XML 31 R19.htm IDEA: XBRL DOCUMENT
v3.19.2

Fair Value Measurements | 6 Months Ended
--- | ---
Jun. 30, 2019
Fair Value Disclosures [Abstract] |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The following table summarizes financial instruments measured at fair value on a recurring basis as of June 30, 2019 and December 31, 2018, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:
| June 30, 2019
(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 | $ | — |  |  | $ | 50,151 |  |  | $ | — |  |  | $ | 50,151 |
Obligations of states and political subdivisions | — |  |  | 118,696 |  |  | — |  |  | 118,696 |
Agency mortgage-backed securities | — |  |  | 924,047 |  |  | — |  |  | 924,047 |
U.S. Treasury bills | — |  |  | 10,205 |  |  | — |  |  | 10,205 |
Corporate debt securities | — |  |  | 119,953 |  |  |  |  | 119,953 |
Total securities available for sale | — |  |  | 1,223,052 |  |  | — |  |  | 1,223,052 |
Other investments | 145 |  |  | — |  |  | — |  |  | 145 |
Derivatives | — |  |  | 11,124 |  |  | — |  |  | 11,124 |
Total assets | $ | 145 |  |  | $ | 1,234,176 |  |  | $ | — |  |  | $ | 1,234,321 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivatives | $ | — |  |  | $ | 14,938 |  |  | $ | — |  |  | $ | 14,938 |
Total liabilities | $ | — |  |  | $ | 14,938 |  |  | $ | — |  |  | $ | 14,938 |
| December 31, 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 | $ | — |  |  | $ | 98,498 |  |  | $ | — |  |  | $ | 98,498 |
Obligations of states and political subdivisions | — |  |  | 26,810 |  |  | — |  |  | 26,810 |
Agency mortgage-backed securities | — |  |  | 586,136 |  |  | — |  |  | 586,136 |
U.S. Treasury bills | — |  |  | 9,925 |  |  | — |  |  | 9,925 |
Total securities available for sale | — |  |  | 721,369 |  |  | — |  |  | 721,369 |
Other investments | 121 |  |  | — |  |  | — |  |  | 121 |
Derivatives | — |  |  | 3,023 |  |  | — |  |  | 3,023 |
Total assets | $ | 121 |  |  | $ | 724,392 |  |  | $ | — |  |  | $ | 724,513 |
Liabilities |  |  |  |  |  |  |  |  |
Derivatives | $ | — |  |  | $ | 3,023 |  |  | $ | — |  |  | $ | 3,023 |
Total liabilities | $ | — |  |  | $ | 3,023 |  |  | $ | — |  |  | $ | 3,023 |
Level 3 financial instruments The following table presents the changes in Level 3 financial instruments measured at fair value on a recurring basis as of June 30, 2019 and 2018.
| State tax credits held for sale
Three months ended June 30, |  | Six months ended June 30,
(in thousands) | 2019 |  | 2018 |  | 2019 |  | 2018
Beginning balance | $ | — |  |  | $ | 350 |  |  | $ | — |  |  | $ | 400 |
Total gains: |  |  |  |  |  |  |
Included in earnings | — |  |  | 3 |  |  | — |  |  | 6 |
Purchases, sales, issuances and settlements: |  |  |  |  |  |  |
Sales | — |  |  | (54 | ) |  | — |  |  | (107 | )
Ending balance | $ | — |  |  | $ | 299 |  |  | $ | — |  |  | $ | 299 |
Change in unrealized gains (losses) relating to assets still held at the reporting date | $ | — |  |  | $ | (13 | ) |  | $ | — |  |  | $ | (26 | )
From time to time, the Company measures certain assets at fair value on a nonrecurring basis. These include assets measured at the lower of cost or fair value that were recognized at fair value below cost at the end of the period.
| (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, 2019 |  | Total losses for the six months ended June 30, 2019
Impaired loans | $ | 1,054 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,054 |  |  | $ | 1,199 |  |  | $ | 1,199 |
Total | $ | 1,054 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,054 |  |  | $ | 1,199 |  |  | $ | 1,199 |
(1) The amounts represent only balances measured at fair value during the period and still held as of the reporting date.
