| 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, 2021 and December 31, 2020 (dollars in thousands):
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Fair Value Measurements at March 31, 2021 using |
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Significant |
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|
|
|
Quoted Prices in |
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Other |
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Significant |
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|
|
|
Active Markets for |
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Observable |
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Unobservable |
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|
|
Identical Assets |
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Inputs |
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Inputs |
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|
Level 1 |
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Level 2 |
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Level 3 |
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Balance |
ASSETS |
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|
|
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|
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AFS securities: |
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|
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U.S. government and agency securities |
|
$ |
— |
|
$ |
11,677 |
|
$ |
— |
|
$ |
11,677 |
Obligations of states and political subdivisions |
|
|
— |
|
|
899,098 |
|
|
— |
|
|
899,098 |
Corporate and other bonds(1) |
|
|
— |
|
|
147,608 |
|
|
— |
|
|
147,608 |
Mortgage-backed securities |
|
|
— |
|
|
1,637,035 |
|
|
— |
|
|
1,637,035 |
Other securities |
|
|
— |
|
|
1,625 |
|
|
— |
|
|
1,625 |
Loans held for sale |
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|
— |
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|
49,082 |
|
|
— |
|
|
49,082 |
Derivatives: |
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|
|
|
|
|
|
|
|
|
|
|
Interest rate swap |
|
|
— |
|
|
106,450 |
|
|
— |
|
|
106,450 |
Fair value hedges |
|
|
— |
|
|
2,139 |
|
|
— |
|
|
2,139 |
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LIABILITIES |
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Derivatives: |
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|
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|
|
|
|
|
|
|
|
Interest rate swap |
|
$ |
— |
|
$ |
106,450 |
|
$ |
— |
|
$ |
106,450 |
Cash flow hedges |
|
|
— |
|
|
1,808 |
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|
— |
|
|
1,808 |
Fair value hedges |
|
|
— |
|
|
7,949 |
|
|
— |
|
|
7,949 |
| (1) |
Other bonds include asset-backed securities. |
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|
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|
|
Fair Value Measurements at December 31, 2020 using |
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Significant |
|
|
|
|
|
|
|
|
Quoted Prices in |
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Other |
|
Significant |
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|
|
|
|
Active Markets for |
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Observable |
|
Unobservable |
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|
|
|
|
Identical Assets |
|
Inputs |
|
Inputs |
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|
|
|
Level 1 |
|
Level 2 |
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Level 3 |
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Balance |
ASSETS |
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|
|
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|
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|
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AFS securities: |
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|
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|
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U.S. government and agency securities |
|
$ |
— |
|
$ |
13,394 |
|
$ |
— |
|
$ |
13,394 |
Obligations of states and political subdivisions |
|
|
— |
|
|
837,326 |
|
|
— |
|
|
837,326 |
Corporate and other bonds(1) |
|
|
— |
|
|
151,078 |
|
|
— |
|
|
151,078 |
Mortgage-backed securities |
|
|
— |
|
|
1,536,996 |
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|
— |
|
|
1,536,996 |
Other securities |
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|
— |
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|
1,625 |
|
|
— |
|
|
1,625 |
Loans held for sale |
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|
— |
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|
96,742 |
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— |
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|
96,742 |
Derivatives: |
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|
|
|
|
|
|
|
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|
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Interest rate swap |
|
|
— |
|
|
163,360 |
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|
— |
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|
163,360 |
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LIABILITIES |
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Derivatives: |
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|
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|
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|
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|
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Interest rate swap |
|
$ |
— |
|
$ |
163,360 |
|
$ |
— |
|
$ |
163,360 |
Fair value hedges |
|
|
— |
|
|
12,483 |
|
|
— |
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|
