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, 2018 and 2017 (dollars in thousands):
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Fair Value Measurements at December 31, 2018 using |
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Quoted Prices in
Active Markets for
Identical Assets
|
|
Significant
Other
Observable
Inputs
|
|
Significant
Unobservable
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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AFS securities: |
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|
|
|
|
|
|
Obligations of states and political subdivisions |
$ |
— |
|
|
$ |
468,491 |
|
|
$ |
— |
|
|
$ |
468,491 |
|
Corporate bonds |
— |
|
|
167,696 |
|
|
— |
|
|
167,696 |
|
Mortgage-backed securities |
— |
|
|
1,129,865 |
|
|
— |
|
|
1,129,865 |
|
Other securities |
— |
|
|
8,769 |
|
|
— |
|
|
8,769 |
|
Derivatives: |
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|
|
|
|
|
|
|
|
|
Interest rate swap |
— |
|
|
19,426 |
|
|
— |
|
|
19,426 |
|
Fair value hedges |
— |
|
|
1,872 |
|
|
— |
|
|
1,872 |
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LIABILITIES |
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|
|
|
|
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Derivatives: |
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|
|
|
|
|
|
|
|
|
Interest rate swap |
$ |
— |
|
|
$ |
19,426 |
|
|
$ |
— |
|
|
$ |
19,426 |
|
Cash flow hedges |
— |
|
|
4,786 |
|
|
— |
|
|
4,786 |
|
Fair value hedges |
— |
|
|
1,684 |
|
|
— |
|
|
1,684 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at December 31, 2017 using |
|
Quoted Prices in
Active Markets for
Identical Assets
|
|
Significant
Other
Observable
Inputs
|
|
Significant
Unobservable
Inputs
|
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Balance |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
AFS securities: |
|
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|
|
|
|
|
|
|
|
|
Obligations of states and political subdivisions |
$ |
— |
|
|
$ |
301,824 |
|
|
$ |
— |
|
|
$ |
301,824 |
|
Corporate bonds |
— |
|
|
113,880 |
|
|
— |
|
|
113,880 |
|
Mortgage-backed securities |
— |
|
|
548,858 |
|
|
— |
|
|
548,858 |
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Other securities |
— |
|
|
9,660 |
|
|
— |
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|
9,660 |
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Loans held for sale |
— |
|
|
40,662 |
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|
— |
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|
40,662 |
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Derivatives: |
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|
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|
|
|
|
|
|
|
Interest rate swap |
— |
|
|
1,350 |
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|
— |
|
|
1,350 |
|
Cash flow hedges |
— |
|
|
49 |
|
|
— |
|
|
49 |
|
Fair value hedges |
— |
|
|
1,598 |
|
|
— |
|
|
1,598 |
|
Interest rate lock commitments |
— |
|
|
— |
|
|
559 |
|
|
559 |
|
Best efforts forward delivery commitments |
— |
|
|
— |
|
|
12 |
|
|
12 |
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
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Derivatives: |
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|
|
|
|
|
|
|
|
|
Interest rate swap |
$ |
— |
|
|
$ |
1,350 |
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|
$ |
— |
|
|
$ |
1,350 |
|
Cash flow hedges |
— |
|
|
8,005 |
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|
— |
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|
8,005 |
|
Fair value hedges |
— |
|
|
76 |
|
|
— |
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|
76 |
|
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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, 2018 and 2017 are as follows (dollars in thousands):
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|
|
Fair Value Measurements at December 31, 2018 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 |
|
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Cash and cash equivalents |
$ |
261,199 |
|
|
$ |
261,199 |
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|
$ |
— |
|
|
$ |
— |
|
|
$ |
261,199 |
|
AFS securities |
1,774,821 |
|
|
— |
|
|
1,774,821 |
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|
— |
|
|
1,774,821 |
|
HTM securities |
492,272 |
|
|
— |
|
|
499,501 |
|
|
— |
|
|
499,501 |
|
Restricted stock |
124,602 |
|
|
— |
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|
124,602 |
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|
— |
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|
124,602 |
|
Net loans |
9,675,162 |
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|
— |
|
|
— |
|
|
9,534,717 |
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|
9,534,717 |
|
Derivatives: |
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|
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|
|
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|
Interest rate swap |
19,426 |
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|
— |
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|
19,426 |
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|
— |
|
|
19,426 |
|
Fair value hedges |
1,872 |
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|
— |
|
|
1,872 |
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|
— |
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|
1,872 |
|
Accrued interest receivable |
46,062 |
|
|
— |
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|
46,062 |
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|
— |
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|
46,062 |
|
BOLI |
263,034 |
|
|
— |
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|
263,034 |
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|
— |
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|
263,034 |
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LIABILITIES |
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Deposits |
$ |
9,970,960 |
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|
$ |
— |
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|
$ |
9,989,788 |
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|
$ |
— |
|
|
$ |
9,989,788 |
|
Borrowings |
1,756,278 |
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|
— |
|
|
1,742,038 |
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|
— |
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|
1,742,038 |
|
Accrued interest payable |
5,284 |
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|
— |
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|
5,284 |
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|
— |
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|
5,284 |
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Derivatives: |
|
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|
|
|
|
|
|
|
|
|
|
|
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 |
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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, 2017 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 |
$ |
199,373 |
|
|
$ |
199,373 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
199,373 |
|
AFS securities |
974,222 |
|
|
— |
|
|
974,222 |
|
|
— |
|
|
974,222 |
|
HTM securities |
199,639 |
|
|
— |
|
|
203,483 |
|
|
— |
|
|
203,483 |
|
Restricted stock |
75,283 |
|
|
— |
|
|
75,283 |
|
|
— |
|
|
75,283 |
|
Loans held for sale |
40,662 |
|
|
— |
|
|
40,662 |
|
|
— |
|
|
40,662 |
|
Net loans |
7,103,344 |
|
|
— |
|
|
— |
|
|
7,117,593 |
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|
7,117,593 |
|
Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swap |
1,350 |
|
|
— |
|
|
1,350 |
|
|
— |
|
|
1,350 |
|
Cash flow hedges |
49 |
|
|
— |
|
|
49 |
|
|
— |
|
|
49 |
|
Fair value hedges |
1,598 |
|
|
— |
|
|
1,598 |
|
|
— |
|
|
1,598 |
|
Interest rate lock commitments |
559 |
|
|
— |
|
|
— |
|
|
559 |
|
|
559 |
|
Best efforts forward delivery commitments |
12 |
|
|
— |
|
|
— |
|
|
12 |
|
|
12 |
|
Accrued interest receivable |
26,427 |
|
|
— |
|
|
26,427 |
|
|
— |
|
|
26,427 |
|
BOLI |
182,854 |
|
|
— |
|
|
182,854 |
|
|
— |
|
|
182,854 |
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
$ |
6,991,718 |
|
|
$ |
— |
|
|
$ |
6,977,845 |
|
|
$ |
— |
|
|
$ |
6,977,845 |
|
Borrowings |
1,219,414 |
|
|
— |
|
|
1,198,645 |
|
|
— |
|
|
1,198,645 |
|
Accrued interest payable |
2,538 |
|
|
— |
|
|
2,538 |
|
|
— |
|
|
2,538 |
|
Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swap |
1,350 |
|
|
— |
|
|
1,350 |
|
|
— |
|
|
1,350 |
|
Cash flow hedges |
8,005 |
|
|
— |
|
|
8,005 |
|
|
— |
|
|
8,005 |
|
Fair value hedges |
76 |
|
|
— |
|
|
76 |
|
|
— |
|
|
76 |
|
|