| 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 September 30, 2021 and December 31, 2020 (dollars in thousands):
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Fair Value Measurements at September 30, 2021 using |
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Significant |
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|
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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 |
|
Unobservable |
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|
|
|
Identical Assets |
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Inputs |
|
Inputs |
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|
|
|
Level 1 |
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Level 2 |
|
Level 3 |
|
Balance |
ASSETS |
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|
|
|
|
|
|
|
|
AFS securities: |
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U.S. government and agency securities |
|
$ |
64,955 |
|
$ |
9,863 |
|
$ |
— |
|
$ |
74,818 |
Obligations of states and political subdivisions |
|
|
— |
|
|
998,881 |
|
|
— |
|
|
998,881 |
Corporate and other bonds(1) |
|
|
— |
|
|
149,028 |
|
|
— |
|
|
149,028 |
Mortgage-backed securities |
|
|
— |
|
|
1,970,813 |
|
|
— |
|
|
1,970,813 |
Other securities |
|
|
— |
|
|
1,636 |
|
|
— |
|
|
1,636 |
Loans held for sale |
|
|
— |
|
|
35,417 |
|
|
— |
|
|
35,417 |
Derivatives: |
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|
|
|
|
|
|
|
|
|
|
|
Interest rate swap |
|
|
— |
|
|
90,246 |
|
|
— |
|
|
90,246 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
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Derivatives: |
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|
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|
|
|
|
|
|
|
|
Interest rate swap |
|
$ |
— |
|
$ |
52,096 |
|
$ |
— |
|
$ |
52,096 |
Fair value hedges |
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|
— |
|
|
6,769 |
|
|
— |
|
|
6,769 |
(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 |
|
Other |
|
Significant |
|
|
|
|
|
Active Markets for |
|
Observable |
|
Unobservable |
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|
|
|
|
Identical Assets |
|
Inputs |
|
Inputs |
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|
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Balance |
ASSETS |
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|
|
|
|
|
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|
|
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AFS securities: |
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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 |
|
|
— |
|
|
1,536,996 |
Other securities |
|
|
— |
|
|
1,625 |
|
|
— |
|
|
1,625 |
Loans held for sale |
|
|
— |
|
|
96,742 |
|
|
— |
|
|
96,742 |
Derivatives: |
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|
|
|
|
|
|
|
|
|
|
|
Interest rate swap |
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|
— |
|
|
163,360 |
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|
— |
|
|
163,360 |
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|
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LIABILITIES |
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|
|
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Derivatives: |
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|
|
|
|
|
|
|
|
|
|
|
Interest rate swap |
|
$ |
— |
|
$ |
163,360 |
|
$ |
— |
|
$ |
163,360 |
Fair value hedges |
|
|
— |
|
|
12,483 |
|
|
— |
|
|
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 September 30, 2021 and December 31, 2020 are as follows (dollars in thousands):
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|
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|
Fair Value Measurements at September 30, 2021 using |
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|
|
|
|
Quoted Prices |
|
Significant |
|
|
|
|
|
|
|
|
|
|
|
in Active |
|
Other |
|
Significant |
|
|
|
|
|
|
|
|
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 |
|
Level 2 |
|
Level 3 |
|
Balance |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,063,250 |
|
$ |
1,063,250 |
|
$ |
— |
|
$ |
— |
|
$ |
1,063,250 |
AFS securities |
|
|
3,195,176 |
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|
64,955 |
|
|
3,130,221 |
|
|
— |
|
|
3,195,176 |
HTM securities |
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|
535,722 |
|
|
— |
|
|
590,920 |
|
|
7,532 |
|
|
598,452 |
Restricted stock |
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|
76,825 |
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|
— |
|
|
76,825 |
|
|
— |
|
|
76,825 |
Loans held for sale |
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|
35,417 |
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|
— |
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|
35,417 |
|
|
— |
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|
35,417 |
Net loans |
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|
13,037,788 |
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|
— |
|
|
— |
|
|
12,791,350 |
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|
12,791,350 |
Derivatives: |
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|
|
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|
|
|
|
|
|
Interest rate swap |
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|
90,246 |
|
|
— |
|
|
90,246 |
|
|
— |
|
|
90,246 |
Accrued interest receivable |
|
|
64,610 |
|
|
— |
|
|
64,610 |
|
|
— |
|
|
64,610 |
BOLI |
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|
430,341 |
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— |
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|
430,341 |
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— |
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|
430,341 |
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LIABILITIES |
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|
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Deposits |
|
$ |
16,622,160 |
|
$ |
— |
|
$ |
16,643,354 |
|
$ |
— |
|
$ |
16,643,354 |
Borrowings |
|
|
385,765 |
|
|
— |
|
|
375,577 |
|
|
— |
|
|
375,577 |
Accrued interest payable |
|
|
3,008 |
|
|
— |
|
|
3,008 |
|
|
— |
|
|
3,008 |
Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swap |
|
|
52,096 |
|
|
— |
|
|
52,096 |
|
|
— |
|
|
52,096 |
Fair value hedges |
|
|
6,769 |
|
|
— |
|
|
6,769 |
|
|
— |
|
|
6,769 |
|
|
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|
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|
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|
|
|
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|
|
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|
Fair Value Measurements at December 31, 2020 using |
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|
|
|
|
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 |
|