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Fair Value of Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2017
Fair Value Disclosures [Abstract] |
Estimated Fair Values of Financial Instruments | The estimated fair values of the Company’s financial instruments are as follows:
|  |  |  |  |  | Fair Value |
June 30, 2017 |  | Carrying amount |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 186,278 |  |  | $ | 186,278 |  |  | $ | — |  |  | $ | — |  |  | $ | 186,278 |
Available-for-sale securities |  |  | 553,357 |  |  |  | — |  |  |  | 548,808 |  |  |  | 4,549 |  |  |  | 553,357 |
Federal Home Loan Bank Stock |  |  | 7,743 |  |  |  | — |  |  |  | — |  |  |  | 7,743 |  |  |  | 7,743 |
Loans, net |  |  | 1,947,727 |  |  |  | — |  |  |  | 1,933,996 |  |  |  | 518 |  |  |  | 1,934,514 |
Loans held for sale |  |  | 427,416 |  |  |  | — |  |  |  | 427,416 |  |  |  | — |  |  |  | 427,416 |
Interest receivable |  |  | 7,012 |  |  |  | — |  |  |  | 7,012 |  |  |  | — |  |  |  | 7,012 |
Mortgage servicing rights |  |  | 48,464 |  |  |  | — |  |  |  | — |  |  |  | 48,464 |  |  |  | 48,464 |
Derivatives |  |  | 10,891 |  |  |  | — |  |  |  | 10,891 |  |  |  | — |  |  |  | 10,891 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Without stated maturities |  | $ | 2,330,992 |  |  | $ | 2,330,992 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,330,992 |
With stated maturities |  |  | 396,601 |  |  |  | — |  |  |  | 393,788 |  |  |  | — |  |  |  | 393,788 |
Securities sold under agreement to repurchase |  |  | 16,343 |  |  |  | 16,343 |  |  |  | — |  |  |  | — |  |  |  | 16,343 |
Interest payable |  |  | 501 |  |  |  | 65 |  |  |  | 436 |  |  |  | — |  |  |  | 501 |
Long-term debt |  |  | 43,790 |  |  |  | — |  |  |  | 48,426 |  |  |  | — |  |  |  | 48,426 |
Derivatives |  |  | 1,350 |  |  |  | — |  |  |  | 1,350 |  |  |  | — |  |  |  | 1,350 |
|  |  |  |  |  | Fair Value |
December 31, 2016 |  | Carrying amount |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 136,327 |  |  | $ | 136,327 |  |  | $ | — |  |  | $ | — |  |  | $ | 136,327 |
Available-for-sale securities |  |  | 582,183 |  |  |  | — |  |  |  | 577,634 |  |  |  | 4,549 |  |  |  | 582,183 |
Federal Home Loan Bank Stock |  |  | 7,743 |  |  |  | — |  |  |  | — |  |  |  | 7,743 |  |  |  | 7,743 |
Loans, net |  |  | 1,827,037 |  |  |  | — |  |  |  | 1,822,054 |  |  |  | 1,281 |  |  |  | 1,823,335 |
Loans held for sale |  |  | 507,442 |  |  |  | — |  |  |  | 507,442 |  |  |  | — |  |  |  | 507,442 |
Interest receivable |  |  | 7,241 |  |  |  | — |  |  |  | 7,241 |  |  |  | — |  |  |  | 7,241 |
Mortgage servicing rights, net |  |  | 32,070 |  |  |  | — |  |  |  | — |  |  |  | 33,081 |  |  |  | 33,081 |
Derivatives |  |  | 19,745 |  |  |  | — |  |  |  | 19,745 |  |  |  | — |  |  |  | 19,745 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Without stated maturities |  | $ | 2,280,531 |  |  | $ | 2,280,531 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,280,531 |
With stated maturities |  |  | 391,031 |  |  |  | — |  |  |  | 390,484 |  |  |  | — |  |  |  | 390,484 |
Securities sold under agreement to repurchase |  |  | 21,561 |  |  |  | 21,561 |  |  |  | — |  |  |  | — |  |  |  | 21,561 |
Short term borrowings |  |  | 150,000 |  |  |  | 150,000 |  |  |  | — |  |  |  | — |  |  |  | 150,000 |
Interest payable |  |  | 620 |  |  |  | 237 |  |  |  | 383 |  |  |  | — |  |  |  | 620 |
Long-term debt |  |  | 44,892 |  |  |  | — |  |  |  | 47,377 |  |  |  | — |  |  |  | 47,377 |
Derivatives |  |  | 586 |  |  |  | — |  |  |  | 586 |  |  |  | — |  |  |  | 586 |
Balances and Levels of Assets Measured at Fair Value on Recurring Basis | The balances and levels of the assets measured at fair value on a recurring basis at June 30, 2017 are presented in the following tables:
At June 30, 2017 |  | Quoted prices in active markets for identical assets (liabilities) (level 1) |  |  | Significant other observable inputs (level 2) |  |  | Significant unobservable inputs (level 3) |  |  | Total |
Recurring valuations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency securities |  | $ | — |  |  | $ | 990 |  |  | $ | — |  |  | $ | 990 |
Mortgage-backed securities |  |  | — |  |  |  | 410,708 |  |  |  | — |  |  |  | 410,708 |
Municipals, tax-exempt |  |  | — |  |  |  | 122,698 |  |  |  | — |  |  |  | 122,698 |
Treasury securities |  |  | — |  |  |  | 10,310 |  |  |  | — |  |  |  | 10,310 |
Equity securities |  |  | — |  |  |  | 4,102 |  |  |  | 4,549 |  |  |  | 8,651 |
Total |  | $ | — |  |  | $ | 548,808 |  |  | $ | 4,549 |  |  | $ | 553,357 |
Loans held for sale |  |  | — |  |  |  | 427,416 |  |  |  | — |  |  |  | 427,416 |
Mortgage servicing rights |  |  | — |  |  |  | — |  |  |  | 48,464 |  |  |  | 48,464 |
Derivatives |  |  | — |  |  |  | 10,891 |  |  |  | — |  |  |  | 10,891 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | — |  |  | $ | 1,350 |  |  | $ | — |  |  | $ | 1,350 |
The balances and levels of the assets measured at fair value on a recurring basis at December 31, 2016 are presented in the following tables:
At December 31, 2016 |  | Quoted prices in active markets for identical assets (liabilities) (level 1) |  |  | Significant other observable inputs (level 2) |  |  | Significant unobservable inputs (level 3) |  |  | Total |
