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Fair Value Measurements (Tables)

12 Months Ended

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

	December 31, 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	$	—			$	99,224			$	—			$	99,224
Obligations of states and political subdivisions	—				34,642				—				34,642
Residential mortgage-backed securities	—				507,516				—				507,516
Total securities available for sale	—				641,382				—				641,382
State tax credits held for sale	—				—				400				400
Derivative financial instruments	—				3,589				—				3,589
Total assets	$	—			$	644,971			$	400			$	645,371
Liabilities
Derivative financial instruments	$	—			$	3,589			$	—			$	3,589
Total liabilities	$	—			$	3,589			$	—			$	3,589

	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 December 31, 2017 and 2016.

• Purchases, sales, issuances and settlements. There were no Level 3 purchases during the years ended December 31, 2017 and 2016.

• Transfers in and/or out of Level 3. There was $3.1 million in Level 3 transfers to Level 2 for the year ending December 31, 2017 because more observable market data became available for the Auction Rate Securities. The Company's policy is to recognize transfers into or out of a level as of the end of a reporting period. As a result, the transfers occurred on June 30, 2017. There were no transfers in and/or out of Level 3 for the year ending 2016.

	Securities available for sale, at fair value
	Years ended December 31,
(in thousands)	2017				2016
Beginning balance	$	3,089			$	3,077
Total gains:
Included in other comprehensive income	4				12
Transfer in and/or out of Level 3	(3,093		)		—
Ending balance	$	—			$	3,089
Change in unrealized gains relating to assets still held at the reporting date	$	—			$	12

	State tax credits held for sale, at fair value
	Years ended December 31,
(in thousands)	2017				2016
Beginning balance	$	3,585			$	5,941
Total gains:
Included in earnings	101				177
Purchases, sales, issuances and settlements:
Sales	(3,286		)		(2,533		)
Ending balance	$	400			$	3,585
Change in unrealized losses relating to assets still held at the reporting date	$	(885	)		$	(575	)

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, 2017 and 2016.

	December 31, 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 year ended December 31, 2017
Impaired loans	$	3,200			$	—			$	—			$	3,200		$	6,599
Other real estate	—				—				—				—			—
Total	$	3,200			$	—			$	—			$	3,200		$	6,599

	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

(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, 2017 and 2016.

	December 31, 2017								December 31, 2016
(in thousands)	Carrying Amount				Estimated fair value				Carrying Amount				Estimated fair value
Balance sheet assets
Cash and due from banks	$	91,084			$	91,084			$	54,288			$	54,288
Federal funds sold	1,223				1,223				446				446
Interest-bearing deposits	63,661				63,661				145,048				145,048
Securities available for sale	641,382				641,382				460,797				460,797
Securities held to maturity	73,749				73,458				80,463				79,639
Other investments, at cost	26,661				26,661				14,840				14,840
Loans held for sale	3,155				3,155				9,562				9,562
Derivative financial instruments	3,589				3,589				4,016				4,016
Portfolio loans, net	4,054,473				4,096,741				3,114,752				3,125,701
State tax credits, held for sale	43,468				44,271				38,071				41,264
Accrued interest receivable	14,069				14,069				11,117				11,117
Balance sheet liabilities
Deposits	4,156,414				4,153,323				3,233,361				3,232,414
Subordinated debentures and notes	118,105				105,031				105,540				86,052
Federal Home Loan Bank advances	172,743				172,893				—				—
Other borrowings	253,674				253,530				276,980				276,905
Derivative financial instruments	3,589				3,589				4,016				4,016
Accrued interest payable	1,730				1,730				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 on the consolidated balance sheets at fair value at December 31, 2017, and December 31, 2016.

	Estimated Fair Value Measurement at Reporting Date Using												Balance at December 31, 2017
(in thousands)	Level 1				Level 2				Level 3
Financial Assets:
Securities held to maturity	$	—			$	73,458			$	—			$	73,458
Portfolio loans, net	—				—				4,096,741				4,096,741
State tax credits, held for sale	—				—				43,871				43,871
Financial Liabilities:
Deposits	3,577,641				—				575,682				4,153,323
Subordinated debentures and notes	—				105,031				—				105,031
Federal Home Loan Bank advances	—				172,893				—				172,893
Other borrowings	—				253,530				—				253,530
	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
Federal Home Loan Bank advances	—				—				—				—
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
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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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