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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2016

Fair Value Disclosures [Abstract]

Assets and liabilities measured at fair value on a recurring basis

Assets and liabilities measured at fair value at the periods indicated were as follows:

					Fair Value Measurements at Reporting Date Using
	Balance				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
	September 30, 2016
	(Dollars in thousands)
Recurring fair value measurements
Assets
Trading securities	$	809			$	809			$	—			$	—
Securities available for sale
U.S. Government agency securities	25,306				—				25,306				$	—
Agency mortgage-backed securities	185,573				—				185,573				—
Agency collateralized mortgage obligations	108,596				—				108,596				—
State, county, and municipal securities	4,360				—				4,360				—
Single issuer trust preferred securities issued by banks and insurers	2,297				—				2,297				—
Pooled trust preferred securities issued by banks and insurers	1,538				—				—				1,538
Small business administration pooled securities	39,880				—				39,880				—
Equity securities	19,458				19,458				—				—
Loans held for sale	13,334				—				13,334				—
Derivative instruments	42,556				—				42,556				—
Liabilities
Derivative instruments	43,840				—				43,840				—
Total recurring fair value measurements	$	399,867			$	20,267			$	378,062			$	1,538
Nonrecurring fair value measurements
Assets
Collateral dependent impaired loans	$	3,056			$	—			$	—			$	3,056
Other real estate owned and other foreclosed assets	1,798				—				—				1,798
Total nonrecurring fair value measurements	$	4,854			$	—			$	—			$	4,854

					Fair Value Measurements at Reporting Date Using
	Balance				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
	December 31, 2015
	(Dollars in thousands)
Recurring fair value measurements
Assets
Trading securities	$	356			$	356			$	—			$	—
Securities available for sale
U.S. Government agency securities	$	30,215			$	—			$	30,215			$	—
Agency mortgage-backed securities	210,937				—				210,937				—
Agency collateralized mortgage obligations	63,584				—				63,584				—
State, county, and municipal securities	4,659				—				4,659				—
Single issuer trust preferred securities issued by banks and insurers	2,792				—				2,792				—
Pooled trust preferred securities issued by banks and insurers	1,572				—				—				1,572
Small business administration pooled securities	40,449				—				40,449				—
Equity securities	13,041				13,041				—				—
Loans held for sale	5,990				—				5,990				—
Derivative instruments	23,305				—				23,305				—
Liabilities
Derivative instruments	26,313				—				26,313				—
Total recurring fair value measurements	$	370,587			$	13,397			$	355,618			$	1,572
Nonrecurring fair value measurements:
Assets
Collateral dependent impaired loans	$	4,598			$	—			$	—			$	4,598
Other real estate owned and other foreclosed assets	2,159				—				—				2,159
Total nonrecurring fair value measurements	$	6,757			$	—			$	—			$	6,757

Reconciliation for all assets and liabilities measured at fair value on a recurring basis

The table below presents a reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3), which were valued using pricing models and discounted cash flow methodologies, as of the dates indicated:

	Three Months Ended
	September 30
	2016				2015
	(Dollars in thousands)
Pooled Trust Preferred Securities
Beginning balance	$	1,506			$	1,595
Gains and (losses) (realized/unrealized)
Included in other comprehensive income	41				12
Settlements	(9		)		(21		)
Ending balance	$	1,538			$	1,586

	Nine Months Ended
	September 30
	2016				2015
	(Dollars in thousands)
Pooled Trust Preferred Securities
Beginning balance	$	1,572			$	6,321
Gains and (losses) (realized/unrealized)
Included in other comprehensive income	(17		)		20
Sales	—				(4,679		)
Settlements	(17		)		(76		)
Ending balance	$	1,538			$	1,586

Investments in securities that are classified as level 3

The following table sets forth certain unobservable inputs regarding the Company’s investment in securities that are classified as Level 3 for the periods indicated:

		September 30 2016				December 31 2015						September 30 2016		December 31 2015		September 30 2016		December 31 2015
Valuation Technique		Fair Value								Unobservable Inputs		Range				Weighted Average
		(Dollars in thousands)
Discounted cash flow methodology
Pooled trust preferred securities		$	1,538			$	1,572			Cumulative prepayment		0% - 63%		0% - 64%		2.6%		2.7%
										Cumulative default		5% - 100%		5% - 100%		12.9%		15.1%
										Loss given default		85% - 100%		85% - 100%		94.2%		94.2%
										Cure given default		0% - 75%		0% - 75%		60.9%		62.3%
Appraisals of collateral (1)
Impaired loans		$	3,056			$	4,598
Other real estate owned and foreclosed assets		$	1,798			$	2,159

(1) 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 factors and estimated liquidation expenses. The range of these possible adjustments may vary.

The estimated fair values and related carrying amounts for assets and liabilities

The estimated fair values and related carrying amounts for assets and liabilities for which fair value is only disclosed are shown below as of the periods indicated:

									Fair Value Measurements at Reporting Date Using
	Carrying Value				Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
	September 30, 2016
	(Dollars in thousands)
Financial assets
Securities held to maturity(a)
U.S. Treasury securities	$	1,008			$	1,089			$	—			$	1,089			$	—
Agency mortgage-backed securities	148,822				155,131				—				155,131				—
Agency collateralized mortgage obligations	246,744				250,260				—				250,260				—
Single issuer trust preferred securities issued by banks	1,500				1,547				—				1,547				—
Small business administration pooled securities	32,689				33,807				—				33,807				—
Loans, net of allowance for loan losses(b)	5,684,872				5,622,922				—				—				5,622,922
Financial liabilities
Time certificates of deposits(c)	$	629,071			$	631,043			$	—			$	631,043			$	—
Federal Home Loan Bank borrowings(c)	50,826				51,172				—				51,172				—
Customer repurchase agreements and other short-term borrowings(c)	140,914				140,914				—				—				140,914
Junior subordinated debentures(d)	73,157				75,993				—				75,993				—
Subordinated debentures(c)	34,624				35,222				—				—				35,222

									Fair Value Measurements at Reporting Date Using
	Carrying Value				Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
	December 31, 2015
	(Dollars in thousands)
Financial assets
Securities held to maturity(a)
U.S. Treasury securities	$	1,009			$	1,064			$	—			$	1,064			$	—
Agency mortgage-backed securities	167,134				170,375				—				170,375				—
Agency collateralized mortgage obligations	267,348				264,891				—				264,891				—
State, county, and municipal securities	225				227				—				227				—
Single issuer trust preferred securities issued by banks	1,500				1,522				—				1,522				—
Small business administration pooled securities	35,291				35,664				—				35,664				—
Corporate debt securities	5,000				5,006				—				5,006				—
Loans, net of allowance for loan losses(b)	5,487,298				5,417,425				—				—				5,417,425
Financial liabilities
Time certificates of deposits(c)	$	684,830			$	684,370			$	—			$	684,370			$	—
Federal Home Loan Bank borrowings(c)	102,080				102,396				—				102,396				—
Customer repurchase agreements and other short-term borrowings(c)	133,958				133,958				—				—				133,958
Junior subordinated debentures(d)	73,306				73,871				—				73,871				—
Subordinated debentures(c)	34,589				34,370				—				—				34,370

(a) The fair values presented are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments and/or discounted cash flow analyses.

(b) Fair value is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities or cash flows.

(c) Fair value was determined by discounting anticipated future cash payments using rates currently available for instruments with similar remaining maturities.

(d) Fair value was determined based upon market prices of securities with similar terms and maturities.

X

- 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

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-Publisher FASB
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-Section 50
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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs.

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