Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.5.0.2
FAIR VALUE MEASUREMENTS (Tables)
6 Months Ended
Jun. 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 June 30, 2016 and December 31, 2015 (dollars in thousands):
 
 
Fair Value Measurements at June 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
$
—

 
$
272,786

 
$
—

 
$
272,786

Corporate and other bonds
—

 
108,579

 
—

 
108,579

Mortgage-backed securities
—

 
554,964

 
—

 
554,964

Other securities
—

 
13,334

 
—

 
13,334

Loans held for sale
—

 
38,114

 
—

 
38,114

Derivatives:
 

 
 

 
 

 
 

Interest rate swap
—

 
11,948

 
—

 
11,948

Cash flow hedges
—

 
382

 
—

 
382

Interest rate lock commitments
—

 
—

 
1,712

 
1,712

 
 
 
 
 
 
 
 
LIABILITIES
 

 
 

 
 

 
 

Derivatives:
 

 
 

 
 

 
 

Interest rate swap
$
—

 
$
11,948

 
$
—

 
$
11,948

Cash flow hedges
—

 
17,263

 
—

 
17,263

Fair value hedges
—

 
3,816

 
—

 
3,816

 
 
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 June 30, 2016 and December 31, 2015 (dollars in thousands):

 
Fair Value Measurements at June 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
$
—

 
$
—

 
$
3,585

 
$
3,585

Other real estate owned
—

 
—

 
13,381

 
13,381

 
 
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 June 30, 2016 and December 31, 2015 are as follows (dollars in thousands):
 
 
 
 
Fair Value Measurements at June 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
$
217,034

 
$
217,034

 
$
—

 
$
—

 
$
217,034

Securities available for sale
949,663

 
—

 
949,663

 
—

 
949,663

Held to maturity securities
202,917

 
—

 
211,949

 
—

 
211,949

Restricted stock
62,206

 
—

 
62,206

 
—

 
62,206

Loans held for sale
38,114

 
—

 
38,114

 
—

 
38,114

Net loans
5,906,024

 
—

 
—

 
5,938,305

 
5,938,305

Derivatives:
 

 
 

 
 

 
 

 
 

Interest rate lock commitments
1,712

 
—

 
—

 
1,712

 
1,712

Interest rate swap
11,948

 
—

 
11,948

 
—

 
11,948

Cash flow hedges
382

 
—

 
382

 
—

 
382

Accrued interest receivable
21,664

 
—

 
21,664

 
—

 
21,664

Bank owned life insurance
176,413

 
—

 
176,413

 
—

 
176,413

 
 
 
 
 
 
 
 
 
 
LIABILITIES
 

 
 

 
 

 
 

 
 

Deposits
$
6,095,826

 
$
—

 
$
6,098,700

 
$
—

 
$
6,098,700

Borrowings
952,809

 
—

 
932,278

 
—

 
932,278

Accrued interest payable
1,595

 
—

 
1,595

 
—

 
1,595

Derivatives:
 

 
 

 
 

 
 

 
 

Interest rate swap
11,948

 
—

 
11,948

 
—

 
11,948

Cash flow hedges
17,263

 
—

 
17,263

 
—

 
17,263

Fair value hedges
3,816

 
—

 
3,816

 
—

 
3,816

 
 
 
 
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