Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.4.0.3
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2016
FAIR VALUE MEASUREMENTS [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 March  31, 2016 and December 31, 2015 (dollars in thousands):







 

 

 

 

 

 

 

 

 

 

 



Fair Value Measurements at March 31, 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

$

 -

 

$

 265,969 

 

$

 -

 

$

 265,969 

Corporate and other bonds

 

 -

 

 

 93,766 

 

 

 -

 

 

 93,766 

Mortgage-backed securities

 

 -

 

 

 568,562 

 

 

 -

 

 

 568,562 

Other securities

 

 -

 

 

 11,112 

 

 

 -

 

 

 11,112 

Loans held for sale

 

 -

 

 

 25,109 

 

 

 -

 

 

 25,109 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap

 

 -

 

 

 7,540 

 

 

 -

 

 

 7,540 

Cash flow hedges

 

 -

 

 

 1,797 

 

 

 -

 

 

 1,797 

Interest rate lock commitments

 

 -

 

 

 -

 

 

 1,252 

 

 

 1,252 



 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap

$

 -

 

$

 7,540 

 

$

 -

 

$

 7,540 

Cash flow hedges

 

 -

 

 

 15,279 

 

 

 -

 

 

 15,279 

Fair value hedges

 

 -

 

 

 3,418 

 

 

 -

 

 

 3,418 



 

 

 

 

 

 

 

 

 

 

 









 

 

 

 

 

 

 

 

 

 

 



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 March 31, 2016 and December 31, 2015 (dollars in thousands):







 

 

 

 

 

 

 

 

 

 

 



 

Fair Value Measurements at March 31, 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

$

 -

 

$

 -

 

$

 4,191 

 

$

 4,191 

Other real estate owned

 

 -

 

 

 -

 

 

 14,246 

 

 

 14,246 









 

 

 

 

 

 

 

 

 

 

 



 

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 March 31, 2016 and December 31, 2015 are as follows (dollars in thousands):







 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

Fair Value Measurements at March 31, 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

$

 133,339 

 

$

 133,339 

 

$

 -

 

$

 -

 

$

 133,339 

Securities available for sale

 

 939,409 

 

 

 -

 

 

 939,409 

 

 

 -

 

 

 939,409 

Held to maturity securities

 

 204,444 

 

 

 -

 

 

 210,349 

 

 

 -

 

 

 210,349 

Restricted stock

 

 58,211 

 

 

 -

 

 

 58,211 

 

 

 -

 

 

 58,211 

Loans held for sale

 

 25,109 

 

 

 -

 

 

 25,109 

 

 

 -

 

 

 25,109 

Net loans

 

 5,746,103 

 

 

 -

 

 

 -

 

 

 5,781,970 

 

 

 5,781,970 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate lock commitments

 

 1,252 

 

 

 -

 

 

 -

 

 

 1,252 

 

 

 1,252 

Interest rate swap

 

 7,540 

 

 

 -

 

 

 7,540 

 

 

 -

 

 

 7,540 

Cash flow hedges

 

 1,797 

 

 

 -

 

 

 1,797 

 

 

 -

 

 

 1,797 

Accrued interest receivable

 

 22,018 

 

 

 -

 

 

 22,018 

 

 

 -

 

 

 22,018 

Bank owned life insurance

 

 175,033 

 

 

 -

 

 

 175,033 

 

 

 -

 

 

 175,033 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

$

 5,945,982 

 

$

 -

 

$

 5,944,634 

 

$

 -

 

$

 5,944,634 

Borrowings

 

 849,638 

 

 

 -

 

 

 827,558 

 

 

 -

 

 

 827,558 

Accrued interest payable

 

 1,660 

 

 

 -

 

 

 1,660 

 

 

 -

 

 

 1,660 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap

 

 7,540 

 

 

 -

 

 

 7,540 

 

 

 -

 

 

 7,540 

Cash flow hedges

 

 15,279 

 

 

 -

 

 

 15,279 

 

 

 -

 

 

 15,279 

Fair value hedges

 

 3,418 

 

 

 -

 

 

 3,418 

 

 

 -

 

 

 3,418 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 







 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

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