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FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended
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Mar. 31, 2019
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:
|  | March 31, 2019
(in thousands) |  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs |  | Total Fair Value
Available for sale securities: |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |
US Government-sponsored enterprises |  | $ | — |  |  | $ | 401,278 |  |  | $ | — |  |  | $ | 401,278 |
US Government agency |  | — |  |  | 123,746 |  |  | — |  |  | 123,746 |
Private label |  | — |  |  | 20,270 |  |  | — |  |  | 20,270 |
Obligations of states and political subdivisions thereof |  | — |  |  | 129,948 |  |  | — |  |  | 129,948 |
Corporate bonds |  | — |  |  | 71,993 |  |  | — |  |  | 71,993 |
Derivative assets |  | — |  |  | 3,172 |  |  | 14 |  |  | 3,186 |
Derivative liabilities |  | — |  |  | (3,377 | ) |  | (65 | ) |  | (3,442 | )
|  | December 31, 2018
(in thousands) |  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs |  | Total Fair Value
Available for sale securities: |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |
US Government-sponsored enterprises |  | $ | — |  |  | $ | 404,952 |  |  | $ | — |  |  | $ | 404,952 |
US Government agency |  | — |  |  | 110,512 |  |  | — |  |  | 110,512 |
Private label |  | — |  |  | 20,382 |  |  | — |  |  | 20,382 |
Obligations of states and political subdivisions thereof |  | — |  |  | 132,265 |  |  | — |  |  | 132,265 |
Corporate bonds |  | — |  |  | 57,726 |  |  | — |  |  | 57,726 |
Derivative assets |  | — |  |  | 2,156 |  |  | 8 |  |  | 2,164 |
Derivative liabilities |  | — |  |  | (1,353 | ) |  | — |  |  | (1,353 | )
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, 2019:
|  | Assets (Liabilities)
(in thousands) |  | Interest Rate Lock Commitments |  | Forward Commitments
Three Months Ended March 31, 2019 |  |  |  |  |  |
Balance at beginning of period |  | $ | 8 |  |  | $ | — |
Realized gain recognized in non-interest income |  | 6 |  |  | (65 | )
March 31, 2019 Balance |  | $ | 14 |  |  | $ | (65 | )
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, 2019 |  | Valuation Techniques |  | Unobservable Inputs |  | Unobservable Input Value
Assets (Liabilities) |  |  |  |  |  |  |  |  |  |
Interest Rate Lock Commitment |  | $ | 14 |  |  | Historical trend |  | Closing Ratio |  | 90 | %
|  |  |  | Pricing Model |  | Origination Costs, per loan |  | $ | 1.7 |
Forward Commitments |  | (65 | ) |  | Quoted prices for similar loans in active markets. |  | Freddie Mac pricing system |  | Pair-off contract price
Total |  | $ | (51 | ) |  |  |  |  |  |  |
Quantitative information about the significant unobservable inputs within Level 3 non-recurring assets is, as follows:
|  | Fair Value |  |  |  |  |  | Range
(in thousands, except ratios) |  | March 31, 2019 |  | Valuation Techniques |  | Unobservable Inputs |  | (Weighted Average)(a)
Assets |  |  |  |  |  |  |  |  |  |
Impaired loans |  | $ | 11,122 |  |  | Fair value of collateral -appraised value |  | Loss severity |  | 0% to 65% |
|  |  |  |  |  | Appraised value |  | $0 to $6,915 |
Impaired loans |  | 3,473 |  |  | Discount cash flow |  | Discount rate |  | 2.88% to 9.50% |
|  |  |  |  |  | Cash flows |  | $22 to $1,071 |
Capitalized servicing rights |  | 4,658 |  |  | Discounted cash flow |  | Constant prepayment rate (CPR) |  | 8.68 | %
|  |  |  |  |  | Discount rate |  | 10.08 | %
Other real estate owned |  | 2,351 |  |  | Fair value of collateral less selling costs |  | Appraised value |  |  | $2,700 |
|  |  |  |  |  | Selling Costs |  | 12.93 | %
Total |  | $ | 21,604 |  |  |  |  |  |  |
(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, 2018 |  | Valuation Techniques |  | Unobservable Inputs |  | (Weighted Average)(a)
Assets |  |  |  |  |  |  |  |  |  |
Impaired loans |  | $ | 11,676 |  |  | Fair value of collateral -appraised value |  | Loss severity |  | 0% to 55.00% |
|  |  |  |  |  | Appraised value |  | $0 to $6,915 |
Impaired loans |  | 3,537 |  |  | Discount cash flow |  | Discount rate |  | 2.88% to 9.50% |
|  |  |  |  |  | Cash flows |  | $22 to $1,072 |
Capitalized servicing rights |  | 4,882 |  |  | Discounted cash flow |  | Constant prepayment rate (CPR) |  | 8.19 | %
|  |  |  |  |  | Discount rate |  | 10.08 | %
Other real estate owned |  | 2,351 |  |  | Fair value of collateral less selling costs |  | Appraised value |  |  | $2,700 |
|  |  |  |  |  | Selling Costs |  | 12.93 | %
