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Fair value measurements (Tables)

9 Months Ended

Sep. 30, 2016

Fair Value Disclosures [Abstract]

Schedule of estimated fair values of certain of the Company's financial instruments

The following table presents the carrying or notional amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments. For stock in Federal Home Loan Bank, the carrying amount is a reasonable estimate of fair value because it can only be redeemed at par. For bank-owned life insurance, the carrying amount is the cash surrender value of the insurance policies, which is a reasonable estimate of fair value. For financial liabilities such as noninterest-bearing demand, interest-bearing demand, and savings and money market deposits, the carrying amount is a reasonable estimate of fair value as these liabilities have no stated maturity.

						Estimated fair value
		Carrying or notional amount				Quoted  prices in active markets for identical assets				Significant  other observable  inputs				Significant unobservable inputs
(in thousands)						(Level 1)				(Level 2)				(Level 3)				Total
September 30, 2016
Financial assets
Money market funds		$	45,030			$	—			$	45,030			$	—			$	45,030
Available-for-sale investment securities		996,984				—				996,984				—				996,984
Stock in Federal Home Loan Bank		11,218				—				11,218				—				11,218
Loans receivable, net		4,702,644				—				26,784				4,923,457				4,950,241
Mortgage servicing rights		9,191				—				—				10,971				10,971
Bank-owned life insurance		141,262				—				141,262				—				141,262
Derivative assets		62,581				—				1,508				—				1,508
The Utilities’ derivative assets (included in amount above)		20,725				—				664				—				664
Financial liabilities
Deposit liabilities		5,380,721				—				5,384,924				—				5,384,924
Other bank borrowings		265,388				—				267,892				—				267,892
Long-term debt, net—other than bank		1,579,065				—				1,741,707				—				1,741,707
The Utilities’ long-term debt, net (included in amount above)		1,279,327				—				1,432,766				—				1,432,766
Derivative liabilities		42,344				121				43				—				164
December 31, 2015
Financial assets
Money market funds		$	10			$	—			$	10			$	—			$	10
Available-for-sale investment securities		820,648				—				820,648				—				820,648
Stock in Federal Home Loan Bank		10,678				—				10,678				—				10,678
Loans receivable, net		4,570,412				—				4,639				4,744,886				4,749,525
Mortgage servicing rights		8,884				—				—				11,790				11,790
Bank-owned life insurance		138,139				—				138,139				—				138,139
Derivative assets		22,616				—				385				—				385
Financial liabilities
Deposit liabilities		5,025,254				—				5,024,500				—				5,024,500
Short-term borrowings—other than bank		103,063				—				103,063				—				103,063
Other bank borrowings		328,582				—				333,392				—				333,392
Long-term debt, net—other than bank*		1,578,368				—				1,669,087				—				1,669,087
The Utilities’ long-term debt, net (included in amount above)*		1,278,702				—				1,363,766				—				1,363,766
Derivative liabilities		23,269				15				15				—				30

* See Note 11 for the impact to prior period financial information of the adoption of ASU No. 2015-03.

Schedule of assets measured at fair value on a recurring basis

Assets and liabilities measured at fair value on a recurring basis were as follows:

		September 30, 2016												December 31, 2015
		Fair value measurements using												Fair value measurements using
(in thousands)		Level 1				Level 2				Level 3				Level 1				Level 2				Level 3
Money market funds (“other” segment)		$	—			$	45,030			$	—			$	—			$	10			$	—
Available-for-sale investment securities (bank segment)
Mortgage-related securities-FNMA, FHLMC and GNMA		$	—			$	807,612			$	—			$	—			$	607,689			$	—
U.S. Treasury and federal agency obligations		—				189,372				—				—				212,959				—
		$	—			$	996,984			$	—			$	—			$	820,648			$	—
Derivative assets
Interest rate lock commitments 1		$	—			$	843			$	—			$	—			$	384			$	—
Forward commitments 1		—				1				—				—				1				—
Window forward contract 2		—				664				—				—				—				—
		$	—			$	1,508			$	—			$	—			$	385			$	—
Derivative liabilities 1
Forward commitments		$	121			$	43			$	—			$	15			$	15			$	—

¹  Derivatives are carried at fair value with changes in value reflected in the balance sheet in other assets or other liabilities and included in mortgage banking income.

² Asset derivatives are included in other current assets in the balance sheets.

Schedule of assets measured at fair value on a nonrecurring basis

The carrying value of assets measured at fair value on a nonrecurring basis were as follows:

						Fair value measurements
(in thousands)		Balance				Level 1				Level 2				Level 3
September 30, 2016
Loans		$	1,382			$	—			$	—			$	1,382
Real estate acquired in settlement of loans		219				—				—				219
December 31, 2015
Loans		178				—				—				178
Real estate acquired in settlement of loans		1,030				—				—				1,030

Schedule of significant unobservable inputs used in the fair value measurement

Key assumptions used in estimating the fair value of ASB’s mortgage servicing rights used in the impairment analysis were as follows:

(dollars in thousands)		September 30, 2016				December 31, 2015
Unpaid principal balance		$	1,160,266			$	1,097,314
Weighted average note rate		4.00		%		4.05		%
Weighted average discount rate		9.4		%		9.6		%
Weighted average prepayment speed		12.4		%		9.3		%

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis:

Significant unobservable  input value (1)

($ in thousands)

Fair value

Valuation technique

Significant unobservable input

Range

Weighted Average

September 30, 2016

Residential loans

$

1,370

Fair value of property or collateral

Appraised value less 7% selling costs

42-91%

64%

Home equity lines of credit

12

Fair value of property or collateral

Appraised value less 7% selling costs

N/A (2)

Total loans

$

1,382

Real estate acquired in settlement of loans

$

219

Fair value of property or collateral

Appraised value less 7% selling costs

100%

100%

December 31, 2015

Residential loans

$

50

Fair value of property or collateral

Appraised value less 7% selling costs

N/A (2)

Home equity lines of credit

128

Fair value of property or collateral

Appraised value less 7% selling costs

N/A (2)

Total loans

$

178

Real estate acquired in settlement of loans

$

1,030

Fair value of property or collateral

Appraised value less 7% selling cost

100%

100%

(1) Represent percent of outstanding principal balance.

(2) N/A - Not applicable. There is one loan in each fair value measurement type.

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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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 quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs.

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