Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.5.0.2
FAIR VALUE MEASUREMENTS (Tables)
9 Months Ended
Sep. 30, 2016
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis
The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis at September 30, 2016 and December 31, 2015 (dollars in thousands):
 
 
Fair Value Measurements at September 30, 2016 using
 
Quoted Prices in
Active Markets for
Identical Assets
 
Significant
Other
Observable
Inputs
 
Significant
Unobservable
Inputs
 
 
 
Level 1
 
Level 2
 
Level 3
 
Balance
ASSETS
 

 
 

 
 

 
 

Securities available for sale:
 

 
 

 
 

 
 

Obligations of states and political subdivisions
$
—

 
$
279,223

 
$
—

 
$
279,223

Corporate and other bonds
—

 
121,747

 
—

 
121,747

Mortgage-backed securities
—

 
540,596

 
—

 
540,596

Other securities
—

 
13,418

 
—

 
13,418

Loans held for sale
—

 
46,814

 
—

 
46,814

Derivatives:
 

 
 

 
 

 
 

Interest rate swap
—

 
12,218

 
—

 
12,218

Cash flow hedges
—

 
343

 
—

 
343

Interest rate lock commitments
—

 
—

 
1,422

 
1,422

 
 
 
 
 
 
 
 
LIABILITIES
 

 
 

 
 

 
 

Derivatives:
 

 
 

 
 

 
 

Interest rate swap
$
—

 
$
12,218

 
$
—

 
$
12,218

Cash flow hedges
—

 
16,087

 
—

 
16,087

Fair value hedges
—

 
3,529

 
—

 
3,529

 
 
Fair Value Measurements at December 31, 2015 using
 
Quoted Prices in
Active Markets for
Identical Assets
 
Significant
Other
Observable
Inputs
 
Significant
Unobservable
Inputs
 
 
 
Level 1
 
Level 2
 
Level 3
 
Balance
ASSETS
 

 
 

 
 

 
 

Securities available for sale:
 

 
 

 
 

 
 

Obligations of states and political subdivisions
$
—

 
$
268,079

 
$
—

 
$
268,079

Corporate and other bonds
—

 
75,979

 
—

 
75,979

Mortgage-backed securities
—

 
548,171

 
—

 
548,171

Other securities
—

 
11,063

 
—

 
11,063

Loans held for sale
—

 
36,030

 
—

 
36,030

Derivatives:
 

 
 

 
 

 
 

Interest rate swap
—

 
3,758

 
—

 
3,758

Cash flow hedges
—

 
946

 
—

 
946

Interest rate lock commitments
—

 
—

 
701

 
701

 
 
 
 
 
 
 
 
LIABILITIES
 

 
 

 
 

 
 

Derivatives:
 

 
 

 
 

 
 

Interest rate swap
$
—

 
$
3,758

 
$
—

 
$
3,758

Cash flow hedges
—

 
10,352

 
—

 
10,352

Fair value hedges
—

 
888

 
—

 
888

Schedule of Financial Assets Measured at Fair Value on Nonrecurring Basis
The following tables summarize the Company’s financial assets that were measured at fair value on a nonrecurring basis at September 30, 2016 and December 31, 2015 (dollars in thousands):

 
Fair Value Measurements at September 30, 2016 using
 
Quoted Prices in
Active Markets for
Identical Assets
 
Significant
Other
Observable
Inputs
 
Significant
Unobservable
Inputs
 
 
 
Level 1
 
Level 2
 
Level 3
 
Balance
ASSETS
 

 
 

 
 

 
 

Impaired loans
$
—

 
$
—

 
$
2,573

 
$
2,573

Other real estate owned
—

 
—

 
10,581

 
10,581

 
 
Fair Value Measurements at December 31, 2015 using
 
Quoted Prices in
Active Markets for
Identical Assets
 
Significant
Other
Observable
Inputs
 
Significant
Unobservable
Inputs
 
 
 
Level 1
 
Level 2
 
Level 3
 
Balance
ASSETS
 

 
 

 
 

 
 

Impaired loans
$
—

 
$
—

 
$
2,214

 
$
2,214

Other real estate owned
—

 
—

 
15,299

 
15,299

Carrying Values and Estimated Fair Values of the Company's Financial Instruments
The carrying values and estimated fair values of the Company’s financial instruments at September 30, 2016 and December 31, 2015 are as follows (dollars in thousands):
 
