XML 66 R32.htm IDEA: XBRL DOCUMENT v3.20.1
FAIR VALUE MEASUREMENTS (Tables)
3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2020

​

    

Level 1

    

Level 2

    

Level 3

    

Total

(in thousands)

​

Inputs

​

Inputs

​

Inputs

​

Fair Value

Available for sale securities:

​

​

​

​

  

​

​

  

​

​

  

​

Mortgage-backed securities:

 

​

  

 

​

  

 

​

  

 

​

  

US Government-sponsored enterprises

​

$

—

​

$

295,657

​

$

—

​

$

295,657

US Government agency

​

 

—

​

 

101,669

​

 

—

​

 

101,669

Private label

​

 

—

​

 

18,499

​

 

—

​

 

18,499

Obligations of states and political subdivisions thereof

​

 

—

​

 

137,579

​

 

—

​

 

137,579

Corporate bonds

​

 

—

​

 

72,937

​

 

—

​

 

72,937

Derivative assets

​

 

—

​

 

24,933

​

 

93

​

 

25,026

Derivative liabilities

​

 

—

​

 

(28,032)

​

 

(73)

​

 

(28,105)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2019

​

    

Level 1

    

Level 2

    

Level 3

    

Total

(in thousands)

​

Inputs

​

Inputs

​

Inputs

​

Fair Value

Available for sale securities:

​

  

​

​

  

​

​

  

​

​

  

​

Mortgage-backed securities:

 

​

  

 

​

  

 

​

  

 

​

  

US Government-sponsored enterprises

​

$

—

​

$

321,969

​

$

—

​

$

321,969

US Government agency

​

 

—

​

 

99,661

​

 

—

​

 

99,661

Private label

​

 

—

​

 

19,533

​

 

—

​

 

19,533

Obligations of states and political subdivisions thereof

​

 

—

​

 

142,006

​

 

—

​

 

142,006

Corporate bonds

​

 

—

​

 

80,061

​

 

—

​

 

80,061

Derivative assets

​

 

—

​

 

6,791

​

 

59

​

 

6,850

Derivative liabilities

​

 

—

​

 

(8,102)

​

 

(84)

​

 

(8,186)

Schedule of Changes in Level 3 Assets Measured on a Recurring Basis

​

​

​

​

​

​

​

​

​

​

Assets (Liabilities)

​

​

Interest Rate Lock

​

Forward

(in thousands)

    

Commitments

    

Commitments

Three Months Ended March 31, 2020

​

  

​

​

  

​

Balance at beginning of period

​

$

59

​

$

(84)

Realized gain recognized in non-interest income

​

 

34

​

 

11

Balance at end of period

​

$

93

​

$

(73)

​

​

​

​

​

​

​

Three Months Ended March 31, 2019

​

  

​

​

  

​

Balance at beginning of period

​

$

8

​

$

—

Realized gain recognized in non-interest income

​

 

6

​

 

(65)

Balance at end of period

​

$

14

​

$

(65)

​

​

​

​

​

​

​

Schedule of Changes in Level 3 Liabilities Measured on a Recurring Basis

​

​

​

​

​

​

​

​

​

Assets (Liabilities)

​

​

Interest Rate Lock

​

Forward

(in thousands)

    

Commitments

    

Commitments

Three Months Ended March 31, 2020

​

  

​

​

  

​

Balance at beginning of period

​

$

59

​

$

(84)

Realized gain recognized in non-interest income

​

 

34

​

 

11

Balance at end of period

​

$

93

​

$

(73)

​

​

​

​

​

​

​

Three Months Ended March 31, 2019

​

  

​

​

  

​

Balance at beginning of period

​

$

8

​

$

—

Realized gain recognized in non-interest income

​

 

6

​

 

(65)

Balance at end of period

​

$

14

​

$

(65)

​

​

​

​

​

​

​

Schedule of Quantitative Information, Valuation, Recurring

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value

​

Fair Value

​

​

​

​

​

​

​

​

​

​

March 31, 

​

December 31,

​

Valuation 

​

Unobservable 

​

Unobservable

​

(in thousands, except ratios)

    

2020

    

2019

​

Techniques

    

Inputs

    

Input Value

 

Assets (Liabilities)

​

  

​

​

  

​

​

  

​

  

​

  

​

 

Interest Rate Lock Commitment

 

$

93

​

$

59

​

Historical trend

 

Closing Ratio

 

​

90

%

​

​

 

​

​

 

​

​

Pricing Model

​

Origination Costs, per loan

​

$

1.7

​

​

​

​

​

​

​

​

​

​

 

​

​

​

​

​

Forward Commitments

​

 

(73)

​

 

(84)

​

Quoted prices for similar loans in active markets.

 

Freddie Mac pricing system

​

 

Pair-off contract price

​

Total

​

$

20

​

$

(25)

​

  

 

  

​

 

  

​

Summary of Applicable Non-Recurring Fair Value Measurements

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value

​

​

​

​

​

​

​

​

Three Months Ended

​

 Measurement Date as of 

​

​

March 31, 2020

​

December 31, 2019

​

March 31, 2020

​

March 31, 2020

​

​

Level 3

​

Level 3

​

Total

​

Level 3

(in thousands)

    

Inputs

    

Inputs

    

Gains (Losses)

    

Inputs

Assets

​

  

​

​

  

​

​

  

​

​

  

Impaired loans

​

$

8,335

​

$

9,625

​

$

1,290

​

March 2020

Capitalized servicing rights

​

 

3,897

​

​

4,301

 

​

—

 

March 2020

Other real estate owned

​

 

2,205

​

​

2,236

 

​

(31)

 

August 2019

Premises held for sale

​

 

1,764

​

​

1,764

 

​

—

 

September 2019

Total

​

$

16,201

​

$

17,926

​

$

1,259

 

  

Schedule of Quantitative Information, Valuation, Non-recurring

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value

​

​

​

​

​

Range

 

(in thousands, except ratios)

    

March 31, 2020

    

Valuation Techniques

    

Unobservable Inputs

    

(Weighted Average)(a)

 

Assets

 

​

  

 

  

 

  

​

​

  

​

Impaired loans

​

$

4,947

 

Fair value of collateral -appraised value

 

Loss severity

​

​

0% to 70%

​

​

​

​

​

​

​

 

Appraised value

​

​

$0 to $975

​

​

​

​

​

​

​

​

​

​

​

​

​

Impaired loans

​

 

3,388

 

Discount cash flow

 

Discount rate

 

​

3.50% to 9.50%

​

​

​

​

​

​

​

 

Cash flows

​

​

$21 to $1,002

​

​

​

​

​

​

​

​

​

​

​

​

​

Capitalized servicing rights

​

 

3,897

 

Discounted cash flow

 

Constant prepayment rate (CPR)

 

​

11.91

%

​

​

 

  

 

  

 

Discount rate

 

​

11.33

%

​

​

​

​

​

​

​

​

​

​

​

​

Other real estate owned

​

 

2,205

 

Fair value of collateral less selling costs

 

Appraised value

 

$

2,695

​

​

​

 

  

 

  

 

Selling Costs

 

​

6% to 10%

​

​

​

​

​

​

​

​

​

​

​

​

​

Premises held for sale(b)

​

 

1,764

 

Fair value of asset less selling costs

 

Appraised value

​

​

$136 to $527

​

​

​

 

  

 

  

 

Selling Costs

 

​

6

%

Total

​

$

16,201

 

  

 

  

 

​

  

​

(a)Where dollar amounts are disclosed, the amounts represent the lowest and highest fair value of the respective assets in the population except for adjustments for market/property conditions, which represents the range of adjustments to individual properties.
(b)The carrying value of premises held for sale was $1.8 million as of March 31, 2020.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value

​

​

​

​

​

Range

​

(in thousands, except ratios)

    

December 31, 2019

    

Valuation Techniques

    

Unobservable Inputs

    

(Weighted Average)(a)

​

Assets

​

​

​

​

​

​

​

​

​

​

​

Impaired loans

​

$

6,137

​

Fair value of collateral -appraised value

​

Loss severity

​

​

0% to 55.00%

​

​

​

​

​

​

​

​

Appraised value

​

​

$0 to $6,915

​

​

​

​

​

​

​

​

​

​

​

​

​

Impaired loans

​

 

3,488

​

Discount cash flow

​

Discount rate

 

​

2.88% to 9.50%

​

​

​

​

​

​

​

​

Cash flows

​

​

$22 to $1,002

​

​

​

​

​

​

​

​

​

​

​

​

​

Capitalized servicing rights

​

 

4,301

​

Discounted cash flow

​

Constant prepayment rate (CPR)

 

​

9.95

%

​

​

​

​

​

​

​

Discount rate

 

​

10.07

%

​

​

​

​

​

​

​

​

​

​

​

​

Other real estate owned

​

 

