| Schedule of assets and liabilities measured at fair value on a recurring basis |
The change in the fair value of available-for-sale equity securities valued using significant unobservable inputs (level 3), between January 1, 2017 and June 30, 2017 was immaterial. | | | | | | | | | | | | | Recurring Fair Value Measurements | | | | | | | | December 31, 2016 | | | | | | | | (in thousands) | Total | | (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, issued by: | | | |
| | |
| | |
| 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 |
|
The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of June 30, 2017 and December 31, 2016, segregated by the level of valuation inputs within the fair value hierarchy used to measure fair value. | | | | | | | | | | | | | | | | | Recurring Fair Value Measurements | | | | | | | | June 30, 2017 | | | | | | | | (in thousands) | Total | | (Level 1) |
| | (Level 2) |
| | (Level 3) |
| Available-for-sale securities | | | | | | | | Obligations of U.S. Government sponsored entities | $ | 528,380 |
| | $ | 0 |
| | $ | 528,380 |
| | $ | 0 |
| Obligations of U.S. states and political subdivisions | 92,445 |
| | 0 |
| | 92,445 |
| | 0 |
| Mortgage-backed securities – residential, issued by: | | | | | | | | U.S. Government agencies | 148,482 |
| | 0 |
| | 148,482 |
| | 0 |
| U.S. Government sponsored entities | 652,387 |
| | 0 |
| | 652,387 |
| | 0 |
| Non-U.S. Government agencies or sponsored entities | 96 |
| | 0 |
| | 96 |
| | 0 |
| U.S. corporate debt securities | 2,162 |
| | 0 |
| | 2,162 |
| | 0 |
| Equity securities | 919 |
| | 0 |
| | 0 |
| | 919 |
|
|
| Schedule of assets and liabilities measured at fair value on a non recurring basis |
| | | | | | | | | | | | | | | | | | | | | Three months ended June 30, 2017 | | | | Fair value measurements at reporting
date using: | | Gain (losses)
from fair
value changes | Assets: | As of 06/30/2017 | | Quoted prices in
active markets for
identical assets
(Level 1) | | Significant other
observable inputs
(Level 2) | | Significant
unobservable inputs
(Level 3) | | Three months
ended
06/30/2017 | Impaired loans | $ | 880 |
| | $ | 0 |
| | $ | 880 |
| | $ | 0 |
| | $ | 0 |
| Other real estate owned | 2,640 |
| | 0 |
| | 2,640 |
| | 0 |
| | (111 | ) |
| | | | | | | | | | | | | | | | | | | | | Three months ended June 30, 2016 | | | | Fair value measurements at reporting
date using: | | Gain (losses)
from fair
value changes | Assets: | As of
06/30/2016 | | Quoted prices in
active markets for
identical assets
(Level 1) | | Significant other
observable inputs
(Level 2) | | Significant
unobservable inputs
(Level 3) | | Three months
ended
06/30/2016 | Impaired loans | $ | 195 |
| | $ | 0 |
| | $ | 195 |
| | $ | 0 |
| | $ | (129 | ) | Other real estate owned | 276 |
| | 0 |
| | 276 |
| | 0 |
| | (15 | ) |
| | | | | | | | | | | | | | | | | | | | | Six months ended June 30, 2017 | | | Fair value measurements at reporting
date using: | | Gain (losses)
from fair
value changes | Assets: | As of
06/30/2017 | | Quoted prices in
active markets for
identical assets
(Level 1) | | Significant other
observable inputs
(Level 2) | | Significant
unobservable inputs
(Level 3) | | Six months
ended
06/30/2017 | Impaired Loans | $ | 3,037 |
| | $ | 0 |
| | $ | 3,037 |
| | $ | 0 |
| | $ | (332 | ) | Other real estate owned | 2,331 |
| | 0 |
| | 2,331 |
| | 0 |
| | (182 | ) |
| | | | | | | | | | | | | | | | | | | | | Six months ended June 30, 2016 | | | Fair value measurements at reporting
date using: | | Gain (losses)
from fair
value changes | Assets: | As of
06/30/2016 | | Quoted prices in
active markets for
identical assets
(Level 1) | | Significant other
observable inputs
(Level 2) | | Significant
unobservable inputs
(Level 3) | | Six months
ended
06/30/2016 | Impaired Loans | $ | 1,582 |
| | $ | 0 |
| | $ | 1,582 |
| | $ | 0 |
| | $ | (169 | ) | Other real estate owned | 488 |
| | 0 |
| | 488 |
| | 0 |
| | (4 | ) |
|
| Schedule of carrying amount and fair value of financial instruments |
| | | | | | | | | | | | | | | | | | | | | Estimated Fair Value of Financial Instruments | | | June 30, 2017 | | | | | | | | | | (in thousands) | Carrying
Amount | | Fair Value | | (Level 1) | | (Level 2) | | (Level 3) | Financial Assets: | |
| | |
| | |
| | |
| | |
| Cash and cash equivalents | $ | 78,175 |
| | $ | 78,175 |
| | $ | 78,175 |
| | $ | 0 |
| | $ | 0 |
| Securities - held to maturity | 139,994 |
| | 141,654 |
| | 0 |
| | 141,654 |
| | 0 |
| FHLB and other stock | 45,714 |
| | 45,714 |
| | 0 |
| | 45,714 |
| | 0 |
| Accrued interest receivable | 18,376 |
| | 18,376 |
| | 0 |
| | 18,376 |
| | 0 |
| Loans/leases, net1 | 4,381,439 |
| | 4,330,206 |
| | 0 |
| | 3,037 |
| | 4,327,169 |
| | | | | | | | | | | Financial Liabilities: | |
| | |
| | |
| | |
| | |
| | | | | | | | | | | Time deposits | $ | 826,933 |
| | $ | 825,283 |
| | $ | 0 |
| | $ | 825,283 |
| | $ | 0 |
| Other deposits | 3,923,789 |
| | 3,923,789 |
| | 0 |
| | 3,923,789 |
| | 0 |
| Fed funds purchased and securities sold | |
| | |
| | |
| | |
| | |
| under agreements to repurchase | 50,360 |
| | 50,360 |
| | 0 |
| | 50,360 |
| | 0 |
| Other borrowings | 952,036 |
| | 951,600 |
| | 0 |
| | 951,600 |
| | 0 |
| Trust preferred debentures | 16,605 |
| | 22,111 |
| | 0 |
| | 22,111 |
| | 0 |
| Accrued interest payable | 1,867 |
| | 1,867 |
| | 0 |
| | 1,867 |
| | 0 |
|
| | | | | | | | | | | | | | | | | | | | | 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 |
| | 0 |
| FHLB and other stock | 43,133 |
| | 43,133 |
| | 0 |
| | 43,133 |
| | 0 |
| Accrued interest receivable | 17,390 |
| | 17,390 |
| | 0 |
| | 17,390 |
| | 0 |
| Loans/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 |
| Fed funds purchased and securities | |
| | |
| | |
| | |
| | |
| sold under agreements to repurchase | 69,062 |
| | 69,109 |
| | 0 |
| | 69,109 |
| | 0 |
| Other borrowings | 884,815 |
| | 884,842 |
| | 0 |
| | 884,842 |
| | 0 |
| Trust preferred debentures | 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. |