Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Summary of Financial Instruments Measured at Fair Value on a Recurring Basis

The following table summarizes financial instruments measured at fair value on a recurring basis as of December 31, 2019 and 2018, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value.

	December 31, 2019
($ in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
Assets
Securities available-for-sale
Obligations of U.S. Government-sponsored enterprises	$	—	$	10,046	$	—	$	10,046
Obligations of states and political subdivisions	—		213,024		—		213,024
Residential mortgage-backed securities	—		902,021		—		902,021
U.S. Treasury Bills	—		10,226		—		10,226
Total securities available-for-sale	—		1,135,317		—		1,135,317
Derivative financial instruments	—		11,055		—		11,055
Total assets	$	—	$	1,146,372	$	—	$	1,146,372
Liabilities
Derivative financial instruments	$	—	$	14,747	$	—	$	14,747
Total liabilities	$	—	$	14,747	$	—	$	14,747

	December 31, 2018
($ in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
Assets
Securities available-for-sale
Obligations of U.S. Government-sponsored enterprises	$	—	$	98,498	$	—	$	98,498
Obligations of states and political subdivisions	—		26,810		—		26,810
Residential mortgage-backed securities	—		586,136		—		586,136
U.S. Treasury Bills	—		9,925		—		9,925
Total securities available-for-sale	—		721,369		—		721,369
Other investments	121		—		—		121
Derivative financial instruments	—		3,023		—		3,023
Total assets	$	121	$	724,392	$	—	$	724,513
Liabilities
Derivative financial instruments	$	—	$	3,023	$	—	$	3,023
Total liabilities	$	—	$	3,023	$	—	$	3,023

Schedule of Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis

D

Summary of Financial Instruments and Non-Financial Assets Measured at Fair Value on a Non-Recurring Basis

The following table presents financial instruments and non-financial assets measured at fair value on a non-recurring basis as of December 31, 2019 and 2018. 

	December 31, 2019
	(1)		(1)		(1)		(1)
($ in thousands)	Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total losses for the year ended December 31, 2019
Impaired loans	$	2,506	$	—	$	—	$	2,506	$	2,687
Other real estate	4,944		—		—		4,944		—
Total	$	7,450	$	—	$	—	$	7,450	$	2,687

	December 31, 2018
	(1)		(1)		(1)		(1)
($ in thousands)	Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total losses for the year ended December 31, 2018
Impaired loans	$	1,958	$	—	$	—	$	1,958	$	815
Total	$	1,958	$	—	$	—	$	1,958	$	815

(1) The amounts represent balances measured at fair value during the period and still held as of the reporting date.

Summary of Carrying Amount and Fair Values of Financial Instruments Reported on the Balance Sheets

Following is a summary of the carrying amounts and fair values of the Company’s financial instruments on the consolidated balance sheets at December 31, 2019 and 2018. This summary excludes certain financial assets and liabilities for which carrying value approximates fair value and financial instruments that are recorded at fair value on a recurring basis disclosed above. Financial instruments for which carrying values approximate fair value include cash and due from banks, federal funds sold, interest bearing deposits, accrued interest receivable/payable, demand, savings and money market deposits.

	December 31, 2019					December 31, 2018
($ in thousands)	Carrying Amount		Estimated fair value		Level	Carrying Amount		Estimated fair value		Level
Balance sheet assets
Securities held-to-maturity	$	181,166	$	181,939	Level 2	$	65,679	$	63,934	Level 2
Other investments	38,044		38,044		Level 2	26,654		26,654		Level 2
Loans held for sale	5,570		5,570		Level 2	392		392		Level 2
Loans, net	5,271,049		5,205,651		Level 3	4,306,525		4,253,239		Level 3
State tax credits, held for sale	36,802		39,046		Level 3	37,587		39,169		Level 3
Balance sheet liabilities
Certificates of deposit	$	826,447	$	825,203	Level 3	$	684,429	$	679,491	Level 3
Subordinated debentures and notes	141,258		130,985		Level 2	118,156		106,316		Level 2
FHLB advances	222,406		221,402		Level 2	70,000		70,000		Level 2
Other borrowings	265,172		265,172		Level 2	223,450		223,260		Level 2

Schedule of Estimated Fair Values of Financial Instruments Not Recorded at Fair Value on Balance Sheet