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FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2018 and December 31, 2017, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value.

		September 30, 2018
(in thousands)		Level 1 Inputs				Level 2 Inputs				Level 3 Inputs				Total Fair Value
Available for sale securities:
Obligations of US Government-sponsored enterprises		$	—			$	3,997			$	—			$	3,997
Mortgage-backed securities:
US Government-sponsored enterprises		—				425,291				—				425,291
US Government agency		—				113,582				—				113,582
Private label		—				535				—				535
Obligations of states and political subdivisions thereof		—				131,437				—				131,437
Corporate bonds		—				37,816				—				37,816
Derivative assets		—				1,983				8				1,991
Derivative liabilities		—				(503		)		(31		)		(534		)

		December 31, 2017
(in thousands)		Level 1 Inputs				Level 2 Inputs				Level 3 Inputs				Total 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 and nine months ended September 30, 2018.

		Assets (Liabilities)
(in thousands)		Interest Rate Lock Commitments				Forward Commitments
Three Months Ended September 30, 2018
Balance at beginning of period		$	8			$	(74	)
Realized gain recognized in non-interest income		—				43
September 30, 2018		$	8			$	(31	)
Nine Months Ended September 30, 2018
Balance at beginning of period		$	(1	)		$	(221	)
Realized gain recognized in non-interest income		9				190
September 30, 2018		$	8			$	(31	)

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.

		September 30, 2018				December 31, 2017				Three Months Ended September 30, 2018				Nine Months Ended September 30, 2018				Fair Value Measurement Date as of September 30, 2018
(in thousands)		Level 3 Inputs				Level 3 Inputs				Total Gains (Losses)				Total Gains (Losses)				Level 3 Inputs
Assets
Impaired loans		$	16,540			$	10,793			$	112			$	(5,747	)		September 2018
Capitalized servicing rights		5,148				4,158				—				—				September 2018
Other real estate owned		68				122				8				(15		)		June 2018
Total		$	21,756			$	15,073			$	120			$	(5,762	)

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 September 30, 2018				Valuation Techniques		Unobservable Inputs		Significant Unobservable Input Value
Assets (Liabilities)
Interest Rate Lock Commitment		$	8			Historical trend		Closing Ratio		90		%
						Pricing Model		Origination Costs, per loan		$	1.7
Forward Commitments		(31		)		Quoted prices for similar loans in active markets.		Freddie Mac pricing system		Pair-off contract price
Total		$	(23	)

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

Fair Value

Range

(in thousands, except ratios)

September 30, 2018

Valuation Techniques

Unobservable Inputs

(Weighted Average)(a)

Assets

Impaired loans

$

13,073

Fair value of collateral -appraised value

Loss severity

0% to 55%

Appraised value

$150 to $6,915

Impaired loans

3,467

Discount cash flow

Discount rate

2.88% to 7.00%

Cash flows

$22 to $1,090

Capitalized servicing rights

5,148

Discounted cash flow

Constant prepayment rate (CPR)

8.05

%

Discount rate

10.09

%

Other real estate owned

68

Fair value of collateral less selling costs

Appraised value

$75

Selling Costs

10

%

Total

$

21,756

(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 less selling costs

Appraised value

$136

Selling Costs

10

%

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 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.

		September 30, 2018
(in thousands)		Carrying Amount				Fair Value				Level 1				Level 2				Level 3
Financial Assets
Cash and cash equivalents		$	72,574			$	72,574			$	72,574			$	—			$	—
Securities available for sale		712,658				712,658				—				712,658				—
FHLB stock		34,154				34,154				—				34,154				—
Net loans		2,470,103				2,402,613				—				—				2,402,613
Accrued interest receivable		3,284				3,284				—				3,284				—
Cash surrender value of bank-owned life insurance policies		73,316				73,316				—				73,316				—
Derivative assets		1,991				1,991				—				1,983				8
Financial Liabilities
Total deposits		$	2,390,349			$	2,294,978			$	—			$	2,294,978			$	—
Securities sold under agreements to repurchase		37,451				37,414				—				37,414				—
FHLB advances		701,774				699,748				—				699,748				—
Subordinated borrowings		37,988				37,988				—				37,988				—
Junior subordinated borrowings		5,000				3,752				—				3,752				—
Derivative liabilities		(534		)		(534		)		—				—				(534		)

		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 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				—
FHLB 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 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 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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