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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

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)
March 31, 2019
Recurring fair value measurements
Financial Assets
U.S. Government agencies	$	2,300		$	—		$	2,300		$	—
Obligations of states and political subdivisions	125,640			—			125,640			—
Mortgage-backed securities:
U.S. Government agencies	588,698			—			588,698			—
Private label	12,115			—			12,115			—
Trust preferred securities	4,238			—			3,977			261
Corporate securities	16,879			—			16,879			—
Marketable equity securities	10,388			6,050			4,338			—
Certificates of deposit held for investment	3,735						3,735
Investment funds	1,476			1,476			—			—
Derivative assets	13,582			—			13,582			—
Financial Liabilities
Derivative liabilities	13,482			—			13,482			—
Nonrecurring fair value measurements
Financial Assets
Impaired loans	$	9,468		$	—		$	—		$	9,468		$	(74	)
Non-Financial Assets
Other real estate owned	3,186			—			—			3,186			(213		)
December 31, 2018
Recurring fair value measurements
Financial Assets
U.S. Government agencies	$	5,733		$	—		$	5,733		$	—
Obligations of states and political subdivisions	128,070			—			128,070			—
Mortgage-backed securities:
U.S. Government agencies	550,758			—			550,758			—
Private label	12,043			—			12,043			—
Trust preferred securities	4,799			—			4,538			261
Corporate securities	16,658			—			16,658			—
Marketable equity securities	10,313			5,907			4,406			—
Certificates of deposit held for investment	3,735						3,735
Investment funds	1,458			1,458			—			—
Derivative assets	17,100			—			17,100			—
Financial Liabilities
Derivative liabilities	16,905			—			16,905			—
Nonrecurring fair value measurements
Financial Assets
Impaired loans	$	10,078		$	—		$	—		$	10,078		$	(428	)
Non-Financial Assets
Other real estate owned	4,608			—			—			4,608			(838		)
Other assets	600			—			—			600			(492		)

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 three months ended March 31, 2019 and 2018, collateral discounts ranged from 20% to 30%. During the three months ended March 31, 2019 and 2018, the Company had no Level 2 financial assets and liabilities that were measured on a nonrecurring basis.

	Three months ended March 31,
	2019			2018
Beginning balance	$	10,078		$	9,020
Loans classified as impaired during the period	—			—
Specific valuation allowance allocations	—			—
Loans classified as impaired during the period, net of specific valuation allowances	—			—
Reduction in (additional) specific valuation allowance allocations	74			(474		)
Paydowns, payoffs, other activity	(684		)	888
Ending balance	$	9,468		$	9,434

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):

	Three months ended March 31,
	2019			2018
Beginning balance	$	4,608		$	3,585
OREO remeasured at initial recognition:
Carrying value of foreclosed assets prior to remeasurement	706			1,218
Charge-offs recognized in the allowance for loan losses	(401		)	(353		)
Fair value	305			865
OREO remeasured subsequent to initial recognition:
Carrying value of foreclosed assets prior to remeasurement	1,300			1,362
Fair value	1,087			1,149
Write-downs included in other non-interest expense	(213		)	(213		)
Disposed	(1,514		)	(325		)
Ending balance	$	3,186		$	3,912

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
March 31, 2019
Assets:
Cash and cash equivalents	$	143,850		$	143,850		$	143,850		$	—		$	—
Securities available-for-sale	755,081			755,081			1,476			753,344			261
Securities held-to-maturity	55,326			56,085			—			56,085			—
Other securities	26,182			26,182			6,050			20,132			—
Net loans	3,544,676			3,513,838			—			—			3,513,838
Accrued interest receivable	13,657			13,657			13,657			—			—
Derivative assets	13,582			13,582			—			13,582			—
Liabilities:
Deposits	4,043,007			4,057,776			2,661,094			1,396,682			—
Short-term debt	194,683			194,683			—			194,683			—
Long-term debt	4,053			4,115			—			4,115			—
Derivative liabilities	13,482			13,482			—			13,482			—
December 31, 2018
Assets:
Cash and cash equivalents	122,991			122,991			122,991			—			—
Securities available-for-sale	723,254			723,254			1,458			721,535			261
Securities held-to-maturity	60,827			60,706			—			60,706			—
Other securities	28,810			28,810			5,907			22,903			—
Net loans	3,571,642			3,516,557			—			—			3,516,557
Accrued interest receivable	12,424			12,424			12,424			—			—
Derivative assets	17,100			17,100			—			17,100			—
Liabilities:
Deposits	3,975,559			3,985,534			2,622,905			1,362,629			—
Short-term debt	261,911			261,911			—			261,911			—
Long-term debt	4,053			4,115			—			4,115			—
Derivative liabilities	16,905			16,905			—			16,905			—

X

- Definition

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 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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