losses:
Ending balance	4,129	3,799	3,322	3,042
Ending balance: individually evaluated for impairment	404	225
Ending balance: collectively evaluated for impairment	3,725	3,574
Loans receivable:
Ending balance	431,164	408,814
Ending balance: individually evaluated for impairment	2,311	1,724
Ending balance: collectively evaluated for impairment	428,476	406,127
Commercial | Loans Acquired with Deteriorated Credit Quality
Loans receivable:
Ending balance	377	963
Real estate Commercial
Allowance for loan losses:
Ending balance	6,291	5,847	4,616	4,245
Ending balance: individually evaluated for impairment	513	1,197
Ending balance: collectively evaluated for impairment	5,778	4,650
Loans receivable:
Ending balance	703,194	700,144
Ending balance: individually evaluated for impairment	3,849	5,820
Ending balance: collectively evaluated for impairment	698,008	692,987
Real estate Commercial | Loans Acquired with Deteriorated Credit Quality
Loans receivable:
Ending balance	1,337	1,337
Real estate Residential
Loans receivable:
Ending balance	286,389	289,781
Consumer
Allowance for loan losses:
Ending balance	1,571	1,608	1,646	1,583
Ending balance: individually evaluated for impairment	23
Ending balance: collectively evaluated for impairment	1,548	1,608
Loans receivable:
Ending balance	139,120	134,226
Ending balance: individually evaluated for impairment	207	155
Ending balance: collectively evaluated for impairment	$ 138,913	$ 134,071
Unallocated
Allowance for loan losses:
Ending balance			$ 215	$ 23

Loans, net and allowance for 38

Loans, net and allowance for loan losses - Major Classification of Loans Portfolio Summarized by Credit Quality (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable
Loans, net	$ 1,559,867	$ 1,532,965
Commercial
Accounts, Notes, Loans and Financing Receivable
Loans, net	431,164	408,814
Real estate Commercial
Accounts, Notes, Loans and Financing Receivable
Loans, net	703,194	700,144
Real estate Residential
Accounts, Notes, Loans and Financing Receivable
Loans, net	286,389	289,781
Consumer
Accounts, Notes, Loans and Financing Receivable
Loans, net	139,120	134,226
Pass
Accounts, Notes, Loans and Financing Receivable
Loans, net	1,520,974	1,490,501
Pass | Commercial
Accounts, Notes, Loans and Financing Receivable
Loans, net	422,506	398,867
Pass | Real estate Commercial
Accounts, Notes, Loans and Financing Receivable
Loans, net	680,231	674,914
Pass | Real estate Residential
Accounts, Notes, Loans and Financing Receivable
Loans, net	279,384	282,737
Pass | Consumer
Accounts, Notes, Loans and Financing Receivable
Loans, net	138,853	133,983
Special Mention
Accounts, Notes, Loans and Financing Receivable
Loans, net	15,312	16,847
Special Mention | Commercial
Accounts, Notes, Loans and Financing Receivable
Loans, net	4,698	6,222
Special Mention | Real estate Commercial
Accounts, Notes, Loans and Financing Receivable
Loans, net	10,409	10,392
Special Mention | Real estate Residential
Accounts, Notes, Loans and Financing Receivable
Loans, net	205	233
Substandard
Accounts, Notes, Loans and Financing Receivable
Loans, net	23,581	25,617
Substandard | Commercial
Accounts, Notes, Loans and Financing Receivable
Loans, net	3,960	3,725
Substandard | Real estate Commercial
Accounts, Notes, Loans and Financing Receivable
Loans, net	12,554	14,838
Substandard | Real estate Residential
Accounts, Notes, Loans and Financing Receivable
Loans, net	6,800	6,811
Substandard | Consumer
Accounts, Notes, Loans and Financing Receivable
Loans, net	$ 267	$ 243

