Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2018

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

Recurring Fair Value Measurements

December 31, 2017



(in thousands)	Fair Value 12/31/2017	(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
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
Total Available-for-sale securities	1,391,862	0	1,391,862	0
Equity securities	913	0	0	913

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

Recurring Fair Value Measurements

December 31, 2018



(in thousands)	Fair Value 12/31/2018		(Level 1)		(Level 2)		(Level 3)
Available-for-sale securities
U.S. Treasuries	$	289	$	0	$	289	$	0
Obligations of U.S. Government sponsored entities	$	485,898	$	0	$	485,898	$	0
Obligations of U.S. states and political subdivisions	85,440		0		85,440		0
Mortgage-backed securities - residential
U.S. Government agencies	128,267		0		128,267		0
U.S. Government sponsored entities	630,558		0		630,558		0
Non-U.S. Government agencies or sponsored entities	31		0		31		0
U.S. corporate debt securities	2,175		0		2,175		0
Total Available-for-sale securities	1,332,658		0		1,332,658		0
Equity securities	887		0		0		887

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



			Fair value measurements at reporting date using:						Gain (losses) from fair value changes
(in thousands)	As of		Quoted prices in active markets for identical assets		Significant other observable inputs		Significant unobservable inputs		Twelve months ended
Assets:	12/31/2018		(Level 1)		(Level 2)		(Level 3)		12/31/2018
Impaired loans	$	6,500	$	0	$	6,500	$	0	$	(173	)
Other real estate owned	1,594		0		1,594		0		(211		)



			Fair value measurements at reporting date using:						Gain (losses) from fair value changes
(in thousands)	As of		Quoted prices in active markets for identical assets		Significant other observable inputs		Significant unobservable inputs		Twelve months ended
Assets:	12/31/2017		(Level 1)		(Level 2)		(Level 3)		12/31/2017
Impaired loans	$	4,617	$	0	$	4,617	$	0	$	(332	)
Other real estate owned	2,047		0		2,047		0		(532		)

Schedule of carrying amount and fair value of financial instruments

The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments at December 31, 2018 and 2017. The carrying amounts shown in the table are included in the Consolidated Statements of Condition under the indicated captions. The fair value estimates, methods and assumptions set forth below for the Company’s financial instruments, including those financial instruments carried at cost, are made solely to comply with disclosures required by generally accepted accounting principles in the United States and does not always incorporate the exit-price concept of fair value prescribed by ASC Topic 820-10 and should be read in conjunction with the financial statements and notes included in this Report.



Estimated Fair Value of Financial Instruments
December 31, 2018
(in thousands)	Carrying Amount		Fair Value		(Level 1)		(Level 2)		(Level 3)
Financial Assets:
Cash and cash equivalents	$	80,389	$	80,389	$	80,389	$	0	$	0
Securities - held-to-maturity	140,579		139,377		0		139,377		0
FHLB and FRB stock	52,262		52,262		0		52,262		0
Accrued interest receivable	20,922		20,922		0		20,922		0
Loans and leases, net¹	4,790,529		4,649,308		0		6,500		4,642,808

Financial Liabilities:
Time deposits	$	637,295	$	631,489	$	0	$	631,489	$	0
Other deposits	4,251,664		4,251,664		0		4,251,664		0
Securities sold under agreements to repurchase	81,842		81,842		0		81,842		0
Other borrowings	1,076,075		1,074,081		0		1,074,081		0
Trust preferred debentures	16,863		21,921		0		21,921		0
Accrued interest payable	2,408		2,408		0		2,408		0

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



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 FRB stock	50,498		50,498		0		50,498		0
Accrued interest receivable	20,122		20,122		0		20,122		0
Loans and 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
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

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