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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2020
Fair Value Measurements  
Schedule of financial assets and financial 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, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):

Level 1

    

Level 2

    

Level 3

    

Total

March 31, 2020

Inputs

    

Inputs

    

Inputs

    

Fair Value

Debt securities available for sale

U.S. Treasury securities

$

$

45,394

$

$

45,394

Obligations of U.S. government corporations and agencies

 

 

90,574

 

 

90,574

Obligations of states and political subdivisions

 

 

284,747

 

 

284,747

Commercial mortgage-backed securities

245,421

245,421

Residential mortgage-backed securities

 

 

1,000,857

 

 

1,000,857

Corporate debt securities

 

 

98,952

 

 

98,952

Equity securities

 

4,936

 

 

4,936

Loans held for sale

89,943

89,943

Derivative assets

40,978

40,978

Derivative liabilities

46,600

46,600

Level 1

    

Level 2

    

Level 3

    

Total

December 31, 2019

Inputs

    

Inputs

    

Inputs

    

Fair Value

Debt securities available for sale

U.S. Treasury securities

$

$

51,737

$

$

51,737

Obligations of U.S. government corporations and agencies

 

 

163,000

 

 

163,000

Obligations of states and political subdivisions

 

 

268,291

 

 

268,291

Commercial mortgage-backed securities

139,287

139,287

Residential mortgage-backed securities

 

 

921,966

 

 

921,966

Corporate debt securities

 

 

103,976

 

 

103,976

Equity securities

 

5,952

 

5,952

Loans held for sale

68,699

68,699

Derivative assets

13,400

13,400

Derivative liabilities

14,821

14,821

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

The following table summarizes assets and liabilities measured at fair value on a non-recurring basis, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):

    

Level 1

    

Level 2

    

Level 3

    

Total

    

Inputs

    

Inputs

    

Inputs

    

Fair Value

March 31, 2020

Loans evaluated individually

$

$

$

1,413

$

1,413

OREO

 

 

 

55

 

55

Bank property held for sale

 

 

 

3,413

 

3,413

December 31, 2019

    

    

    

    

    

    

    

    

Loans evaluated individually

$

$

$

2,686

$

2,686

OREO

 

 

 

55

 

55

Bank property held for sale

 

 

4,004

 

4,004

Schedule of quantitative information about Level 3 fair value measurements

The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis for which the Company has utilized level 3 inputs to determine fair value (dollars in thousands):

Quantitative Information about Level 3 Fair Value Measurements

Fair Value

Valuation

Unobservable

Range

Estimate

    

Techniques

    

Input

    

(Weighted Average)

March 31, 2020

Loans evaluated

individually

$

1,413

    

Appraisal of collateral

    

Appraisal adjustments

    

-0.3% to -100% (-69.6)%

OREO

 

55

 

Appraisal of collateral

 

 Appraisal adjustments

 

-25.0% to -100% (-65.0)%

Bank property held for sale

3,413

Appraisal of collateral or real estate listing price

Appraisal adjustments

-6.2% to -64.9% (-27.3)%

December 31, 2019

Loans evaluated

individually

$

2,686

    

Appraisal of collateral

    

Appraisal adjustments

    

-2.9% to -100% (-57.8)%

OREO

 

55

 

Appraisal of collateral

 

 Appraisal adjustments

 

-25.0% to -100% (-65.0)%

Bank property held for sale

4,004

Appraisal of collateral or real estate listing price

Appraisal adjustments

-6.2% to -71.3% (-40.7)%

Schedule of estimated fair values of financial instruments

Quantitative Information about Level 3 Fair Value Measurements

Fair Value

Valuation

Unobservable

Range

Estimate

    

Techniques

    

Input

    

(Weighted Average)

March 31, 2020

Loans evaluated

individually

$

1,413

    

Appraisal of collateral

    

Appraisal adjustments

    

-0.3% to -100% (-69.6)%

OREO

 

55

 

Appraisal of collateral

 

 Appraisal adjustments

 

-25.0% to -100% (-65.0)%

Bank property held for sale

3,413

Appraisal of collateral or real estate listing price

Appraisal adjustments

-6.2% to -64.9% (-27.3)%

December 31, 2019

Loans evaluated

individually

$

2,686

    

Appraisal of collateral

    

Appraisal adjustments

    

-2.9% to -100% (-57.8)%

OREO

 

55

 

Appraisal of collateral

 

 Appraisal adjustments

 

-25.0% to -100% (-65.0)%

Bank property held for sale

4,004

Appraisal of collateral or real estate listing price

Appraisal adjustments

-6.2% to -71.3% (-40.7)%