XML 38 R25.htm IDEA: XBRL DOCUMENT
v3.19.1

Fair Value of Assets and Liabilities (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2019
Fair Value Disclosures [Abstract] |
Assets Measured at Fair Value on Recurring Basis | The following table presents the Company’s assets that are measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall as of March 31, 2019 and December 31, 2018 (in thousands):
|  |  | Fair Value Measurements Using
| Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
March 31, 2019 |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | 190,727 |  |  | $ | — |  |  | $ | 190,727 |  |  | $ | — |
Obligations of states and political subdivisions | 191,103 |  |  | — |  |  | 190,135 |  |  | 968 |
Mortgage-backed securities | 311,484 |  |  | — |  |  | 311,484 |  |  | — |
Other securities | 2,304 |  |  | 96 |  |  | 2,208 |  |  | — |
Total available-for-sale securities | $ | 695,618 |  |  | $ | 96 |  |  | $ | 694,554 |  |  | $ | 968 |
December 31, 2018 |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | 198,649 |  |  | $ | — |  |  | $ | 198,649 |  |  | $ | — |
Obligations of states and political subdivisions | 192,579 |  |  | — |  |  | 191,612 |  |  | 967 |
Mortgage-backed securities | 298,672 |  |  | — |  |  | 298,672 |  |  | — |
Other securities | 2,374 |  |  | 364 |  |  | 2,010 |  |  | — |
Total available-for-sale securities | $ | 692,274 |  |  | $ | 364 |  |  | $ | 690,943 |  |  | $ | 967 |
Fair Value of Assets Measured on a Recurring Basis Using Significant Unobservable Inputs | The change in fair value of assets measured on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2019 and 2018 is summarized as follows (in thousands):
|  | Obligations of State and Political Subdivisions |  | Trust Preferred Securities
|  | Three months ended |  | Three months ended
|  | March 31, 2019 |  | March 31, 2018 |  | March 31, 2019 |  | March 31, 2018
Beginning balance |  | $ | 967 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,548 |
Transfers into Level 3 |  | — |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 |  | — |  |  | — |  |  | — |  |  | — |
Total gains or losses: |  |  |  |  |  |  |  |
Included in net income |  | 1 |  |  | — |  |  | — |  |  | — |
Included in other comprehensive income (loss) |  | — |  |  | — |  |  | — |  |  | 18 |
Purchases, issuances, sales and settlements: |  |  |  |  |  |  | — |  |  |
Purchases |  | — |  |  | — |  |  | — |  |  | — |
Issuances |  | — |  |  | — |  |  | — |  |  | — |
Sales |  | — |  |  | — |  |  | — |  |  | — |
Settlements |  | — |  |  | — |  |  | — |  |  | (44 | )
Ending balance |  | $ | 968 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,522 |
Total gains or losses for the period included in net income attributable to the change in unrealized gains or losses related to assets and liabilities still held at the reporting date |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Assets Measured at Fair Value on a Nonrecurring Basis | The following table presents the fair value measurement of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2019 and December 31, 2018 (in thousands):
| Fair Value Measurements Using
| Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
March 31, 2019 |  |  |  |  |  |  |
Impaired loans (collateral dependent) | $ | 8,478 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,478 |
Foreclosed assets held for sale | 1,574 |  |  | — |  |  | — |  |  | 1,574 |
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |
Impaired loans (collateral dependent) | $ | 16,437 |  |  | $ | — |  |  | $ | — |  |  | $ | 16,437 |
Foreclosed assets held for sale | 836 |  |  | — |  |  | — |  |  | 836 |
Significant Assumptions Used in Valuation of Level 3 Financial Instruments | The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements other than goodwill at March 31, 2019 and December 31, 2018 (in thousands).
March 31, 2019 | Fair Value |  | Valuation Technique |  | Unobservable Inputs |  | Range (Weighted Average)
Impaired loans (collateral dependent) | $ | 8,478 |  |  | Third party valuations |  | Discount to reflect realizable value |  | 0 | % | - | 40% | ( | 20% | )
Foreclosed assets held for sale | 1,574 |  |  | Third party valuations |  | Discount to reflect realizable value less estimated selling costs |  | 0 | % | - | 40% | ( | 35% | )
December 31, 2018 | Fair Value |  | Valuation Technique |  | Unobservable Inputs |  | Range (Weighted Average)
Impaired loans (collateral dependent) | $ | 16,437 |  |  | Third party valuations |  | Discount to reflect realizable value |  | 0 | % | - | 40% | ( | 20% | )
Foreclosed assets held for sale | 836 |  |  | Third party valuations |  | Discount to reflect realizable value less estimated selling costs |  | 0 | % | - | 40% | ( | 35% | )
(1) Every five years
Carrying Amounts and Estimated Fair Values of Financial Instruments Not Carried at Fair Value | The following tables present estimated fair values of the Company’s financial instruments at March 31, 2019 and December 31, 2018 in accordance with ASC 825 (in thousands):
| Carrying Amount |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
March 31, 2019 |  |  |  |  |  |  |  |  |
Financial Assets |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 232,052 |  |  | $ | 232,052 |  |  | $ | 232,052 |  |  | $ | — |  |  | $ | — |
Federal funds sold | 496 |  |  | 496 |  |  | 496 |  |  | — |  |  | — |
Certificates of deposit investments | 7,320 |  |  | 7,320 |  |  | — |  |  | 7,320 |  |  | — |
Available-for-sale securities | 695,618 |  |  | 695,618 |  |  | 96 |  |  | 694,554 |  |  | 968 |
Held-to-maturity securities | 69,462 |  |  | 68,743 |  |  | — |  |  | 68,743 |  |  | — |
Loans held for sale | 1,233 |  |  | 1,233 |  |  | — |  |  | 1,233 |  |  | — |
Loans net of allowance for loan losses | 2,569,057 |  |  | 2,520,206 |  |  | — |  |  | — |  |  | 2,520,206 |
Interest receivable | 16,073 |  |  | 16,073 |  |  | — |  |  | 16,073 |  |  | — |
Right-of-use lease assets | 13,531 |  |  | 13,531 |  |  | — |  |  | 13,531 |  |  | — |
Federal Reserve Bank stock | 7,389 |  |  | 7,389 |  |  | — |  |  | 7,389 |  |  | — |
Federal Home Loan Bank stock | 2,995 |  |  | 2,995 |  |  | — |  |  | 2,995 |  |  | — |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits | $ | 3,046,213 |  |  | $ | 3,051,083 |  |  | $ | — |  |  | $ | 2,385,575 |  |  | $ | 665,508 |
Securities sold under agreements to repurchase | 157,760 |  |  | 157,647 |  |  | — |  |  | 157,647 |  |  | — |
Interest payable | 2,166 |  |  | 2,166 |  |  | — |  |  | 2,166 |  |  | — |
Federal Home Loan Bank borrowings | 119,791 |  |  | 120,079 |  |  | — |  |  | 120,079 |  |  | — |
Other borrowings | 6,257 |  |  | 6,257 |  |  | — |  |  | 6,257 |  |  | — |
Junior subordinated debentures | 29,042 |  |  | 24,302 |  |  | — |  |  | 24,302 |  |  | — |
Lease liabilities | 13,533 |  |  | 13,533 |  |  | — |  |  | 13,533 |  |  | — |
| Carrying Amount |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
December 31, 2018 |  |  |  |  |  |  |  |  |
Financial Assets |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 140,735 |  |  | $ | 140,735 |  |  | $ | 140,735 |  |  | $ | — |  |  | $ | — |
Federal funds sold | 665 |  |  | 665 |  |  | 665 |  |  | — |  |  | — |
Certificates of deposit investments | 7,569 |  |  | 7,569 |  |  | — |  |  | 7,569 |  |  | — |
Available-for-sale securities | 692,274 |  |  | 692,274 |  |  | 364 |  |  | 690,943 |  |  | 967 |
Held-to-maturity securities | 69,436 |  |  | 67,909 |  |  | — |  |  | 67,909 |  |  | — |
Loans held for sale | 1,508 |  |  | 1,508 |  |  | — |  |  | 1,508 |  |  | — |
Loans net of allowance for loan losses | 2,616,822 |  |  | 2,541,037 |  |  | — |  |  | — |  |  | 2,541,037 |
Interest receivable | 16,881 |  |  | 16,881 |  |  | — |  |  | 16,881 |  |  | — |
Federal Reserve Bank stock | 7,390 |  |  | 7,390 |  |  | — |  |  | 7,390 |  |  | — |
Federal Home Loan Bank stock | 3,095 |  |  | 3,095 |  |  | — |  |  | 3,095 |  |  | — |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |
Deposits | $ | 2,988,686 |  |  | $ | 2,991,177 |  |  | $ | — |  |  | $ | 2,396,917 |  |  | $ | 594,260 |
Securities sold under agreements to repurchase | 192,330 |  |  | 192,179 |  |  | — |  |  | 192,179 |  |  | — |
Interest payable | 1,758 |  |  | 1,758 |  |  | — |  |  | 1,758 |  |  | — |
Federal Home Loan Bank borrowings | 119,745 |  |  | 119,704 |  |  | — |  |  | 119,704 |  |  | — |
Other borrowings | 7,724 |  |  | 7,724 |  |  | — |  |  | 7,724 |  |  | — |
Junior subordinated debentures | 29,000 |  |  | 24,418 |  |  | — |  |  | 24,418 |  |  | — |

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=99377789&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 assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. + 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 (a) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 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 (b) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258 Reference 3: 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=99377789&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19279-110258 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 (c) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
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=109250915&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=99377789&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