Fair Value (Tables)

9 Months Ended

Sep. 30, 2018

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

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 valuation inputs within the fair value hierarchy used to measure fair value.



Recurring Fair Value Measurements
September 30, 2018
(in thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Available-for-sale securities
Obligations of U.S. Government sponsored entities	$	485,733	$	0	$	485,733	$	0
Obligations of U.S. states and political subdivisions	84,762		0		84,762		0
Mortgage-backed securities – residential, issued by:
U.S. Government agencies	109,156		0		109,156		0
U.S. Government sponsored entities	628,804		0		628,804		0
Non-U.S. Government agencies or sponsored entities	42		0		42		0
U.S. corporate debt securities	2,175		0		2,175		0
Total Available-for-sale securities	1,310,672		0		1,310,672		0

Equity securities, at fair value	880		0		0		880



Recurring Fair Value Measurements
December 31, 2017
(in thousands)	Total	(Level 1)	(Level 2)	(Level 3)
Available-for-sale securities
Obligations of U.S. Government sponsored entities	504,193	0	504,193	0
Obligations of U.S. states and political subdivisions	91,519	0	91,519	0
Mortgage-backed securities – residential, issued by:
U.S. Government agencies	137,735	0	137,735	0
U.S. Government sponsored entities	656,178	0	656,178	0
Non-U.S. Government agencies or sponsored entities	75	0	75	0
U.S. corporate debt securities	2,162	0	2,162	0
Equity securities	913	0	0	913
Total Available-for-sale securities	1,392,775	0	1,391,862	913

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



Three months ended September 30, 2018
			Fair value measurements at reporting date using:						Gain (losses) from fair value changes
Assets:	As of 09/30/2018		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Three months ended September 30, 2018
Impaired loans	$	1,085	$	0	$	1,085	$	0	$	0
Other real estate owned	333		0		333		0		6



Three months ended September 30, 2017
			Fair value measurements at reporting date using:						Gain (losses) from fair value changes
Assets:	As of 09/30/2017		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Three months ended September 30, 2017
Impaired loans	$	1,603	$	0	$	1,603	$	0	$	0
Other real estate owned	1,520		0		1,520		0		(100		)



Nine months ended September 30, 2018			Fair value measurements at reporting date using:						Gain (losses) from fair value changes
Assets:	As of 09/30/2018		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Nine months ended September 30, 2018
Impaired loans	$	3,783	$	0	$	3,783	$	0	$	(111	)
Other real estate owned	1,870		0		1,870		0		(15		)



Nine months ended September 30, 2017			Fair value measurements at reporting date using:						Gain (losses) from fair value changes
Assets:	As of 09/30/2017		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Nine months ended September 30, 2017
Impaired loans	$	3,982	$	0	$	3,982	$	0	$	(332	)
Other real estate owned	2,030		0		2,030		0		(282		)

Schedule of carrying amount and fair value of financial instruments



Estimated Fair Value of Financial Instruments
September 30, 2018
(in thousands)	Carrying Amount		Fair Value		(Level 1)		(Level 2)		(Level 3)
Financial Assets:
Cash and cash equivalents	$	113,162	$	113,162	$	113,162	$	0	$	0
Securities - held to maturity	141,236		138,232		0		138,232		0
FHLB and other stock	48,456		48,456		0		48,456		0
Accrued interest receivable	23,110		23,110		0		23,110		0
Loans/leases, net¹	4,761,351		4,622,948		0		3,783		4,619,165

Financial Liabilities:

Time deposits	$	640,102	$	633,148	$	0	$	633,148	$	0
Other deposits	4,384,980		4,384,980		0		4,384,980		0
Fed funds purchased and securities sold
under agreements to repurchase	52,875		52,875		0		52,875		0
Other borrowings	988,515		1,005,170		0		1,005,170		0
Trust preferred debentures	16,820		21,697		0		21,697		0
Accrued interest payable	2,165		2,165		0		2,165		0



Estimated Fair Value of Financial Instruments
December 31, 2017
(in thousands)	Carrying Amount		Fair Value		(Level 1)		(Level 2)		(Level 3)
Financial Assets:
Cash and cash equivalents	$	84,303	$	84,303	$	84,303	$	0	$	0
Securities - held to maturity	139,216		140,315		0		140,315		0
FHLB and other stock	50,498		50,498		0		50,498		0
Accrued interest receivable	20,122		20,122		0		20,122		0
Loans/leases, net¹	4,632,288		4,555,720		0		4,617		4,551,103

Financial Liabilities:

Time deposits	$	748,250	$	744,310	$	0	$	744,310	$	0
Other deposits	4,089,557		4,089,557		0		4,089,557		0
Fed funds purchased and securities
sold under agreements to repurchase	75,177		75,177		0		75,177		0
Other borrowings	1,071,742		1,069,609		0		1,069,609		0
Trust preferred debentures	16,691		22,012		0		22,012		0
Accrued interest payable	2,054		2,054		0		2,054		0

¹ Lease receivables, although excluded from the scope of ASC Topic 825, are included in the estimated fair value amounts at their carrying value.