Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

The following table summarizes financial assets measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: 

(in thousands)	September 30, 2020		December 31, 2019
Available for Sale Securities Fair Value Measurements Using:
Level 1: Quoted Prices in Active Markets For Identical Assets	$	43,700	$	—
Level 2: Significant Other Observable Inputs	367,962		330,539
Level 3: Significant Unobservable Inputs	4,657		9,398
Securities available for sale measured at fair value	$	416,319	$	339,937

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table reconciles assets measured at fair value on a recurring basis using unobservable inputs (Level 3):

	Level 3 Changes
(in thousands)	September 30, 2020
Balance, beginning of year	$	9,398
Total gains or losses (realized/unrealized):
Included in earnings	—
Included in other comprehensive income	(168)
Purchases, sales, issuances and settlements, net	3,627
Transfers in and/or out of Level 3	(8,200)
Balance as of end of period	$	4,657

Fair Value Measurements, Nonrecurring

The following table measures financial assets and financial liabilities measured at fair value on a non-recurring basis as of September 30, 2020 and December 31, 2019, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value: 

(in thousands)	At September 30, 2020		At December 31, 2019
Impaired Loans - Fair Value Measurements Using:
Level 1: Quoted Prices in Active Markets For Identical Assets	$	—	$	—
Level 2: Significant Other Observable Inputs	—		—
Level 3: Significant Unobservable Inputs	8,043		4,046
Impaired loans measured at fair value	$	8,043	$	4,046
Other Real Estate Owned - Fair Value Measurements Using:
Level 1: Quoted Prices in Active Markets For Identical Assets	$	—	$	—
Level 2: Significant Other Observable Inputs	2,740		4,158
Level 3: Significant Unobservable Inputs	601		721
Other real estate owned measured at fair value	$	3,341	$	4,879