Annual report pursuant to Section 13 and 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.3.1.900
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2015
FAIR VALUE MEASUREMENTS [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 December 31, 2015 and 2014 (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements at December 31, 2015 using

 

 

 

 

 

 

 

 

 

 

 

 

 

Quoted Prices in Active Markets for Identical Assets

 

Significant Other Observable Inputs

 

Significant Unobservable Inputs

 

 

 

 

Level 1

 

Level 2

 

Level 3

 

Balance

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Securities available for sale:

 

 

 

 

 

 

 

 

 

 

 

Obligations of states and political subdivisions

$

 -

 

$

 268,079 

 

$

 -

 

$

 268,079 

Corporate and other bonds

 

 -

 

 

 75,979 

 

 

 -

 

 

 75,979 

Mortgage-backed securities

 

 -

 

 

 548,171 

 

 

 -

 

 

 548,171 

Other securities

 

 -

 

 

 11,063 

 

 

 -

 

 

 11,063 

Loans held for sale

 

 -

 

 

 36,030 

 

 

 -

 

 

 36,030 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap

 

 -

 

 

 3,758 

 

 

 -

 

 

 3,758 

Cash flow hedges

 

 -

 

 

 946 

 

 

 -

 

 

 946 

Interest rate lock commitments

 

 -

 

 

 -

 

 

 701 

 

 

 701 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap

$

 -

 

$

 3,758 

 

$

 -

 

$

 3,758 

Cash flow hedges

 

 -

 

 

 10,352 

 

 

 -

 

 

 10,352 

Fair value hedges

 

 -

 

 

 888 

 

 

 -

 

 

 888 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements at December 31, 2014 using

 

 

 

 

 

 

 

 

 

 

 

 

 

Quoted Prices in Active Markets for Identical Assets

 

Significant Other Observable Inputs

 

Significant Unobservable Inputs

 

 

 

 

Level 1

 

Level 2

 

Level 3

 

Balance

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Securities available for sale:

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency securities

$

 -

 

$

 8,454 

 

$

 -

 

$

 8,454 

Obligations of states and political subdivisions

 

 -

 

 

 445,647 

 

 

 -

 

 

 445,647 

Corporate and other bonds

 

 -

 

 

 78,680 

 

 

 -

 

 

 78,680 

Mortgage-backed securities

 

 -

 

 

 559,329 

 

 

 -

 

 

 559,329 

Other securities

 

 -

 

 

 10,004 

 

 

 -

 

 

 10,004 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap

 

 -

 

 

 2,681 

 

 

 -

 

 

 2,681 

Cash flow hedges

 

 -

 

 

 580 

 

 

 -

 

 

 580 

Interest rate lock commitments

 

 -

 

 

 -

 

 

 513 

 

 

 513 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap

$

 -

 

$

 2,681 

 

$

 -

 

$

 2,681 

Cash flow hedges

 

 -

 

 

 8,433 

 

 

 -

 

 

 8,433 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of Financial Assets Measured at Fair Value on Nonrecurring Basis

The following tables summarize the Company’s financial assets that were measured at fair value on a nonrecurring basis at December 31, 2015 and 2014 (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements at December 31, 2015 using

 

 

 

 

 

 

 

 

 

 

 

 

 

Quoted Prices in Active Markets for Identical Assets

 

Significant Other Observable Inputs

 

Significant Unobservable Inputs

 

 

 

 

Level 1

 

Level 2

 

Level 3

 

Balance

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Impaired loans

$

 -

 

$

 -

 

$

 2,214 

 

$

 2,214 

Other real estate owned

 

 -

 

 

 -

 

 

 15,299 

 

 

 15,299 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements at December 31, 2014 using

 

 

 

 

 

 

 

 

 

 

 

 

 

Quoted Prices in Active Markets for Identical Assets

 

Significant Other Observable Inputs

 

Significant Unobservable Inputs

 

 

 

 

Level 1

 

Level 2

 

Level 3

 

Balance

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Loans held for sale

$

 -

 

$

 42,519 

 

$

 -

 

$

 42,519 

Impaired loans

 

 -

 

 

 -

 

 

 15,797 

 

 

 15,797 

Other real estate owned

 

