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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring And Nonrecurring Basis

The following table presents assets and liabilities measured at fair value (in thousands):

	Total			Level 1			Level 2			Level 3			Total Gains (Losses)
September 30, 2018
Recurring fair value measurements
Financial Assets
U.S. Government agencies	$	1		$	—		$	1		$	—
Obligations of states and political subdivisions	91,564			—			91,564			—
Mortgage-backed securities:
U.S. Government agencies	447,746			—			447,746			—
Private label	529			—			529			—
Trust preferred securities	4,798			—			4,537			261
Corporate securities	16,921			—			16,921			—
Marketable equity securities	11,559			6,686			4,873			—
Investment funds	1,444			1,444			—			—
Derivative assets	27,188			—			27,188			—
Financial Liabilities
Derivative liabilities	26,831			—			26,831			—
Nonrecurring fair value measurements
Financial Assets
Impaired loans	$	10,196		$	—		$	—		$	10,196		$	(356	)
Non-Financial Assets
Other real estate owned	4,259			—			—			4,259			(328		)
December 31, 2017
Recurring fair value measurements
Financial Assets
U.S. Government agencies	$	2		$	—		$	2		$	—
Obligations of states and political subdivisions	96,196			—			96,196			—
Mortgage-backed securities:
U.S. Government agencies	419,347			—			419,347			—
Private label	652			—			652			—
Trust preferred securities	4,736			—			4,475			261
Corporate securities	22,268			—			22,268			—
Marketable equity securities	5,699			5,699			—			—
Investment funds	1,489			1,489			—			—
Derivative assets	14,502			—			14,502			—
Financial Liabilities
Derivative liabilities	14,390			—			14,390			—
Nonrecurring fair value measurements
Financial Assets
Impaired loans	$	9,020		$	—		$	—		$	9,020		$	(647	)
Non-Financial Assets
Other real estate owned	3,585			—			—			3,585			(374		)
Other assets	—			—			—			—			(170		)

Schedule Of Reconciliation Of Investment Securities Available For Sale Measured At Fair Value On A Recurring Basis Level 3 Assets

The table below presents a reconcilement of the Company’s financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3), which consist solely of trust preferred securities (in thousands):

	Nine months ended September 30,
	2018			2017
Beginning balance	$	261		$	2,535
Included in other comprehensive income	—			(974		)
Dispositions	—			(1,300		)
Transfers into Level 3	—			—
Ending balance	$	261		$	261

Schedule Of Level 3 Financial Assets And Liabilities Measured On A Non-Recurring Basis

The table below presents a reconcilement of the Company's financial assets and liabilities measured at fair value on a nonrecurring basis using significant unobservable inputs (Level 3), which solely relates to impaired loans that were remeasured and reported at fair value through a specific valuation allowance allocation of the allowance for loan losses based upon the fair value of the underlying collateral (in thousands).  The fair value of impaired loans is estimated using one of several methods, including collateral value, liquidation value and discounted cash flows.  The significant unobservable inputs used in the fair value measurement of collateral for collateral-dependent impaired loans primarily relate to discounts applied to the customers’ reported amount of collateral.  The amount of collateral discount depends upon the marketability of the underlying collateral.  During the nine months ended September 30, 2018 and 2017, collateral discounts ranged from 20% to 30%. During the nine months ended September 30, 2018 and 2017, the Company had no Level 2 financial assets and liabilities that were measured on a nonrecurring basis.

	Nine months ended September 30,
	2018			2017
Beginning balance	$	9,020		$	6,916
Loans classified as impaired during the period	2,371			2,995
Specific valuation allowance allocations	—			(86		)
Loans classified as impaired during the period, net of specific valuation allowances	2,371			2,909
(Additional) reduction in specific valuation allowance allocations	(292		)	40
Paydowns, payoffs, other activity	(903		)	(609		)
Ending balance	$	10,196		$	9,256

Schedule Of Level 3 Non-Financial Assets and Liabilities Measured On a Non-Recurring Basis

The table below presents OREO that was remeasured and reported at fair value based on significant unobservable inputs (Level 3) (in thousands):

	Nine months ended September 30,
	2018			2017
Beginning balance	$	3,585		$	4,588
OREO remeasured at initial recognition:
Carrying value of foreclosed assets prior to remeasurement	3,909			2,743
Charge-offs recognized in the allowance for loan losses	(1,429		)	(954		)
Fair value	2,480			1,789
OREO remeasured subsequent to initial recognition:
Carrying value of foreclosed assets prior to remeasurement	1,742			1,464
Fair value	1,414			1,152
Write-downs included in other non-interest expense	(328		)	(312		)
Disposed	(1,478		)	(2,070		)
Ending balance	$	4,259		$	3,995

Schedule Of Estimates Of Fair Value Of Financial Instruments

The following table represents the estimates of fair value of financial instruments (in thousands). This table excludes financial instruments for which the carrying amount approximates fair value. For short-term financial assets such as cash and cash equivalents, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization. For financial liabilities such as noninterest-bearing demand, interest-bearing demand and savings deposits, the carrying amount is a reasonable estimate of fair value due to these products having no stated maturity.

	Carrying Amount			Fair Value			Level 1			Level 2			Level 3
September 30, 2018
Assets:
Cash and cash equivalents	$	305,910		$	305,910		$	305,910		$	—		$	—
Securities available-for-sale	563,003			563,003			1,444			561,298			261
Securities held-to-maturity	57,812			56,841			—			56,841			—
Other securities	28,875			28,875			6,686			22,189			—
Net loans	3,130,386			3,111,258			—			—			3,111,258
Accrued interest receivable	11,449			11,449			11,449			—			—
Derivative assets	27,188			27,188			—			27,188			—
Liabilities:
Deposits	3,443,631			3,449,884			2,295,922			1,153,962			—
Short-term debt	390,124			390,081			—			390,081			—
Long-term debt	16,495			16,492			—			16,492			—
Derivative liabilities	26,831			26,831			—			26,831			—
December 31, 2017
Assets:
Cash and cash equivalents	82,508			82,508			82,508			—			—
Securities available-for-sale	550,389			550,389			7,188			542,940			261
Securities held-to-maturity	64,449			65,646			—			65,646			—
Other securities	14,147			14,147			—			14,147			—
Net loans	3,108,574			3,014,425			—			—			3,014,425
Accrued interest receivable	9,223			9,223			9,223			—			—
Derivative assets	14,502			14,502			—			14,502			—
Liabilities:
Deposits	3,315,634			3,309,910			2,232,159			1,077,751			—
Short-term debt	252,219			252,219			—			252,219			—
Long-term debt	16,495			16,444			—			16,444			—
Derivative liabilities	14,390			14,390			—			14,390			—

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Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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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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