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FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Tables)
 9 Months Ended
Sep. 30, 2019
Fair Value Disclosures [Abstract]  
Schedule of carrying amount and estimated fair value of financial instruments
 
 
 
 
 
Fair Value Measurement Using
(dollars in thousands)
Carrying
Amount
 
Estimated
Fair Value
 
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
Significant Other Observable Inputs (Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
September 30, 2019
 

 
 

 
 

 
 

 
 

Financial assets:
 

 
 

 
 

 
 

 
 

Cash and due from banks
$
87,395

 
$
87,395

 
$
87,395

 
$
—

 
$
—

Interest-bearing deposits in other banks
7,803

 
7,803

 
7,803

 
—

 
—

Investment securities
1,187,933

 
1,187,933

 
1,058

 
1,175,373

 
11,502

Loans held for sale
7,016

 
7,016

 
—

 
7,016

 
—

Net loans and leases
4,319,695

 
4,328,177

 
—

 
9,752

 
4,318,425

Accrued interest receivable
16,220

 
16,220

 
16,220

 
—

 
—

 
 
 
 
 
 
 
 
 
 
Financial liabilities:
 

 
 

 
 

 
 

 
 

Deposits:
 

 
 

 
 

 
 

 
 

Noninterest-bearing demand
1,399,200

 
1,399,200

 
1,399,200

 
—

 
—

Interest-bearing demand and savings and money market
2,591,775

 
2,591,775

 
2,591,775

 
—

 
—

Time
1,046,684

 
1,043,147

 
—

 
—

 
1,043,147

Short-term borrowings
205,000

 
205,000

 
—

 
205,000

 
—

Long-term debt
101,547

 
97,324

 
—

 
97,324

 
—

Accrued interest payable (included in other liabilities)
5,402

 
5,402

 
5,402

 


 
—



 
 
 
 
 
 
 
Fair Value Measurement Using
(dollars in thousands)
Notional
Amount
 
Carrying
Amount
 
Estimated
Fair Value
 
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
Significant Other Observable Inputs (Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
September 30, 2019
 
 
 

 
 

 
 

 
 

 
 

Derivatives:
 
 
 
 
 
 
 
 
 
 
 
Interest rate lock commitments
$
1,569

 
$
49

 
$
49

 
$
—

 
$
49

 
$
—

Forward sale commitments
8,412

 
(3
)
 
(3
)
 
—

 
(3
)
 
—

 
 
 
 
 
 
 
 
 
 
 
 
Off-balance sheet financial instruments:
 
 
 
 
 

 
 
 
 
 
 
Commitments to extend credit
1,106,657

 
1,295

 
1,295

 
—

 
1,295

 
—

Standby letters of credit and financial guarantees written
11,275

 
169

 
169

 
—

 
169

 
—


 
 
 
 
 
Fair Value Measurement Using
(dollars in thousands)
Carrying
Amount
 
Estimated
Fair Value
 
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
Significant Other Observable Inputs (Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
December 31, 2018
 

 
 

 
 

 
 

 
 

Financial assets:
 

 
 

 
 

 
 

 
 

Cash and due from banks
$
80,569

 
$
80,569

 
$
80,569

 
$
—

 
$
—

Interest-bearing deposits in other banks
21,617

 
21,617

 
21,617

 
—

 
—

Investment securities
1,354,812

 
1,350,576

 
826

 
1,338,581

 
11,169

Loans held for sale
6,647

 
6,647

 
—

 
6,647

 
—

Net loans and leases
4,030,450

 
3,938,380

 
—

 
—

 
3,938,380

Accrued interest receivable
17,000

 
17,000

 
17,000

 
—

 
—

 
 
 
 
 
 
 
 
 
 
Financial liabilities:
 

 
 

 
 

 
 

 
 

Deposits:
 

 
 

 
 

 
 

 
 

Noninterest-bearing demand
1,436,967

 
1,436,967

 
1,436,967

 
—

 
—

Interest-bearing demand and savings and money market
2,402,268

 
2,402,268

 
2,402,268

 
—

 
—

Time
1,107,255

 
1,099,560

 
—

 
—

 
1,099,560

Short-term borrowings
197,000

 
197,000

 
—

 
197,000

 
—

Long-term debt
122,166

 
118,057

 
—

 
118,057

 
—

Accrued interest payable (included in other liabilities)
5,051

 
5,051

 
5,051

 
—

 
—
Schedule of balances of assets and liabilities measured at fair value on a recurring basis
The following tables present the fair value of assets and liabilities measured on a recurring basis as of September 30, 2019 and December 31, 2018:
 
