v3.3.1.900

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Summary of 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 December 31, 2015 and 2014, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value.

	December 31, 2015
(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	$	—			$	99,008			$	—			$	99,008
Obligations of states and political subdivisions	—				38,624				3,077				41,701
Residential mortgage-backed securities	—				311,061				—				311,061
Total securities available for sale	$	—			$	448,693			$	3,077			$	451,770
State tax credits held for sale	—				—				5,941				5,941
Derivative financial instruments	—				1,155				—				1,155
Total assets	$	—			$	449,848			$	9,018			$	458,866
Liabilities
Derivative financial instruments	$	—			$	1,155			$	—			$	1,155
Total liabilities	$	—			$	1,155			$	—			$	1,155

	December 31, 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	$	—			$	91,826			$	—			$	91,826
Obligations of states and political subdivisions	—				31,822				3,059				34,881
Residential mortgage-backed securities	—				273,439				—				273,439
Total securities available for sale	$	—			$	397,087			$	3,059			$	400,146
State tax credits held for sale	—				—				11,689				11,689
Derivative financial instruments	—				909				—				909
Total assets	$	—			$	397,996			$	14,748			$	412,744
Liabilities
Derivative financial instruments	$	—			$	907			$	—			$	907
Total liabilities	$	—			$	907			$	—			$	907

Schedule of Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis

The following table presents the changes in Level 3 financial instruments measured at fair value on a recurring basis as of December 31, 2015 and 2014.

• Purchases, sales, issuances and settlements. There were no Level 3 purchases during the year ended December 31, 2015.

• Transfers in and/or out of Level 3. There were no transfers in and/or out of Level 3 for the years ending December 31, 2015 and 2014.

	Securities available for sale, at fair value
	Years ended December 31,
(in thousands)	2015				2014
Beginning balance	$	3,059			$	3,040
Total gains:
Included in other comprehensive income	18				19
Purchases, sales, issuances and settlements:
Purchases	—				—
Transfer in and/or out of Level 3	—				—
Ending balance	$	3,077			$	3,059
Change in unrealized gains (losses) relating to assets still held at the reporting date	$	18			$	19

	State tax credits held for sale, at fair value
	Years ended December 31,
(in thousands)	2015				2014
Beginning balance	$	11,689			$	16,491
Total gains:
Included in earnings	406				558
Purchases, sales, issuances and settlements:
Sales	(6,154		)		(5,360		)
Ending balance	$	5,941			$	11,689
Change in unrealized gains (losses) relating to assets still held at the reporting date	$	(1,212	)		$	(868	)

Summary of Financial Instruments and Non-Financial Assets Measured at Fair Value on a Non-Recurring Basis

The following table presents financial instruments and non-financial assets measured at fair value on a non-recurring basis as of December 31, 2015 and 2014.

	December 31, 2015
	(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 year ended December 31, 2015
Impaired loans	$	2,561			$	—			$	—			$	2,561		$	(6,091	)
Other real estate	753				—				—				753			(83		)
Total	$	3,314			$	—			$	—			$	3,314		$	(6,174	)

	December 31, 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 year ended December 31, 2014
Impaired loans	$	6,726			$	—			$	—			$	6,726		$	(5,556	)
Other real estate	3,788				—				—				3,788			(696		)
Total	$	10,514			$	—			$	—			$	10,514		$	(6,252	)

(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 December 31, 2015 and 2014.

	December 31, 2015								December 31, 2014
(in thousands)	Carrying Amount				Estimated fair value				Carrying Amount				Estimated fair value
Balance sheet assets
Cash and due from banks	$	47,935			$	47,935			$	42,903			$	42,903
Federal funds sold	91				91				35				35
Interest-bearing deposits	47,131				47,131				63,058				63,058
Securities available for sale	451,770				451,770				400,146				400,146
Securities held to maturity	43,714				43,441				45,985				45,795
Other investments, at cost	17,455				17,455				17,037				17,037
Loans held for sale	6,598				6,598				4,033				4,033
Derivative financial instruments	1,155				1,155				909				909
Portfolio loans, net	2,781,879				2,782,704				2,487,424				2,482,700
State tax credits, held for sale	45,850				49,588				38,309				42,970
Accrued interest receivable	8,399				8,399				7,956				7,956
Balance sheet liabilities
Deposits	2,784,591				2,784,654				2,491,510				2,494,624
Subordinated debentures	56,807				35,432				56,807				34,124
Federal Home Loan Bank advances	110,000				109,994				144,000				144,000
Other borrowings	270,326				270,286				239,883				239,950
Derivative financial instruments	1,155				1,155				907				907
Accrued interest payable	629				629				843				843

Schedule of Estimated Fair Values 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 on the consolidated balance sheets at fair value at December 31, 2015, and December 31, 2014.

	Estimated Fair Value Measurement at Reporting Date Using												Balance at December 31, 2015
(in thousands)	Level 1				Level 2				Level 3
Financial Assets:
Securities held to maturity	$	—			$	43,441			$	—			$	43,441
Portfolio loans, net	—				—				2,782,704				2,782,704
State tax credits, held for sale	—				—				43,647				43,647
Financial Liabilities:
Deposits	2,428,403				—				356,251				2,784,654
Subordinated debentures	—				35,432				—				35,432
Federal Home Loan Bank advances	—				109,994				—				109,994
Other borrowings	—				270,286				—				270,286
	Estimated Fair Value Measurement at Reporting Date Using												Balance at December 31, 2014
(in thousands)	Level 1				Level 2				Level 3
Financial Assets:
Securities held to maturity	$	—			$	45,795			$	—			$	45,795
Portfolio loans, net	—				—				2,482,700				2,482,700
State tax credits, held for sale	—				—				31,281				31,281
Financial Liabilities:
Deposits	1,986,158				—				508,466				2,494,624
Subordinated debentures	—				34,124				—				34,124
Federal Home Loan Bank advances	—				144,000				—				144,000
Other borrowings	—				239,950				—				239,950

X

- 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).

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 5
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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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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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Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined) which are not recognized in the financial statements (off-balance sheet) because they fail to meet some other criterion for recognition.

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