Fair Value Measurements (Tables)
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9 Months Ended |
Sep. 30, 2017 |
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| Fair Value Disclosures [Abstract] |
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| Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring And Nonrecurring Basis |
The following table presents assets and liabilities measured at fair value (in thousands): | | | | | | | | | | | | | | | | | | Total | Level 1 | Level 2 | Level 3 | Total Gains (Losses) | September 30, 2017 | | | | | | Recurring fair value measurements | | | | | | Financial Assets | | | | | | U.S. Government agencies | $ | 2 |
| $ | — |
| $ | 2 |
| $ | — |
| | Obligations of states and political subdivisions | 97,168 |
| — |
| 97,168 |
| — |
| | Mortgage-backed securities: | |
| | | | | U.S. Government agencies | 393,987 |
| — |
| 393,987 |
| — |
| | Private label | 690 |
| — |
| 690 |
| — |
| | Trust preferred securities | 4,944 |
| — |
| 4,683 |
| 261 |
| | Corporate securities | 22,326 |
| — |
| 22,326 |
| — |
| | Marketable equity securities | 5,017 |
| 5,017 |
| — |
| — |
| | Investment funds | 1,499 |
| 1,499 |
| — |
| — |
| | Derivative assets | 14,473 |
| — |
| 14,473 |
| — |
| | Financial Liabilities | |
| |
| |
| |
| | Derivative liabilities | 14,458 |
| — |
| 14,458 |
| — |
| | | | | | | | Nonrecurring fair value measurements | |
| |
| |
| |
| | Financial Assets | | | | | | Impaired loans | $ | 9,256 |
| $ | — |
| $ | — |
| $ | 9,256 |
| $ | (705 | ) | Non-Financial Assets | | | | | | Other real estate owned | 3,995 |
| — |
| — |
| 3,995 |
| (312 | ) | Other assets | — |
| — |
| — |
| — |
| (170 | ) | | | | | | | December 31, 2016 | |
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| |
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| |
| Recurring fair value measurements | |
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| |
| |
| |
| Financial Assets | |
| |
| |
| |
| |
| U.S. Government agencies | $ | 3 |
| $ | — |
| $ | 3 |
| $ | — |
| |
| Obligations of states and political subdivisions | 82,368 |
| — |
| 82,368 |
| — |
| |
| Mortgage-backed securities: | |
| | | | |
| U.S. Government agencies | 330,814 |
| — |
| 330,814 |
| — |
| |
| Private label | 942 |
| — |
| 942 |
| — |
| |
| Trust preferred securities | 6,662 |
| — |
| 4,127 |
| 2,535 |
| |
| Corporate securities | 23,574 |
| — |
| 23,574 |
| — |
| |
| Marketable equity securities | 4,231 |
| 4,231 |
| — |
| — |
| |
| Investment funds | 1,489 |
| 1,489 |
| — |
| — |
| |
| Derivative assets | 15,463 |
| — |
| 15,463 |
| — |
| |
| Financial Liabilities | |
| | | | |
| Derivative liabilities | 15,483 |
| — |
| 15,483 |
| — |
| |
| | | | | | | Nonrecurring fair value measurements | |
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| |
| |
| |
| Financial Assets | | | | | | Impaired loans | $ | 6,916 |
| $ | — |
| $ | — |
| $ | 6,916 |
| $ | (665 | ) | Non-Financial Assets | | | | | | Other real estate owned | 4,588 |
| — |
| — |
| 4,588 |
| (665 | ) | Other assets | 625 |
| — |
| — |
| 625 |
| (444 | ) |
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| Schedule Of Reconciliation Of Investment Securities Available For Sale Measured At Fair Value On A Recurring Basis Level 3 Assets |
The table below presents a reconcilement of the Company’s financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3), which consist solely of trust preferred securities (in thousands):
| | | | | | | | | Nine months ended September 30, | 2017 | 2016 | Beginning balance | $ | 2,535 |
| $ | 2,096 |
| Impairment losses on investment securities | — |
| (465 | ) | Gains on sale of investment securities | — |
| 3,978 |
| Included in other comprehensive income | (974 | ) | (2,985 | ) | Dispositions | (1,300 | ) | — |
| Transfers into Level 3 | — |
| — |
| Ending balance | $ | 261 |
| $ | 2,624 |
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| Schedule Of Level 3 Financial Assets And Liabilities Measured On A Non-Recurring Basis |
The table below presents a reconcilement of the Company's financial assets and liabilities measured at fair value on a nonrecurring basis using significant unobservable inputs (Level 3), which solely relates to impaired loans that were remeasured and reported at fair value through a specific valuation allowance allocation of the allowance for loan losses based upon the fair value of the underlying collateral (in thousands). The fair value of impaired loans is estimated using one of several methods, including collateral value, liquidation value and discounted cash flows. The significant unobservable inputs used in the fair value measurement of collateral for collateral-dependent impaired loans primarily relate to discounts applied to the customers’ reported amount of collateral. The amount of collateral discount depends upon the marketability of the underlying collateral. During the nine months ended September 30, 2017 and 2016, collateral discounts ranged from 20% to 30%. During the nine months ended September 30, 2017 and 2016, the Company had no Level 2 financial assets and liabilities that were measured on a nonrecurring basis.
| | | | | | | | | Nine months ended September 30, | 2017 | 2016 | | | | Beginning balance | $ | 6,916 |
| $ | 8,482 |
| | | | Loans classified as impaired during the period | 2,995 |
| — |
| Specific valuation allowance allocations | (86 | ) | — |
| Loans classified as impaired during the period, net of specific valuation allowances | 2,909 |
| — |
| | | | (Additional) reduction in specific valuation allowance allocations | 40 |
| — |
| | | | Paydowns, payoffs, other activity | (609 | ) | (3,115 | ) | | | | Ending balance | $ | 9,256 |
| $ | 5,367 |
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| Schedule Of Level 3 Non-Financial Assets and Liabilities Measured On a Non-Recurring Basis |
The table below presents OREO that was remeasured and reported at fair value based on significant unobservable inputs (Level 3) (in thousands):
| | | | | | | | | Nine months ended September 30, | | 2017 | 2016 | | | | Beginning balance | $ | 4,588 |
| $ | 6,518 |
| | | | OREO remeasured at initial recognition: | | | Carrying value of foreclosed assets prior to remeasurement | 2,743 |
| 2,528 |
| Charge-offs recognized in the allowance for loan losses | (954 | ) | — |
| Fair value | 1,789 |
| 2,528 |
| | | | OREO remeasured subsequent to initial recognition: | | | Carrying value of foreclosed assets prior to remeasurement | 1,464 |
| 1,228 |
| Fair value | 1,152 |
| 829 |
| Write-downs included in other non-interest expense | (312 | ) | (399 | ) | | | | Disposed | (2,070 | ) | (3,156 | ) | | | | Ending balance | $ | 3,995 |
| $ | 5,491 |
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| Schedule Of Estimates Of Fair Value Of Financial Instruments |
The following table represents the estimates of fair value of financial instruments (in thousands). This table excludes financial instruments for which the carrying amount approximates fair value. For short-term financial assets such as cash and cash equivalents, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization. For financial liabilities such as noninterest-bearing demand, interest-bearing demand and savings deposits, the carrying amount is a reasonable estimate of fair value due to these products having no stated maturity. | | | | | | | | | | | | | | | | | | Carrying Amount | Fair Value | Level 1 | Level 2 | Level 3 | September 30, 2017 | | | | | | Assets: | Cash and cash equivalents | $ | 83,165 |
| $ | 83,165 |
| $ | 83,165 |
| $ | — |
| $ | — |
| Securities available-for-sale | 525,633 |
| 525,633 |
| 6,516 |
| 518,856 |
| 261 |
| Securities held-to-maturity | 66,989 |
| 68,478 |
| — |
| 68,478 |
| — |
| Other securities | 15,988 |
| 15,988 |
| — |
| 15,988 |
| — |
| Net loans | 3,086,358 |
| 3,076,108 |
| — |
| — |
| 3,076,108 |
| Accrued interest receivable | 9,236 |
| 9,236 |
| 9,236 |
| — |
| — |
| Derivative assets | 14,473 |
| 14,473 |
| — |
| 14,473 |
| — |
| | | | | | | Liabilities: | | | | | | Deposits | 3,256,534 |
| 3,255,343 |
| 2,180,589 |
| 1,074,754 |
| — |
| Short-term debt | 281,464 |
| 281,464 |
| — |
| 281,464 |
| — |
| Long-term debt | 16,495 |
| 16,452 |
| — |
| 16,452 |
| — |
| Derivative liabilities | 14,458 |
| 14,458 |
| — |
| 14,458 |
| — |
| | | | | | | December 31, 2016 | |
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| Assets: | |
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| |
| |
| |
| Cash and cash equivalents | 88,139 |
| 88,139 |
| 88,139 |
| — |
| — |
| Securities available-for-sale | 450,083 |
| 450,083 |
| 5,720 |
| 441,828 |
| 2,535 |
| Securities held-to-maturity | 75,169 |
| 76,445 |
| — |
| 76,445 |
| — |
| Other securities | 14,352 |
| 14,352 |
| — |
| 14,352 |
| — |
| Net loans | 3,026,496 |
| 3,014,425 |
| — |
| — |
| 3,014,425 |
| Accrued interest receivable | 8,408 |
| 8,408 |
| 8,408 |
| — |
| — |
| Derivative assets | 15,463 |
| 15,463 |
| — |
| 15,463 |
| — |
| | | | | | | Liabilities: | | | | | | Deposits | 3,231,653 |
| 3,232,970 |
| 2,190,234 |
| 1,042,736 |
| — |
| Short-term debt | 248,305 |
| 248,305 |
| — |
| 248,305 |
| — |
| Long-term debt | 16,495 |
| 16,455 |
| — |
| 16,455 |
| — |
| Derivative liabilities | 15,483 |
| 15,483 |
| — |
| 15,483 |
| — |
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