XML 28 R12.htm IDEA: XBRL DOCUMENT v3.6.0.2
Fair Value Measurements
12 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
Fair Value Measurements
FAIR VALUE MEASUREMENTS
The following tables present our assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy level at December 31, 2016 and 2015.
 
December 31, 2016
(dollars in thousands)
Level 1
Level 2
Level 3
Total
ASSETS
 
 
 
 
Securities available-for-sale:
 
 
 
 
U.S. Treasury securities
$

$
24,811

$

$
24,811

Obligations of U.S. government corporations and agencies

232,179


232,179

Collateralized mortgage obligations of U.S. government corporations and agencies

129,777


129,777

Residential mortgage-backed securities of U.S. government corporations and agencies

37,358


37,358

Commercial mortgage-backed securities of U.S. government corporations and agencies

125,604


125,604

Obligations of states and political subdivisions

132,509


132,509

Marketable equity securities

11,249


11,249

Total securities available-for-sale

693,487


693,487

Trading securities held in a Rabbi Trust
4,410



4,410

Total securities
4,410

693,487


697,897

Derivative financial assets:
 
 
 
 
Interest rate swaps

6,960


6,960

Interest rate lock commitments

236


236

Total Assets
$
4,410

$
700,683

$

$
705,093

LIABILITIES
 
 
 
 
Derivative financial liabilities:
 
 
 
 
Interest rate swaps
$

$
6,958

$

$
6,958

Forward sale contracts

27


27

Total Liabilities
$

$
6,985

$

$
6,985

 
December 31, 2015
(dollars in thousands)
Level 1
Level 2
Level 3
Total
ASSETS
 
 
 
 
Securities available-for-sale:
 
 
 
 
U.S. Treasury securities
$

$
14,941

$

$
14,941

Obligations of U.S. government corporations and agencies

263,303


263,303

Collateralized mortgage obligations of U.S. government corporations and agencies

128,835


128,835

Residential mortgage-backed securities of U.S. government corporations and agencies

40,125


40,125

Commercial mortgage-backed securities of U.S. government corporations and agencies

69,204


69,204

Obligations of states and political subdivisions

134,886


134,886

Marketable equity securities

9,669


9,669

Total securities available-for-sale


660,963


660,963

Trading securities held in a Rabbi Trust
4,021



4,021

Total securities
4,021

660,963


664,984

Derivative financial assets:
 
 
 
 
Interest rate swaps

11,295


11,295

Interest rate lock commitments

261


261

Total Assets
$
4,021

$
672,519

$

$
676,540

LIABILITIES
 
 
 
 
Derivative financial liabilities:
 
 
 
 
Interest rate swaps
$

$
11,276

$

$
11,276

Forward Sale Contracts

5


5

Total Liabilities
$

$
11,281

$

$
11,281


We classify financial instruments as Level 3 when valuation models are used because significant inputs are not observable in the market.
We may be required to measure certain assets and liabilities at fair value on a nonrecurring basis. Nonrecurring assets are recorded at the lower of cost or fair value in our financial statements. There were no liabilities measured at fair value on a nonrecurring basis at either December 31, 2016 or December 31, 2015. The following table presents our assets that are measured at fair value on a nonrecurring basis by the fair value hierarchy level as of the dates presented:
 
December 31, 2016
 
December 31, 2015
(dollars in thousands)
Level 1
Level 2
Level 3
Total
 
Level 1
Level 2
Level 3
Total
ASSETS(1)
 
 
 
 
 
 
 
 
 
Loans held for sale
$

$

$
1,802

$
1,802

 
$

$

$

$

Impaired loans


10,329

10,329

 


9,373

9,373

Other real estate owned


396

396

 


158

158

Mortgage servicing rights


4,098

4,098

 


3,396

3,396

Total Assets
$

$

$
16,625

$
16,625

 
$

$

$
12,927

$
12,927

(1)This table presents only the nonrecurring items that are recorded at fair value in our financial statements.
The carrying values and fair values of our financial instruments at December 31, 2016 and 2015 are presented in the following tables:
 
 
Fair Value Measurements at December 31, 2016
(dollars in thousands)
Carrying
Value(1)
Total
Level 1
Level 2
Level 3
ASSETS
 
 
 
 
 
Cash and due from banks, including interest-bearing deposits
$
139,486

$
139,486

$
139,486

$

$

Securities available-for-sale
693,487

693,487


693,487


Loans held for sale
3,793

3,815



3,815

Portfolio loans, net of unearned income
5,611,419

5,551,266



5,551,266

Bank owned life insurance
72,081

72,081


72,081


FHLB and other restricted stock
31,817

31,817



31,817

Trading securities held in a Rabbi Trust
4,410

4,410

4,410



Mortgage servicing rights
3,744

4,098



4,098

Interest rate swaps
6,960

6,960


6,960


Interest rate lock commitments
236

236


236


LIABILITIES
 
 
 
 
 
Deposits
$
5,272,377

$
5,276,499

$

$

$
5,276,499

Securities sold under repurchase agreements
50,832

50,832



50,832

Short-term borrowings
660,000

660,000



660,000

Long-term borrowings
14,713

15,267



15,267

Junior subordinated debt securities
45,619

45,619



45,619

Interest rate swaps
6,958

6,958


6,958


Forward sale contracts
27

27


27


(1)As reported in the Consolidated Balance Sheets
 
 
Fair Value Measurements at December 31, 2015
(dollars in thousands)
Carrying
Value(1)
Total
Level 1
Level 2
Level 3
ASSETS
 
 
 
 
 
Cash and due from banks, including interest-bearing deposits
$
99,399

$
99,399

$
99,399

$

$

Securities available-for-sale
660,963

660,963


660,963


Loans held for sale
35,321

35,500



35,500

Portfolio loans, net of unearned income
5,027,612

5,001,004



5,001,004

Bank owned life insurance
70,175

70,175


70,175


FHLB and other restricted stock
23,032

23,032



23,032

Trading securities held in a Rabbi Trust
4,021

4,021

4,021



Mortgage servicing rights
3,237

3,396



3,396

Interest rate swaps
11,295

11,295


11,295


Interest rate lock commitments
261

261


261


LIABILITIES
 
 
 
 
 
Deposits
$
4,876,611

$
4,881,718

$

$

$
4,881,718

Securities sold under repurchase agreements
62,086

62,086



62,086

Short-term borrowings
356,000

356,000



356,000

Long-term borrowings
117,043

117,859



117,859

Junior subordinated debt securities
45,619

45,619



45,619

Interest rate swaps
11,276

11,276


11,276


Forward sale contracts
5

5


5


(1)As reported in the Consolidated Balance Sheets