Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring and Nonrecurring Basis

The following tables present the Corporation’s assets measured at fair value on a recurring basis as of June 30, 2019 and December 31, 2018:

As of June 30, 2019
(dollars in thousands)	Total		Level 1		Level 2		Level 3
Investment securities available for sale:
U.S. Treasury securities	$	101	$	101	$	—	$	—
Obligations of U.S. government & agencies	192,799		—		192,799		—
Obligations of state & political subdivisions	6,870		—		6,870		—
Mortgage-backed securities	348,975		—		348,975		—
Collateralized mortgage obligations	38,724		—		38,724		—
Other investment securities	650		—		650		—
Total investment securities available for sale	588,119		101		588,018		—
Investment securities trading:
Mutual funds	8,516		8,516		—		—
Derivatives:
Interest rate swaps	44,256		—		44,256		—
RPAs purchased	124		—		124		—
FX forwards	105		—		105		—
Total derivatives	44,485		—		44,485		—
Total recurring fair value measurements	$	641,120	$	8,617	$	632,503	$	—

 

As of December 31, 2018
(dollars in thousands)	Total		Level 1		Level 2		Level 3
Investment securities available for sale:
U.S. Treasury securities	$	200,013	$	200,013	$	—	$	—
Obligations of U.S. government & agencies	195,855		—		195,855		—
Obligations of state & political subdivisions	11,332		—		11,332		—
Mortgage-backed securities	289,890		—		289,890		—
Collateralized mortgage obligations	39,252		—		39,252		—
Other investment securities	1,100		—		1,100		—
Total investment securities available for sale	737,442		200,013		537,429		—
Investment securities trading:
Mutual funds	7,502		7,502		—		—
Derivatives:
Interest rate swaps	12,550		—		12,550		—
RPAs purchased	71		—		71		—
Total derivatives	12,621		—		12,621		—
Total recurring fair value measurements	$	757,565	$	207,515	$	550,050	$	—

The following tables present the Corporation’s assets measured at fair value on a non-recurring basis as of June 30, 2019 and December 31, 2018:

As of June 30, 2019
(dollars in thousands)	Total		Level 1		Level 2		Level 3
MSRs	$	5,175	$	—	$	—	$	5,175
Impaired loans and leases	16,861		—		—		16,861
OREO	155		—		—		155
Total non-recurring fair value measurements	$	22,191	$	—	$	—	$	22,191

 

As of December 31, 2018
(dollars in thousands)	Total		Level 1		Level 2		Level 3
MSRs	$	6,277	$	—	$	—	$	6,277
Impaired loans and leases	22,112		—		—		22,112
OREO	417		—		—		417
Total non-recurring fair value measurements	$	28,806	$	—	$	—	$	28,806