Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2019

The carrying amount and fair value of the Corporation’s financial instruments are as follows:



		As of June 30, 2019				As of December 31, 2018
(dollars in thousands)	Fair Value Hierarchy Level⁽¹⁾	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	Level 1	$	63,385	$	63,385	$	48,456	$	48,456
Investment securities - available for sale	See Note 20	588,119		588,119		737,442		737,442
Investment securities - trading	See Note 20	8,516		8,516		7,502		7,502
Investment securities – held to maturity	Level 2	10,209		10,205		8,684		8,438
Loans held for sale	Level 2	6,333		6,333		1,749		1,749
Net portfolio loans and leases	Level 3	3,513,483		3,509,533		3,407,728		3,414,921
MSRs	Level 3	4,744		5,175		5,047		6,277
Interest rate swaps	Level 2	44,256		44,256		12,550		12,550
FX forwards	Level 2	105		105		—		—
RPAs purchased	Level 2	124		124		71		71
Other assets	Level 3	44,507		44,507		43,641		43,641
Total financial assets		$	4,283,781	$	4,280,258	$	4,272,870	$	4,281,047
Financial liabilities:
Deposits	Level 2	$	3,632,413	$	3,631,844	$	3,599,087	$	3,594,123
Short-term borrowings	Level 2	207,828		207,828		252,367		252,367
Long-term FHLB advances	Level 2	47,941		47,951		55,374		54,803
Subordinated notes	Level 2	98,616		99,187		98,526		100,120
Junior subordinated debentures	Level 2	21,665		24,385		21,580		31,176
Interest rate swaps	Level 2	44,101		44,101		12,549		12,549
FX forwards	Level 2	82		82		—		—
RPAs sold	Level 2	19		19		2		2
Other liabilities	Level 3	46,350		46,350		60,847		60,847
Total financial liabilities		$	4,099,015	$	4,101,747	$	4,100,332	$	4,105,987

(1) See Note 20 in the Notes to Unaudited Consolidated Financial Statements above for a description of hierarchy levels.