Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value Measurements

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

	Level 1		Level 2		Level 3		Total
	Inputs		Inputs		Inputs		Fair Value
	(dollars in thousands)
September 30, 2015
Securities available for sale
U.S. Treasury securities	$	—	$	65,763	$	—	$	65,763
Obligations of U.S. government corporations and agencies	—		150,433		—		150,433
Obligations of states and political subdivisions	—		192,597		—		192,597
Residential mortgage-backed securities	—		328,832		—		328,832
Corporate debt securities	—		152,901		—		152,901
Mutual funds and other equity securities	12,240		—		—		12,240
Derivative assets
Foreign currency forward contracts	—		15		—		15

	Level 1		Level 2		Level 3		Total
	Inputs		Inputs		Inputs		Fair Value
	(dollars in thousands)
December 31, 2014
Securities available for sale
U.S. Treasury securities	$	—	$	50,606	$	—	$	50,606
Obligations of U.S. government corporations and agencies	—		167,010		—		167,010
Obligations of states and political subdivisions	—		220,161		—		220,161
Residential mortgage-backed securities	—		235,636		—		235,636
Corporate debt securities	—		79,307		—		79,307
Mutual funds and other equity securities	6,345		—		—		6,345
Derivative assets
Foreign currency forward contracts	—		15		—		15

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

	Level 1		Level 2		Level 3		Total
	Inputs		Inputs		Inputs		Fair Value
	(dollars in thousands)
September 30, 2015
Impaired loans	$	—	$	—	$	953	$	953
OREO(1)	—		—		—		—
December 31, 2014
Impaired loans	$	—	$	—	$	2,129	$	2,129
OREO(1)	—		—		—		—

Schedule of quantitative information about Level 3 fair value measurements

	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value		Valuation	Unobservable	Range
	Estimate		Techniques	Input	(Weighted Average)
	(dollars in thousands)
September 30, 2015
Impaired loans	$	953	Appraisal of collateral	Appraisal adjustments	-5.2% to -100.0% (-59.0)%
OREO(1)	—		Appraisal of collateral	Appraisal adjustments	-100.0% (-100.0)%
December 31, 2014
Impaired loans	$	2,129	Appraisal of collateral	Appraisal adjustments	-7.7% to -100.0% (-54.3)%
OREO(1)	—		Appraisal of collateral	Appraisal adjustments	-100.0% (-100.0)%

(1)OREO fair value was less than one thousand dollars.

Schedule of estimated fair values of financial instruments

	September 30, 2015				December 31, 2014
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
	(dollars in thousands)
Financial assets:
Level 1 inputs:
Cash and due from banks	$	175,145	$	175,145	$	—	$	—
Level 2 inputs:
Cash and due from banks	—		—		339,438		339,438
Securities held to maturity	49,812		50,288		2,373		2,425
Loans held for sale	15,694		16,007		10,400		10,634
Accrued interest receivable	13,187		13,187		11,187		11,187
Level 3 inputs:
Loans, net	2,518,108		2,522,316		2,357,837		2,360,000
Financial liabilities:
Level 2 inputs:
Deposits	$	3,110,530	$	3,110,047	$	2,900,848	$	2,900,763
Securities sold under agreements to repurchase	176,961		176,961		198,893		198,893
Long-term debt	50,000		50,000		50,000		50,000
Junior subordinated debt owed to unconsolidated trusts	55,000		55,000		55,000		55,000
Accrued interest payable	443		443		507		507