Fair Value (Tables)

3 Months Ended

Mar. 31, 2019

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 March 31, 2019 and December 31, 2018, segregated by the level of valuation inputs within the fair value hierarchy used to measure fair value.



Recurring Fair Value Measurements
March 31, 2019
(in thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Available-for-sale securities
U.S. Treasuries	$	280	0		$	280	0
Obligations of U.S. Government sponsored entities	$	475,745	$	0	$	475,745	$	0
Obligations of U.S. states and political subdivisions	87,778		0		87,778		0
Mortgage-backed securities – residential, issued by:
U.S. Government agencies	146,010		0		146,010		0
U.S. Government sponsored entities	631,328		0		631,328		0
Non-U.S. Government agencies or sponsored entities	19		0		19		0
U.S. corporate debt securities	2,450		0		2,450		0
Total Available-for-sale securities	1,343,610		0		1,343,610		0
Equity securities, at fair value	899		0		0		899



Recurring Fair Value Measurements
December 31, 2018
(in thousands)	Total	(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, issued by:
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, at fair value	887	0	0		887

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



Three months ended March 31, 2019
(in thousands)			Fair value measurements at reporting date using:						Gain (losses) from fair value changes
Assets:	As of 03/31/2019		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Three months ended March 31, 2019
Impaired loans	$	4,786	$	0	$	4,786	$	0	$	(3,571	)
Other real estate owned	0		0		0		0		0



Three months ended March 31, 2018
(in thousands)			Fair value measurements at reporting date using:						Gain (losses) from fair value changes
Assets:	As of 03/31/2018		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Three months ended March 31, 2018
Impaired loans	$	5,079	$	0	$	5,079	$	0	$	(123	)
Other real estate owned	0		0		0		0		0

Schedule of carrying amount and fair value of financial instruments



Estimated Fair Value of Financial Instruments
March 31, 2019
(in thousands)	Carrying Amount		Fair Value		(Level 1)		(Level 2)		(Level 3)
Financial Assets:
Cash and cash equivalents	$	70,574	$	70,574	$	70,574	$	0	$	0
Securities - held to maturity	139,642		140,422		0		140,422		0
FHLB and other stock	45,088		45,088		0		45,088		0
Accrued interest receivable	23,990		23,990		0		23,990		0
Loans/leases, net¹	4,749,372		4,657,612		0		4,786		4,652,826

Financial Liabilities:

Time deposits	$	661,712	$	657,705	$	0	$	657,705	$	0
Other deposits	4,328,213		4,328,213		0		4,328,213		0
Fed funds purchased and securities sold
under agreements to repurchase	66,918		66,918		0		66,918		0
Other borrowings	923,427		922,053		0		922,053		0
Trust preferred debentures	16,906		22,165		0		22,165		0
Accrued interest payable	2,135		2,135		0		2,135		0



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 other stock	52,262		52,262		0		52,262		0
Accrued interest receivable	20,922		20,922		0		20,922		0
Loans/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
Fed funds purchased and 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

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