Recurring valuations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency securities |  | $ | — |  |  | $ | 985 |  |  | $ | — |  |  | $ | 985 |
Mortgage-backed securities |  |  | — |  |  |  | 443,908 |  |  |  | — |  |  |  | 443,908 |
Municipals, tax-exempt |  |  | — |  |  |  | 116,923 |  |  |  | — |  |  |  | 116,923 |
Treasury securities |  |  | — |  |  |  | 11,757 |  |  |  | — |  |  |  | 11,757 |
Equity securities |  |  | — |  |  |  | 4,061 |  |  |  | 4,549 |  |  |  | 8,610 |
Total |  | $ | — |  |  | $ | 577,634 |  |  | $ | 4,549 |  |  | $ | 582,183 |
Loans held for sale |  |  | — |  |  |  | 507,442 |  |  |  | — |  |  |  | 507,442 |
Derivatives |  |  | — |  |  |  | 19,745 |  |  |  | — |  |  |  | 19,745 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | — |  |  | $ | 586 |  |  | $ | — |  |  | $ | 586 |
Balances and Levels of Assets Measured at Fair Value on Non-recurring Basis | The balances and levels of the assets measured at fair value on a non-recurring basis at June 30, 2017 are presented in the following tables:
At June 30, 2017 |  | Quoted prices in active markets for identical assets (liabilities) (level 1) |  |  | Significant other observable inputs (level 2) |  |  | Significant unobservable inputs (level 3) |  |  | Total |
Non-recurring valuations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreclosed assets |  | $ | — |  |  | $ | — |  |  | $ | 1,434 |  |  | $ | 1,434 |
Impaired loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  | — |  |  |  | — |  |  |  | 367 |  |  |  | 367 |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-owner occupied |  |  | — |  |  |  | — |  |  |  | 151 |  |  |  | 151 |
Total |  | $ | — |  |  | $ | — |  |  | $ | 518 |  |  | $ | 518 |
The balances and levels of the assets measured at fair value on a non-recurring basis at December 31, 2016 are presented in the following tables:
At December 31, 2016 |  | Quoted prices in active markets for identical assets (liabilities) (level 1) |  |  | Significant other observable inputs (level 2) |  |  | Significant unobservable inputs (level 3) |  |  | Total |
Non-recurring valuations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreclosed assets |  | $ | — |  |  | $ | — |  |  | $ | 2,315 |  |  | $ | 2,315 |
Mortgage servicing rights |  |  | — |  |  |  | — |  |  |  | 32,070 |  |  |  | 32,070 |
Impaired Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  | — |  |  |  | — |  |  |  | 542 |  |  |  | 542 |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied |  |  | — |  |  |  | — |  |  |  | 635 |  |  |  | 635 |
Non-owner occupied |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Construction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-4 family mortgage |  |  | — |  |  |  | — |  |  |  | 103 |  |  |  | 103 |
Multifamily |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Consumer and other |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 1 |
Total |  | $ | — |  |  | $ | — |  |  | $ | 1,281 |  |  | $ | 1,281 |
Information About Significant Unobservable Inputs (Level 3) Used in Valuation of Assets Measured at Fair Value on Nonrecurring Basis | The following table presents information as of June 30, 2017 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 |  | $ | 518 |  |  | Valuation of collateral |  | Discount for comparable sales |  | 0%-30%
Foreclosed assets |  | $ | 1,434 |  |  | Appraised value of property less costs to sell |  | Discount for costs to sell |  | 0%-10%
The following table presents information as of December 31, 2016 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 |  | $ | 1,281 |  |  | Valuation of collateral |  | Discount for comparable sales |  | 0%-30%
Foreclosed assets |  | $ | 2,315 |  |  | Appraised value of property less costs to sell |  | Discount for costs to sell |  | 0%-10%
Mortgage servicing rights, net |  | $ | 33,081 |  |  | Discounted cash flows |  | See Note 6 |  | See Note 6
Differences between Fair Value and Principal Balance for Loans Held for Sale Measured at Fair Value | The following table summarizes the differences between the fair value and the principal balance for loans held for sale measured at fair value as of June 30, 2017 and December 31, 2016:
June 30, 2017 |  | Aggregate fair value |  |  | Aggregate Unpaid Principal Balance |  |  | Difference |
Mortgage loans held for sale measured at fair value |  | $ | 427,416 |  |  | $ | 412,007 |  |  | $ | 15,409 |
Past due loans of 90 days or more |  |  | — |  |  |  | — |  |  |  | — |
Nonaccrual loans |  |  | — |  |  |  | — |  |  |  | — |
December 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans held for sale measured at fair value |  | $ | 507,442 |  |  | $ | 501,503 |  |  | $ | 5,939 |
Past due loans of 90 days or more |  |  | — |  |  |  | — |  |  |  | — |
Nonaccrual loans |  |  | — |  |  |  | — |  |  |  | — |

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13476-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13467-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13433-108611 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 + Details
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