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Fair Value Measurements | 12 Months Ended
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Dec. 31, 2015
Fair Value Disclosures [Abstract] |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The following tables present our assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy level at December 31, 2015 and 2014. There were no transfers between Level 1 and Level 2 for items measured at fair value on a recurring basis during the periods presented.
| December 31, 2015
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total
ASSETS |  |  |  |
Securities available-for-sale: |  |  |  |
U.S. Treasury securities | $ | — |  | $ | 14,941 |  | $ | — |  | $ | 14,941 |
Obligations of U.S. government corporations and agencies | — |  | 263,303 |  | — |  | 263,303 |
Collateralized mortgage obligations of U.S. government corporations and agencies | — |  | 128,835 |  | — |  | 128,835 |
Residential mortgage-backed securities of U.S. government corporations and agencies | — |  | 40,125 |  | — |  | 40,125 |
Commercial mortgage-backed securities of U.S. government corporations and agencies | — |  | 69,204 |  | — |  | 69,204 |
Obligations of states and political subdivisions | — |  | 134,886 |  | — |  | 134,886 |
Marketable equity securities | — |  | 9,669 |  | — |  | 9,669 |
Total securities available-for-sale | — |  | 660,963 |  | — |  | 660,963 |
Trading securities held in a Rabbi Trust | 4,021 |  | — |  | — |  | 4,021 |
Total securities | 4,021 |  | 660,963 |  | — |  | 664,984 |
Derivative financial assets: |  |  |  |
Interest rate swaps | — |  | 11,295 |  | — |  | 11,295 |
Interest rate lock commitments | — |  | 261 |  | — |  | 261 |
Total Assets | $ | 4,021 |  | $ | 672,519 |  | $ | — |  | $ | 676,540 |
LIABILITIES |  |  |  |
Derivative financial liabilities: |  |  |  |
Interest rate swaps | $ | — |  | $ | 11,276 |  | $ | — |  | $ | 11,276 |
Forward sale contracts | — |  | 5 |  | — |  | 5 |
Total Liabilities | $ | — |  | $ | 11,281 |  | $ | — |  | $ | 11,281 |
| December 31, 2014
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total
ASSETS |  |  |  |
Securities available-for-sale: |  |  |  |
U.S. Treasury securities | $ | — |  | $ | 14,880 |  | $ | — |  | $ | 14,880 |
Obligations of U.S. government corporations and agencies | — |  | 269,285 |  | — |  | 269,285 |
Collateralized mortgage obligations of U.S. government corporations and agencies | — |  | 118,006 |  | — |  | 118,006 |
Residential mortgage-backed securities of U.S. government corporations and agencies | — |  | 46,668 |  | — |  | 46,668 |
Commercial mortgage-backed securities of U.S. government corporations and agencies | — |  | 39,673 |  | — |  | 39,673 |
Obligations of states and political subdivisions | — |  | 142,702 |  | — |  | 142,702 |
Marketable equity securities | 178 |  | 8,881 |  | — |  | 9,059 |
Total securities available-for-sale | 178 |  | 640,095 |  | — |  | 640,273 |
Trading securities held in a Rabbi Trust | 3,456 |  | — |  | — |  | 3,456 |
Total securities | 3,634 |  | 640,095 |  | — |  | 643,729 |
Derivative financial assets: |  |  |  |
Interest rate swaps | — |  | 12,981 |  | — |  | 12,981 |
Interest rate lock commitments | — |  | 235 |  | — |  | 235 |
Total Assets | $ | 3,634 |  | $ | 653,311 |  | $ | — |  | $ | 656,945 |
LIABILITIES |  |  |  |
Derivative financial liabilities: |  |  |  |
Interest rate swaps | $ | — |  | $ | 12,953 |  | $ | — |  | $ | 12,953 |
Forward Sale Contracts | — |  | 57 |  |  |  | 57 |
Total Liabilities | $ | — |  | $ | 13,010 |  | $ | — |  | $ | 13,010 |
We classify financial instruments as Level 3 when valuation models are used because significant inputs are not observable in the market. We may be required to measure certain assets and liabilities on a nonrecurring basis. Nonrecurring assets are recorded at the lower of cost or fair value in our financial statements. There were no liabilities measured at fair value on a nonrecurring basis at December 31, 2015 and 2014. The following table presents our assets that are measured at fair value on a nonrecurring basis by the fair value hierarchy level as of the dates presented:
| December 31, 2015 |  | December 31, 2014
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total |  | Level 1 | Level 2 | Level 3 | Total
ASSETS(1) |  |  |  |  |  |  |  |  |
Impaired loans | — |  | — |  | 9,373 |  | 9,373 |  |  | — |  | — |  | 12,916 |  | 12,916 |
Other real estate owned | — |  | — |  | 158 |  | 158 |  |  | — |  | — |  | 117 |  | 117 |
Mortgage servicing rights | — |  | — |  | 3,396 |  | 3,396 |  |  | — |  | — |  | 2,934 |  | 2,934 |
Total Assets | $ | — |  | $ | — |  | $ | 12,927 |  | $ | 12,927 |  |  | $ | — |  | $ | — |  | $ | 15,967 |  | $ | 15,967 |
(1) | This table presents only the nonrecurring items that are recorded at fair value in our financial statements.
