FAIR VALUE (Tables)

9 Months Ended

Sep. 30, 2017

Fair Value, Assets Measured on Recurring and Nonrecurring Basis

Under ASC 820, fair value measurements for items measured at fair value on a recurring and nonrecurring basis at September 30, 2017 and December 31, 2016 included:

			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
	Fair Value		Assets		Inputs		Inputs
(Dollars in thousands)	Measurements		(Level 1)		(Level 2)		(Level 3)
At September 30, 2017:
Available for sale securities (1)	$	996,799	$	100	$	996,699	$	0
Loans held for sale (2)		29,447		0		29,447		0
Loans (3)		4,160		0		2,973		1,187
Other real estate owned (4)		7,142		0		0		7,142

At December 31, 2016:
Available for sale securities (1)	$	950,503	$	100	$	950,403	$	0
Loans held for sale (2)		15,332		0		15,332		0
Loans (3)		4,120		0		3,170		950
Other real estate owned (4)		9,949		0		0		9,949

(1)

See Note D for further detail of fair value of individual investment categories.

(2)

Recurring fair value basis determined using observable market data.

(3)

See Note F. Nonrecurring fair value adjustments to loans identified as impaired reflect full or partial write-downs that are based on the loan’s observable market price or current appraised value of the collateral in accordance with ASC 310.

(4)

Fair value is measured on a nonrecurring basis in accordance with ASC 360.

Fair Value Measurements, Recurring and Nonrecurring

The carrying amount and fair value of the Company’s other significant financial instruments that are not measured at fair value on a recurring basis in the balance sheet as of September 30, 2017 and December 31, 2016 is as follows:

			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
	Carrying		Assets		Inputs		Inputs
(Dollars in thousands)	Amount		(Level 1)		(Level 2)		(Level 3)
At September 30, 2017:
Financial Assets
Securities held to maturity (1)	$	374,773	$	0	$	374,961	$	0
Time deposits with other banks		14,591		0		0		14,557
Loans, net		3,345,978		0		0		3,328,023
Financial Liabilities
Deposit liabilities		4,112,600		0		0		4,110,324
Subordinated debt		70,451		0		55,072		0

At December 31, 2016:
Financial Assets
Securities held to maturity (1)	$	372,498	$	0	$	369,881	$	0
Loans, net		2,852,016		0		0		2,840,993
Financial Liabilities
Deposit liabilities		3,523,245		0		0		3,523,322
Subordinated debt		70,241		0		54,908		0

(1) See Note D for further detail of fair value of individual investment categories.

Schedule of contractual balance and gains or losses aggregate fair value

Loans held for sale were as follows at September 30, 2017 and December 31, 2016:

	September 30,		December 31,
(Dollars in thousands)	2017		2016
Aggregate fair value	$	29,447	$	15,332
Contractual balance		28,782		14,904
Gains		665		428

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details