 -

 

 

 -

 

 

 28,118 

 

 

 28,118 

 

 

 

 

 

 

 

 

 

 

 

 

 

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, 2015 and 2014 are as follows (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements at December 31, 2015 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

$

 142,660 

 

$

 142,660 

 

$

 -

 

$

 -

 

$

 142,660 

Securities available for sale

 

 903,292 

 

 

 -

 

 

 903,292 

 

 

 -

 

 

 903,292 

Held to maturity securities

 

 205,374 

 

 

 -

 

 

 209,437 

 

 

 -

 

 

 209,437 

Restricted stock

 

 51,828 

 

 

 -

 

 

 51,828 

 

 

 -

 

 

 51,828 

Loans held for sale

 

 36,030 

 

 

 -

 

 

 36,030 

 

 

 -

 

 

 36,030 

Net loans

 

 5,637,415 

 

 

 -

 

 

 -

 

 

 5,671,155 

 

 

 5,671,155 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate lock commitments

 

 701 

 

 

 -

 

 

 -

 

 

 701 

 

 

 701 

Interest rate swap

 

 3,758 

 

 

 -

 

 

 3,758 

 

 

 -

 

 

 3,758 

Cash flow hedges

 

 946 

 

 

 -

 

 

 946 

 

 

 -

 

 

 946 

Accrued interest receivable

 

 20,760 

 

 

 -

 

 

 20,760 

 

 

 -

 

 

 20,760 

Bank owned life insurance

 

 173,687 

 

 

 -

 

 

 173,687 

 

 

 -

 

 

 173,687 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

$

 5,963,936 

 

$

 -

 

$

 5,957,484 

 

$

 -

 

$

 5,957,484 

Borrowings

 

 680,175 

 

 

 -

 

 

 659,364 

 

 

 -

 

 

 659,364 

Accrued interest payable

 

 1,578 

 

 

 -

 

 

 1,578 

 

 

 -

 

 

 1,578 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap

 

 3,758 

 

 

 -

 

 

 3,758 

 

 

 -

 

 

 3,758 

Cash flow hedges

 

 10,352 

 

 

 -

 

 

 10,352 

 

 

 -

 

 

 10,352 

Fair value hedges

 

 888 

 

 

 -

 

 

 888 

 

 

 -

 

 

 888 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements at December 31, 2014 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

$

 133,260 

 

$

 133,260 

 

$

 -

 

$

 -

 

$

 133,260 

Securities available for sale

 

 1,102,114 

 

 

 -

 

 

 1,102,114 

 

 

 -

 

 

 1,102,114 

Restricted stock

 

 54,854 

 

 

 -

 

 

 54,854 

 

 

 -

 

 

 54,854 

Loans held for sale

 

 42,519 

 

 

 -

 

 

 42,519 

 

 

 -

 

 

 42,519 

Net loans

 

 5,313,612 

 

 

 -

 

 

 -

 

 

 5,340,759 

 

 

 5,340,759 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate lock commitments

 

 513 

 

 

 -

 

 

 -

 

 

 513 

 

 

 513 

Interest rate swap

 

 2,681 

 

 

 -

 

 

 2,681 

 

 

 -

 

 

 2,681 

Cash flow hedges

 

 580 

 

 

 -

 

 

 580 

 

 

 -

 

 

 580 

Accrued interest receivable

 

 21,775 

 

 

 -

 

 

 21,775 

 

 

 -

 

 

 21,775 

Bank owned life insurance

 

 139,005 

 

 

 -

 

 

 139,005 

 

 

 -

 

 

 139,005 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

$

 5,638,770 

 

$

 -

 

$

 5,637,929 

 

$

 -

 

$

 5,637,929 

Borrowings

 

 686,935 

 

 

 -

 

 

 666,224 

 

 

 -

 

 

 666,224 

Accrued interest payable

 

 1,899 

 

 

 -

 

 

 1,899 

 

 

 -

 

 

 1,899 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap

 

 2,681 

 

 

 -

 

 

 2,681 

 

 

 -

 

 

 2,681 

Cash flow hedges

 

 8,433 

 

 

 -

 

 

 8,433 

 

 

 -

 

 

 8,433