Loans, net and allowance for 39

Loans, net and allowance for loan losses - Information Concerning Nonaccrual Loans by Major Loan Classification (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Financing Receivable, Recorded Investment, Past Due
Nonaccrual loans, Total	$ 9,261	$ 11,108
Commercial
Financing Receivable, Recorded Investment, Past Due
Nonaccrual loans, Total	1,532	934
Real estate Commercial
Financing Receivable, Recorded Investment, Past Due
Nonaccrual loans, Total	4,701	7,016
Real estate Residential
Financing Receivable, Recorded Investment, Past Due
Nonaccrual loans, Total	2,821	3,003
Consumer
Financing Receivable, Recorded Investment, Past Due
Nonaccrual loans, Total	$ 207	$ 155

Loans, net and allowance for 40

Loans, net and allowance for loan losses - Major Classification of Loans by Past Due Status (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Financing Receivable, Recorded Investment, Past Due
Total Past Due	$ 16,934	$ 21,260
Current	1,542,933	1,511,705
Total Loans	1,559,867	1,532,965
Loans > 90 Days and Accruing	462	844
30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Past Due	5,327	8,093
60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Past Due	1,884	1,215
Greater than 90 Days
Financing Receivable, Recorded Investment, Past Due
Total Past Due	9,723	11,952
Commercial
Financing Receivable, Recorded Investment, Past Due
Total Past Due	2,005	1,258
Current	429,159	407,556
Total Loans	431,164	408,814
Commercial | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Past Due	440	249
Commercial | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Past Due	33	75
Commercial | Greater than 90 Days
Financing Receivable, Recorded Investment, Past Due
Total Past Due	1,532	934
Real estate Commercial
Financing Receivable, Recorded Investment, Past Due
Total Past Due	6,845	12,325
Current	696,349	687,819
Total Loans	703,194	700,144
Loans > 90 Days and Accruing	108
Real estate Commercial | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Past Due	1,257	4,782
Real estate Commercial | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Past Due	779	527
Real estate Commercial | Greater than 90 Days
Financing Receivable, Recorded Investment, Past Due
Total Past Due	4,809	7,016
Real estate Residential
Financing Receivable, Recorded Investment, Past Due
Total Past Due	6,615	6,015
Current	279,774	283,766
Total Loans	286,389	289,781
Loans > 90 Days and Accruing	124	558
Real estate Residential | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Past Due	2,766	2,100
Real estate Residential | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Past Due	904	354
Real estate Residential | Greater than 90 Days
Financing Receivable, Recorded Investment, Past Due
Total Past Due	2,945	3,561
Consumer
Financing Receivable, Recorded Investment, Past Due
Total Past Due	1,469	1,662
Current	137,651	132,564
Total Loans	139,120	134,226
Loans > 90 Days and Accruing	230	286
Consumer | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Past Due	864	962
Consumer | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Total Past Due	168	259
Consumer | Greater than 90 Days
Financing Receivable, Recorded Investment, Past Due
Total Past Due	$ 437	$ 441

