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Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 30, 2016 and December 31, 2015, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:

	September 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	$	—			$	99,058			$	—			$	99,058
Obligations of states and political subdivisions	—				35,242				3,094				38,336
Residential mortgage-backed securities	—				342,215				—				342,215
Total securities available for sale	$	—			$	476,515			$	3,094			$	479,609
State tax credits held for sale	—				—				4,801				4,801
Derivative financial instruments	—				2,099				—				2,099
Total assets	$	—			$	478,614			$	7,895			$	486,509
Liabilities
Derivative financial instruments	$	—			$	2,099			$	—			$	2,099
Total liabilities	$	—			$	2,099			$	—			$	2,099

	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 September 30, 2016 and 2015.

• Purchases, sales, issuances and settlements. There were no Level 3 purchases during the quarter ended September 30, 2016 or 2015.

• Transfers in and/or out of Level 3. There were no Level 3 transfers during the quarter ended September 30, 2016 and 2015.

	Securities available for sale, at fair value
	Three months ended September 30,								Nine months ended September 30,
(in thousands)	2016				2015				2016				2015
Beginning balance	$	3,093			$	3,070			$	3,077			$	3,059
Total gains:
Included in other comprehensive income	1				7				17				18
Purchases, sales, issuances and settlements:
Purchases	—				—				—				—
Ending balance	$	3,094			$	3,077			$	3,094			$	3,077
Change in unrealized gains relating to assets still held at the reporting date	$	1			$	7			$	17			$	18

	State tax credits held for sale
	Three months ended September 30,								Nine months ended September 30,
(in thousands)	2016				2015				2016				2015
Beginning balance	$	4,774			$	9,965			$	5,941			$	11,689
Total gains:
Included in earnings	27				124				144				318
Purchases, sales, issuances and settlements:
Sales	—				—				(1,284		)		(1,918		)
Ending balance	$	4,801			$	10,089			$	4,801			$	10,089
Change in unrealized gains (losses) relating to assets still held at the reporting date	$	27			$	124			$	(237	)		$	(186	)

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 September 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 losses for the three months ended September 30, 2016				Total losses for the nine months ended September 30, 2016
Impaired loans	$	357			$	—			$	—			$	357			$	2,073			$	2,309
Other real estate	—				—				—				—				—				1
Total	$	357			$	—			$	—			$	357			$	2,073			$	2,310

(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, 2016 and December 31, 2015.

	September 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	$	56,789			$	56,789			$	47,935			$	47,935
Federal funds sold	488				488				91				91
Interest-bearing deposits	63,202				63,202				47,131				47,131
Securities available for sale	479,609				479,609				451,770				451,770
Securities held to maturity	41,031				42,218				43,714				43,441
Other investments, at cost	19,789				19,789				17,455				17,455
Loans held for sale	7,663				7,663				6,598				6,598
Derivative financial instruments	2,099				2,099				1,155				1,155
Portfolio loans, net	3,041,223				3,045,230				2,781,879				2,782,704
State tax credits, held for sale	44,180				48,959				45,850				49,588
Accrued interest receivable	8,526				8,526				8,399				8,399
Balance sheet liabilities
Deposits	3,124,825				3,126,534				2,784,591				2,784,654
Subordinated debentures	56,807				36,275				56,807				35,432
Federal Home Loan Bank advances	129,000				128,996				110,000				109,994
Other borrowings	190,022				189,996				270,326				270,286
Derivative financial instruments	2,099				2,099				1,155				1,155
Accrued interest payable	648				648				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 September 30, 2016, and December 31, 2015.

	Estimated Fair Value Measurement at Reporting Date Using												Balance at September 30, 2016
(in thousands)	Level 1				Level 2				Level 3
Financial Assets:
Securities held to maturity	$	—			$	42,218			$	—			$	42,218
Portfolio loans, net	—				—				3,045,230				3,045,230
State tax credits, held for sale	—				—				44,158				44,158
Financial Liabilities:
Deposits	2,636,980				—				489,554				3,126,534
Subordinated debentures	—				36,275				—				36,275
Federal Home Loan Bank advances	—				128,996				—				128,996
Other borrowings	—				189,996				—				189,996
	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

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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).

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-Publisher FASB
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-SubTopic 10
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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

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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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