v2.4.0.8

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Financial Instruments Measured at Fair Value on a Recurring Basis

The following table summarizes financial instruments measured at fair value on a recurring basis as of September 30, 2014, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value.

	September 30, 2014
(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total Fair Value
Assets
Securities available for sale
Obligations of U.S. Government-sponsored enterprises	$	—			$	92,272			$	—			$	92,272
Obligations of states and political subdivisions	—				46,887				3,054				49,941
Agency mortgage-backed securities	—				314,371				—				314,371
Total securities available for sale	$	—			$	453,530			$	3,054			$	456,584
State tax credits held for sale	—				—				15,131				15,131
Derivative financial instruments	—				951				—				951
Total assets	$	—			$	454,481			$	18,185			$	472,666
Liabilities
Derivative financial instruments	$	—			$	949			$	—			$	949
Total liabilities	$	—			$	949			$	—			$	949

Fair Value, Financial Instruments, Unobservable Input Reconciliation

The following table presents the changes in Level 3 financial instruments measured at fair value on a recurring basis for the periods ended September 30, 2014 and 2013, respectively.

• Purchases, sales, issuances and settlements, net. There were no Level 3 purchases during the nine months or quarters ended September 30, 2014 or 2013.

• Transfers in and/or out of Level 3. There were no Level 3 transfers during the nine months or quarters ended September 30, 2014 or 2013.

	Securities available for sale, at fair value
	Three months ended September 30,								Nine months ended September 30,
(in thousands)	2014				2013				2014				2013
Beginning balance	$	3,051			$	3,039			$	3,040			$	3,049
Total (losses) gains:
Included in other comprehensive income	3				3				14				(7		)
Purchases, sales, issuances and settlements:
Purchases	—				—				—				—
Transfer in and/or out of Level 3	—				—				—				—
Ending balance	$	3,054			$	3,042			$	3,054			$	3,042
Change in unrealized (losses) gains relating to assets still held at the reporting date	$	3			$	3			$	14			$	(7	)

	State tax credits held for sale
	Three months ended September 30,								Nine months ended September 30,
(in thousands)	2014				2013				2014				2013
Beginning balance	$	14,985			$	19,822			$	16,491			$	23,020
Total gains:
Included in earnings	146				317				407				422
Purchases, sales, issuances and settlements:
Sales	—				—				(1,767		)		(3,303		)
Ending balance	$	15,131			$	20,139			$	15,131			$	20,139
Change in unrealized gains relating to assets still held at the reporting date	$	146			$	317			$	(58	)		$	(456	)

Fair Value Measurements, Nonrecurring

The following table presents financial instruments and non-financial assets measured at fair value on a non-recurring basis as of September 30, 2014:

	(1)				(1)				(1)				(1)
(in thousands)	Total Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total losses for the three months ended September 30, 2014				Total losses for the nine months ended September 30, 2014
Impaired loans	$	3,163			$	—			$	—			$	3,163			$	(865	)		$	(3,328	)
Other real estate	5,374				—				—				5,374				(28		)		(618		)
Total	$	8,537			$	—			$	—			$	8,537			$	(893	)		$	(3,946	)

(1) The amounts represent only balances measured at fair value during the period and still held as of the reporting date.

Summary of Carrying Amount and Fair Values of Financial Instruments Reported on the Balance Sheets

Following is a summary of the carrying amounts and fair values of the Company’s financial instruments on the consolidated balance sheets at September 30, 2014, and December 31, 2013.

	September 30, 2014								December 31, 2013
(in thousands)	Carrying Amount				Estimated fair value				Carrying Amount				Estimated fair value
Balance sheet assets
Cash and due from banks	$	54,113			$	54,113			$	19,573			$	19,573
Federal funds sold	36				36				76				76
Interest-bearing deposits	74,963				74,963				196,220				196,220
Securities available for sale	456,584				456,584				434,587				434,587
Other investments, at cost	15,291				15,291				12,605				12,605
Loans held for sale	4,899				4,899				1,834				1,834
Derivative financial instruments	951				951				1,000				1,000
Portfolio loans, net	2,364,423				2,360,077				2,235,124				2,232,134
State tax credits, held for sale	45,631				51,037				48,457				52,159
Accrued interest receivable	7,526				7,526				7,303				7,303
Balance sheet liabilities
Deposits	2,509,764				2,513,418				2,534,953				2,540,822
Subordinated debentures	56,807				33,997				62,581				39,358
Federal Home Loan Bank advances	120,000				123,153				50,000				54,137
Other borrowings	187,122				187,123				214,331				214,377
Derivative financial instruments	949				949				990				990
Accrued interest payable	854				854				957				957

Estimate of the Fair Value of Financial Instruments Not Recorded at Fair Value on Balance Sheet

The following table presents the level in the fair value hierarchy for the estimated fair values of only the Company’s financial instruments that are not already presented on the condensed consolidated balance sheets at fair value at September 30, 2014, and December 31, 2013:

	Estimated Fair Value Measurement at Reporting Date Using												Balance at September 30, 2014
(in thousands)	Level 1				Level 2				Level 3
Financial Assets:
Portfolio loans, net	$	—			$	—			$	2,360,077			$	2,360,077
State tax credits, held for sale	$	—			$	—			$	35,906			$	35,906
Financial Liabilities:
Deposits	1,951,370				—				562,048				2,513,418
Subordinated debentures	—				33,997				—				33,997
Federal Home Loan Bank advances	—				123,153				—				123,153
Other borrowings	—				187,123				—				187,123
	Estimated Fair Value Measurement at Reporting Date Using												Balance at December 31, 2013
(in thousands)	Level 1				Level 2				Level 3
Financial Assets:
Portfolio loans, net	$	—			$	—			$	2,232,134			$	2,232,134
State tax credits, held for sale	$	—			$	—			$	35,668			$	35,668
Financial Liabilities:
Deposits	1,902,038				—				638,784				2,540,822
Subordinated debentures	—				39,358				—				39,358
Federal Home Loan Bank advances	—				54,137				—				54,137
Other borrowings	—				214,377				—				214,377

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Estimate Of Fair Value Financial Instruments Not Recorded At Fair Value On Balance Sheet

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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).

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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 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).

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