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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2018

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, 2018 and December 31, 2017, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:

	September 30, 2018
(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	$	—			$	97,681			$	—			$	97,681
Obligations of states and political subdivisions	—				30,533				—				30,533
Residential mortgage-backed securities	—				532,347				—				532,347
U.S. Treasury bills	—				9,767				—				9,767
Total securities available for sale	$	—			$	670,328			$	—			$	670,328
Other investments	144				—				—				144
State tax credits held for sale	—				—				171				171
Derivative financial instruments	—				4,895				—				4,895
Total assets	$	144			$	675,223			$	171			$	675,538
Liabilities
Derivative financial instruments	$	—			$	4,895			$	—			$	4,895
Total liabilities	$	—			$	4,895			$	—			$	4,895

	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

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, 2018 and 2017.

	Securities available for sale, at fair value
	Three months ended September 30,								Nine months ended September 30,
(in thousands)	2018				2017				2018				2017
Beginning balance	$	—			$	—			$	—			$	3,089
Total gains:
Included in other comprehensive income	—				—				—				4
Purchases, sales, issuances and settlements:
Purchases	—				—				—				—
Transfer in and/or out of Level 3	—				—				—				(3,093		)
Ending balance	$	—			$	—			$	—			$	—
Change in unrealized gains relating to assets still held at the reporting date	$	—			$	—			$	—			$	—

	State tax credits held for sale
	Three months ended September 30,								Nine months ended September 30,
(in thousands)	2018				2017				2018				2017
Beginning balance	$	299			$	1,274			$	400			$	3,585
Total gains:
Included in earnings	7				—				13				49
Purchases, sales, issuances and settlements:
Sales	(135		)		—				(242		)		(2,360		)
Ending balance	$	171			$	1,274			$	171			$	1,274
Change in unrealized gains (losses) relating to assets still held at the reporting date	$	(34	)		$	—			$	(60	)		$	(655	)

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, 2018.

	(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, 2018				Total losses for the nine months ended September 30, 2018
Impaired loans	$	485			$	—			$	—			$	485			$	248			$	457
Other real estate	—				—				—				—				—				—
Total	$	485			$	—			$	—			$	485			$	248			$	457

(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, 2018 and December 31, 2017. Fair values that are not estimable are listed at the carrying value.

	September 30, 2018								December 31, 2017
(in thousands)	Carrying Amount				Estimated fair value				Carrying Amount				Estimated fair value
Balance sheet assets
Cash and due from banks	$	78,119			$	78,119			$	91,084			$	91,084
Federal funds sold	1,571				1,571				1,223				1,223
Interest-bearing deposits	79,780				79,780				63,661				63,661
Securities available for sale	670,328				670,328				641,382				641,382
Securities held to maturity	67,131				64,416				73,749				73,458
Other investments, at cost	37,885				37,885				26,661				26,661
Loans held for sale	738				738				3,155				3,155
Derivative financial instruments	4,895				4,895				3,589				3,589
Portfolio loans, net	4,223,244				4,254,581				4,054,473				4,096,741
State tax credits, held for sale	45,625				48,622				43,468				44,271
Accrued interest receivable	19,879				19,879				14,069				14,069
Balance sheet liabilities
Deposits	4,210,476				4,203,913				4,156,414				4,153,323
Subordinated debentures and notes	118,144				105,611				118,105				105,031
Federal Home Loan Bank advances	401,000				400,977				172,743				172,893
Other borrowings	161,795				161,676				253,674				253,530
Derivative financial instruments	4,895				4,895				3,589				3,589
Accrued interest payable	2,433				2,433				1,730				1,730

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, 2018, and December 31, 2017.

	Estimated Fair Value Measurement at Reporting Date Using												Balance at September 30, 2018
(in thousands)	Level 1				Level 2				Level 3
Financial Assets:
Securities held to maturity	$	—			$	64,416			$	—			$	64,416
Portfolio loans, net	—				—				4,254,581				4,254,581
State tax credits, held for sale	—				—				48,451				48,451
Financial Liabilities:
Deposits	3,536,239				—				667,674				4,203,913
Subordinated debentures and notes	—				105,611				—				105,611
Federal Home Loan Bank advances	—				400,977				—				400,977
Other borrowings	—				161,676				—				161,676
	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

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).

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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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