XML 42 R27.htm IDEA: XBRL DOCUMENT
v3.20.2

Fair Value Measurements (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2020
Fair Value Disclosures [Abstract] |
Schedule of 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, 2020 and December 31, 2019. 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, 2020 |  |  |  |  |  |
(dollars in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
ASSETS |  |  |  |  |  |  |
Available-for-sale debt securities: |  |  |  |  |  |  |
U.S. Treasury securities | $ | — |  |  | $ | 10,355 |  |  | $ | — |  |  | $ | 10,355 |
Obligations of U.S. government corporations and agencies | — |  |  | 163,703 |  |  | — |  |  | 163,703 |
Collateralized mortgage obligations of U.S. government corporations and agencies | — |  |  | 181,162 |  |  | — |  |  | 181,162 |
Residential mortgage-backed securities of U.S. government corporations and agencies | — |  |  | 19,768 |  |  | — |  |  | 19,768 |
Commercial mortgage-backed securities of U.S. government corporations and agencies | — |  |  | 284,550 |  |  | — |  |  | 284,550 |
Corporate obligations | — |  |  | 5,038 |  |  | — |  |  | 5,038 |
Obligations of states and political subdivisions | — |  |  | 137,127 |  |  | — |  |  | 137,127 |
Total Available-for-sale Debt Securities | — |  |  | 801,703 |  |  | — |  |  | 801,703 |
Marketable equity securities | 2,602 |  |  | 61 |  |  | — |  |  | 2,663 |
Total Securities | 2,602 |  |  | 801,764 |  |  | — |  |  | 804,366 |
Securities held in a deferred compensation plan | 5,489 |  |  | — |  |  | — |  |  | 5,489 |
Derivative financial assets: |  |  |  |  |  |  |
Interest rate swaps | — |  |  | 94,371 |  |  | — |  |  | 94,371 |
Interest rate lock commitments | — |  |  | 2,583 |  |  | — |  |  | 2,583 |
Total Assets | $ | 8,091 |  |  | $ | 898,718 |  |  | $ | — |  |  | $ | 906,809 |
LIABILITIES |  |  |  |  |  |  |
Derivative financial liabilities: |  |  |  |  |  |  |
Interest rate swaps | $ | — |  |  | $ | 94,286 |  |  | $ | — |  |  | $ | 94,286 |
Forward sale contracts | — |  |  | 594 |  |  | — |  |  | 594 |
Total Liabilities | $ | — |  |  | $ | 94,880 |  |  | $ | — |  |  | $ | 94,880 |
|  | December 31, 2019 |  |  |  |  |  |  |  |  |
(dollars in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total
ASSETS |  |  |  |  |  |  |  |  |  |  |
Available-for-sale debt securities: |  |  |  |  |  |  |  |  |  |  |
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 Available-for-Sale Debt Securities |  | — |  |  |  | 779,133 |  |  |  | — |  |  |  | 779,133 |
Marketable equity securities |  | 5,078 |  |  |  | 72 |  |  |  | — |  |  |  | 5,150 |
Total Securities |  | 5,078 |  |  |  | 779,205 |  |  |  | — |  |  |  | 784,283 |
Securities held in a deferred compensation plan |  | 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
Schedule of Assets Measured at Fair Value on Nonrecurring Basis by Significant Unobservable Inputs | For Level 3 assets measured at fair value on a nonrecurring basis as of June 30, 2020 and December 31, 2019, the significant unobservable inputs used in the fair value measurements were as follows:
| June 30, 2020 |  | Valuation Technique |  |  | Significant Unobservable Inputs |  | Range |  |  | Weighted Average (1) (2) (3) |
(dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Loans held for investment | $ | 61,068 |  |  | Collateral method |  |  | Costs to sell |  | 0% | - | 17% | 6.81% |
|  |  | Discounted cash flow method |  |  | Discount rate |  | 3.25% |  |  | 3.25% |
Other real estate owned | 2,413 |  |  | Collateral method |  |  | Costs to sell |  | 0% | - | 7.00% | 4.52% |
Mortgage servicing rights | $ | 4,278 |  |  | Discounted cash flow method |  |  | Discount rate |  | 9.33% | - | 12.55% | 9.44% |
|  |  |  |  |  | Constant prepayment rates |  | 7.59% | - | 13.58% | 12.95% |
Total Assets | $ | 67,759 |  |  |  |  |  |  |  |  |  |  |  |
Schedule of Carrying Values and Fair Values of Financial Instruments | The carrying values and fair values of our financial instruments at June 30, 2020 and December 31, 2019 are presented in the following tables:
| Carrying Value(1) |  | Fair Value Measurements at June 30, 2020 |  |  |  |  |  |
(dollars in thousands) |  |  | Total |  | Level 1 |  | Level 2 |  | Level 3
ASSETS |  |  |  |  |  |  |  |  |
Cash and due from banks, including interest-bearing deposits | $ | 351,365 |  |  | $ | 351,365 |  |  | $ | 351,365 |  |  | $ | — |  |  | $ | — |
Securities | 804,366 |  |  | 804,366 |  |  | 2,602 |  |  | 801,764 |  |  | — |
Loans held for sale | 14,259 |  |  | 14,072 |  |  | — |  |  | — |  |  | 14,072 |
Portfolio loans, net | 7,433,949 |  |  | 7,422,797 |  |  | — |  |  | — |  |  | 7,422,797 |
Bank owned life insurance | 81,443 |  |  | 81,443 |  |  | — |  |  | 81,443 |  |  | — |
FHLB and other restricted stock | 15,151 |  |  | 15,151 |  |  | — |  |  | — |  |  | 15,151 |
Collateral receivable | 91,736 |  |  | 91,736 |  |  | 91,736 |  |  | — |  |  | — |
Securities held in a deferred compensation plan | 5,489 |  |  | 5,489 |  |  | 5,489 |  |  | — |  |  | — |
Mortgage servicing rights | 4,279 |  |  | 4,279 |  |  | — |  |  | — |  |  | 4,279 |
Interest rate swaps | 94,371 |  |  | 94,371 |  |  | — |  |  | 94,371 |  |  | — |
Interest rate lock commitments | 2,583 |  |  | 2,583 |  |  | — |  |  | 2,583 |  |  | — |
LIABILITIES |  |  |  |  |  |  |  |  |
Deposits | $ | 7,867,916 |  |  | $ | 7,874,298 |  |  | $ | 6,344,076 |  |  | $ | 1,530,222 |  |  | $ | — |
Securities sold under repurchase agreements | 92,159 |  |  | 92,159 |  |  | 92,159 |  |  | — |  |  | — |
Short-term borrowings | 84,541 |  |  | 84,541 |  |  | 84,541 |  |  | — |  |  | — |
Long-term borrowings | 49,489 |  |  | 50,538 |  |  | 4,585 |  |  | 45,953 |  |  | — |
Junior subordinated debt securities | 64,053 |  |  | 64,053 |  |  | 64,053 |  |  | — |  |  | — |
Interest rate swaps | 94,286 |  |  | 94,286 |  |  | — |  |  | 94,286 |  |  | — |
Forward sales contracts | 594 |  |  | 594 |  |  | — |  |  | 594 |  |  | — |
(1) As reported in the Consolidated Balance Sheets |  |  |  |  |  |  |  |  |
| Carrying Value(1) |  | Fair Value Measurements at December 31, 2019 |  |  |  |  |  |
(dollars in thousands) |  |  | 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 Deferred Compensation Plan | 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 | 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 |  |  |  |  |  |  |  |  |

X
- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=121572278&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration