XML 64 R24.htm IDEA: XBRL DOCUMENT v3.8.0.1
Fair Value Measurement (Tables)
3 Months Ended
Mar. 31, 2018
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on Recurring Basis
The following tables present our assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy level at March 31, 2018 and December 31, 2017. There were no transfers between Level 1 and Level 2 for items measured at fair value on a recurring basis during the periods presented.
 
March 31, 2018
(dollars in thousands)
Level 1
 
Level 2
 
Level 3
 
Total
ASSETS
 
 
 
 
 
 
 
Debt securities available-for-sale:
 
 
 
 
 
 
 
U.S. Treasury securities
$

 
$
14,661

 
$

 
$
14,661

Obligations of U.S. government corporations and agencies

 
160,589

 

 
160,589

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

 
102,582

 

 
102,582

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

 
30,683

 

 
30,683

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

 
248,798

 

 
248,798

Obligations of states and political subdivisions

 
125,141

 

 
125,141

Total Debt Securities Available-for-Sale

 
682,454

 

 
682,454

Marketable equity securities(1)

 
5,196

 

 
5,196

Total Securities

 
687,650

 

 
687,650

Trading securities held in a Rabbi Trust
5,048

 

 

 
5,048

Derivative financial assets:
 
 
 
 
 
 
 
Interest rate swaps

 
4,669

 

 
4,669

Interest rate lock commitments

 
271

 

 
271

Total Assets
$
5,048

 
$
692,590

 
$

 
$
697,638

LIABILITIES
 
 
 
 
 
 
 
Derivative financial liabilities:
 
 
 
 
 
 
 
Interest rate swaps
$

 
$
4,765

 
$

 
$
4,765

Forward sale contracts

 
24

 

 
24

Total Liabilities
$

 
$
4,789

 
$

 
$
4,789

(1)ASU 2016-01 was adopted January 1, 2018, resulting in separate classification of our marketable equity securities previously included in available-for-sale securities.

 
December 31, 2017
(dollars in thousands)
Level 1
 
Level 2
 
Level 3
 
Total
ASSETS
 
 
 
 
 
 
 
Debt securities available-for-sale:
 
 
 
 
 
 
 
U.S. Treasury securities
$

 
$
19,789

 
$

 
$
19,789

Obligations of U.S. government corporations and agencies

 
162,193

 

 
162,193

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

 
108,688

 

 
108,688

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

 
32,854

 

 
32,854

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

 
242,221

 

 
242,221

Obligations of states and political subdivisions

 
127,402

 

 
127,402

Marketable equity securities

 
5,144

 

 
5,144

Total Debt Securities Available-for-Sale

 
698,291

 

 
698,291

Total Securities

 
698,291

 

 
698,291

Trading securities held in a Rabbi Trust
5,080

 

 

 
5,080

Derivative financial assets:
 
 
 
 
 
 
 
Interest rate swaps

 
3,074

 

 
3,074

Interest rate lock commitments

 
226

 

 
226

Total Assets
$
5,080

 
$
701,591

 
$

 
$
706,671

LIABILITIES
 
 
 
 
 
 
 
Derivative financial liabilities:
 
 
 
 
 
 
 
Interest rate swaps
$

 
$
3,055

 
$

 
$
3,055

Forward sale contracts

 
5

 

 
5

Total Liabilities
$

 
$
3,060

 
$

 
$
3,060

Assets Measured at Estimated Fair Value on Nonrecurring Basis by Fair Value Hierarchy
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:
 
March 31, 2018
 
December 31, 2017
(dollars in thousands)
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
ASSETS(1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans held for sale
$

 
$

 
$

 
$

 
$

 
$

 
$

 
$

Impaired loans

 

 
6,551

 
6,551

 

 

 
6,759

 
6,759

Other real estate owned

 

 
2,880

 
2,880

 

 

 
444

 
444

Mortgage servicing rights

 

