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Disclosures about fair value of assets and liabilities (Tables)

9 Months Ended

Sep. 30, 2019

Text Block [Abstract]

Fair Value Measurements of Assets and Liabilities Recognized on a Recurring Basis

The following table presents the fair value measurements of assets and liabilities recognized in the accompanying condensed consolidated financial statements measured at fair value on a recurring basis and the level within the FASB ASC fair value hierarchy in which the fair value measurements fall at the following:

		September 30, 2019
		Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Available for sale securities
U.S. Treasury and federal agencies		$	9,909			$	—			$	9,909			$	—
State and municipal			347,101				—				347,101				—
Federal agency collateralized mortgage obligations			246,083				—				246,083				—
Federal agency mortgage-backed pools			145,597				—				145,597				—
Corporate notes			18,540				—				18,540				—
Total available for sale securities			767,230				—				767,230				—
Hedged loans			320,306				—				320,306				—
Forward sale commitments			266				—				266				—
Interest rate swap agreements			(23,343	)			—				(23,343	)			—
Commitments to originate loans			(228	)			—				(228	)			—
		December 31, 2018
		Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Available for sale securities
U.S. Treasury and federal agencies		$	16,608			$	—			$	16,608			$	—
State and municipal			209,303				—				209,303				—
Federal agency collateralized mortgage obligations			185,003				—				185,003				—
Federal agency mortgage-backed pools			178,736				—				178,736				—
Corporate notes			10,698				—				10,698				—
Total available for sale securities			600,348				—				600,348				—
Hedged loans			209,161				—				209,161				—
Forward sale commitments			135				—				135				—
Interest rate swap agreements			(1,801	)			—				(1,801	)			—
Commitments to originate loans			—				—				—				—

Realized Gains and Losses Included in Net Income for Periods in Consolidated Statements of Income

Realized gains and losses included in net income for the periods are reported in the condensed consolidated statements of income as follows:

		Three Months Ended								Nine Months Ended
		September 30, 2019				September 30, 2018				September 30, 2019				September 30, 2018
Non-interest Income
Total gains and losses from:
Hedged loans		$	(6,091	)		$	364			$	(17,671	)		$	4,108
Fair value interest rate swap agreements			6,091				(364	)			17,671				(4,108	)
Derivative loan commitments			(429	)			(184	)			(97	)			(1	)
		$	(429	)		$	(184	)		$	(97	)		$	(1	)

Other Assets Measured at Fair Value on Nonrecurring Basis

Certain other assets are measured at fair value on a non-recurring basis in the ordinary course of business and are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment):

		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		$	7,288			$	—			$	—			$	7,288
Mortgage servicing rights			14,114				—				—				14,114
December 31, 2018
Impaired loans		$	5,661			$	—			$	—			$	5,661
Mortgage servicing rights			12,349				—				—				12,349

Qualitative Information About Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements, Other than Goodwill

The following table presents qualitative information about unobservable inputs used in recurring and non-recurring Level 3 fair value measurements, other than goodwill.

September 30, 2019

Fair

Valuation

Unobservable

Range

Value

Technique

Inputs

(Weighted Average)

Impaired loans

$

7,288

Collateral based measurement

Discount to reflect current  market conditions and ultimate collectability

0%-100% (11.1%)

Mortgage servicing rights

14,114

Discounted cash flows

Discount rate, Constant prepayment rate, Probability of default

9.7%-10.0% (9.8%), 10.0%-22.7% (11.3%), 0.0%-1.5% (0.6%)

December 31, 2018

Fair

Valuation

Unobservable

Range

Value

Technique

Inputs

(Weighted Average)

Impaired loans

$

5,661

Collateral based measurement

Discount to reflect current market conditions and ultimate collectability

0%-100% (15.5%)

Mortgage servicing rights

12,349

Discounted cash flows

Discount rate, Constant prepayment rate, Probability of default

10.2%-11.0% (10.3%), 9.1%-21.9% (9.3%), 0.1%-2.8% (0.6%)

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

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-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

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- Definition

Tabular disclosure of the amount of gains or losses for the period included in earnings or resulted in a change to net assets, have arisen from the use of significant unobservable inputs (level 3) to measure the fair value of assets, liabilities, and financial instruments classified in shareholders' equity.

+ 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 (c)(1)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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- Definition

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).

+ 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
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-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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-Section 50
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-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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-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

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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=118260190&loc=d3e13467-108611

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
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