 
 
 
Fair Value Measurements at September 30, 2016 using
 
 
 
Quoted Prices
in Active
Markets for
Identical Assets
 
Significant
Other
Observable
Inputs
 
Significant
Unobservable
Inputs
 
Total Fair
Value
 
Carrying Value
 
Level 1
 
Level 2
 
Level 3
 
Balance
ASSETS
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
$
156,175

 
$
156,175

 
$
—

 
$
—

 
$
156,175

Securities available for sale
954,984

 
—

 
954,984

 
—

 
954,984

Held to maturity securities
200,839

 
—

 
209,717

 
—

 
209,717

Restricted stock
63,204

 
—

 
63,204

 
—

 
63,204

Loans held for sale
46,814

 
—

 
46,814

 
—

 
46,814

Net loans
6,112,376

 
—

 
—

 
6,144,971

 
6,144,971

Derivatives:
 

 
 

 
 

 
 

 
 

Interest rate lock commitments
1,422

 
—

 
—

 
1,422

 
1,422

Interest rate swap
12,218

 
—

 
12,218

 
—

 
12,218

Cash flow hedges
343

 
—

 
343

 
—

 
343

Accrued interest receivable
22,084

 
—

 
22,084

 
—

 
22,084

Bank owned life insurance
177,847

 
—

 
177,847

 
—

 
177,847

 
 
 
 
 
 
 
 
 
 
LIABILITIES
 

 
 

 
 

 
 

 
 

Deposits
$
6,258,506

 
$
—

 
$
6,258,166

 
$
—

 
$
6,258,166

Borrowings
925,627

 
—

 
905,653

 
—

 
905,653

Accrued interest payable
1,581

 
—

 
1,581

 
—

 
1,581

Derivatives:
 

 
 

 
 

 
 

 
 

Interest rate swap
12,218

 
—

 
12,218

 
—

 
12,218

Cash flow hedges
16,087

 
—

 
16,087

 
—

 
16,087

Fair value hedges
3,529

 
—

 
3,529

 
—

 
3,529

 
 
 
 
Fair Value Measurements at December 31, 2015 using
 
 
 
Quoted Prices
in Active
Markets for
Identical Assets
 
Significant
Other
Observable
Inputs
 
Significant
Unobservable
Inputs
 
Total Fair
Value
 
Carrying Value
 
Level 1
 
Level 2
 
Level 3
 
Balance
ASSETS
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
$
142,660

 
$
142,660

 
$
—

 
$
—

 
$
142,660

Securities available for sale
903,292

 
—

 
903,292

 
—

 
903,292

Held to maturity securities
205,374

 
—

 
209,437

 
—

 
209,437

Restricted stock
51,828

 
—

 
51,828

 
—

 
51,828

Loans held for sale
36,030

 
—

 
36,030

 
—

 
36,030

Net loans
5,637,415

 
—

 
—

 
5,671,155

 
5,671,155

Derivatives:
 

 
 

 
 

 
 

 
 

Interest rate lock commitments
701

 
—

 
—

 
701

 
701

Interest rate swap
3,758

 
—

 
3,758

 
—

 
3,758

Cash flow hedges
946

 
—

 
946

 
—

 
946

Accrued interest receivable
20,760

 
—

 
20,760

 
—

 
20,760

Bank owned life insurance
173,687

 
—

 
173,687

 
—

 
173,687

 
 
 
 
 
 
 
 
 
 
LIABILITIES
 

 
 

 
 

 
 

 
 

Deposits
$
5,963,936

 
$
—

 
$
5,957,484

 
$
—

 
$
5,957,484

Borrowings
680,175

 
—

 
659,364

 
—

 
659,364

Accrued interest payable
1,578

 
—

 
1,578

 
—

 
1,578

Derivatives:
 

 
 

 
 

 
 

 
 

Interest rate swap
3,758

 
—

 
3,758

 
—

 
3,758

Cash flow hedges
10,352

 
—

 
10,352

 
—

 
10,352

Fair value hedges
888

 
—

 
888

 
—

 
888