12,483 |
| (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, 2021 and December 31, 2020 are as follows (dollars in thousands):
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|
|
Fair Value Measurements at March 31, 2021 using |
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|
|
Quoted Prices |
|
Significant |
|
|
|
|
|
|
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|
|
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in Active |
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Other |
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Significant |
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|
|
|
|
|
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Markets for |
|
Observable |
|
Unobservable |
|
Total Fair |
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|
|
|
|
Identical Assets |
|
Inputs |
|
Inputs |
|
Value |
|
|
Carrying |
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|
|
|
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|
Value |
|
Level 1 |
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Level 2 |
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Level 3 |
|
Balance |
ASSETS |
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|
|
|
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|
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Cash and cash equivalents |
|
$ |
400,880 |
|
$ |
400,880 |
|
$ |
— |
|
$ |
— |
|
$ |
400,880 |
AFS securities |
|
|
2,697,043 |
|
|
— |
|
|
2,697,043 |
|
|
— |
|
|
2,697,043 |
HTM securities |
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|
543,575 |
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|
— |
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|
593,589 |
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|
12,770 |
|
|
606,359 |
Restricted stock |
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|
76,824 |
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— |
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|
76,824 |
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— |
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|
76,824 |
Loans held for sale |
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|
49,082 |
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— |
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|
49,082 |
|
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— |
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|
49,082 |
Net loans |
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|
14,129,369 |
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— |
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|
— |
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|
13,950,754 |
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|
13,950,754 |
Derivatives: |
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Interest rate swap |
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|
106,450 |
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|
— |
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|
106,450 |
|
|
— |
|
|
106,450 |
Fair value hedges |
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|
2,139 |
|
|
— |
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|
2,139 |
|
|
— |
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|
2,139 |
Accrued interest receivable |
|
|
74,603 |
|
|
— |
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|
74,603 |
|
|
— |
|
|
74,603 |
BOLI |
|
|
328,627 |
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|
— |
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|
328,627 |
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|
— |
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|
328,627 |
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LIABILITIES |
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Deposits |
|
$ |
16,298,017 |
|
$ |
— |
|
$ |
16,328,962 |
|
$ |
— |
|
$ |
16,328,962 |
Borrowings |
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|
563,600 |
|
|
— |
|
|
538,488 |
|
|
— |
|
|
538,488 |
Accrued interest payable |
|
|
3,561 |
|
|
— |
|
|
3,561 |
|
|
— |
|
|
3,561 |
Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swap |
|
|
106,450 |
|
|
— |
|
|
106,450 |
|
|
— |
|
|
106,450 |
Cash flow hedges |
|
|
1,808 |
|
|
— |
|
|
1,808 |
|
|
— |
|
|
1,808 |
Fair value hedges |
|
|
7,949 |
|
|
— |
|
|
7,949 |
|
|
— |
|
|
7,949 |
|
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|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at December 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 |
|
$ |
493,294 |
|
$ |
493,294 |
|
$ |
— |
|
$ |
— |
|
$ |
493,294 |
AFS securities |
|
|
2,540,419 |
|
|
— |
|
|
2,540,419 |
|
|
— |
|
|
2,540,419 |
HTM securities |
|
|
544,851 |
|
|
— |
|
|
606,496 |
|
|
13,269 |
|
|
619,765 |
Restricted stock |
|
|
94,782 |
|
|
— |
|
|
94,782 |
|
|
— |
|
|
94,782 |
Loans held for sale |
|
|
96,742 |
|
|
— |
|
|
96,742 |
|
|
— |
|
|
96,742 |
Net loans |
|
|
13,860,774 |
|
|
— |
|
|
— |
|
|
13,710,640 |
|
|
13,710,640 |
Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swap |
|
|
163,360 |
|
|
— |
|
|
163,360 |
|
|
— |
|
|
163,360 |
Accrued interest receivable |
|
|
75,757 |
|
|
— |
|
|
75,757 |
|
|
— |
|
|
75,757 |
BOLI |
|
|
326,892 |
|
|
— |
|
|
326,892 |
|
|
— |
|
|
326,892 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
$ |
15,722,765 |
|
$ |
— |
|
$ |
15,763,991 |
|
$ |
— |
|
$ |
15,763,991 |
Borrowings |
|
|
840,717 |
|
|
— |
|
|
821,516 |
|
|
— |
|
|
821,516 |
Accrued interest payable |
|
|
2,516 |
|
|
— |
|
|
2,516 |
|
|
— |
|
|
2,516 |
Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swap |
|
|
163,360 |
|
|
— |
|
|
163,360 |
|
|
— |
|
|
163,360 |
Fair value hedges |
|
|
12,483 |
|
|
— |
|
|
12,483 |
|
|
— |
|
|
12,483 |
|