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Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 30, 2017 and December 31, 2016, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:

	September 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	$	—			$	100,123			$	—			$	100,123
Obligations of states and political subdivisions	—				33,341				—				33,341
Residential mortgage-backed securities	—				469,657				—				469,657
Total securities available for sale	$	—			$	603,121			$	—			$	603,121
State tax credits held for sale	—				—				1,274				1,274
Derivative financial instruments	—				3,278				—				3,278
Total assets	$	—			$	606,399			$	1,274			$	607,673
Liabilities
Derivative financial instruments	$	—			$	3,278			$	—			$	3,278
Total liabilities	$	—			$	3,278			$	—			$	3,278

	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 September 30, 2017 and 2016.

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

• Transfers in and/or out of Level 3. There were no Level 3 transfers during the quarters ended September 30, 2017 and 2016.

	Securities available for sale, at fair value
	Three months ended September 30,								Nine months ended September 30,
(in thousands)	2017				2016				2017				2016
Beginning balance	$	—			$	3,093			$	3,089			$	3,077
Total gains:
Included in other comprehensive income	—				1				4				17
Purchases, sales, issuances and settlements:
Purchases	—				—				—				—
Transfer in and/or out of Level 3	—				—				(3,093		)		—
Ending balance	$	—			$	3,094			$	—			$	3,094
Change in unrealized gains relating to assets still held at the reporting date	$	—			$	1			$	—			$	17

	State tax credits held for sale
	Three months ended September 30,								Nine months ended September 30,
(in thousands)	2017				2016				2017				2016
Beginning balance	$	1,274			$	4,774			$	3,585			$	5,941
Total gains:
Included in earnings	—				27				49				144
Purchases, sales, issuances and settlements:
Sales	—				—				(2,360		)		(1,284		)
Ending balance	$	1,274			$	4,801			$	1,274			$	4,801
Change in unrealized gains (losses) relating to assets still held at the reporting date	$	—			$	27			$	(655	)		$	(237	)

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, 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 September 30, 2017				Total losses for the nine months ended September 30, 2017
Impaired loans	$	2,743			$	—			$	—			$	2,743			$	613			$	5,876
Other real estate	26				—				—				26				38				38
Total	$	2,769			$	—			$	—			$	2,769			$	651			$	5,914

(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, 2017 and December 31, 2016.

	September 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	$	76,777			$	76,777			$	54,288			$	54,288
Federal funds sold	1,155				1,155				446				446
Interest-bearing deposits	107,821				107,821				145,048				145,048
Securities available for sale	603,121				603,121				460,797				460,797
Securities held to maturity	76,168				76,260				80,463				79,639
Other investments, at cost	29,436				29,436				14,840				14,840
Loans held for sale	6,411				6,411				9,562				9,562
Derivative financial instruments	3,278				3,278				4,016				4,016
Loans, net	3,987,467				4,009,071				3,114,752				3,125,701
State tax credits, held for sale	35,291				37,781				38,071				41,264
Accrued interest receivable	14,213				14,213				11,117				11,117
Balance sheet liabilities
Deposits	4,059,211				4,057,561				3,233,361				3,232,414
Subordinated debentures and notes	118,093				100,062				105,540				86,052
Federal Home Loan Bank advances	248,868				249,168				—				—
Other borrowings	219,104				219,012				276,980				276,905
Derivative financial instruments	3,278				3,278				4,016				4,016
Accrued interest payable	2,007				2,007				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 September 30, 2017, and December 31, 2016.

	Estimated Fair Value Measurement at Reporting Date Using												Balance at September 30, 2017
(in thousands)	Level 1				Level 2				Level 3
Financial Assets:
Securities held to maturity	$	—			$	76,260			$	—			$	76,260
Portfolio loans, net	—				—				4,009,071				4,009,071
State tax credits, held for sale	—				—				36,508				36,508
Financial Liabilities:
Deposits	3,442,015				—				615,546				4,057,561
Subordinated debentures and notes	—				100,062				—				100,062
Federal Home Loan Bank advances	—				249,168				—				249,168
Other borrowings	—				219,012				—				219,012
	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

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-Publisher FASB
-Name Accounting Standards Codification
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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.

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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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