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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of recorded amount of assets and liabilities measured at fair value on a recurring basis

The table below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018.

(dollars in thousands)		Quoted Prices (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Other Unobservable Inputs (Level 3)				Total (Fair Value)
March 31, 2019
Assets:
Investment securities available-for-sale:
U. S. agency securities		$	—			$	239,019			$	—			$	239,019
Residential mortgage backed securities			—				477,903				—				477,903
Municipal bonds			—				45,533				—				45,533
Corporate bonds			—				—				9,556				9,556
Other equity investments			—				—				218				218
Loans held for sale			—				20,268				—				20,268
Mortgage banking derivatives			—				—				288				288
Interest rate swap derivatives			—				908				—				908
Total assets measured at fair value on a recurring basis as of March 31, 2019		$	—			$	783,631			$	10,062			$	793,693
Liabilities:
Mortgage banking derivatives		$	—			$	—			$	222			$	222
Total liabilities measured at fair value on a recurring basis as of March 31, 2019		$	—			$	—			$	222			$	222
December 31, 2018
Assets:
Investment securities available-for-sale:
U. S. agency securities		$	—			$	256,345			$	—			$	256,345
Residential mortgage backed securities			—				472,231				—				472,231
Municipal bonds			—				45,769				—				45,769
Corporate bonds			—				—				9,576				9,576
Other equity investments			—				—				218				218
Loans held for sale			—				19,254				—				19,254
Mortgage banking derivatives			—				—				229				229
Interest rate swap derivatives			—				3,727				—				3,727
Total assets measured at fair value on a recurring basis as of December 31, 2018		$	—			$	797,326			$	10,023			$	807,349
Liabilities:
Mortgage banking derivatives		$	—			$	—			$	269			$	269
Total liabilities measured at fair value on a recurring basis as of December 31, 2018		$	—			$	—			$	269			$	269

Schedule of aggregate fair value and the aggregate unpaid principal balance for loans held for sale measured at fair value

The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for loans held for sale measured at fair value as of March 31, 2019 and December 31, 2018.

		March 31, 2019
							Aggregate Unpaid
(dollars in thousands)			Fair Value				Principal Balance				Difference
Residential mortgage loans held for sale		$	20,268			$	19,825			$	443
FHA mortgage loans held for sale		$	—			$	—			$	—

			December 31, 2018
							Aggregate Unpaid
(dollars in thousands)			Fair Value				Principal Balance				Difference
Residential mortgage loans held for sale		$	19,254			$	18,797			$	457
FHA mortgage loans held for sale		$	—			$	—			$	—

Schedule of the reconciliation of activity for assets and liabilities measured at fair value based on Significant Other Unobservable Inputs (Level 3)

The following is a reconciliation of activity for assets and liabilities measured at fair value based on Significant Other Unobservable Inputs (Level 3):

		Investment				Mortgage Banking
(dollars in thousands)		Securities				Derivatives				Total
Assets:
Beginning balance at January 1, 2019		$	9,794			$	229			$	10,023
Realized gain included in earnings			—				59				59
Unrealized loss included in other comprehensive income			(20	)			—				(20	)
Principal redemption			—				—				—
Ending balance at March 31, 2019		$	9,774			$	288			$	10,062
Liabilities:
Beginning balance at January 1, 2019		$	—			$	269			$	269
Realized gain included in earnings			—				(47	)			(47	)
Principal redemption			—				—				—
Ending balance at March 31, 2019		$	—			$	222			$	222

		Investment				Mortgage Banking
(dollars in thousands)		Securities				Derivatives				Total
Assets:
Beginning balance at January 1, 2018		$	1,718			$	43			$	1,761
Realized gain included in earnings			—				186				186
Purchases of available-for-sale securities			8,076				—				8,076
Principal redemption			—				—				—
Ending balance at December 31, 2018		$	9,794			$	229			$	10,023
Liabilities:
Beginning balance at January 1, 2018		$	—			$	10			$	10
Realized loss included in earnings			—				259				259
Principal redemption			—				—				—
Ending balance at December 31, 2018		$	—			$	269			$	269

Schedule of assets measured at fair value on nonrecurring basis

Assets measured at fair value on a nonrecurring basis are included in the table below: 

(dollars in thousands)		Quoted Prices (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Other Unobservable Inputs (Level 3)				Total (Fair Value)
March 31, 2019
Impaired loans:
Commercial		$	—			$	—			$	7,089			$	7,089
Income producing - commercial real estate			—				—				39,428				39,428
Owner occupied - commercial real estate			—				—				4,253				4,253
Real estate mortgage - residential			—				—				5,644				5,644
Construction - commercial and residential			—				—				3,030				3,030
Home equity			—				—				487				487
Other real estate owned			—				—				1,394				1,394
Total assets measured at fair value on a nonrecurring basis as of March 31, 2019		$	—			$	—			$	61,325			$	61,325

(dollars in thousands)			Quoted Prices (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Other Unobservable Inputs (Level 3)				Total (Fair Value)
December 31, 2018
Impaired loans:
Commercial		$	—			$	—			$	3,338			$	3,338
Income producing - commercial real estate			—				—				18,937				18,937
Owner occupied - commercial real estate			—				—				5,131				5,131
Real estate mortgage - residential			—				—				1,510				1,510
Construction - commercial and residential			—				—				1,981				1,981
Home equity			—				—				487				487
Other real estate owned			—				—				1,394				1,394
Total assets measured at fair value on a nonrecurring basis as of December 31, 2018		$	—			$	—			$	32,778			$	32,778

Schedule of estimated fair values of financial instruments

The estimated fair values of the Company’s financial instruments at March 31, 2019 and December 31, 2018 are as follows:

										Fair Value Measurements
											Quoted Prices				Significant Other Observable Inputs				Significant  Unobservable Inputs
(dollars in thousands)			Carrying Value				Fair Value				(Level 1)				(Level 2)				(Level 3)
March 31, 2019
Assets
Cash and due from banks		$	6,817			$	6,817			$	—			$	6,817			$	—
Federal funds sold			15,403				15,403				—				15,403				—
Interest bearing deposits with other banks			99,870				99,870				—				99,870				—
Investment securities			772,229				772,229				—				762,455				9,774
Federal Reserve and Federal Home Loan Bank stock			34,995				34,995				—				34,995				—
Loans held for sale			20,268				20,268				—				20,268				—
Loans			7,103,115				7,105,850				—				—				7,105,850
Bank owned life insurance			73,865				73,865				—				73,865				—
Annuity investment			12,290				12,290				—				12,290				—
Mortgage banking derivatives			288				288				—				—				288
Interest rate swap derivatives			908				908				—				908				—
Liabilities
Noninterest bearing deposits			2,216,270				2,216,270				—				2,216,270				—
Interest bearing deposits			3,103,595				3,103,595				—				3,103,595				—
Certificates of deposit			1,363,054				1,363,641				—				1,363,641				—
Customer repurchase agreements			26,418				26,418				—				26,418				—
Borrowings			467,394				460,272				—				460,272				—
Mortgage banking derivatives			222				222				—				—				222
December 31, 2018
Assets
Cash and due from banks		$	6,773			$	6,773			$	—			$	6,773			$	—
Federal funds sold			11,934				11,934				—				11,934				—
Interest bearing deposits with other banks			303,157				303,157				—				303,157				—
Investment securities			784,139				784,139				—				774,345				9,794
Federal Reserve and Federal Home Loan Bank stock			23,506				23,506				—				23,506				—
Loans held for sale			19,254				19,254				—				19,254				—
Loans			6,921,503				6,921,048				—				—				6,921,048
Bank owned life insurance			73,441				73,441				—				73,441				—
Annuity investment			12,417				12,417				—				12,417				—
Mortgage banking derivatives			229				229				—				—				229
Interest rate swap derivatives			3,727				3,727				—				3,727				—
Liabilities
Noninterest bearing deposits			2,104,220				2,104,220				—				2,104,220				—
Interest bearing deposits			3,542,666				3,542,666				—				3,542,666				—
Certificates of deposit			1,327,400				1,325,209				—				1,325,209				—
Customer repurchase agreements			30,413				30,413				—				30,413				—
Borrowings			217,196				218,006				—				218,006				—
Mortgage banking derivatives			269				269				—				—				269

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- Definition

Tabular disclosure for aggregate fari value and unpaid principal balance for loans held for sale.

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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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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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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).

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