| Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis |
The following tables present the balances of financial assets and liabilities measured at fair value on a recurring basis at December 31, 2019 and 2018 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at December 31, 2019 using |
|
|
|
|
|
Significant |
|
|
|
|
|
|
|
|
Quoted Prices in |
|
Other |
|
Significant |
|
|
|
|
|
Active Markets for |
|
Observable |
|
Unobservable |
|
|
|
|
|
Identical Assets |
|
Inputs |
|
Inputs |
|
|
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Balance |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
AFS securities: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government and agency securities |
|
$ |
— |
|
$ |
4,498 |
|
$ |
— |
|
$ |
4,498 |
Obligations of states and political subdivisions |
|
|
— |
|
|
442,992 |
|
|
— |
|
|
442,992 |
Corporate and other bonds(1) |
|
|
— |
|
|
263,070 |
|
|
— |
|
|
263,070 |
Mortgage-backed securities |
|
|
— |
|
|
1,231,806 |
|
|
— |
|
|
1,231,806 |
Other securities |
|
|
— |
|
|
3,079 |
|
|
— |
|
|
3,079 |
Loans held for sale |
|
|
— |
|
|
55,405 |
|
|
— |
|
|
55,405 |
Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swap |
|
|
— |
|
|
54,345 |
|
|
— |
|
|
54,345 |
Fair value hedges |
|
|
— |
|
|
182 |
|
|
— |
|
|
182 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swap |
|
$ |
— |
|
$ |
54,345 |
|
$ |
— |
|
$ |
54,345 |
Cash flow hedges |
|
|
— |
|
|
1,147 |
|
|
— |
|
|
1,147 |
Fair value hedges |
|
|
— |
|
|
6,256 |
|
|
— |
|
|
6,256 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at December 31, 2018 using |
|
|
|
|
|
Significant |
|
|
|
|
|
|
|
|
Quoted Prices in |
|
Other |
|
Significant |
|
|
|
|
|
Active Markets for |
|
Observable |
|
Unobservable |
|
|
|
|
|
Identical Assets |
|
Inputs |
|
Inputs |
|
|
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Balance |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
AFS securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Obligations of states and political subdivisions |
|
$ |
— |
|
$ |
468,491 |
|
$ |
— |
|
$ |
468,491 |
Corporate and other bonds(1) |
|
|
— |
|
|
167,696 |
|
|
— |
|
|
167,696 |
Mortgage-backed securities |
|
|
— |
|
|
1,129,865 |
|
|
— |
|
|
1,129,865 |
Other securities |
|
|
— |
|
|
8,769 |
|
|
— |
|
|
8,769 |
Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swap |
|
|
— |
|
|
19,426 |
|
|
— |
|
|
19,426 |
Fair value hedges |
|
|
— |
|
|
1,872 |
|
|
— |
|
|
1,872 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swap |
|
$ |
— |
|
$ |
19,426 |
|
$ |
— |
|
$ |
19,426 |
Cash flow hedges |
|
|
— |
|
|
4,786 |
|
|
— |
|
|
4,786 |
Fair value hedges |
|
|
— |
|
|
1,684 |
|
|
— |
|
|
1,684 |
|
(1) |
Other bonds includes asset-backed securities. |
|
| 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 as of December 31, 2019 and 2018 are as follows (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at December 31, 2019 using |
|
|
|
|
|
Quoted Prices |
|
Significant |
|
|
|
|
|
|
|
|
|
|
|
in Active |
|
Other |
|
Significant |
|
|
|
|
|
|
|
|
Markets for |
|
Observable |
|
Unobservable |
|
Total Fair |
|
|
|
|
|
Identical Assets |
|
Inputs |
|
Inputs |
|
