XML 40 R28.htm IDEA: XBRL DOCUMENT v3.7.0.1

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2017

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, 2017 and December 31, 2016, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:

	June 30, 2017
(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	$	—			$	100,235			$	—			$	100,235
Obligations of states and political subdivisions	—				35,084				—				35,084
Residential mortgage-backed securities	—				488,538				—				488,538
Total securities available for sale	$	—			$	623,857			$	—			$	623,857
State tax credits held for sale	—				—				1,274				1,274
Derivative financial instruments	—				3,577				—				3,577
Total assets	$	—			$	627,434			$	1,274			$	628,708
Liabilities
Derivative financial instruments	$	—			$	3,577			$	—			$	3,577
Total liabilities	$	—			$	3,577			$	—			$	3,577

	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

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, 2017 and 2016.

• Purchases, sales, issuances and settlements. There were no Level 3 purchases during the quarters ended June 30, 2017 or 2016.

• Transfers in and/or out of Level 3. There was $3.1 million in Level 3 transfers to Level 2 during the current quarter and none during the quarter ended June 30, 2016.

	Securities available for sale, at fair value
	Three months ended June 30,								Six months ended June 30,
(in thousands)	2017				2016				2017				2016
Beginning balance	$	3,093			$	3,085			$	3,089			$	3,077
Total gains:
Included in other comprehensive income	—				8				4				16
Purchases, sales, issuances and settlements:
Purchases	—				—				—				—
Transfer in and/or out of Level 3	(3,093		)		—				(3,093		)		—
Ending balance	$	—			$	3,093			$	—			$	3,093
Change in unrealized gains relating to assets still held at the reporting date	$	—			$	8			$	—			$	16

	State tax credits held for sale
	Three months ended June 30,								Six months ended June 30,
(in thousands)	2017				2016				2017				2016
Beginning balance	$	1,458			$	4,733			$	3,585			$	5,941
Total gains:
Included in earnings	9				41				49				117
Purchases, sales, issuances and settlements:
Sales	(193		)		—				(2,360		)		(1,284		)
Ending balance	$	1,274			$	4,774			$	1,274			$	4,774
Change in unrealized gains (losses) relating to assets still held at the reporting date	$	(49	)		$	41			$	(655	)		$	(264	)

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, 2017.

	(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 June 30, 2017				Total losses for the six months ended June 30, 2017
Impaired loans	$	10,073			$	—			$	—			$	10,073			$	6,403			$	6,560
Other real estate	—				—				—				—				—				18
Total	$	10,073			$	—			$	—			$	10,073			$	6,403			$	6,578

(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, 2017 and December 31, 2016.

	June 30, 2017								December 31, 2016
(in thousands)	Carrying Amount				Estimated fair value				Carrying Amount				Estimated fair value
Balance sheet assets
Cash and due from banks	$	77,815			$	77,815			$	54,288			$	54,288
Federal funds sold	912				912				446				446
Interest-bearing deposits	40,507				40,507				145,048				145,048
Securities available for sale	623,857				623,857				460,797				460,797
Securities held to maturity	77,641				77,831				80,463				79,639
Other investments, at cost	26,477				26,477				14,840				14,840
Loans held for sale	4,285				4,285				9,562				9,562
Derivative financial instruments	3,577				3,577				4,016				4,016
Loans, net	3,852,971				3,867,481				3,114,752				3,125,701
State tax credits, held for sale	35,247				36,857				38,071				41,264
Accrued interest receivable	11,923				11,923				11,117				11,117
Balance sheet liabilities
Deposits	3,921,251				3,919,379				3,233,361				3,232,414
Subordinated debentures and notes	118,080				99,873				105,540				86,052
Federal Home Loan Bank advances	200,992				201,397				—				—
Other borrowings	217,180				217,077				276,980				276,905
Derivative financial instruments	3,577				3,577				4,016				4,016
Accrued interest payable	1,459				1,459				1,105				1,105

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, 2017, and December 31, 2016.

	Estimated Fair Value Measurement at Reporting Date Using												Balance at June 30, 2017
(in thousands)	Level 1				Level 2				Level 3
Financial Assets:
Securities held to maturity	$	—			$	77,831			$	—			$	77,831
Portfolio loans, net	—				—				3,867,481				3,867,481
State tax credits, held for sale	—				—				35,583				35,583
Financial Liabilities:
Deposits	3,328,169				—				591,210				3,919,379
Subordinated debentures and notes	—				99,873				—				99,873
Federal Home Loan Bank advances	—				201,397				—				201,397
Other borrowings	—				217,077				—				217,077
	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

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 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=66048111&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 1
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258

Reference 3: 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=66048111&loc=d3e19207-110258

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

+ 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=66048111&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=66048111&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=77997519&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=66048111&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=77997519&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=75026489&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=75031198&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=77997519&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=66048111&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=77997519&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=77997519&loc=d3e13433-108611

+ Details

Name:	us-gaap_ScheduleOfFairValueOffBalanceSheetRisksTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration