| Schedule of assets and liabilities measured at fair value on a recurring basis |
The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of December 31, 2017 and 2016 segregated by the level of valuation inputs within the fair value hierarchy used to measure fair value. Recurring Fair Value Measurements December 31, 2017 | | | | | | | | | | | | | | | | | (in thousands) | Fair Value
12/31/2017 | | (Level 1) | | (Level 2) | | (Level 3) | Available-for-sale securities | | | | | | | | Obligations of U.S. Government sponsored entities | $ | 504,193 |
| | $ | 0 |
| | $ | 504,193 |
| | $ | 0 |
| Obligations of U.S. states and political subdivisions | 91,519 |
| | 0 |
| | 91,519 |
| | 0 |
| Mortgage-backed securities - residential | | | | | | | | U.S. Government agencies | 137,735 |
| | 0 |
| | 137,735 |
| | 0 |
| U.S. Government sponsored entities | 656,178 |
| | 0 |
| | 656,178 |
| | 0 |
| Non-U.S. Government agencies or sponsored entities | 75 |
| | 0 |
| | 75 |
| | 0 |
| U.S. corporate debt securities | 2,162 |
| | 0 |
| | 2,162 |
| | 0 |
| Equity securities | 913 |
| | 0 |
| | 0 |
| | 913 |
|
Recurring Fair Value Measurements December 31, 2016 | | | | | | | | | | | | | (in thousands) | Fair Value
12/31/2016 | | (Level 1) | | (Level 2) | | (Level 3) | Available-for-sale securities | | | | | | | | Obligations of U.S. Government sponsored entities | 527,627 |
| | 0 |
| | 527,627 |
| | 0 |
| Obligations of U.S. states and political subdivisions | 89,056 |
| | 0 |
| | 89,056 |
| | 0 |
| Mortgage-backed securities - residential | | | | | | | | U.S. Government agencies | 158,226 |
| | 0 |
| | 158,226 |
| | 0 |
| U.S. Government sponsored entities | 651,430 |
| | 0 |
| | 651,430 |
| | 0 |
| Non-U.S. Government agencies or sponsored entities | 116 |
| | 0 |
| | 116 |
| | 0 |
| U.S. corporate debt securities | 2,162 |
| | 0 |
| | 2,162 |
| | 0 |
| Equity securities | 921 |
| | 0 |
| | 0 |
| | 921 |
|
|
| Schedule of carrying amount and fair value of financial instruments |
The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments at December 31, 2017 and 2016. The carrying amounts shown in the table are included in the Consolidated Statements of Condition under the indicated captions. The fair value estimates, methods and assumptions set forth below for the Company’s financial instruments, including those financial instruments carried at cost, are made solely to comply with disclosures required by generally accepted accounting principles in the United States and does not always incorporate the exit-price concept of fair value prescribed by ASC Topic 820-10 and should be read in conjunction with the financial statements and notes included in this Report.
| | | | | | | | | | | | | | | | | | | | | Estimated Fair Value of Financial Instruments | | | | | | | | | December 31, 2017 | | | | | | | | | | (in thousands) | Carrying
Amount | | Fair Value | | (Level 1) | | (Level 2) | | (Level 3) | Financial Assets: | | | | | | | | | | | | | | | | | | | | Cash and cash equivalents | $ | 84,303 |
| | $ | 84,303 |
| | $ | 84,303 |
| | $ | 0 |
| | $ | 0 |
| Securities - held-to-maturity | 139,216 |
| | 140,315 |
| | 0 |
| | 140,315 |
| | 0 |
| FHLB and FRB stock | 50,498 |
| | 50,498 |
| | 0 |
| | 50,498 |
| | 0 |
| Accrued interest receivable | 20,122 |
| | 20,122 |
| | 0 |
| | 20,122 |
| | 0 |
| Loans and leases, net1 | 4,632,288 |
| | 4,555,720 |
| | 0 |
| | 4,617 |
| | 4,551,103 |
| | | | | | | | | | | Financial Liabilities: | | | | | | | | | | | | | | | | | | | | Time deposits | $ | 748,250 |
| | $ | 744,310 |
| | $ | 0 |
| | $ | 744,310 |
| | $ | 0 |
| Other deposits | 4,089,557 |
| | 4,089,557 |
| | 0 |
| | 4,089,557 |
| | 0 |
| Securities sold under agreements to repurchase | 75,177 |
| | 75,177 |
| | 0 |
| | 75,177 |
| | 0 |
| Other borrowings | 1,071,742 |
| | 1,069,609 |
| | 0 |
| | 1,069,609 |
| | 0 |
| Trust preferred debentures | 16,691 |
| | 22,012 |
| | 0 |
| | 22,012 |
| | 0 |
| Accrued interest payable | 2,054 |
| | 2,054 |
| | 0 |
| | 2,054 |
| | 0 |
|
1 Lease receivables, although excluded from the scope of ASC Topic 825, are included in the estimated fair value amounts at their carrying value.
| | | | | | | | | | | | | | | | | | | | | Estimated Fair Value of Financial Instruments | | | | | | | | | December 31, 2016 | | | | | | | | | | (in thousands) | Carrying
Amount | | Fair Value | | (Level 1) | | (Level 2) | | (Level 3) | Financial Assets: | | | | | | | | | | | | | | | | | | | | Cash and cash equivalents | $ | 63,954 |
| | $ | 63,954 |
| | $ | 63,954 |
| | $ | 0 |
| | $ | 0 |
| Securities - held-to-maturity | 142,119 |
| | 142,832 |
| | 0 |
| | 142,832 |
| | | FHLB and FRB stock | 43,133 |
| | 43,133 |
| | 0 |
| | 43,133 |
| | 0 |
| Accrued interest receivable | 17,390 |
| | 17,390 |
| | 0 |
| | 17,390 |
| | 0 |
| Loans and leases, net1 | 4,222,278 |
| | 4,187,415 |
| | 0 |
| | 7,296 |
| | 4,180,119 |
| | | | | | | | | | | Financial Liabilities: | | | | | | | | | | | | | | | | | | | | Time deposits | $ | 870,788 |
| | $ | 867,921 |
| | $ | 0 |
| | $ | 867,921 |
| | $ | 0 |
| Other deposits | 3,754,351 |
| | 3,754,351 |
| | 0 |
| | 3,754,351 |
| | 0 |
| Securities sold under agreements to repurchase | 69,062 |
| | 69,109 |
| | | | 69,109 |
| | | Other borrowings | 884,815 |
| | 884,842 |
| | 0 |
| | 884,842 |
| | 0 |
| Trust preferred debentures2 | 37,681 |
| | 43,321 |
| | 0 |
| | 43,321 |
| | 0 |
| Accrued interest payable | 1,902 |
| | 1,902 |
| | 0 |
| | 1,902 |
| | 0 |
|
1 Lease receivables, although excluded from the scope of ASC Topic 825, are included in the estimated fair value amounts at their carrying value. 2 The fair value of Tompkins Capital Trust I is shown to equal the book value of $21.2 million given that it was redeemed at par on January 31, 2017. |