 
 
 
Fair Value at Reporting Date Using
(dollars in thousands)
Fair Value
 
Quoted
Prices in
Active Markets
for Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
September 30, 2019
 

 
 

 
 

 
 

Available-for-sale securities:
 

 
 

 
 

 
 

Debt securities:
 

 
 

 
 

 
 

States and political subdivisions
$
124,711

 
$
—

 
$
113,209

 
$
11,502

Corporate securities
30,713

 
—

 
30,713

 
—

U.S. Treasury obligations and direct obligations of U.S Government agencies
42,897

 
—

 
42,897

 
—

Mortgage-backed securities:
 

 
 

 
 

 
 

Residential - U.S. Government sponsored entities
723,644

 
—

 
723,644

 
—

Commercial - U.S. Government agencies and sponsored entities
87,742

 
—

 
87,742

 
—

Residential - Non-government agencies
39,109

 
—

 
39,109

 
—

Commercial - Non-government agencies
138,059

 
—

 
138,059

 
—

Total available-for-sale securities
1,186,875

 
—

 
1,175,373

 
11,502

 
 
 
 
 
 
 
 
Equity securities
1,058

 
1,058

 
—

 
—

 
 
 
 
 
 
 
 
Derivatives: Interest rate lock and forward sale commitments
46

 
—

 
46

 
—

Total
$
1,187,979

 
$
1,058

 
$
1,175,419

 
$
11,502



 
 
 
Fair Value at Reporting Date Using
(dollars in thousands)
Fair Value
 
Quoted
Prices in
Active Markets
for Identical
Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
December 31, 2018
 

 
 

 
 

 
 

Available-for-sale securities:
 

 
 

 
 

 
 

Debt securities:
 

 
 

 
 

 
 

States and political subdivisions
$
173,674

 
$
—

 
$
162,505

 
$
11,169

Corporate securities
54,849

 
—

 
54,849

 
—

U.S. Treasury obligations and direct obligations of U.S Government agencies
32,574

 
—

 
32,574

 
—

Mortgage-backed securities:
 

 
 

 
 

 
 

Residential - U.S. Government sponsored entities
717,052

 
—

 
717,052

 
—

Commercial - U.S. Government agencies and sponsored entities
41,118

 
—

 
41,118

 
—

Residential - Non-government agencies
51,483

 
—

 
51,483

 
—

Commercial - Non-government agencies
134,728

 
—

 
134,728

 
—

Total available-for-sale securities
1,205,478

 
—

 
1,194,309

 
11,169

 
 
 
 
 
 
 
 
Equity securities
826

 
826

 
—

 
—

 
 
 
 
 
 
 
 
Derivatives: Interest rate lock and forward sale commitments
(84
)
 
—

 
(84
)
 
—

Total
$
1,206,220

 
$
826

 
$
1,194,225

 
$
11,169
Schedule of changes in Level 3 assets and liabilities measured at fair value on a recurring basis
For the nine months ended September 30, 2019 and 2018, the changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows:
 
(dollars in thousands)
Available-For-Sale
Debt Securities:
States and
Political
Subdivisions
Balance at December 31, 2018
$
11,169

Principal payments received
(285
)
Unrealized net gain included in other comprehensive income
618

Balance at September 30, 2019
$
11,502

 
 

Balance at December 31, 2017
$
11,794

Principal payments received
(280
)
Unrealized net loss included in other comprehensive income
(370
)
Balance at September 30, 2018
$
11,144
Schedule of level of valuation assumptions used to determine the fair value of assets measured on a nonrecurring basis the level of valuation assumptions used to determine the respective fair values as of September 30, 2019 and December 31, 2018:
 
 
 
 
Fair Value Measurements Using
(dollars in thousands)
Fair Value
 
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
September 30, 2019
 

 
 

 
 

 
 

Other real estate (1)
$
466

 
$
—

 
$
466

 
$
—

 
 
 
 
 
 
 
 
December 31, 2018
 

 
 

 
 

 
 

Other real estate (1)
$
414

 
$
—

 
$
414

 
$
—



(1) 
Represents other real estate that is carried at fair value less costs to sell. Fair value is generally based upon independent market prices or appraised values of the collateral.