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Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The table below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis.
 Balance atFair Value Measurements Using:
Dollars in thousandsSeptember 30, 2020Level 1Level 2Level 3
Securities available for sale    
U.S. Government sponsored agencies$36,766 $— $36,766 $— 
Mortgage backed securities:    
Government sponsored agencies62,351 — 62,351 — 
Nongovernment sponsored entities15,190 — 15,190 — 
State and political subdivisions52,300 — 52,300 — 
Corporate debt securities25,956 — 25,956 — 
Asset-backed securities46,035 — 46,035 — 
Tax-exempt state and political subdivisions59,391 — 59,391 — 
Total securities available for sale$297,989 $— $297,989 $— 
Derivative financial assets
Interest rate cap$4,611 $— $4,611 $— 
Derivative financial liabilities    
Interest rate swaps$3,067 $— $3,067 $— 
 Balance atFair Value Measurements Using:
Dollars in thousandsDecember 31, 2019Level 1Level 2Level 3
Securities available for sale    
U.S. Government sponsored agencies$20,864 $— $20,864 $— 
Mortgage backed securities:    
Government sponsored agencies70,975 — 70,975 — 
Nongovernment sponsored entities10,229 — 10,229 — 
State and political subdivisions49,973 — 49,973 — 
Corporate debt securities18,200 — 18,200 — 
Asset-backed securities33,014 — 33,014 — 
Tax-exempt state and political subdivisions73,100 — 73,100 — 
Total securities available for sale$276,355 $— $276,355 $— 
Derivative financial liabilities    
Interest rate swaps$988 $— $988 $— 
Fair Value Measurements, Nonrecurring Assets measured at fair value on a nonrecurring basis are included in the table below.
 Balance atFair Value Measurements Using:
Dollars in thousandsSeptember 30, 2020Level 1Level 2Level 3
Residential mortgage loans held for sale$2,538 $— $2,538 $— 
Collateral-dependent loans with an ACLL    
Commercial$$— $$— 
Commercial real estate7,954 — 7,954 — 
Construction and development355 — 355 — 
Residential real estate90 — 90 — 
Total collateral-dependent loans with an ACLL$8,407 $— $8,407 $— 
Property held for sale    
Commercial real estate$1,125 $— $1,125 $— 
Construction and development14,049 — 13,428 621 
Residential real estate500 — 500 — 
Total property held for sale$15,674 $— $15,053 $621 
Collateral dependent loans with an ACLL were categorized as impaired loans with specific reserves prior to the adoption of ASC 326.
 Balance atFair Value Measurements Using:
Dollars in thousandsDecember 31, 2019Level 1Level 2Level 3
Residential mortgage loans held for sale$1,319 $— $1,319 $— 
Collateral-dependent impaired loans    
Commercial$4,831 $— $4,831 $— 
Commercial real estate1,863 — 1,863 — 
Construction and development425 — 425 — 
Residential real estate692 — 566 126 
Total collateral-dependent impaired loans$7,811 $— $7,685 $126 
Property held for sale    
Commercial real estate$1,304 $— $1,304 $— 
Construction and development12,182 — 12,182 — 
Residential real estate705 — 705 — 
Total property held for sale$14,191 $— $14,191 $— 
Fair Value, by Balance Sheet Grouping
The carrying values and estimated fair values of our financial instruments are summarized below:
 September 30, 2020Fair Value Measurements Using:
Dollars in thousandsCarrying
Value
Estimated
Fair
Value
Level 1Level 2Level 3
Financial assets    
Cash and cash equivalents$108,986 $108,986 $— $108,986 $— 
Securities available for sale297,989 297,989 — 297,989 — 
Securities held to maturity91,600 92,786 — 92,786 — 
Other investments10,766 10,766 — 10,766 — 
Loans held for sale, net2,538 2,538 — 2,538 — 
Loans, net2,222,450 2,228,148 — 8,407 2,219,741 
Accrued interest receivable10,978 10,978 — 10,978 — 
Derivative financial assets4,611 4,611 — 4,611 — 
     Cash surrender value of life insurance policies and annuities57,029 57,029 — 57,029 — 
 $2,806,947 $2,813,831 $— $594,090 $2,219,741 
Financial liabilities    
Deposits$2,451,891 $2,456,247 $— $2,456,247 $— 
Short-term borrowings140,145 140,145 — 140,145 — 
Long-term borrowings703 882 — 882 — 
Subordinated debentures29,336 29,336 — 29,336 — 
Subordinated debentures owed to unconsolidated
subsidiary trusts
19,589 19,589 — 19,589 — 
Accrued interest payable898 898 — 898 — 
Derivative financial liabilities3,067 3,067 — 3,067 — 
 $2,645,629 $2,650,164 $— $2,650,164 $— 
 December 31, 2019Fair Value Measurements Using:
Dollars in thousandsCarrying
Value
Estimated
Fair
Value
Level 1Level 2Level 3
Financial assets    
Cash and cash equivalents$61,888 $61,888 $— $61,888 $— 
Securities available for sale276,355 276,355 — 276,355 — 
Other investments12,972 12,972 — 12,972 — 
Loans held for sale, net1,319 1,319 — 1,319 — 
Loans, net1,900,425 1,901,020 — 7,685 1,893,335 
Accrued interest receivable8,439 8,439 — 8,439 — 
Cash surrender value of life insurance policies43,603 43,603 — 43,603 — 
 $2,305,001 $2,305,596 $— $412,261 $1,893,335 
Financial liabilities    
Deposits$1,913,237 $1,918,610 $— $1,918,610 $— 
Short-term borrowings199,345 199,345 — 199,345 — 
Long-term borrowings717 854 — 854 — 
Subordinated debentures owed to unconsolidated
subsidiary trusts
19,589 19,589 — 19,589 — 
Accrued interest payable1,234 1,234 — 1,234 — 
Derivative financial liabilities988 988 — 988 — 
 $2,135,110 $2,140,620 $— $2,140,620 $—