XML 36 R33.htm IDEA: XBRL DOCUMENT v3.20.2
Fair Value Measurement and Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Fair Value of Financial Assets and Liabilities Measured on Recurring Basis
The following table sets forth the Company’s financial assets that were accounted for at fair value on a recurring basis as of the periods presented by level within the fair value hierarchy. During the six months ended June 30, 2020, the Company did not make any transfers between any levels within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:
(in thousands)Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
Fair Value
June 30, 2020
Assets:
Investment securities, available for sale
U.S. Treasury and government agencies$72,983  $66,875  $—  $139,858  
Mortgage-backed securities—  508,200  —  508,200  
Asset-backed securities—  40,308  —  40,308  
Obligations of states and political subdivisions—  98,849  —  98,849  
Debt securities—  24,766  —  24,766  
Total securities available for sale72,983  738,998  —  811,981  
Equity securities, at fair value1,046  16,136  —  17,182  
Derivative assets—  100,310  —  100,310  
Total Assets$74,029  $855,444  $—  $929,473  
Liabilities:
Derivative liabilities$—  $100,568  $—  $100,568  
Total Liabilities$—  $100,568  $—  $100,568  
December 31, 2019
Assets:
Investment securities, available for sale
U.S. Treasury and government agencies$12,580  $123,067  $—  $135,647  
Mortgage-backed securities—  551,064  —  551,064  
Obligations of states and political subdivisions—  60,021  —  60,021  
Debt securities—  9,168  —  9,168  
Total securities available for sale12,580  743,320  —  755,900  
Equity securities, at fair value1,735  14,738  —  16,473  
Derivative assets—  27,123  —  27,123  
Total Assets$14,315  $785,181  $—  $799,496  
Liabilities:
Derivative liabilities$—  $26,852  $—  $26,852  
Total Liabilities$—  $26,852  $—  $26,852  
Fair Value of Assets Measured on Non-recurring Basis
The following table sets forth the Company’s assets subject to fair value adjustments (impairment) on a non-recurring basis. Assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:
(in thousands)(Level 1)(Level 2)(Level 3)Total
Fair Value
June 30, 2020
Assets:
Impaired loans$—  $—  $4,592  $4,592  
Loans held for sale—  2,793  —  2,793  
Other real estate owned and other repossessed assets—  —  354  354  
December 31, 2019
Assets:
Impaired loans$—  $—  $5,789  $5,789  
Loans held for sale—  1,743  —  1,743  
Other real estate owned and other repossessed assets—  —  563  563  
Carrying Values and Fair Values of Company's Financial Instruments
The following table presents the carrying values, fair values and placement in the fair value hierarchy of the Company’s financial instruments as of June 30, 2020 and December 31, 2019:
(in thousands)Carrying
Value		Fair
Value		Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
 
June 30, 2020
Financial Assets:
Investment securities held to maturity$109,834  $113,241  $—  $110,741  $2,500  
Federal Home Loan Bank and other membership bank stocks
18,988  18,988  —  18,988  —  
Loans, net5,698,316  5,671,409  —  —  5,671,409  
Financial Liabilities:
Certificates of deposit1,128,506  1,131,574  —  1,131,574  —  
Other borrowings155,715  159,767  —  159,767  —  
Subordinated debentures118,239  114,222  —  —  114,222  
December 31, 2019
Financial Assets:
Investment securities held to maturity$123,975  $124,904  $—  $121,503  $3,401  
Federal Home Loan Bank and other membership bank stocks
22,505  22,505  —  22,505  —  
Loans, net5,097,820  5,194,065  —  —  5,194,065  
Financial Liabilities:
Certificates of deposit870,804  871,418  —  871,418  —  
Other borrowings165,816  166,505  —  166,505  —  
Subordinated debentures118,220  117,992  —  —  117,992