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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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
September 30, 2019	Inputs			Inputs			Inputs			Fair Value
Debt securities available for sale	​	​	​	​	​	​	​	​	​	​	​
U.S. Treasury securities	$	—	​	$	51,651	​	$	—	​	$	51,651
Obligations of U.S. government corporations and agencies		—	​		205,613	​		—	​		205,613
Obligations of states and political subdivisions		—	​		269,062	​		—	​		269,062
Commercial mortgage-backed securities	​	—	​	​	123,568	​	​	—	​	​	123,568
Residential mortgage-backed securities		—	​		926,387	​		—	​		926,387
Corporate debt securities		—	​		124,724	​		—	​		124,724
Equity securities	​	—	​		5,690	​		—	​		5,690
Loans held for sale	​	—	​	​	70,345	​	​	—	​	​	70,345
Derivative assets	​	—	​	​	17,825	​	​	—	​	​	17,825
Derivative liabilities	​	—	​	​	19,177	​	​	—	​	​	19,177

​

​	​	​	​	​	​	​	​	​	​	​	​
​	Level 1			Level 2			Level 3			Total
December 31, 2018	Inputs			Inputs			Inputs			Fair Value
Debt 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
Equity securities	​	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

September 30, 2019

​

​

Impaired loans

​

$

—

​

$

—

​

$

6,917

​

$

6,917

OREO

​

—

​

—

​

55

​

55

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)

September 30, 2019

​

Impaired loans

$

6,917

Appraisal of collateral

Appraisal adjustments

- 5.6

%

to

- 100.0

%

​

​

​

​

​

​

​

​

(-39.2)%

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)%

​

​

​

​

​

​

​

​

​

​

​

​

​

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

The estimated fair values of financial instruments that are reported at amortized cost in the Company’s unaudited 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):

​

​	​	​	​	​	​	​	​	​	​	​	​
​	September 30, 2019					​	December 31, 2018
​	Carrying			Fair			Carrying			Fair
​	Amount			Value			Amount			Value
Financial assets:	​	​	​	​	​	​	​	​	​	​	​
Level 1 inputs:	​	​	​	​	​	​	​	​	​	​	​
Cash and cash equivalents	$	525,457	​	$	525,457	​	$	239,973	​	$	239,973
Level 2 inputs:	​	​	​	​	​	​	​	​	​	​	​
Debt securities held to maturity	​	15,170	​	​	15,399	​	​	608,660	​	​	603,360
Accrued interest receivable		29,408	​		29,408	​		22,314	​		22,314
Level 3 inputs:	​	​	​	​	​	​	​	​	​	​	​
Portfolio loans, net		6,616,450	​		6,630,255	​		5,517,780	​		5,473,063
Mortgage servicing rights	​	9,276	​	​	11,410	​	​	3,315	​	​	11,051
Other servicing rights	​	1,039	​	​	1,676	​	​	781	​	​	1,443
​	​	​	​	​	​	​	​	​	​	​	​
Financial liabilities:	​	​	​	​	​	​	​	​	​	​	​
Level 2 inputs:	​	​	​	​	​	​	​	​	​	​	​
Time deposits	$	1,652,971	​	$	1,654,955	​	$	1,497,003	​	$	1,482,301
Securities sold under agreements to repurchase		202,500	​		202,500	​		185,796	​		185,796
Short-term borrowings	​	29,739	​	​	29,835	​	​	—	​	​	—
Long-term debt		85,106	​		85,238	​	​	50,000	​		49,873
Junior subordinated debt owed to unconsolidated trusts		71,269	​		73,292	​		71,155	​		65,182
Accrued interest payable		7,487	​		7,487	​		6,568	​		6,568
Level 3 inputs:	​	​	​	​	​	​	​	​	​	​	​
Senior notes, net of unamortized issuance costs	​	39,640	​	​	40,144	​	​	39,539	​	​	39,452
Subordinated notes, net of unamortized issuance costs	​	59,222	​	​	60,971	​	​	59,147	​	​	58,186

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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-Section 50
-Paragraph 2
-Subparagraph (a)
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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
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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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=118260190&loc=d3e13467-108611

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-Publisher FASB
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