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FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

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		)

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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