Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.20.1
FAIR VALUE MEASUREMENTS (Tables)
3 Months Ended
Mar. 31, 2020
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 March 31, 2020 and December 31, 2019 (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Fair Value Measurements at March 31, 2020 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

​

$

—

​

$

17,962

​

$

—

​

$

17,962

Obligations of states and political subdivisions

​

 

—

​

 

546,726

​

 

—

​

 

546,726

Corporate and other bonds(1)

​

 

—

​

 

120,968

​

 

—

​

 

120,968

Mortgage-backed securities

​

 

—

​

 

1,284,157

​

 

—

​

 

1,284,157

Other securities

​

 

—

​

 

3,090

​

 

—

​

 

3,090

Loans held for sale

​

 

—

​

 

76,690

​

 

—

​

 

76,690

Derivatives:

​

 

  

​

 

  

​

 

  

​

 

  

Interest rate swap

​

 

—

​

 

174,704

​

 

—

​

 

174,704

Fair value hedges

​

 

—

​

 

1

​

 

—

​

 

1

​

​

​

​

​

​

​

​

​

​

​

​

​

LIABILITIES

​

 

  

​

 

  

​

 

  

​

 

  

Derivatives:

​

 

  

​

 

  

​

 

  

​

 

  

Interest rate swap

​

$

—

​

$

174,704

​

$

—

​

$

174,704

Fair value hedges

​

 

—

​

 

14,769

​

 

—

​

 

14,769

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

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

​

$

—

​

$

21,320

​

$

—

​

$

21,320

Obligations of states and political subdivisions

​

​

—

​

​

447,091

​

​

—

​

​

447,091

Corporate and other bonds(1)

​

 

—

​

 

135,959

​

 

—

​

 

135,959

Mortgage-backed securities

​

 

—

​

 

1,337,996

​

 

—

​

 

1,337,996

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

(1) Other bonds include 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 at March 31, 2020 and December 31, 2019 are as follows (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at March 31, 2020 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

​

$

504,959

​

$

504,959

​

$

—

​

$

—

​

$

504,959

AFS securities

​

 

1,972,903

​

 

—

​

 

1,972,903

​

 

—

​

 

1,972,903

HTM securities

​

 

552,176

​

 

—

​

 

588,984

​

 

15,796

​

 

604,780

Restricted stock

​

 

130,227

​

 

—

​

 

130,227

​

 

—

​

 

130,227

Loans held for sale

​

 

76,690

​

 

—

​

 

76,690

​

 

—

​

 

76,690

Net loans

​

 

12,627,798

​

 

—

​

 

—

​

 

12,413,731

​

 

12,413,731

Derivatives:

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Interest rate swap

​

 

174,704

​

 

—

​

 

174,704

​

 

—

​

 

174,704

Fair value hedges

​

 

1

​

 

—

​

 

1

​

 

—

​

 

1

Accrued interest receivable

​

 

46,678

​

 

—

​

 

46,678

​

 

—

​

 

46,678

BOLI

​

 

324,980

​

 

—

​

 

324,980

​

 

—

​

 

324,980

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

LIABILITIES

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Deposits

​

$

13,553,035

​

$

—

​

$

13,610,143

​

$

—

​

$

13,610,143

Borrowings

​

 

1,514,464

​

 

—

​

 

1,501,474

​

 

—

​

 

1,501,474

Accrued interest payable

​

 

7,532

​

 

—

​

 

7,532

​

 

—

​

 

7,532

Derivatives:

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Interest rate swap

​

 

174,704

​

 

—

​

 

174,704

​

 

—

​

 

174,704

Fair value hedges

​

 

14,769

​

 

—

​

 

14,769

​

 

—

​

 

14,769

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

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