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FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis Segregated by the Level of the Valuation Inputs Within the Fair Value Hierarchy Utilized to Measure Fair Value

The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of March 31, 2018 and December 31, 2017, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value.

		March 31, 2018
		Level 1				Level 2				Level 3				Total
(in thousands)		Inputs				Inputs				Inputs				Fair Value
Available for sale securities:
Obligations of US Government sponsored enterprises		$	—			$	6,977			$	—			$	6,977
Mortgage-backed securities:
US Government-sponsored enterprises		—				449,175				—				449,175
US Government agency		—				90,396				—				90,396
Private label		—				616				—				616
Obligations of states and political subdivisions thereof		—				135,277				—				135,277
Corporate bonds		—				36,118				—				36,118
Derivative assets		—				1,215				7				1,222
Derivative liabilities		—				—				(51		)		(51		)

		December 31, 2017
		Level 1				Level 2				Level 3				Total
(in thousands)		Inputs				Inputs				Inputs				Fair Value
Available for sale securities:
Obligations of US Government sponsored enterprises		$	—			$	6,972			$	—			$	6,972
Mortgage-backed securities:
US Government-sponsored enterprises		—				443,003				—				443,003
US Government agency		—				95,596				—				95,596
Private label		—				674				—				674
Obligations of states and political subdivisions thereof		—				140,200				—				140,200
Corporate bonds		—				30,797				—				30,797
Derivative assets		—				669				—				669
Derivative liabilities										(222		)		(222		)

Schedule of Changes in Level 3 Assets and Liabilities That Were Measured at Fair Value on a Recurring Basis

The table below presents the changes in Level 3 assets and liabilities that were measured at fair value on a recurring basis for the three months ended March 31, 2018.

		Assets (Liabilities)
		Interest Rate Lock				Forward
(in thousands)		Commitments				Commitments
Three Months Ended March 31, 2018
December 31, 2017		$	(1	)		$	(221	)
Realized gain recognized in non-interest income		8				170
March 31, 2018		$	7			$	(51	)

Schedule of Quantitative Information About the Significant Unobservable Inputs Within Level 3

Quantitative information about the significant unobservable inputs within Level 3 recurring assets and liabilities is as follows:

(in thousands, except ratios)		Fair Value March 31, 2018				Valuation Techniques		Unobservable Inputs		Significant Unobservable Input Value
Assets (Liabilities)
Interest Rate Lock Commitment		$	7			Historical trend		Closing Ratio		90		%
						Pricing Model		Origination Costs, per loan		$	1.7
Forward Commitments		(51		)		Quoted prices for similar loans in active markets.		Freddie Mac pricing system		Pair-off contract price
Total		$	(44	)

Quantitative information about the significant unobservable inputs within Level 3 non-recurring assets is as follows:

Fair Value

Range (Weighted Average)(a)

(in thousands, except ratios)

March 31, 2018

Valuation Techniques

Unobservable Inputs

Assets

Impaired loans

$

13,364

Fair value of collateral -appraised value

Loss severity

0% to 54%

Appraised value

$100 to $6,915

Impaired loans

1,763

Discount cash flow

Discount rate

2.88% to 9.5%

Cash flows

$26 to $570

Capitalized servicing rights

4,695

Discounted cash flow

Constant prepayment rate (CPR)

9.22

%

Discount rate

10.10

%

Other real estate owned

216

Fair value of collateral

Appraised value

$216

Total

$

20,038

(a) Where dollar amounts are disclosed, the amounts represent the lowest and highest fair value of the respective assets in the population except for adjustments for market/property conditions, which represents the range of adjustments to individuals properties.

		Fair Value								Range
(in thousands, except ratios)		December 31, 2017				Valuation Techniques		Unobservable Inputs		(Weighted Average)(a)
Assets
Impaired loans		$	8,586			Fair value of collateral -appraised value		Loss severity		15.7% to 45.28%
								Appraised value		$100 to $7,545
Impaired loans		2,207				Discount cash flow		Discount rate		2.63% to 9.50%
								Cash flows		$6 to $320
Capitalized servicing rights		4,158				Discounted cash flow		Constant prepayment rate (CPR)		10.97	%
								Discount rate		10.10	%
Other real estate owned		122				Fair value of collateral		Appraised value		122
Total		$	15,073

(a) Where dollar amounts are disclosed, the amounts represent the lowest and highest fair value of the respective assets in the population except for adjustments for market/property conditions, which represents the range of adjustments to individuals properties.

Summary of Applicable Non-Recurring Fair Value Measurements

The following is a summary of applicable non-recurring fair value measurements. There are no liabilities measured at fair value on a non-recurring basis.

		March 31, 2018				December 31, 2017				Three Months Ended March 31, 2018				Fair Value Measurement Date as of March 31, 2018
(in thousands)		Level 3 Inputs				Level 3 Inputs				Total Gains (Losses)				Level 3 Inputs
Assets
Impaired loans		$	15,127			$	10,793			$	(4,334	)		March 2018
Capitalized servicing rights		4,695				4,158								March 2018
Other real estate owned		216				122								Jan 2017 - March 2018
Total		$	20,038			$	15,073			(4,334		)

Summary of Estimated Fair Values, and Related Carrying Amounts, of Financial Instruments

The estimated fair values, and related carrying amounts, of the Company’s financial instruments follow. Certain financial instruments and all non-financial instruments are excluded from disclosure requirements. Accordingly, the aggregate fair value amounts presented herein may not necessarily represent the underlying fair value of the Company.

		March 31, 2018
(in thousands)		Carrying Amount				Fair Value				Level 1				Level 2				Level 3
Financial Assets
Cash and cash equivalents		$	47,813			$	47,813			$	47,813			$	—			$	—
Securities available for sale		718,559				718,559				—				718,559				—
FHLB bank stock		38,105				38,105				—				38,105				—
Net loans		2,451,740				2,408,902				—				—				2,408,902
Accrued interest receivable		3,243				3,243				—				3,243				—
Cash surrender value of bank-owned life insurance policies		58,433				58,433				—				58,433				—
Derivative assets		1,222				1,222				—				1,215				7
Financial Liabilities
Total deposits		$	2,341,400			$	2,260,874			$	—			$	2,260,874			$	—
Securities sold under agreements to repurchase		31,615				31,589				—				31,589				—
Federal Home Loan Bank advances		710,583				707,998				—				707,998				—
Subordinated borrowings		38,018				38,018				—				38,018				—
Junior subordinated borrowings		5,000				3,809				—				3,809				—
Derivative liabilities		(51		)		(51		)		—				—				(51		)

		December 31, 2017
(in thousands)		Carrying Amount				Fair Value				Level 1				Level 2				Level 3
Financial Assets
Cash and cash equivalents		$	90,685			$	90,685			$	90,685			$	—			$	—
Securities available for sale		717,242				717,242				—				717,242				—
FHLB bank stock		38,105				38,105				—				38,105				—
Net loans		2,473,288				2,433,557				—				—				2,433,557
Accrued interest receivable		3,347				3,347				—				3,347				—
Cash surrender value of bank-owned life insurance policies		57,997				57,997				—				57,997				—
Derivative assets		669				669				—				669				—
Financial Liabilities
Total deposits		$	2,352,085			$	2,348,574			$	—			$	2,348,574			$	—
Securities sold under agreements to repurchase		40,706				40,680				—				40,680				—
Federal Home Loan Bank advances		745,982				744,006				—				744,006				—
Subordinated borrowings		38,033				38,033				—				38,033				—
Junior subordinated borrowings		5,000				3,782				—				3,782				—
Derivative liabilities		(222		)		(222		)		—				—				(222		)

X

- Definition

Tabular disclosure of the fair value measurement of assets and liabilities 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 and liabilities.

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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 of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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