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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2019
Fair Value Disclosures [Abstract] |
Fair values of financial assets and liabilities measured on a recurring basis | The following table presents assets and liabilities that are measured at fair value on a recurring basis as of the dates presented:
| Level 1 |  | Level 2 |  | Level 3 |  | Totals
December 31, 2019 |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |
Trust preferred securities | $ | — |  |  | $ | — |  |  | $ | 9,986 |  |  | $ | 9,986 |
Other available for sale securities | — |  |  | 1,280,627 |  |  | — |  |  | 1,280,627 |
Total securities available for sale | — |  |  | 1,280,627 |  |  | 9,986 |  |  | 1,290,613 |
Derivative instruments | — |  |  | 8,498 |  |  | — |  |  | 8,498 |
Mortgage loans held for sale in loans held for sale | — |  |  | 318,272 |  |  | — |  |  | 318,272 |
Total financial assets | $ | — |  |  | $ | 1,607,397 |  |  | $ | 9,986 |  |  | $ | 1,617,383 |
Financial liabilities: |  |  |  |  |  |  |
Derivative instruments | $ | — |  |  | $ | 10,000 |  |  | $ | — |  |  | $ | 10,000 |
| Level 1 |  | Level 2 |  | Level 3 |  | Totals
December 31, 2018 |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |
Trust preferred securities | $ | — |  |  | $ | — |  |  | $ | 10,633 |  |  | $ | 10,633 |
Other available for sale securities | — |  |  | 1,240,144 |  |  | — |  |  | 1,240,144 |
Total securities available for sale | — |  |  | 1,240,144 |  |  | 10,633 |  |  | 1,250,777 |
Derivative instruments | — |  |  | 6,519 |  |  | — |  |  | 6,519 |
Mortgage loans held for sale in loans held for sale | — |  |  | 219,848 |  |  | — |  |  | 219,848 |
Total financial assets | $ | — |  |  | $ | 1,466,511 |  |  | $ | 10,633 |  |  | $ | 1,477,144 |
Financial liabilities: |  |  |  |  |  |  |
Derivative instruments | $ | — |  |  | $ | 8,388 |  |  | $ | — |  |  | $ | 8,388 |
Reconciliation for assets and liabilities measured at fair value on a recurring basis | The following table provides for the periods presented a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs, or Level 3 inputs:
| Securities available for sale
| Trust preferred securities
Balance at January 1, 2018 | $ | 9,388 |
Realized (gains) losses included in net income, net of premium amortization | 34 |
Unrealized gains included in other comprehensive income | 1,328 |
Settlements | (117 | )
Balance at December 31, 2018 | $ | 10,633 |
Accretion included in net income | 34 |
Unrealized losses included in other comprehensive income | (442 | )
Settlements | (239 | )
Balance at December 31, 2019 | $ | 9,986 |
Significant unobservable inputs (Level 3) used in valuation of assets and liabilities measured at fair value on recurring basis | The following table presents information as of December 31, 2019 about significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a recurring basis:
Financial instrument |  | Fair Value |  | Valuation Technique |  | Significant Unobservable Inputs |  | Range of Inputs
Trust preferred securities |  | $ | 9,986 |  |  | Discounted cash flows |  | Default rate |  | 0-100%
Impaired loans measured at fair value on a nonrecurring basis | Consolidated Balance Sheets at period end and the level within the fair value hierarchy each is classified:
| Level 1 |  | Level 2 |  | Level 3 |  | Totals
December 31, 2019 |  |  |  |  |  |  |
Impaired loans | $ | — |  |  | $ | — |  |  | $ | 27,348 |  |  | $ | 27,348 |
OREO | — |  |  | — |  |  | 2,820 |  |  | 2,820 |
Mortgage servicing rights | — |  |  | — |  |  | 53,208 |  |  | 53,208 |
Total | $ | — |  |  | $ | — |  |  | $ | 83,376 |  |  | $ | 83,376 |
| Level 1 |  | Level 2 |  | Level 3 |  | Totals
December 31, 2018 |  |  |  |  |  |  |
Impaired loans | $ | — |  |  | $ | — |  |  | $ | 21,686 |  |  | $ | 21,686 |
OREO | — |  |  | — |  |  | 4,319 |  |  | 4,319 |
Total | $ | — |  |  | $ | — |  |  | $ | 26,005 |  |  | $ | 26,005 |
OREO measured at fair value on a nonrecurring basis | The following table presents, as of the dates presented, OREO measured at fair value on a nonrecurring basis that was still held in the Consolidated Balance Sheets at period-end:
| December 31, 2019 |  | December 31, 2018
Carrying amount prior to remeasurement | $ | 3,726 |  |  | $ | 5,258 |
Impairment recognized in results of operations | (906 | ) |  | (939 | )
