XML 36 R25.htm IDEA: XBRL DOCUMENT v3.20.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Schedule of assets and liabilities measured at fair value on a recurring basis
The following table presents the balances of assets and liabilities measured at fair value on a recurring basis for the periods presented.
(in thousands)Fair Value Measurements Using
Measured at Fair Value on a Recurring Basis:TotalLevel 1Level 2Level 3
June 30, 2020
U.S. government agency securities$63,850  $—  $63,850  $—  
State, county and municipals166,498  —  166,498  —  
Mortgage-backed securities196,896  —  196,896  —  
Corporate debt securities83,565  —  80,435  3,130  
Securities AFS
$510,809  $—  $507,679  $3,130  
Other investments (equity securities)$3,213  $3,213  $—  $—  
December 31, 2019
U.S. government agency securities$16,460  $—  $16,460  $—  
State, county and municipals156,393  —  156,393  —  
Mortgage-backed securities195,018  —  195,018  —  
Corporate debt securities81,431  —  78,301  3,130  
Securities AFS
$449,302  $—  $446,172  $3,130  
Other investments (equity securities)$3,375  $3,375  $—  $—  
Schedule of changes in the Level 3 securities AFS measured at fair value on a recurring basis
The following table presents the changes in the Level 3 securities AFS measured at fair value on a recurring basis.
(in thousands)Six Months EndedYear Ended
Level 3 Fair Value Measurements:June 30, 2020December 31, 2019
Balance at beginning of year$3,130  $8,490  
Acquired balance—  300  
Paydowns/Sales/Settlements—  (5,660) 
Balance at end of period$3,130  $3,130  
Schedule of assets measured at fair value on a nonrecurring basis
The following table presents the Company’s assets measured at fair value on a nonrecurring basis, aggregated by level in the fair value hierarchy within which those measurements fall.
(in thousands)Fair Value Measurements Using
Measured at Fair Value on a Nonrecurring Basis:TotalLevel 1Level 2Level 3
June 30, 2020
Collateral dependent loans$7,776  $—  $—  $7,776  
Other real estate owned (“OREO”)1,000  —  —  1,000  
MSR asset8,979  —  —  8,979  
December 31, 2019
Impaired loans$16,150  $—  $—  $16,150  
OREO1,000  —  —  1,000  
MSR asset8,420  —  —  8,420  
Schedule of estimated fair values of financial instruments
The carrying amounts and estimated fair values of the Company’s financial instruments are shown below.
June 30, 2020
(in thousands)Carrying
Amount		Estimated
Fair Value		Level 1Level 2Level 3
Financial assets:
Cash and cash equivalents$822,684  $822,684  $822,684  $—  $—  
Certificates of deposit in other banks17,809  17,825  —  17,825  —  
Securities AFS510,809  510,809  —  507,679  3,130  
Other investments, including equity securities26,375  26,375  3,213  19,299  3,863  
Loans held for sale21,832  22,377  —  22,377  —  
Loans, net2,792,371  2,878,986  —  —  2,878,986  
BOLI78,953  78,953  78,953  —  —  
MSR asset7,165  8,979  —  —  8,979  
Financial liabilities:
Deposits$3,537,805  $3,545,764  $—  $—  $3,545,764  
Short-term borrowings—  —  —  —  —  
Long-term borrowings417,826  417,905  —  375,707  42,198  
December 31, 2019
(in thousands)Carrying
Amount		Estimated
Fair Value		Level 1Level 2Level 3
Financial assets:
Cash and cash equivalents$182,059  $182,059  $182,059  $—  $—  
Certificates of deposit in other banks19,305  19,310  —  19,310  —  
Securities AFS449,302  449,302  —  446,172  3,130  
Other investments, including equity securities24,072  24,072  3,375  16,759  3,938  
Loans held for sale2,706  2,753  —  2,753  —  
Loans, net2,559,779  2,593,110  —  —  2,593,110  
BOLI78,140  78,140  78,140  —  —  
MSR asset5,919  8,420  —  —  8,420  
Financial liabilities:
Deposits$2,954,453  $2,956,229  $—  $—  $2,956,229  
Long-term borrowings67,629  66,816  —  25,075  41,741