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Fair Value Measurements (Tables)

12 Months Ended

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

	December 31, 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	$	—			$	107,660			$	—			$	107,660
Obligations of states and political subdivisions	—				33,542				3,089				36,631
Residential mortgage-backed securities	—				316,506				—				316,506
Total securities available for sale	—				457,708				3,089				460,797
State tax credits held for sale	—				—				3,585				3,585
Derivative financial instruments	—				4,016				—				4,016
Total assets	$	—			$	461,724			$	6,674			$	468,398
Liabilities
Derivative financial instruments	$	—			$	4,016			$	—			$	4,016
Total liabilities	$	—			$	4,016			$	—			$	4,016

	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 December 31, 2016 and 2015.

• Purchases, sales, issuances and settlements. There were no Level 3 purchases during the year ended December 31, 2016.

• 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, 2016 and 2015.

	Securities available for sale, at fair value
	Years ended December 31,
(in thousands)	2016				2015
Beginning balance	$	3,077			$	3,059
Total gains:
Included in other comprehensive income	12				18
Purchases, sales, issuances and settlements	—				—
Ending balance	$	3,089			$	3,077
Change in unrealized gains relating to assets still held at the reporting date	$	12			$	18

	State tax credits held for sale, at fair value
	Years ended December 31,
(in thousands)	2016				2015
Beginning balance	$	5,941			$	11,689
Total gains:
Included in earnings	177				406
Purchases, sales, issuances and settlements:
Sales	(2,533		)		(6,154		)
Ending balance	$	3,585			$	5,941
Change in unrealized losses relating to assets still held at the reporting date	$	(575	)		$	(1,212	)

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, 2016 and 2015.

	December 31, 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 year ended December 31, 2016
Impaired loans	$	175			$	—			$	—			$	175		$	4,335
Other real estate	—				—				—				—			1
Total	$	175			$	—			$	—			$	175		$	4,336

	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

(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, 2016 and 2015.

	December 31, 2016								December 31, 2015
(in thousands)	Carrying Amount				Estimated fair value				Carrying Amount				Estimated fair value
Balance sheet assets
Cash and due from banks	$	54,288			$	54,288			$	47,935			$	47,935
Federal funds sold	446				446				91				91
Interest-bearing deposits	145,048				145,048				47,131				47,131
Securities available for sale	460,797				460,797				451,770				451,770
Securities held to maturity	80,463				79,639				43,714				43,441
Other investments, at cost	14,840				14,840				17,455				17,455
Loans held for sale	9,562				9,562				6,598				6,598
Derivative financial instruments	4,016				4,016				1,155				1,155
Portfolio loans, net	3,114,752				3,125,701				2,781,879				2,782,704
State tax credits, held for sale	38,071				41,264				45,850				49,588
Accrued interest receivable	11,117				11,117				8,399				8,399
Balance sheet liabilities
Deposits	3,233,361				3,232,414				2,784,591				2,784,654
Subordinated debentures and notes	105,540				86,052				56,807				35,432
Federal Home Loan Bank advances	—				—				110,000				109,994
Other borrowings	276,980				276,905				270,326				270,286
Derivative financial instruments	4,016				4,016				1,155				1,155
Accrued interest payable	1,105				1,105				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 on the consolidated balance sheets at fair value at December 31, 2016, and December 31, 2015.

	Estimated Fair Value Measurement at Reporting Date Using												Balance at December 31, 2016
(in thousands)	Level 1				Level 2				Level 3
Financial Assets:
Securities held to maturity	$	—			$	79,639			$	—			$	79,639
Portfolio loans, net	—				—				3,125,701				3,125,701
State tax credits, held for sale	—				—				37,679				37,679
Financial Liabilities:
Deposits	2,760,202				—				472,212				3,232,414
Subordinated debentures and notes	—				86,052				—				86,052
Other borrowings	—				276,905				—				276,905
	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 and notes	—				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

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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

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-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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