Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Fair Value Financial Assets Measured On Recurring Basis

The Company’s financial assets measured at fair value on a recurring basis at September 30, 2014 and December 31, 2013 were as follows (dollars in thousands):

	Level 1		Level 2		Level 3
September 30, 2014
Assets:
Investment securities available-for-sale	$	—	$	289,746	$	—
Interest rate swap derivatives	—		2,891		—
Total assets	$	—	$	292,637	$	—
Liabilities:
Interest rate swap derivatives	$	—	$	2,891	$	—
December 31, 2013
Assets:
Investment securities available-for-sale	$	—	$	194,481	$	—

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis

The following table represents the assets measured at fair value on a nonrecurring basis by the Company at September 30, 2014 and December 31, 2013 (dollars in thousands):

	Level 1		Level 2		Level 3
September 30, 2014
Impaired loans	$	—	$	—	$	1,958
Other real estate owned	—		—		4,032
	$	—	$	—	$	5,990
December 31, 2013
Impaired loans	$	—	$	—	$	8,887
Other real estate owned	—		—		3,144
	$	—	$	—	$	12,031

Fair Value Inputs, Assets, Quantitative Information

The following table presents quantitative information about level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at September 30, 2014 and December 31, 2013 (dollars in thousands):

	September 30, 2014
	Fair Value Estimate		Valuation Techniques	Unobservable Input
Impaired loans	$	1,958	Market approach	Appraised value less selling costs of 5% to 10% Additional discounts of 5% to 50% to appraised value to reflect liquidation value
Other real estate owned	$	4,032	Market approach	Appraised value less selling costs of 5% to 10%

	December 31, 2013
	Fair Value Estimate		Valuation Techniques	Unobservable Input
Impaired loans	$	8,887	Market approach	Appraised value less selling costs of 5% to 10% Additional discounts of 5% to 50% to appraised value to reflect liquidation value
Other real estate owned	$	3,144	Market approach	Appraised value less selling costs of 5% to 10%

Fair Value, by Balance Sheet Grouping

The estimated fair values of the Company’s significant on-balance sheet financial instruments at September 30, 2014 and December 31, 2013 were approximately as follows (dollars in thousands):

		September 30, 2014				December 31, 2013
	Level in Fair Value Hierarchy	Carrying value		Estimated fair value		Carrying value		Estimated fair value
Financial assets:
Cash and cash equivalents	Level 1	$	137,282	$	137,282	$	81,849	$	81,849
Investment securities:
Available-for-sale	Level 2	289,746		289,746		194,481		194,481
Held-to-maturity	Level 2	155,454		156,454		1,320		1,342
FHLB stock	Level 2	25,916		25,916		9,913		9,913
Loans held-for-sale	Level 2	1,839		1,839		10,359		10,359
Loans, net	Level 3	1,443,452		1,442,479		973,618		977,142
BOLI	Level 3	53,175		53,175		36,567		36,567
MSRs	Level 3	2,288		2,935		2,232		2,790
Interest rate swap derivatives	Level 2	2,891		2,891		—		—
Financial liabilities:
Deposits	Level 2	1,986,434		1,987,083		1,167,320		1,167,532
FHLB borrowings	Level 2	—		—		27,000		27,000
Interest rate swap derivatives	Level 2	2,891		2,891		—		—