Total |  | $ | 22,446 |  |  |  |  |  |  |
(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:
|  | March 31, 2019 |  | December 31, 2018 |  | Three Months Ended March 31, 2019 |  | Fair Value Measurement Date as of March 31, 2019
(in thousands) |  | Level 3 Inputs |  | Level 3 Inputs |  | Total Gains (Losses) |  | Level 3 Inputs
Assets |  |  |  |  |  |  |  |  |  |
Impaired loans |  | $ | 14,595 |  |  | $ | 15,213 |  |  | $ | 6,477 |  |  | March 2019
Capitalized servicing rights |  | 4,658 |  |  | 4,882 |  |  | — |  |  | March 2019
Other real estate owned |  | 2,351 |  |  | 2,351 |  |  | — |  |  | June 2018
Total |  | $ | 21,604 |  |  | $ | 22,446 |  |  | $ | 6,477 |  |  |
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 are included in the table below. 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, 2019
(in thousands) |  | Carrying Amount |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 54,103 |  |  | $ | 54,103 |  |  | $ | 54,103 |  |  | $ | — |  |  | $ | — |
Securities available for sale |  | 747,235 |  |  | 747,235 |  |  | — |  |  | 747,235 |  |  | — |
FHLB stock |  | 35,107 |  |  | 35,107 |  |  | — |  |  | 35,107 |  |  | — |
Net loans |  | 2,512,962 |  |  | 2,468,711 |  |  | — |  |  | — |  |  | 2,468,711 |
Accrued interest receivable |  | 3,355 |  |  | 3,355 |  |  | — |  |  | 3,355 |  |  | — |
Cash surrender value of bank-owned life insurance policies |  | 74,352 |  |  | 74,352 |  |  | — |  |  | 74,352 |  |  | — |
Derivative assets |  | 3,186 |  |  | 3,186 |  |  | — |  |  | 3,172 |  |  | 14 |
Financial Liabilities |  |  |  |  |  |  |  |  |  |
Total deposits |  | $ | 2,465,771 |  |  | $ | 2,416,867 |  |  | $ | — |  |  | $ | 2,416,867 |  |  | $ | — |
Securities sold under agreements to repurchase |  | 34,680 |  |  | 34,679 |  |  | — |  |  | 34,679 |  |  | — |
FHLB advances |  | 668,604 |  |  | 667,658 |  |  | — |  |  | 667,658 |  |  | — |
Subordinated borrowings |  | 37,958 |  |  | 37,958 |  |  | — |  |  | 37,958 |  |  | — |
Junior subordinated borrowings |  | 5,000 |  |  | 4,525 |  |  | — |  |  | 4,525 |  |  | — |
Derivative liabilities |  | (3,442 | ) |  | (3,442 | ) |  | — |  |  | (3,377 | ) |  | (65 | )
|  | December 31, 2018
(in thousands) |  | Carrying Amount |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 98,754 |  |  | $ | 98,754 |  |  | $ | 98,754 |  |  | $ | — |  |  | $ | — |
Securities available for sale |  | 725,837 |  |  | 725,837 |  |  | — |  |  | 725,837 |  |  | — |
FHLB stock |  | 35,659 |  |  | 35,659 |  |  | — |  |  | 35,659 |  |  | — |
Net loans |  | 2,476,361 |  |  | 2,415,863 |  |  | — |  |  | — |  |  | 2,415,863 |
Accrued interest receivable |  | 3,533 |  |  | 3,533 |  |  | — |  |  | 3,533 |  |  | — |
Cash surrender value of bank-owned life insurance policies |  | 73,810 |  |  | 73,810 |  |  | — |  |  | 73,810 |  |  | — |
Derivative assets |  | 2,164 |  |  | 2,164 |  |  | — |  |  | 2,156 |  |  | 8 |
Financial Liabilities |  |  |  |  |  |  |  |  |  |
Total deposits |  | $ | 2,483,238 |  |  | $ | 2,404,250 |  |  | $ | — |  |  | $ | 2,404,250 |  |  | $ | — |
Securities sold under agreements to repurchase |  | 36,211 |  |  | 36,171 |  |  | — |  |  | 36,171 |  |  | — |
FHLB advances |  | 644,611 |  |  | 643,065 |  |  | — |  |  | 643,065 |  |  | — |
Subordinated borrowings |  | 37,973 |  |  | 37,973 |  |  | — |  |  | 37,973 |  |  | — |
Junior subordinated borrowings |  | 5,000 |  |  | 3,923 |  |  | — |  |  | 3,923 |  |  | — |
Derivative liabilities |  | (1,353 | ) |  | (1,353 | ) |  | — |  |  | — |  |  | (1,353 | )

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- 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. + References No definition available. + Details
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- 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 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 (bbb) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 + Details
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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 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258 + Details
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- Definition 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=109250915&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 + Details
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- Definition 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). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258 + Details
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