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Fair Value Measurements | 12 Months Ended
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Dec. 31, 2019
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, 2019 and 2018. There was one transfer between Level 1 and Level 2 for items measured at fair value on a recurring basis during the periods presented. The transfer is related to marketable equity securities with quoted prices in active markets that moved from level 2 to level 1.
| December 31, 2019
(dollars in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
ASSETS |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |
U.S. Treasury securities | $ | — |  |  | $ | 10,040 |  |  | $ | — |  |  | $ | 10,040 |
Obligations of U.S. government corporations and agencies | — |  |  | 157,697 |  |  | — |  |  | 157,697 |
Collateralized mortgage obligations of U.S. government corporations and agencies | — |  |  | 189,348 |  |  | — |  |  | 189,348 |
Residential mortgage-backed securities of U.S. government corporations and agencies | — |  |  | 22,418 |  |  | — |  |  | 22,418 |
Commercial mortgage-backed securities of U.S. government corporations and agencies | — |  |  | 275,870 |  |  | — |  |  | 275,870 |
Corporate Bonds | — |  |  | 7,627 |  |  | — |  |  | 7,627 |
Obligations of states and political subdivisions | — |  |  | 116,133 |  |  | — |  |  | 116,133 |
Total Debt Securities Available-for-Sale | — |  |  | 779,133 |  |  | — |  |  | 779,133 |
Marketable equity securities | 5,078 |  |  | 72 |  |  | — |  |  | 5,150 |
Total Securities | 5,078 |  |  | 779,205 |  |  | — |  |  | 784,283 |
Securities held in a Rabbi Trust | 5,987 |  |  | — |  |  | — |  |  | 5,987 |
Derivative financial assets: |  |  |  |  |  |  |
Interest rate swaps | — |  |  | 25,647 |  |  | — |  |  | 25,647 |
Interest rate lock commitments | — |  |  | 321 |  |  | — |  |  | 321 |
Forward sale contracts | — |  |  | 1 |  |  | — |  |  | 1 |
Total Assets | $ | 11,065 |  |  | $ | 805,174 |  |  | $ | — |  |  | $ | 816,239 |
LIABILITIES |  |  |  |  |  |  |
Derivative financial liabilities: |  |  |  |  |  |  |
Interest rate swaps | $ | — |  |  | $ | 25,615 |  |  | $ | — |  |  | $ | 25,615 |
Total Liabilities | $ | — |  |  | $ | 25,615 |  |  | $ | — |  |  | $ | 25,615 |
| December 31, 2018
(dollars in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
ASSETS |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |
U.S. Treasury securities | $ | — |  |  | $ | 9,736 |  |  | $ | — |  |  | $ | 9,736 |
Obligations of U.S. government corporations and agencies | — |  |  | 128,261 |  |  | — |  |  | 128,261 |
Collateralized mortgage obligations of U.S. government corporations and agencies | — |  |  | 148,659 |  |  | — |  |  | 148,659 |
Residential mortgage-backed securities of U.S. government corporations and agencies | — |  |  | 24,350 |  |  | — |  |  | 24,350 |
Commercial mortgage-backed securities of U.S. government corporations and agencies | — |  |  | 246,784 |  |  | — |  |  | 246,784 |
Obligations of states and political subdivisions | — |  |  | 122,266 |  |  | — |  |  | 122,266 |
Total Debt Securities Available-for-Sale | — |  |  | 680,056 |  |  | — |  |  | 680,056 |
Marketable equity securities | — |  |  | 4,816 |  |  | — |  |  | 4,816 |
Total Securities | — |  |  | 684,872 |  |  | — |  |  | 684,872 |
Securities held in a Rabbi Trust | 4,725 |  |  | — |  |  | — |  |  | 4,725 |
Derivative financial assets: |  |  |  |  |  |  |
Interest rate swaps | — |  |  | 5,504 |  |  | — |  |  | 5,504 |
Interest rate lock commitments | — |  |  | 251 |  |  | — |  |  | 251 |
Forward sale contracts | — |  |  | 55 |  |  | — |  |  | 55 |
Total Assets | $ | 4,725 |  |  | $ | 690,682 |  |  | $ | — |  |  | $ | 695,407 |
LIABILITIES |  |  |  |  |  |  |
Derivative financial liabilities: |  |  |  |  |  |  |
Interest rate swaps | $ | — |  |  | $ | 5,340 |  |  | $ | — |  |  | $ | 5,340 |
Total Liabilities | $ | — |  |  | $ | 5,340 |  |  | $ | — |  |  | $ | 5,340 |
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 at fair value 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 either December 31, 2019 or December 31, 2018. 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, 2019 |  | December 31, 2018
(dollars in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
ASSETS(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans held for sale | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Impaired loans | — |  |  | — |  |  | 38,697 |  |  | 38,697 |  |  | — |  |  | — |  |  | 21,441 |  |  | 21,441 |
Other real estate owned | — |  |  | — |  |  | 3,231 |  |  | 3,231 |  |  | — |  |  | — |  |  | 2,826 |  |  | 2,826 |
Mortgage servicing rights | — |  |  | — |  |  | 1,134 |  |  | 1,134 |  |  | — |  |  | — |  |  | 1,197 |  |  | 1,197 |
Total Assets | $ | — |  |  | $ | — |  |  | $ | 43,062 |  |  | $ | 43,062 |  |  | $ | — |  |  | $ | — |  |  | $ | 25,464 |  |  | $ | 25,464 |
(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, 2019 and 2018 are presented in the following tables:
|  |  | Fair Value Measurements at December 31, 2019
(dollars in thousands) | Carrying Value(1) |  | Total |  | Level 1 |  | Level 2 |  | Level 3
ASSETS |  |  |  |  |  |  |  |  |
Cash and due from banks, including interest-bearing deposits | $ | 197,823 |  |  | $ | 197,823 |  |  | $ | 197,823 |  |  | $ | — |  |  | $ | — |
Securities | 784,283 |  |  | 784,283 |  |  | 5,078 |  |  | 779,205 |  |  | — |
Loans held for sale | 5,256 |  |  | 5,256 |  |  | — |  |  | — |  |  | 5,256 |
Portfolio loans, net | 7,074,928 |  |  | 6,940,875 |  |  | — |  |  | — |  |  | 6,940,875 |
Bank owned life insurance | 80,473 |  |  | 80,473 |  |  | — |  |  | 80,473 |  |  | — |
FHLB and other restricted stock | 22,977 |  |  | 22,977 |  |  | — |  |  | — |  |  | 22,977 |
Securities held in a Rabbi Trust | 5,987 |  |  | 5,987 |  |  | 5,987 |  |  | — |  |  | — |
Mortgage servicing rights | 4,662 |  |  | 4,650 |  |  | — |  |  | — |  |  | 4,650 |
Interest rate swaps | 25,647 |  |  | 25,647 |  |  | — |  |  | 25,647 |  |  | — |
Interest rate lock commitments | 321 |  |  | 321 |  |  | — |  |  | 321 |  |  | — |
Forward sale contracts - mortgage loans | 1 |  |  | 1 |  |  | — |  |  | 1 |  |  | — |
LIABILITIES |  |  |  |  |  |  |  |  |
Deposits | $ | 7,036,576 |  |  | $ | 7,034,595 |  |  | $ | 5,441,143 |  |  | $ | 1,593,452 |  |  | $ | — |
Securities sold under repurchase agreements | 19,888 |  |  | 19,888 |  |  | 19,888 |  |  | — |  |  | — |
Short-term borrowings | 281,319 |  |  | 281,319 |  |  | 281,319 |  |  | — |  |  | — |
Long-term borrowings | 50,868 |  |  | 51,339 |  |  | 4,678 |  |  | 46,661 |  |  | — |
Junior subordinated debt securities | 64,277 |  |  | 64,277 |  |  | 64,277 |  |  | — |  |  | — |
Interest rate swaps | 25,615 |  |  | 25,615 |  |  | — |  |  | 25,615 |  |  | — |
(1)As reported in the Consolidated Balance Sheets
|  |  | Fair Value Measurements at December 31, 2018
(dollars in thousands) | Carrying Value(1) |  | Total |  | Level 1 |  | Level 2 |  | Level 3
ASSETS |  |  |  |  |  |  |  |  |
Cash and due from banks, including interest-bearing deposits | $ | 155,489 |  |  | $ | 155,489 |  |  | $ | 155,489 |  |  | $ | — |  |  | $ | — |
Securities | 684,872 |  |  | 684,872 |  |  | — |  |  | 684,872 |  |  | — |
Loans held for sale | 2,371 |  |  | 2,469 |  |  | — |  |  | — |  |  | 2,469 |
Portfolio loans, net | 5,885,652 |  |  | 5,728,843 |  |  | — |  |  | — |  |  | 5,728,843 |
Bank owned life insurance | 73,900 |  |  | 73,900 |  |  | — |  |  | 73,900 |  |  | — |
FHLB and other restricted stock | 29,435 |  |  | 29,435 |  |  | — |  |  | — |  |  | 29,435 |
Securities held in a Rabbi Trust | 4,725 |  |  | 4,725 |  |  | 4,725 |  |  | — |  |  | — |
Mortgage servicing rights | 4,464 |  |  | 5,181 |  |  | — |  |  | — |  |  | 5,181 |
Interest rate swaps | 5,504 |  |  | 5,504 |  |  | — |  |  | 5,504 |  |  | — |
Interest rate lock commitments | 251 |  |  | 251 |  |  | — |  |  | 251 |  |  | — |
Forward sale contracts | 55 |  |  | 55 |  |  | — |  |  | 55 |  |  | — |
LIABILITIES |  |  |  |  |  |  |  |  |
Deposits | $ | 5,673,922 |  |  | $ | 5,662,193 |  |  | $ | 4,261,884 |  |  | $ | 1,400,309 |  |  | $ | — |
Securities sold under repurchase agreements | 18,383 |  |  | 18,383 |  |  | 18,383 |  |  | — |  |  | — |
Short-term borrowings | 470,000 |  |  | 470,000 |  |  | 470,000 |  |  | — |  |  | — |
Long-term borrowings | 70,314 |  |  | 70,578 |  |  | 38,610 |  |  | 31,968 |  |  |  |
Junior subordinated debt securities | 45,619 |  |  | 45,619 |  |  | 45,619 |  |  | — |  |  | — |
Interest rate swaps | 5,340 |  |  | 5,340 |  |  | — |  |  | 5,340 |  |  | — |
(1)As reported in the Consolidated Balance Sheets

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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