XML 39 R26.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Fair Value Measurements (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2016
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 June 30, 2016 and December 31, 2015, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:
| June 30, 2016
(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 | $ | — |  |  | $ | 99,686 |  |  | $ | — |  |  | $ | 99,686 |
Obligations of states and political subdivisions | — |  |  | 35,872 |  |  | 3,093 |  |  | 38,965 |
Residential mortgage-backed securities | — |  |  | 339,863 |  |  | — |  |  | 339,863 |
Total securities available for sale | $ | — |  |  | $ | 475,421 |  |  | $ | 3,093 |  |  | $ | 478,514 |
State tax credits held for sale | — |  |  | — |  |  | 4,774 |  |  | 4,774 |
Derivative financial instruments | — |  |  | 2,264 |  |  | — |  |  | 2,264 |
Total assets | $ | — |  |  | $ | 477,685 |  |  | $ | 7,867 |  |  | $ | 485,552 |
Liabilities |  |  |  |  |  |  |  |  |
Derivative financial instruments | $ | — |  |  | $ | 2,264 |  |  | $ | — |  |  | $ | 2,264 |
Total liabilities | $ | — |  |  | $ | 2,264 |  |  | $ | — |  |  | $ | 2,264 |
| 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 |
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 June 30, 2016 and 2015.
• | Purchases, sales, issuances and settlements. There were no Level 3 purchases during the quarter ended June 30, 2016 or 2015.
• | Transfers in and/or out of Level 3. There were no Level 3 transfers during the quarter ended June 30, 2016 and 2015.
| Securities available for sale, at fair value
Three months ended June 30, |  | Six months ended June 30,
(in thousands) | 2016 |  | 2015 |  | 2016 |  | 2015
Beginning balance | $ | 3,085 |  |  | $ | 3,071 |  |  | $ | 3,077 |  |  | $ | 3,059 |
Total gains: |  |  |  |  |  |  |
Included in other comprehensive income | 8 |  |  | (1 | ) |  | 16 |  |  | 11 |
Purchases, sales, issuances and settlements: |  |  |  |  |  |  |
Purchases | — |  |  | — |  |  | — |  |  | — |
Ending balance | $ | 3,093 |  |  | $ | 3,070 |  |  | $ | 3,093 |  |  | $ | 3,070 |
Change in unrealized gains (losses) relating to assets still held at the reporting date | $ | 8 |  |  | $ | (1 | ) |  | $ | 16 |  |  | $ | 11 |
| State tax credits held for sale
Three months ended June 30, |  | Six months ended June 30,
(in thousands) | 2016 |  | 2015 |  | 2016 |  | 2015
Beginning balance | $ | 4,733 |  |  | $ | 10,286 |  |  | $ | 5,941 |  |  | $ | 11,689 |
Total gains: |  |  |  |  |  |  |
Included in earnings | 41 |  |  | 66 |  |  | 117 |  |  | 194 |
Purchases, sales, issuances and settlements: |  |  |  |  |  |  |
Sales | — |  |  | (387 | ) |  | (1,284 | ) |  | (1,918 | )
Ending balance | $ | 4,774 |  |  | $ | 9,965 |  |  | $ | 4,774 |  |  | $ | 9,965 |
Change in unrealized gains (losses) relating to assets still held at the reporting date | $ | 41 |  |  | $ | (36 | ) |  | $ | (264 | ) |  | $ | (310 | )
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 June 30, 2016.
| (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 gains (losses) for the three months ended June 30, 2016 |  | Total gains (losses) for the six months ended June 30, 2016
Impaired loans | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (163 | ) |  | $ | (236 | )
Other real estate | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1 | )
Total | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (163 | ) |  | $ | (237 | )
(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 June 30, 2016 and December 31, 2015.
| June 30, 2016 |  | December 31, 2015
(in thousands) | Carrying Amount |  | Estimated fair value |  | Carrying Amount |  | Estimated fair value
Balance sheet assets |  |  |  |  |  |  |
Cash and due from banks | $ | 50,370 |  |  | $ | 50,370 |  |  | $ | 47,935 |  |  | $ | 47,935 |
Federal funds sold | 317 |  |  | 317 |  |  | 91 |  |  | 91 |
Interest-bearing deposits | 60,609 |  |  | 60,609 |  |  | 47,131 |  |  | 47,131 |
Securities available for sale | 478,514 |  |  | 478,514 |  |  | 451,770 |  |  | 451,770 |
Securities held to maturity | 42,514 |  |  | 43,837 |  |  | 43,714 |  |  | 43,441 |
Other investments, at cost | 17,403 |  |  | 17,403 |  |  | 17,455 |  |  | 17,455 |
Loans held for sale | 9,669 |  |  | 9,669 |  |  | 6,598 |  |  | 6,598 |
Derivative financial instruments | 2,264 |  |  | 2,264 |  |  | 1,155 |  |  | 1,155 |
Portfolio loans, net | 2,896,389 |  |  | 2,902,083 |  |  | 2,781,879 |  |  | 2,782,704 |
State tax credits, held for sale | 44,918 |  |  | 49,961 |  |  | 45,850 |  |  | 49,588 |
Accrued interest receivable | 8,123 |  |  | 8,123 |  |  | 8,399 |  |  | 8,399 |
Balance sheet liabilities |  |  |  |  |  |  |
Deposits | 3,028,236 |  |  | 3,030,334 |  |  | 2,784,591 |  |  | 2,784,654 |
Subordinated debentures | 56,807 |  |  | 35,771 |  |  | 56,807 |  |  | 35,432 |
Federal Home Loan Bank advances | 78,000 |  |  | 78,000 |  |  | 110,000 |  |  | 109,994 |
Other borrowings | 200,362 |  |  | 200,332 |  |  | 270,326 |  |  | 270,286 |
Derivative financial instruments | 2,264 |  |  | 2,264 |  |  | 1,155 |  |  | 1,155 |
Accrued interest payable | 625 |  |  | 625 |  |  | 629 |  |  | 629 |
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 presented on the condensed consolidated balance sheets at fair value at June 30, 2016, and December 31, 2015.
| Estimated Fair Value Measurement at Reporting Date Using |  | Balance at June 30, 2016
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |
Financial Assets: |  |  |  |  |  |  |
Securities held to maturity | $ | — |  |  | $ | 43,837 |  |  | $ | — |  |  | $ | 43,837 |
Portfolio loans, net | — |  |  | — |  |  | 2,902,083 |  |  | 2,902,083 |
State tax credits, held for sale | — |  |  | — |  |  | 45,187 |  |  | 45,187 |
Financial Liabilities: |  |  |  |  |  |  |
Deposits | 2,506,206 |  |  | — |  |  | 524,128 |  |  | 3,030,334 |
Subordinated debentures | — |  |  | 35,771 |  |  | — |  |  | 35,771 |
Federal Home Loan Bank advances | — |  |  | 78,000 |  |  | — |  |  | 78,000 |
Other borrowings | — |  |  | 200,332 |  |  | — |  |  | 200,332 |
| 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 |

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). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19296-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=36462937&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 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=49121117&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=36462937&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=49121117&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=49121117&loc=d3e13433-108611 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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=36462937&loc=d3e19190-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: 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=49121117&loc=d3e13467-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13433-108611 + Details
Name: | us-gaap_ScheduleOfFairValueOffBalanceSheetRisksTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration