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Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Summary of Company's Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables summarize the Company’s financial assets and liabilities that were measured at fair value on a recurring basis at December 31, 2019 and 2018:

						Fair Value Measurements Using
2019		Fair Value				Level 1				Level 2				Level 3
Financial assets
Securities available-for-sale
U.S. Treasury Notes		$	41,830			$	41,830			$	—			$	—
U.S. Government agencies			164,950				—				164,950				—
Obligations of states, municipalities, and political    subdivisions			94,832				—				94,832				—
Mortgage-backed securities; residential
Agency			490,236				—				490,236				—
Non-Agency			109,822				—				109,822				—
Mortgage-backed securities; commercial
Agency			159,701				—				159,701				—
Non-Agency			31,274				—				31,274				—
Corporate securities			49,330				—				49,330				—
Asset-backed securities			44,317				—				44,317				—
Equity and other securities, at fair value
Mutual funds			2,952				2,952				—				—
Equity securities			5,079				—				4,379				700
Servicing assets			19,471				—				—				19,471
Derivative assets			7,960				—				7,960				—
Financial liabilities
Derivative liabilities			8,519				—				8,519				—

						Fair Value Measurements Using
2018		Fair Value				Level 1				Level 2				Level 3
Financial assets
Securities available-for-sale
U.S. Treasury Notes		$	52,667			$	52,667			$	—			$	—
U.S. Government agencies			186,498				—				186,498				—
Obligations of states, municipalities, and political    subdivisions			60,233				—				60,233				195
Mortgage-backed securities; residential
Agency			272,963				—				272,963				—
Non-Agency			83,621				—				83,621				—
Mortgage-backed securities; commercial
Agency			90,434				—				90,434				—
Non-Agency			30,458				—				30,458				—
Corporate securities			34,173				—				34,173				—
Other securities			6,609				2,844				3,074				691
Servicing assets			19,693				—				—				19,693
Derivative assets			10,740				—				10,740				—
Financial liabilities
Derivative liabilities			4,243				—				4,243				—

Summary of Financial Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs

The following table presents additional information about financial assets measured at fair value on recurring basis for which the Company used significant unobservable inputs (Level 3):

	Years Ended
	December 31,
	2019			2018				2019			2018
	Investment Securities							Servicing Assets
Balance, beginning of period	$	886		$	1,052			$	19,693		$	21,400
Acquired assets at fair value		—			314				—			—
Additions, net		—			—				6,417			7,562
Maturities		(195	)		(494	)			—			—
Amortization		—			5				—			—
Change in unrealized gain		—			9				—			—
Change in fair value		9			—				(6,639	)		(9,269	)
Balance, end of period	$	700		$	886			$	19,471		$	19,693

Summary of Unobservable Inputs Used in the Fair Value Measurements on Recurring Basis

The following table presents additional information about the unobservable inputs used in the fair value measurements on recurring basis that were categorized within Level 3 of the fair value hierarchy as of December 31, 2019:

Financial Instruments

Valuation Technique

Unobservable Inputs

Range of Inputs

Weighted Average Input

Impact to Valuation from an Increased or Higher Input Value

Single issuer trust preferred

Discounted cash flow

Discount rate

5.1%—6.4%

5.6

%

Decrease

Servicing assets

Discounted cash flow

Prepayment speeds

2.9%—24.9%

14.7

%

Decrease

Discount rate

5.6%—32.1%

12.5

%

Decrease

Expected weighted average loan life

0.1—8.9 years

4.3 years

Increase

Summary of Company's Assets Measured at Fair Value on a Non-Recurring Basis

The following tables summarize the Company’s assets that were measured at fair value on a non-recurring basis, excluding acquired impaired loans, as of December 31, 2019 and 2018:

						Fair Value Measurements Using
2019		Fair Value				Level 1				Level 2				Level 3
Non-recurring
Impaired loans
(excluding acquired impaired loans)
Commercial real estate		$	23,782			$	—			$	—			$	23,782
Residential real estate			2,274				—				—				2,274
Construction, land development, and other land			2,644				—				—				2,644
Commercial and industrial			29,351				—				—				29,351
Assets held for sale			15,362				—				—				15,362
Other real estate owned			9,896				—				—				9,896

						Fair Value Measurements Using
2018		Fair Value				Level 1				Level 2				Level 3
Non-recurring
Impaired loans
(excluding acquired impaired loans)
Commercial real estate		$	9,792			$	—			$	—			$	9,792
Residential real estate			2,076				—				—				2,076
Commercial and industrial			17,397				—				—				17,397
Assets held for sale			14,489				—				—				14,489
Other real estate owned			5,314				—				—				5,314

Estimated Fair Values of Financial Instruments

The estimated fair values of financial instruments not carried at fair value and levels within the fair value hierarchy are as follows:

		Fair Value				2019								2018
		Hierarchy Level				Carrying Amount				Estimated Fair Value				Carrying Amount				Estimated Fair Value
Financial assets
Cash and due from banks			1			$	48,228			$	48,228			$	30,190			$	30,190
Interest bearing deposits with other banks			2				32,509				32,509				91,670				91,670
Securities held-to-maturity			2				4,412				4,498				99,266				97,739
Other restricted stock			2				22,127				22,127				19,202				19,202
Loans held for sale			3				11,732				12,935				19,827				21,654
Loans and lease receivables, net (less impaired loans    at fair value)			3				3,695,674				3,661,724				3,447,160				3,407,652
Accrued interest receivable			3				13,283				13,283				10,863				10,863
Financial liabilities
Non-interest-bearing deposits			2				1,279,641				1,279,641				1,192,873				1,192,873
Interest-bearing deposits			2				2,867,936				2,873,380				2,557,043				2,554,329
Accrued interest payable			2				3,677				3,677				3,484				3,484
Line of credit			2				—				—				—				—
Federal Home Loan Bank advances			2				490,000				490,000				425,000				425,000
Securities sold under repurchase agreement			2				49,638				49,638				34,166				34,166
Junior subordinated debentures			3				37,334				42,881				36,768				42,351

(1) In accordance with the prospective adoption of ASU 2016-01, the fair value of loans and lease receivables, net (less impaired loans at fair value) as of December 31, 2019 was measured using an exit price notion. The fair value as of December 31, 2018 was measured using an entry price notion.

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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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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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