 
106

 
106

 

 

 
178

 
178

Total Assets
$

 
$

 
$
9,537

 
$
9,537

 
$

 
$

 
$
7,381

 
$
7,381

(1)This table presents only the nonrecurring items that are recorded at fair value in our financial statements.
Carrying Values and Fair Values of Financial Instruments
The carrying values and fair values of our financial instruments at March 31, 2018 and December 31, 2017 are presented in the following tables:
 
Carrying
Value(1) 
 
Fair Value Measurements at March 31, 2018
(dollars in thousands)
 
Total
 
Level 1
 
Level 2
 
Level 3
ASSETS
 
 
 
 
 
 
 
 
 
Cash and due from banks, including interest-bearing deposits
$
112,849

 
$
112,849

 
$
112,849

 
$

 
$

Securities
687,650

 
687,650

 

 
687,650

 

Loans held for sale
3,283

 
3,377

 

 

 
3,377

Portfolio loans, net
5,671,567

 
5,530,443

 

 

 
5,530,443

Bank owned life insurance
72,629

 
72,629

 

 
72,629

 

FHLB and other restricted stock
29,769

 
29,769

 

 

 
29,769

Trading securities held in a Rabbi Trust
5,048

 
5,048

 
5,048

 

 

Mortgage servicing rights
4,182

 
5,023

 

 

 
5,023

Interest rate swaps
4,669

 
4,669

 

 
4,669

 

Interest rate lock commitments
271

 
271

 

 
271

 

LIABILITIES
 
 

 
 
 
 
 
 
Deposits
$
5,387,094

 
$
5,372,506

 
$

 
$

 
$
5,372,506

Securities sold under repurchase agreements
44,617

 
44,617

 

 

 
44,617

Short-term borrowings
525,000

 
525,000

 

 

 
525,000

Long-term borrowings
46,684

 
46,892

 

 

 
46,892

Junior subordinated debt securities
45,619

 
45,619

 

 

 
45,619

Interest rate swaps
4,765

 
4,765

 

 
4,765

 

Interest rate lock commitments
24

 
24

 

 
24

 

(1) As reported in the Consolidated Balance Sheets
 
 
 
 
 
 
 
 
 

 
Carrying
Value(1)
 
Fair Value Measurements at December 31, 2017
(dollars in thousands)
 
Total
 
Level 1
 
Level 2
 
Level 3
ASSETS
 
 
 
 
 
 
 
 
 
Cash and due from banks, including interest-bearing deposits
$
117,152

 
$
117,152

 
$
117,152

 
$

 
$

Securities
698,291

 
698,291

 

 
698,291

 

Loans held for sale
4,485

 
4,583

 

 

 
4,583

Portfolio loans, net
5,705,059

 
5,690,292

 

 

 
5,690,292

Bank owned life insurance
72,150

 
72,150

 

 
72,150

 

FHLB and other restricted stock
29,270

 
29,270

 

 

 
29,270

Trading securities held in a Rabbi Trust
5,080

 
5,080

 
5,080

 

 

Mortgage servicing rights
4,133

 
4,571

 

 

 
4,571

Interest rate swaps
3,074

 
3,074

 

 
3,074

 

Interest rate lock commitments
226

 
226

 

 
226

 

LIABILITIES
 
 
 
 
 
 
 
 
 
Deposits
$
5,427,891

 
$
5,426,928

 
$

 
$

 
$
5,426,928

Securities sold under repurchase agreements
50,161

 
50,161

 

 

 
50,161

Short-term borrowings
540,000

 
540,000

 

 

 
540,000

Long-term borrowings
47,301

 
47,618

 

 

 
47,618

Junior subordinated debt securities
45,619

 
45,619

 

 

 
45,619

Interest rate swaps
3,055

 
3,055

 

 
3,055

 

Interest rate lock commitments
5

 
5

 

 
5

 

(1) As reported in the Consolidated Balance Sheets