The carrying values and fair values of our financial instruments at December 31, 2015 and 2014 are presented in the following tables:
|  | Fair Value Measurements at December 31, 2015
(dollars in thousands) | Carrying Value(1) | Total | Level 1 | Level 2 | Level 3
ASSETS |  |  |  |  |
Cash and due from banks, including interest-bearing deposits | $ | 99,399 |  | $ | 99,399 |  | $ | 99,399 |  | $ | — |  | $ | — |
Securities available-for-sale | 660,963 |  | 660,963 |  | — |  | 660,963 |  | — |
Loans held for sale | 35,321 |  | 35,500 |  | — |  | — |  | 35,500 |
Portfolio loans, net of unearned income | 5,027,612 |  | 5,001,004 |  | — |  | — |  | 5,001,004 |
Bank owned life insurance | 70,175 |  | 70,175 |  | — |  | 70,175 |  | — |
FHLB and other restricted stock | 23,032 |  | 23,032 |  | — |  | — |  | 23,032 |
Trading securities held in a Rabbi Trust | 4,021 |  | 4,021 |  | 4,021 |  | — |  | — |
Mortgage servicing rights | 3,237 |  | 3,396 |  | — |  | — |  | 3,396 |
Interest rate swaps | 11,295 |  | 11,295 |  | — |  | 11,295 |  | — |
Interest rate lock commitments | 261 |  | 261 |  | — |  | 261 |  | — |
LIABILITIES |  |  |  |  |
Deposits | $ | 4,876,611 |  | $ | 4,881,718 |  | $ | — |  | $ | — |  | $ | 4,881,718 |
Securities sold under repurchase agreements | 62,086 |  | 62,086 |  | — |  | — |  | 62,086 |
Short-term borrowings | 356,000 |  | 356,000 |  | — |  | — |  | 356,000 |
Long-term borrowings | 117,043 |  | 117,859 |  | — |  | — |  | 117,859 |
Junior subordinated debt securities | 45,619 |  | 45,619 |  | — |  | — |  | 45,619 |
Interest rate swaps | 11,276 |  | 11,276 |  | — |  | 11,276 |  | — |
Forward sale contracts | 5 |  | 5 |  | — |  | 5 |  | — |
(1) | As reported in the Consolidated Balance Sheets
|  | Fair Value Measurements at December 31, 2014
(dollars in thousands) | Carrying Value(1) | Total | Level 1 | Level 2 | Level 3
ASSETS |  |  |  |  |
Cash and due from banks, including interest-bearing deposits | $ | 109,580 |  | $ | 109,580 |  | $ | 109,580 |  | $ | — |  | $ | — |
Securities available-for-sale | 640,273 |  | 640,273 |  | 178 |  | 640,095 |  | — |
Loans held for sale | 2,970 |  | 2,991 |  | — |  | — |  | 2,991 |
Portfolio loans, net of unearned income | 3,868,746 |  | 3,827,634 |  | — |  | — |  | 3,827,634 |
Bank owned life insurance | 62,252 |  | 62,252 |  | — |  | 62,252 |  | — |
FHLB and other restricted stock | 15,135 |  | 15,135 |  | — |  | — |  | 15,135 |
Trading securities held in a Rabbi Trust | 3,456 |  | 3,456 |  | 3,456 |  | — |  | — |
Mortgage servicing rights | 2,817 |  | 2,934 |  | — |  | — |  | 2,934 |
Interest rate swaps | 12,981 |  | 12,981 |  | — |  | 12,981 |  | — |
Interest rate lock commitments | 235 |  | 235 |  | — |  | 235 |  | — |
LIABILITIES |  |  |  |  |
Deposits | $ | 3,908,842 |  | $ | 3,910,342 |  | $ | — |  | $ | — |  | $ | 3,910,342 |
Securities sold under repurchase agreements | 30,605 |  | 30,605 |  | — |  | — |  | 30,605 |
Short-term borrowings | 290,000 |  | 290,000 |  | — |  | — |  | 290,000 |
Long-term borrowings | 19,442 |  | 20,462 |  | — |  | — |  | 20,462 |
Junior subordinated debt securities | 45,619 |  | 45,619 |  | — |  | — |  | 45,619 |
Interest rate swaps | 12,953 |  | 12,953 |  | — |  | 12,953 |  | — |
Forward sale contracts | 57 |  | 57 |  | — |  | 57 |  | — |
(1) | As reported in the Consolidated Balance Sheets

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring 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 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 3: 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=36462937&loc=d3e19190-110258 + Details
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