Value |
|
|
Carrying |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Balance |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
436,032 |
|
$ |
436,032 |
|
$ |
— |
|
$ |
— |
|
$ |
436,032 |
AFS securities |
|
|
1,945,445 |
|
|
— |
|
|
1,945,445 |
|
|
— |
|
|
1,945,445 |
HTM securities |
|
|
555,144 |
|
|
— |
|
|
585,820 |
|
|
17,683 |
|
|
603,503 |
Restricted stock |
|
|
130,848 |
|
|
— |
|
|
130,848 |
|
|
— |
|
|
130,848 |
Loans held for sale |
|
|
55,405 |
|
|
— |
|
|
55,405 |
|
|
— |
|
|
55,405 |
Net loans |
|
|
12,568,642 |
|
|
— |
|
|
— |
|
|
12,449,505 |
|
|
12,449,505 |
Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swap |
|
|
54,345 |
|
|
— |
|
|
54,345 |
|
|
— |
|
|
54,345 |
Fair value hedges |
|
|
182 |
|
|
— |
|
|
182 |
|
|
— |
|
|
182 |
Accrued interest receivable |
|
|
52,721 |
|
|
— |
|
|
52,721 |
|
|
— |
|
|
52,721 |
BOLI |
|
|
322,917 |
|
|
— |
|
|
322,917 |
|
|
— |
|
|
322,917 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
$ |
13,304,981 |
|
$ |
— |
|
$ |
13,349,943 |
|
$ |
— |
|
$ |
13,349,943 |
Borrowings |
|
|
1,513,748 |
|
|
— |
|
|
1,479,606 |
|
|
— |
|
|
1,479,606 |
Accrued interest payable |
|
|
6,108 |
|
|
— |
|
|
6,108 |
|
|
— |
|
|
6,108 |
Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swap |
|
|
54,345 |
|
|
— |
|
|
54,345 |
|
|
— |
|
|
54,345 |
Cash flow hedges |
|
|
1,147 |
|
|
— |
|
|
1,147 |
|
|
— |
|
|
1,147 |
Fair value hedges |
|
|
6,256 |
|
|
— |
|
|
6,256 |
|
|
— |
|
|
6,256 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at December 31, 2018 using |
|
|
|
|
|
Quoted Prices |
|
Significant |
|
|
|
|
|
|
|
|
|
|
|
in Active |
|
Other |
|
Significant |
|
|
|
|
|
|
|
|
Markets for |
|
Observable |
|
Unobservable |
|
Total Fair |
|
|
|
|
|
Identical Assets |
|
Inputs |
|
Inputs |
|
Value |
|
|
Carrying |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Balance |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
261,199 |
|
$ |
261,199 |
|
$ |
— |
|
$ |
— |
|
$ |
261,199 |
AFS securities |
|
|
1,774,821 |
|
|
— |
|
|
1,774,821 |
|
|
— |
|
|
1,774,821 |
HTM securities |
|
|
492,272 |
|
|
— |
|
|
499,501 |
|
|
— |
|
|
499,501 |
Restricted stock |
|
|
124,602 |
|
|
— |
|
|
124,602 |
|
|
— |
|
|
124,602 |
Net loans |
|
|
9,675,162 |
|
|
— |
|
|
— |
|
|
9,534,717 |
|
|
9,534,717 |
Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swap |
|
|
19,426 |
|
|
— |
|
|
19,426 |
|
|
— |
|
|
19,426 |
Fair value hedges |
|
|
1,872 |
|
|
— |
|
|
1,872 |
|
|
— |
|
|
1,872 |
Accrued interest receivable |
|
|
46,062 |
|
|
— |
|
|
46,062 |
|
|
— |
|
|
46,062 |
BOLI |
|
|
263,034 |
|
|
— |
|
|
263,034 |
|
|
— |
|
|
263,034 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
$ |
9,970,960 |
|
$ |
— |
|
$ |
9,989,788 |
|
$ |
— |
|
$ |
9,989,788 |
Borrowings |
|
|
1,756,278 |
|
|
— |
|
|
1,742,038 |
|
|
— |
|
|
1,742,038 |
Accrued interest payable |
|
|
5,284 |
|
|
— |
|
|
5,284 |
|
|
— |
|
|
5,284 |
Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swap |
|
|
19,426 |
|
|
— |
|
|
19,426 |
|
|
— |
|
|
19,426 |
Cash flow hedges |
|
|
4,786 |
|
|
— |
|
|
4,786 |
|
|
— |
|
|
4,786 |
Fair value hedges |
|
|
1,684 |
|
|
— |
|
|
1,684 |
|
|
— |
|
|
1,684 |
|