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Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Assets Measured at Fair Value on Recurring Basis

The following table presents the Company’s assets and liabilities 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 September 30, 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)
September 30, 2019
Available-for-sale securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	167,102			$	—			$	167,102			$	—
Obligations of states and political subdivisions	187,330				—				186,358				972
Mortgage-backed securities	378,844				—				378,844				—
Other securities	3,422				217				3,205				—
Total available-for-sale securities	$	736,698			$	217			$	735,509			$	972
Derivative liability:
Interest rate swap	$	605			$	—			$	605			$	—
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

		Obligation of State and Political Subdivisions
		Three months ended								Nine months ended
		September 30, 2019				September 30, 2018				September 30, 2019				September 30, 2018
Beginning balance		$	970			$	—			$	967			$	—
Transfers into Level 3		—				—				—				—
Transfers out of Level 3		—				—				—				—
Total gains or losses:						—								—
Included in net income		2				—				5				—
Included in other comprehensive income (loss)		—				—				—				—
Purchases, issuances, sales and settlements:
Purchases		—				—				—				—
Issuances		—				—				—				—
Sales		—				—				—				—
Settlements		—				—				—				—
Ending balance		$	972			$	—			$	972			$	—
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		$	—			$	—			$	—			$	—

The change in fair value of assets measured on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30, 2019 and 2018 is summarized as follows (in thousands):

		Trust Preferred Securities
		Three months ended								Nine months ended
		September 30, 2019				September 30, 2018				September 30, 2019				September 30, 2018
Beginning balance		$	—			$	—			$	—			$	2,548
Transfers into Level 3		—				—				—				—
Transfers out of Level 3		—				—				—				—
Total gains or losses:
Included in net income		—				—				—				—
Included in other comprehensive income (loss)		—				—				—				18
Purchases, issuances, sales and settlements:										—
Purchases		—				—				—				—
Issuances		—				—				—				—
Sales		—				—				—				(2,522		)
Settlements		—				—				—				(44		)
Ending balance		$	—			$	—			$	—			$	—
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 September 30, 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)
September 30, 2019
Impaired loans (collateral dependent)	$	7,816			$	—			$	—			$	7,816
Foreclosed assets held for sale	1,007				—				—				1,007
Mortgage servicing rights	1,569				—				—				1,569
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 September 30, 2019 and December 31, 2018 (in thousands).

September 30, 2019	Fair Value				Valuation Technique		Unobservable Inputs		Range (Weighted Average)
Impaired loans (collateral dependent)	$	7,816			Third party valuations		Discount to reflect realizable value		0	%	-	40%	(	20%	)
Foreclosed assets held for sale	1,007				Third party valuations		Discount to reflect realizable value less estimated selling costs		0	%	-	40%	(	35%	)
Mortgage servicing rights	1,569				Third party valuations		Discount to reflect realizable value		9.5	%	-	12.5%	(	9.7%	)

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%	)

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 September 30, 2019 and December 31, 2018 in accordance with ASC 825 (in thousands):

	Carrying Amount				Fair Value				Level 1				Level 2				Level 3
September 30, 2019
Financial Assets
Cash and due from banks	$	107,306			$	107,306			$	107,306			$	—			$	—
Federal funds sold	923				923				923				—				—
Certificates of deposit investments	5,360				5,360				—				5,360				—
Available-for-sale securities	736,698				736,698				217				735,509				972
Held-to-maturity securities	69,515				69,492				—				69,492				—
Loans held for sale	4,603				4,603				—				4,603				—
Loans net of allowance for loan losses	2,592,214				2,537,394				—				—				2,537,394
Interest receivable	17,749				17,749				—				17,749				—
Federal Reserve Bank stock	9,401				9,401				—				9,401				—
Federal Home Loan Bank stock	3,295				3,295				—				3,295				—
Financial Liabilities
Deposits	$	2,988,925			$	2,997,180			$	—			$	2,363,295			$	633,885
Securities sold under agreements to repurchase	174,530				174,572				—				174,572				—
Interest payable	2,632				2,632				—				2,632				—
Federal Home Loan Bank borrowings	80,862				81,525				—				81,525				—
Junior subordinated debentures	29,126				23,893				—				23,893				—

	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				—

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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.

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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).

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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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