Loans, net and allowance for 41

Loans, net and allowance for loan losses - Summarize Information in Concerning to Impaired Loans (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Financing Receivable, Impaired
Recorded Investment, With no related allowance, Total	$ 7,013	$ 6,640	$ 7,128
Unpaid Principal Balance, With no related allowance, Total	8,471	8,703	8,774
Average Recorded Investment, With no related allowance, Total	7,071	6,902	8,041
Interest Income Recognized, With no related allowance, Total	12	50	154
Recorded Investment, With an allowance recorded, Total	4,461	5,250	6,451
Unpaid Principal Balance, With an allowance recorded, Total	4,461	5,250	6,452
Related Allowance, With an allowance recorded, Total	1,424	2,203	1,942
Average Recorded Investment, With an allowance recorded, Total	5,457	5,362	4,460
Interest Income Recognized, With an allowance recorded, Total	23	2	9
Recorded Investment, Total	11,474	11,890	13,579
Unpaid Principal Balance, Total	12,932	13,953	15,226
Related Allowance, With an allowance recorded, Total	1,424	2,203	1,942
Average Recorded Investment, Total	12,528	12,264	12,501
Interest Income Recognized, Total	35	52	163
Commercial
Financing Receivable, Impaired
Recorded Investment, With no related allowance, Total	765	1,173	2,404
Unpaid Principal Balance, With no related allowance, Total	1,386	2,383	3,213
Average Recorded Investment, With no related allowance, Total	1,585	1,263	1,461
Interest Income Recognized, With no related allowance, Total	4	17	48
Recorded Investment, With an allowance recorded, Total	1,923	1,141	283
Unpaid Principal Balance, With an allowance recorded, Total	1,923	1,141	283
Related Allowance, With an allowance recorded, Total	404	1,040	225
Average Recorded Investment, With an allowance recorded, Total	1,103	968	859
Interest Income Recognized, With an allowance recorded, Total	13
Recorded Investment, Total	2,688	2,314	2,687
Unpaid Principal Balance, Total	3,309	3,524	3,496
Related Allowance, With an allowance recorded, Total	404	1,040	225
Average Recorded Investment, Total	2,688	2,231	2,320
Interest Income Recognized, Total	17	17	48
Real estate Commercial
Financing Receivable, Impaired
Recorded Investment, With no related allowance, Total	3,715	3,162	2,364
Unpaid Principal Balance, With no related allowance, Total	4,368	3,832	3,018
Average Recorded Investment, With no related allowance, Total	3,039	2,947	4,300
Interest Income Recognized, With no related allowance, Total	4	32	71
Recorded Investment, With an allowance recorded, Total	1,471	3,028	4,793
Unpaid Principal Balance, With an allowance recorded, Total	1,471	3,028	4,793
Related Allowance, With an allowance recorded, Total	513	541	1,197
Average Recorded Investment, With an allowance recorded, Total	3,132	2,836	2,366
Interest Income Recognized, With an allowance recorded, Total	6		2
Recorded Investment, Total	5,186	6,190	7,157
Unpaid Principal Balance, Total	5,839	6,860	7,811
Related Allowance, With an allowance recorded, Total	513	541	1,197
Average Recorded Investment, Total	6,171	5,783	6,666
Interest Income Recognized, Total	10	32	73
Real estate Residential
Financing Receivable, Impaired
Recorded Investment, With no related allowance, Total	2,349	2,216	2,205
Unpaid Principal Balance, With no related allowance, Total	2,533	2,399	2,388
Average Recorded Investment, With no related allowance, Total	2,277	2,632	2,133
Interest Income Recognized, With no related allowance, Total	4	1	35
Recorded Investment, With an allowance recorded, Total	1,044	992	1,375
Unpaid Principal Balance, With an allowance recorded, Total	1,044	992	1,376
Related Allowance, With an allowance recorded, Total	484	533	520
Average Recorded Investment, With an allowance recorded, Total	1,210	1,455	1,185
Interest Income Recognized, With an allowance recorded, Total	4	2	7
Recorded Investment, Total	3,393	3,208	3,580
Unpaid Principal Balance, Total	3,577	3,391	3,764
Related Allowance, With an allowance recorded, Total	484	533	520
Average Recorded Investment, Total	3,487	4,087	3,318
Interest Income Recognized, Total	8	3	42
Consumer
Financing Receivable, Impaired
Recorded Investment, With no related allowance, Total	184	89	155
Unpaid Principal Balance, With no related allowance, Total	184	89	155
Average Recorded Investment, With no related allowance, Total	170	60	147
Recorded Investment, With an allowance recorded, Total	23	89
Unpaid Principal Balance, With an allowance recorded, Total	23	89
Related Allowance, With an allowance recorded, Total	23	89
Average Recorded Investment, With an allowance recorded, Total	12	103	50
Recorded Investment, Total	207	178	155
Unpaid Principal Balance, Total	207	178	155
Related Allowance, With an allowance recorded, Total	23	89
Average Recorded Investment, Total	$ 182	$ 163	$ 197

Loans, net and allowance for 42

Loans, net and allowance for loan losses - Loans Modified Resulting in Troubled Debt Restructurings (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017USD ($)loan	Mar. 31, 2016USD ($)loan	Dec. 31, 2016USD ($)
Pre-Modification Outstanding Recorded Investment	$ 2,226	$ 2,834	$ 1,909
Loans modified as troubled debt restructuring	$ 345	$ 75
Number of loans modified as troubled debt restructuring | loan	1	1
Real estate Residential
Loans modified as troubled debt restructuring		$ 208
Number of loans modified as troubled debt restructuring | loan	0	2

Other assets - Components of Ot

Other assets - Components of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Other assets.
Other real estate owned	$ 236	$ 393
Investment in residential housing program	8,194	8,312
Mortgage servicing rights	698	698
Bank owned life insurance	33,261	33,073
Restricted equity securities	6,781	7,051
Other assets	16,470	15,974
Total	$ 65,640	$ 65,501

Fair value of financial instrum

Fair value of financial instruments - Commitments Subject to Undue Credit Risk (Details) $ in Thousands	Mar. 31, 2017USD ($)
Fair value estimates
Commitments subject to undue credit risk	$ 0

Fair value estimates - Schedule

Fair value estimates - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets measured at fair value	$ 264,644	$ 259,410
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets measured at fair value	19,895	7,438
U.S. Government-sponsored enterprises state and municipals
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets measured at fair value	82,472	80,913
State and Municipals, Taxable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets measured at fair value	15,267	15,225
State and Municipals, Tax-exempt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets measured at fair value	107,537	112,600
Mortgage-backed Securities, U.S. Government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets measured at fair value	19,332	21,042
Mortgage-backed Securities, U.S. Government-sponsored enterprises
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets measured at fair value	20,141	22,192
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets measured at fair value	19,895	7,438
Level 1 | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets measured at fair value	19,895	7,438
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets measured at fair value	244,749	251,972
Level 2 | U.S. Government-sponsored enterprises state and municipals
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets measured at fair value	82,472	80,913
Level 2 | State and Municipals, Taxable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets measured at fair value	15,267	15,225
Level 2 | State and Municipals, Tax-exempt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets measured at fair value	107,537	112,600
Level 2 | Mortgage-backed Securities, U.S. Government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets measured at fair value	19,332	21,042
Level 2 | Mortgage-backed Securities, U.S. Government-sponsored enterprises
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets measured at fair value	$ 20,141	$ 22,192

Fair value estimates - Schedu46

Fair value estimates - Schedule of Assets and Liabilities Measured at Fair Value on Nonrecurring Basis (Details) - Nonrecurring Basis - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Impaired loans	$ 2,474	$ 3,193
Other real estate owned	236	371
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Impaired loans	2,474	3,193
Other real estate owned	$ 236	$ 371

Fair value estimates - Addition

Fair value estimates - Additional Quantitative Information about Assets Measured at Fair Value on Nonrecurring Basis (Details) - Level 3 - Nonrecurring Basis - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Other Real Estate Owned
Fair Value Inputs, Assets, Quantitative Information
Assets, Fair Value Estimate	$ 236	$ 371
Range and weighted average of appraisal adjustments	34.90%	43.10%
Range and weighted average of liquidation expenses	5.00%	5.00%
Other Real Estate Owned | Minimum
Fair Value Inputs, Assets, Quantitative Information
Range and weighted average of appraisal adjustments	20.00%	25.00%
Range and weighted average of liquidation expenses	3.00%	3.00%
Other Real Estate Owned | Maximum
Fair Value Inputs, Assets, Quantitative Information
Range and weighted average of appraisal adjustments	40.00%	54.60%
Range and weighted average of liquidation expenses	6.00%	6.00%
Impaired Loans
Fair Value Inputs, Assets, Quantitative Information
Assets, Fair Value Estimate	$ 2,474	$ 3,193
Range and weighted average of appraisal adjustments	63.00%	74.50%
Range and weighted average of liquidation expenses	4.90%	5.30%
Impaired Loans | Minimum
Fair Value Inputs, Assets, Quantitative Information
Range and weighted average of appraisal adjustments	3.70%	18.00%
Range and weighted average of liquidation expenses	3.00%	3.00%
Impaired Loans | Maximum
Fair Value Inputs, Assets, Quantitative Information
Range and weighted average of appraisal adjustments	97.00%	97.00%
Range and weighted average of liquidation expenses	6.00%	6.00%

