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Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present our assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy level at June 30, 2016 and December 31, 2015. There were no transfers between Level 1 and Level 2 for items measured at fair value on a recurring basis during the periods presented.

	June 30, 2016
(dollars in thousands)	Level 1			Level 2			Level 3			Total
ASSETS
Securities available-for-sale:
U.S. Treasury securities	$	—		$	15,103		$	—		$	15,103
Obligations of U.S. government corporations and agencies	—			262,265			—			262,265
Collateralized mortgage obligations of U.S. government corporations and agencies	—			143,262			—			143,262
Residential mortgage-backed securities of U.S. government corporations and agencies	—			38,014			—			38,014
Commercial mortgage-backed securities of U.S. government corporations and agencies	—			81,668			—			81,668
Obligations of states and political subdivisions	—			134,250			—			134,250
Marketable equity securities	—			8,917			—			8,917
Total securities available-for-sale	—			683,479			—			683,479
Trading securities held in a Rabbi Trust	4,196			—			—			4,196
Total securities	4,196			683,479			—			687,675
Derivative financial assets:
Interest rate swap contracts - commercial loans	—			16,926			—			16,926
Interest rate lock commitments - mortgage loans	—			643			—			643
Total Assets	$	4,196		$	701,048		$	—		$	705,244
LIABILITIES
Derivative financial liabilities:
Interest rate swap contracts - commercial loans	$	—		$	16,786		$	—		$	16,786
Forward sale contracts - mortgage loans	—			204			—			204
Total Liabilities	$	—		$	16,990		$	—		$	16,990

	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 swap contracts - commercial loans	—			11,295			—			11,295
Interest rate lock commitments - mortgage loans	—			261			—			261
Total Assets	$	4,021		$	672,519		$	—		$	676,540
LIABILITIES
Derivative financial liabilities:
Interest rate swap contracts - commercial loans	$	—		$	11,276		$	—		$	11,276
Forward sale contracts - mortgage loans	—			5			—			5
Total Liabilities	$	—		$	11,281		$	—		$	11,281

Assets Measured at Estimated Fair Value on Nonrecurring Basis by Fair Value Hierarchy

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:

	June 30, 2016													December 31, 2015
(dollars in thousands)	Level 1			Level 2			Level 3			Total				Level 1			Level 2			Level 3			Total
ASSETS(1)
Impaired loans	—			—			14,343			14,343				—			—			9,373			9,373
Other real estate owned	—			—			149			149				—			—			158			158
Mortgage servicing rights	—			—			3,094			3,094				—			—			3,396			3,396
Total Assets	$	—		$	—		$	17,586		$	17,586			$	—		$	—		$	12,927		$	12,927
(1)This table presents only the nonrecurring items that are recorded at fair value in our financial statements.

Carrying Values and Fair Values of Financial Instruments

The carrying values and fair values of our financial instruments at June 30, 2016 and December 31, 2015 are presented in the following tables:

	Carrying Value(1)			Fair Value Measurements at June 30, 2016
(dollars in thousands)				Total			Level 1			Level 2			Level 3
ASSETS
Cash and due from banks, including interest-bearing deposits	$	94,991		$	94,991		$	94,991		$	—		$	—
Securities available-for-sale	683,479			683,479			—			683,479			—
Loans held for sale	11,999			12,485			—			—			12,485
Portfolio loans, net of unearned income	5,388,264			5,380,012			—			—			5,380,012
Bank owned life insurance	70,991			70,991			—			70,991			—
FHLB and other restricted stock	27,755			27,755			—			—			27,755
Trading securities held in a Rabbi Trust	4,196			4,196			4,196			—			—
Mortgage servicing rights	3,094			3,094			—			—			3,094
Interest rate swap contracts - commercial loans	16,926			16,926			—			16,926			—
Interest rate lock commitments - mortgage loans	643			643			—			643			—
LIABILITIES
Deposits	$	5,120,318		$	5,127,474		$	—		$	—		$	5,127,474
Securities sold under repurchase agreements	48,479			48,479			—			—			48,479
Short-term borrowings	550,000			550,000			—			—			550,000
Long-term borrowings	15,888			16,843			—			—			16,843
Junior subordinated debt securities	45,619			45,619			—			—			45,619
Interest rate swap contracts - commercial loans	16,786			16,786			—			16,786			—
Forward sale contracts - mortgage loans	204			204			—			204			—
(1) As reported in the Consolidated Balance Sheets

	Carrying Value(1)			Fair Value Measurements at December 31, 2015
(dollars in thousands)				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 swap contracts - commercial loans	11,295			11,295			—			11,295			—
Interest rate lock commitments - mortgage loans	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 swap contracts - commercial loans	11,276			11,276			—			11,276			—
Forward sale contracts - mortgage loans	5			5			—			5			—
(1) As reported in the Consolidated Balance Sheets

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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).

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-Section 50
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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

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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

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