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, 2019 and December 31, 2018. Fair values that are not estimable are listed at the carrying value.
| June 30, 2019 |  | December 31, 2018
(in thousands) | Carrying Amount |  | Estimated fair value |  | Carrying Amount |  | Estimated fair value
Balance sheet assets |  |  |  |  |  |  |
Cash and due from banks | $ | 106,835 |  |  | $ | 106,835 |  |  | $ | 91,511 |  |  | $ | 91,511 |
Federal funds sold | 2,744 |  |  | 2,744 |  |  | 1,714 |  |  | 1,714 |
Interest-bearing deposits | 82,571 |  |  | 82,571 |  |  | 106,512 |  |  | 106,512 |
Securities available for sale | 1,223,052 |  |  | 1,223,052 |  |  | 721,369 |  |  | 721,369 |
Securities held to maturity | 62,725 |  |  | 63,061 |  |  | 65,679 |  |  | 63,934 |
Other investments, at cost | 42,990 |  |  | 42,990 |  |  | 26,654 |  |  | 26,654 |
Loans held for sale | 1,437 |  |  | 1,437 |  |  | 392 |  |  | 392 |
Derivative financial instruments | 11,124 |  |  | 11,124 |  |  | 3,023 |  |  | 3,023 |
Portfolio loans, net | 5,105,675 |  |  | 5,049,215 |  |  | 4,306,525 |  |  | 4,253,239 |
State tax credits, held for sale | 37,294 |  |  | 39,037 |  |  | 37,587 |  |  | 39,169 |
Accrued interest receivable | 27,008 |  |  | 27,008 |  |  | 16,069 |  |  | 16,069 |
Balance sheet liabilities |  |  |  |  |  |  |
Deposits | 5,559,338 |  |  | 5,536,456 |  |  | 4,587,985 |  |  | 4,583,047 |
Subordinated debentures and notes | 141,100 |  |  | 132,301 |  |  | 118,156 |  |  | 106,316 |
Federal Home Loan Bank advances | 389,446 |  |  | 389,471 |  |  | 70,000 |  |  | 70,000 |
Other borrowings | 198,104 |  |  | 197,988 |  |  | 223,450 |  |  | 223,260 |
Derivative financial instruments | 14,938 |  |  | 14,938 |  |  | 3,023 |  |  | 3,023 |
Accrued interest payable | 2,701 |  |  | 2,701 |  |  | 1,977 |  |  | 1,977 |
For information regarding the methods and assumptions used to estimate the fair value of each class of financial instruments for which it is practical to estimate such value, refer to Note 18 – Fair Value Measurements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, as filed with the Securities and Exchange Commission. 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, 2019, and December 31, 2018.
| Estimated Fair Value Measurement at Reporting Date Using |  | Balance at June 30, 2019
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |
Financial Assets: |  |  |  |  |  |  |
Securities held to maturity | $ | — |  |  | $ | 63,031 |  |  | $ | — |  |  | $ | 63,031 |
Portfolio loans, net | — |  |  | — |  |  | 5,049,215 |  |  | 5,049,215 |
State tax credits, held for sale | — |  |  | — |  |  | 39,037 |  |  | 39,037 |
Financial Liabilities: |  |  |  |  |  |  |
Deposits | 4,736,768 |  |  | — |  |  | 799,688 |  |  | 5,536,456 |
Subordinated debentures and notes | — |  |  | 132,301 |  |  | — |  |  | 132,301 |
Federal Home Loan Bank advances | — |  |  | 389,471 |  |  | — |  |  | 389,471 |
Other borrowings | — |  |  | 197,988 |  |  | — |  |  | 197,988 |
| Estimated Fair Value Measurement at Reporting Date Using |  | Balance at December 31, 2018
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |
Financial Assets: |  |  |  |  |  |  |
Securities held to maturity | $ | — |  |  | $ | 63,934 |  |  | $ | — |  |  | $ | 63,934 |
Portfolio loans, net | — |  |  | — |  |  | 4,253,239 |  |  | 4,253,239 |
State tax credits, held for sale | — |  |  | — |  |  | 39,169 |  |  | 39,169 |
Financial Liabilities: |  |  |  |  |  |  |
Deposits | 3,903,556 |  |  | — |  |  | 679,491 |  |  | 4,583,047 |
Subordinated debentures and notes | — |  |  | 106,316 |  |  | — |  |  | 106,316 |
Federal Home Loan Bank advances | — |  |  | 70,000 |  |  | — |  |  | 70,000 |
Other borrowings | — |  |  | 223,260 |  |  | — |  |  | 223,260 |

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 The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration