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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2019
Fair Value Measurements |
Schedule of financial assets and financial liabilities measured at fair value on a recurring basis | The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):
| Level 1 |  | Level 2 |  | Level 3 |  | Total
March 31, 2019 | Inputs |  | Inputs |  | Inputs |  | Fair Value
Fair value adjusted through comprehensive income: |  |  |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | — |  | $ | 64,309 |  | $ | — |  | $ | 64,309
Obligations of U.S. government corporations and agencies |  | — |  |  | 325,420 |  |  | — |  |  | 325,420
Obligations of states and political subdivisions |  | — |  |  | 283,478 |  |  | — |  |  | 283,478
Commercial mortgage-backed securities |  | — |  |  | 55,562 |  |  | — |  |  | 55,562
Residential mortgage-backed securities |  | — |  |  | 1,049,761 |  |  | — |  |  | 1,049,761
Corporate debt securities |  | — |  |  | 139,765 |  |  | — |  |  | 139,765
Fair value adjusted through current period earnings: |  |  |  |  |  |  |  |  |  |  |
Securities equity investments |  | 6,378 |  |  | — |  |  | — |  |  | 6,378
Loans held for sale |  | — |  |  | 20,291 |  |  | — |  |  | 20,291
Derivative assets |  | — |  |  | 5,986 |  |  | — |  |  | 5,986
Derivative liabilities |  | — |  |  | 6,269 |  |  | — |  |  | 6,269
| Level 1 |  | Level 2 |  | Level 3 |  | Total
December 31, 2018 | Inputs |  | Inputs |  | Inputs |  | Fair Value
Securities available for sale |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | — |  | $ | 25,411 |  | $ | — |  | $ | 25,411
Obligations of U.S. government corporations and agencies |  | — |  |  | 52,342 |  |  | — |  |  | 52,342
Obligations of states and political subdivisions |  | — |  |  | 170,044 |  |  | — |  |  | 170,044
Commercial mortgage-backed securities |  | — |  |  | 1,942 |  |  | — |  |  | 1,942
Residential mortgage-backed securities |  | — |  |  | 315,748 |  |  | — |  |  | 315,748
Corporate debt securities |  | — |  |  | 132,198 |  |  | — |  |  | 132,198
Fair value adjusted through period earnings: |  |  |  |  |  |  |  |  |  |  |
Securities equity investments |  | 6,169 |  |  | — |  |  | — |  |  | 6,169
Loans held for sale |  | — |  |  | 25,895 |  |  | — |  |  | 25,895
Derivative assets |  | — |  |  | 2,062 |  |  | — |  |  | 2,062
Derivative liabilities |  | — |  |  | 2,643 |  |  | — |  |  | 2,643
Schedule of assets and liabilities measured at fair value on a non-recurring basis | . The following table summarizes assets and liabilities measured at fair value on a non-recurring basis, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | Inputs |  | Inputs |  | Inputs |  | Fair Value
March 31, 2019 |  |
Impaired loans |  | $ | — |  | $ | — |  | $ | 10,001 |  | $ | 10,001
OREO |  |  | — |  |  | — |  |  | 84 |  |  | 84
Bank property held for sale |  |  | — |  |  | — |  |  | 1,832 |  |  | 1,832
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans |  | $ | — |  | $ | — |  | $ | 10,999 |  | $ | 10,999
OREO |  |  | — |  |  | — |  |  | 55 |  |  | 55
Bank property held for sale |  |  | — |  |  | — |  |  | 1,832 |  |  | 1,832
Schedule of quantitative information about Level 3 fair value measurements | The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis for which the Company has utilized level 3 inputs to determine fair value (dollars in thousands):
| Quantitative Information about Level 3 Fair Value Measurements
| Fair Value |  | Valuation |  | Unobservable |  | Range
| Estimate |  | Techniques |  | Input |  | (Weighted Average)
March 31, 2019 |
Impaired loans | $ | 10,001 |  | Appraisal of collateral |  | Appraisal adjustments |  | - 4.1 | % | to | - 100.0 | %
|  |  |  |  |  |  |  | (-25.6)%
OREO |  | 84 |  | Appraisal of collateral |  | Appraisal adjustments |  | - 25.0 | % | to | - 100.0 | %
|  |  |  |  |  |  |  | (-61.8)%
Bank property held for sale |  | 1,832 |  | Appraisal of collateral or real estate listing price |  | Appraisal adjustments |  | - 0.0 | % | to | - 35.1 | %
|  |  |  |  |  |  |  | (-28.3)%
| Quantitative Information about Level 3 Fair Value Measurements
| Fair Value |  | Valuation |  | Unobservable |  | Range
| Estimate |  | Techniques |  | Input |  | (Weighted Average)
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans | $ | 10,999 |  | Appraisal of collateral |  | Appraisal adjustments |  | - 3.3 | % | to | - 100.0 | %
|  |  |  |  |  |  |  | (-24.1)%
OREO |  | 55 |  | Appraisal of collateral |  | Appraisal adjustments |  | - 25.0 | % | to | - 100.0 | %
|  |  |  |  |  |  |  | (-65.0)%
Bank property held for sale |  | 1,832 |  | Appraisal of collateral or real estate listing price |  | Appraisal adjustments |  | - 0.0 | % | to | - 35.1 | %
|  |  |  |  |  |  |  | (-28.3)%
Schedule of estimated fair values of financial instruments |
| Quantitative Information about Level 3 Fair Value Measurements
| Fair Value |  | Valuation |  | Unobservable |  | Range
| Estimate |  | Techniques |  | Input |  | (Weighted Average)
March 31, 2019 |
Impaired loans | $ | 10,001 |  | Appraisal of collateral |  | Appraisal adjustments |  | - 4.1 | % | to | - 100.0 | %
|  |  |  |  |  |  |  | (-25.6)%
OREO |  | 84 |  | Appraisal of collateral |  | Appraisal adjustments |  | - 25.0 | % | to | - 100.0 | %
|  |  |  |  |  |  |  | (-61.8)%
Bank property held for sale |  | 1,832 |  | Appraisal of collateral or real estate listing price |  | Appraisal adjustments |  | - 0.0 | % | to | - 35.1 | %
|  |  |  |  |  |  |  | (-28.3)%
| Quantitative Information about Level 3 Fair Value Measurements
| Fair Value |  | Valuation |  | Unobservable |  | Range
| Estimate |  | Techniques |  | Input |  | (Weighted Average)
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans | $ | 10,999 |  | Appraisal of collateral |  | Appraisal adjustments |  | - 3.3 | % | to | - 100.0 | %
|  |  |  |  |  |  |  | (-24.1)%
OREO |  | 55 |  | Appraisal of collateral |  | Appraisal adjustments |  | - 25.0 | % | to | - 100.0 | %
|  |  |  |  |  |  |  | (-65.0)%
Bank property held for sale |  | 1,832 |  | Appraisal of collateral or real estate listing price |  | Appraisal adjustments |  | - 0.0 | % | to | - 35.1 | %
|  |  |  |  |  |  |  | (-28.3)%
The estimated fair values of financial instruments that are reported at amortized cost in the Company’s Consolidated Balance Sheets, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value, were as follows (dollars in thousands):
| March 31, 2019 |  | December 31, 2018
| Carrying |  | Fair |  | Carrying |  | Fair
| Amount |  | Value |  | Amount |  | Value
Financial assets: |  |  |  |  |  |  |  |  |  |  |
Level 1 inputs: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 330,407 |  | $ | 330,407 |  | $ | 239,973 |  | $ | 239,973
Level 2 inputs: |  |  |  |  |  |  |  |  |  |  |
Securities held to maturity |  | 15,846 |  |  | 15,975 |  |  | 608,660 |  |  | 603,360
Accrued interest receivable |  | 29,748 |  |  | 29,748 |  |  | 22,314 |  |  | 22,314
Level 3 inputs: |  |  |  |  |  |  |  |  |  |  |
Portfolio loans, net |  | 6,464,166 |  |  | 6,402,404 |  |  | 5,517,780 |  |  | 5,473,063
Mortgage servicing rights |  | 10,201 |  |  | 16,194 |  |  | 3,315 |  |  | 11,051
Other servicing rights |  | 839 |  |  | 1,413 |  |  | 781 |  |  | 1,443
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |
Level 2 inputs: |  |  |  |  |  |  |  |  |  |  |
Time deposits | $ | 1,757,078 |  | $ | 1,746,252 |  | $ | 1,497,003 |  | $ | 1,482,301
Securities sold under agreements to repurchase |  | 217,077 |  |  | 217,077 |  |  | 185,796 |  |  | 185,796
Short-term borrowings |  | 30,739 |  |  | 30,871 |  |  | — |  |  | —
Long-term debt |  | 89,476 |  |  | 89,738 |  |  | 50,000 |  |  | 49,873
Junior subordinated debt owed to unconsolidated trusts |  | 71,192 |  |  | 65,152 |  |  | 71,155 |  |  | 65,182
Accrued interest payable |  | 7,589 |  |  | 7,589 |  |  | 6,568 |  |  | 6,568
Level 3 inputs: |  |  |  |  |  |  |  |  |  |  |
Senior notes, net of unamortized issuance costs |  | 39,573 |  |  | 39,797 |  |  | 39,539 |  |  | 39,452
Subordinated notes, net of unamortized issuance costs |  | 59,172 |  |  | 58,748 |  |  | 59,147 |  |  | 58,186

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- Definition Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis. + 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 + Details
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- 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
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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 2 -Subparagraph (b) -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 + Details
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- 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
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