Fair value | $ | 2,820 |  |  | $ | 4,319 |
Significant unobservable inputs (Level 3) used in valuation of assets and liabilities measured at fair value on non recurring basis | The following table presents information as of December 31, 2019 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis:
Financial instrument |  | Fair Value |  | Valuation Technique |  | Significant Unobservable Inputs |  | Range of Inputs
Impaired loans |  | $ | 27,348 |  |  | Appraised value of collateral less estimated costs to sell |  | Estimated costs to sell |  | 4-10%
OREO |  | $ | 2,820 |  |  | Appraised value of property less estimated costs to sell |  | Estimated costs to sell |  | 4-10%
Summarizes differences between fair value and principal balance for mortgage loans held for sale measure at fair value | The following table summarizes the differences between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of December 31, 2019:
| Aggregate Fair Value |  | Aggregate Unpaid Principal Balance |  | Difference
Mortgage loans held for sale | $ | 318,272 |  |  | $ | 308,160 |  |  | $ | 10,112 |
Past due loans of 90 days or more | — |  |  | — |  |  | — |
Nonaccrual loans | — |  |  | — |  |  | — |
Assets and liabilities not measured and reported at fair value on a recurring basis or nonrecurring basis | The carrying amounts and estimated fair values of the Company’s financial instruments, including those assets and liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis, were as follows as of the dates presented:
|  |  | Fair Value
| Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
December 31, 2019 |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 414,930 |  |  | $ | 414,930 |  |  | $ | — |  |  | $ | — |  |  | $ | 414,930 |
Securities available for sale | 1,290,613 |  |  | — |  |  | 1,280,627 |  |  | 9,986 |  |  | 1,290,613 |
Loans held for sale | 318,272 |  |  | — |  |  | 318,272 |  |  | — |  |  | 318,272 |
Loans, net | 9,637,476 |  |  | — |  |  | — |  |  | 9,321,039 |  |  | 9,321,039 |
Mortgage servicing rights | 53,208 |  |  | — |  |  | — |  |  | 53,208 |  |  | 53,208 |
Derivative instruments | 8,498 |  |  | — |  |  | 8,498 |  |  | — |  |  | 8,498 |
Financial liabilities |  |  |  |  |  |  |  |  |
Deposits | $ | 10,213,168 |  |  | $ | 8,052,536 |  |  | $ | 2,158,431 |  |  | $ | — |  |  | $ | 10,210,967 |
Short-term borrowings | 489,091 |  |  | 489,091 |  |  | — |  |  | — |  |  | 489,091 |
Federal Home Loan Bank advances | 152,337 |  |  | — |  |  | 152,321 |  |  | — |  |  | 152,321 |
Junior subordinated debentures | 110,215 |  |  | — |  |  | 104,480 |  |  | — |  |  | 104,480 |
Subordinated notes | 113,955 |  |  | — |  |  | 117,963 |  |  | — |  |  | 117,963 |
Derivative instruments | 10,000 |  |  | — |  |  | 10,000 |  |  | — |  |  | 10,000 |
|  |  | Fair Value
| Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
December 31, 2018 |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 569,111 |  |  | $ | 569,111 |  |  | $ | — |  |  | $ | — |  |  | $ | 569,111 |
Securities available for sale | 1,250,777 |  |  | — |  |  | 1,240,144 |  |  | 10,633 |  |  | 1,250,777 |
Loans held for sale | 411,427 |  |  | — |  |  | 219,848 |  |  | 191,579 |  |  | 411,427 |
Loans, net | 9,034,103 |  |  | — |  |  | — |  |  | 8,818,039 |  |  | 8,818,039 |
Mortgage servicing rights | 48,230 |  |  | — |  |  | — |  |  | 61,111 |  |  | 61,111 |
Derivative instruments | 6,519 |  |  | — |  |  | 6,519 |  |  | — |  |  | 6,519 |
Financial liabilities |  |  |  |  |  |  |  |  |
Deposits | $ | 10,128,557 |  |  | $ | 7,765,773 |  |  | $ | 2,337,334 |  |  | $ | — |  |  | $ | 10,103,107 |
Short-term borrowings | 387,706 |  |  | 387,706 |  |  | — |  |  | — |  |  | 387,706 |
Other long-term borrowings | 53 |  |  | 53 |  |  | — |  |  | — |  |  | 53 |
Federal Home Loan Bank advances | 6,690 |  |  | — |  |  | 6,751 |  |  | — |  |  | 6,751 |
Junior subordinated debentures | 109,636 |  |  | — |  |  | 109,766 |  |  | — |  |  | 109,766 |
Subordinated notes | 147,239 |  |  | — |  |  | 148,875 |  |  | — |  |  | 148,875 |
Derivative instruments | 8,388 |  |  | — |  |  | 8,388 |  |  | — |  |  | 8,388 |

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=117815213&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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