Fair value estimates - Carrying

Fair value estimates - Carrying and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Investment securities:
Available-for-sale, Fair Value	$ 264,644	$ 259,410
Held-to-maturity, Fair value	10,359	10,714
Mortgage servicing rights	698	698
Carrying Value
Financial assets:
Cash and cash equivalents	31,815	39,941
Investment securities:
Available-for-sale, Fair Value	264,644	259,410
Held-to-maturity, Fair value	10,180	10,517
Loans held for sale	444
Net loans	1,542,898	1,517,004
Accrued interest receivable	5,604	6,228
Mortgage servicing rights	698	698
Restricted equity securities	6,781	7,051
Assets, Fair Value Disclosure	1,863,064	1,840,849
Financial liabilities:
Deposits	1,615,544	1,588,757
Short-term borrowings	77,475	82,700
Long-term debt	57,615	58,134
Accrued interest payable	457	462
Liabilities, total	1,751,091	1,730,053
Fair Value
Financial assets:
Cash and cash equivalents	31,815	39,941
Investment securities:
Available-for-sale, Fair Value	264,644	259,410
Held-to-maturity, Fair value	10,359	10,714
Loans held for sale	453
Net loans	1,529,464	1,507,936
Accrued interest receivable	5,604	6,228
Mortgage servicing rights	1,587	1,587
Restricted equity securities	6,781	7,051
Assets, Fair Value Disclosure	1,850,707	1,832,867
Financial liabilities:
Deposits	1,614,470	1,587,701
Short-term borrowings	77,475	82,700
Long-term debt	58,484	58,987
Accrued interest payable	457	462
Liabilities, total	1,750,886	1,729,850
Level 1
Financial assets:
Cash and cash equivalents	31,815	39,941
Investment securities:
Available-for-sale, Fair Value	19,895	7,438
Level 2
Investment securities:
Available-for-sale, Fair Value	244,749	251,972
Held-to-maturity, Fair value	10,359	10,714
Loans held for sale	453
Accrued interest receivable	5,604	6,228
Mortgage servicing rights	1,587	1,587
Restricted equity securities	6,781	7,051
Financial liabilities:
Deposits	1,614,470	1,587,701
Short-term borrowings	77,475	82,700
Long-term debt	58,484	58,987
Accrued interest payable	457	462
Level 3
Investment securities:
Net loans	$ 1,529,464	$ 1,507,936

Employee benefit plans - Compon

Employee benefit plans - Components of Net Periodic Benefit Cost (Detail) - Pension Benefits $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Net periodic pension cost:
Interest cost	$ 166
Expected return on plan assets	(223)
Amortization of unrecognized net gain	52
Net periodic pension cost	$ (5)

Stock plans - Additional Inform

Stock plans - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award
Shares or units awarded	2,020
Unrecognized compensation expense	$ 81
Employee Benefit Plans
Share-based Compensation Arrangement by Share-based Payment Award
Salaries and employee benefits expense	$ 296	$ 274
2008 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Common stock available for grant as awards	120,116
Unrecognized compensation expense	$ 365
Weighted average vesting period	3 years
Non-Performance-based restricted stock | 2008 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Shares or units awarded	2,020
Shares or units vesting period	3 years
Performance-based restricted stock units | 2008 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Shares or units awarded	7,071
Shares or units vesting period	3 years
Cumulative diluted earnings per share period used for conditions for vesting of performance-based restricted stock units	3 years
Average return on equity period used for conditions for vesting of performance-based restricted stock units	3 years
Restricted Stock | 2008 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of nonvested restricted stock awards	14,382
Shares or units vesting period	5 years