2,236

​

Fair value of collateral less selling costs

​

Appraised value

 

$

2,695

​

​

​

​

​

​

​

​

Selling Costs

​

​

10% to 20%

​

​

​

​

​

​

​

​

​

​

​

​

​

Premises held for sale(b)

​

 

1,764

​

Fair value of asset less selling costs

​

Appraised value

 

$

$136 to $527

​

​

​

​

​

​

​

​

Selling Costs

 

​

6.00

%

Total

​

$

17,926

​

​

​

​

​

​

​

​

(a)Where dollar amounts are disclosed, the amounts represent the lowest and highest fair value of the respective assets in the population except for adjustments for market/property conditions, which represents the range of adjustments to individual properties.
(b)The carrying value of premises held for sale was $1.8 million as of December 31, 2019.
Summary of Estimated Fair Values, and Related Carrying Amounts, of Financial Instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2020

​

​

Carrying

​

Fair

​

​

​

​

​

​

​

​

​

(in thousands)

    

Amount

    

Value

    

Level 1

    

Level 2

    

Level 3

Financial Assets

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

Cash and cash equivalents

​

$

85,655

​

$

85,655

​

$

85,655

​

$

—

​

$

—

Securities available for sale

​

 

626,341

​

 

626,341

​

 

—

​

 

626,341

​

 

—

FHLB stock

​

 

19,897

​

 

19,897

​

 

—

​

 

19,897

​

 

—

Net loans

​

 

2,619,686

​

 

2,604,406

​

 

—

​

 

—

​

 

2,604,406

Accrued interest receivable

​

 

3,268

​

 

3,268

​

 

—

​

 

3,268

​

 

—

Cash surrender value of bank-owned life insurance policies

​

 

76,400

​

 

76,400

​

 

—

​

 

76,400

​

 

—

Derivative assets

​

 

25,026

​

 

25,026

​

 

—

​

 

24,933

​

 

93

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial Liabilities

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Non-maturity deposits

​

$

1,806,460

​

$

1,861,960

​

$

—

​

$

1,861,960

​

$

—

Time deposits

​

​

844,097

​

​

852,346

​

​

—

​

​

852,346

​

​

—

Short-term other borrowings

​

 

31,001

​

 

31,000

​

 

—

​

 

31,000

​

 

—

FHLB advances

​

 

404,579

​

 

410,065

​

 

—

​

 

410,065

​

 

—

FRB advances

​

​

62,000

​

​

62,000

​

​

—

​

​

62,000

​

​

—

Subordinated borrowings

​

 

59,849

​

 

59,849

​

 

—

​

 

59,849

​

 

—

Derivative liabilities

​

 

28,105

​

 

28,105

​

 

—

​

 

28,032

​

 

73

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2019

​

​

Carrying

​

Fair

​

​

​

​

​

​

​

​

​

(in thousands)

    

Amount

    

Value

    

Level 1

    

Level 2

    

Level 3

Financial Assets

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

Cash and cash equivalents

​

$

56,910

​

$

56,910

​

$

56,910

​

$

—

​

$

—

Securities available for sale

​

 

663,230

​

 

663,230

​

 

—

​

 

663,230

​

 

—

FHLB stock

​

 

20,679

​

 

20,679

​

 

—

​

 

20,679

​

 

—

Net loans

​

 

2,625,739

​

 

2,634,147

​

 

—

​

 

—

​

 

2,634,147

Accrued interest receivable

​

 

3,294

​

 

3,294

​

 

—

​

 

3,294

​

 

—

Cash surrender value of bank-owned life insurance policies

​

 

75,863

​

 

75,863

​

 

—

​

 

75,863

​

 

—

Derivative assets

​

 

6,850

​

 

6,850

​

 

—

​

 

6,791

​

 

59

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial Liabilities

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Non-maturity deposits

​

$

1,763,116

​

$

1,751,481

​

$

—

​

$

1,751,481

​

$

—

Time deposits

​

​

932,635

​

​

932,886

​

​

—

​

​

932,886

​

​

—

Short-term other borrowings

​

 

44,832

​

 

44,831

​

 

—

​

 

44,831

​

 

—

FHLB advances

​

 

426,564

​

 

425,989

​

 

—

​

 

425,989

​

 

—

Subordinated borrowings

​

 

59,920

​

 

59,920

​

 

—

​

 

59,920

​

 

—

Derivative liabilities

​

 

8,186

​

 

8,186

​

 

—

​

 

8,102

​

 

84