| 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 June 30, 2019 and December 31, 2018 (dollars in thousands):
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Fair Value Measurements at June 30, 2019 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 |
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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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AFS securities: |
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U.S. government and agency securities |
|
$ |
— |
|
$ |
4,480 |
|
$ |
— |
|
$ |
4,480 |
Obligations of states and political subdivisions |
|
|
— |
|
|
509,747 |
|
|
— |
|
|
509,747 |
Corporate and other bonds |
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|
— |
|
|
206,313 |
|
|
— |
|
|
206,313 |
Mortgage-backed securities |
|
|
— |
|
|
1,275,405 |
|
|
— |
|
|
1,275,405 |
Other securities |
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|
— |
|
|
3,549 |
|
|
— |
|
|
3,549 |
Loans held for sale |
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|
— |
|
|
62,908 |
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|
— |
|
|
62,908 |
Derivatives: |
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|
|
|
|
|
|
|
|
|
|
Interest rate swap |
|
|
— |
|
|
49,038 |
|
|
— |
|
|
49,038 |
Fair value hedges |
|
|
— |
|
|
284 |
|
|
— |
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|
284 |
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LIABILITIES |
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Derivatives: |
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|
|
|
|
Interest rate swap |
|
$ |
— |
|
$ |
49,038 |
|
$ |
— |
|
$ |
49,038 |
Cash flow hedges |
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|
— |
|
|
9,332 |
|
|
— |
|
|
9,332 |
Fair value hedges |
|
|
— |
|
|
6,077 |
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— |
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|
6,077 |
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|
|
|
|
|
|
|
|
|
|
|
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|
Fair Value Measurements at December 31, 2018 using |
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Significant |
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|
|
|
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Quoted Prices in |
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Other |
|
Significant |
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|
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|
Active Markets for |
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Observable |
|
Unobservable |
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|
|
|
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Identical Assets |
|
Inputs |
|
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 and other bonds |
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|
— |
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|
167,696 |
|
|
— |
|
|
167,696 |
Mortgage-backed securities |
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|
— |
|
|
1,129,865 |
|
|
— |
|
|
1,129,865 |
Other securities |
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|
— |
|
|
8,769 |
|
|
— |
|
|
8,769 |
Derivatives: |
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|
|
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Interest rate swap |
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|
— |
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|
19,426 |
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|
— |
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|
19,426 |
Fair value hedges |
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|
— |
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|
1,872 |
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— |
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|
1,872 |
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LIABILITIES |
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Derivatives: |
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|
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|
|
|
|
|
Interest rate swap |
|
$ |
— |
|
$ |
19,426 |
|
$ |
— |
|
$ |
19,426 |
Cash flow hedges |
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|
— |
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|
4,786 |
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|
— |
|
|
4,786 |
Fair value hedges |
|
|
— |
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|
1,684 |
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|
— |
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|
1,684 |
|
| 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 June 30, 2019 and December 31, 2018 are as follows (dollars in thousands):
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Fair Value Measurements at June 30, 2019 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 |
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Observable |
|
Unobservable |
|
Total Fair |
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Identical Assets |
|
Inputs |
|
Inputs |
|
Value |
|
|
Carrying |
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|
Value |
|
Level 1 |
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Level 2 |
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Level 3 |
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Balance |
ASSETS |
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Cash and cash equivalents |
|
$ |
320,478 |
|
$ |
320,478 |
|
$ |
— |
|
$ |
— |
|
$ |
320,478 |
AFS securities |
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|
1,999,494 |
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|
— |
|
|
1,999,494 |
|
|
— |
|
|
1,999,494 |
HTM securities |
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|
558,503 |
|
|
— |
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|
579,082 |
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|
18,493 |
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|
597,575 |
Restricted stock |
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|
145,859 |
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— |
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|
145,859 |
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— |
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|
145,859 |
Loans held for sale |
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|
62,908 |
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— |
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62,908 |
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— |
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|
62,908 |
Net loans |
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|
12,178,051 |
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— |
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|
— |
|
|
12,021,785 |
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|
12,021,785 |
Derivatives: |
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Interest rate swap |
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|
49,038 |
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— |
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|
49,038 |
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— |
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|
49,038 |
Fair value hedges |
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|
284 |
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— |
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|
284 |
|
|
— |
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|
284 |
Accrued interest receivable |
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|
58,060 |
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|
— |
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|
58,060 |
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— |
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|
58,060 |
BOLI |
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|
318,734 |
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— |
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|
318,734 |
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— |
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|
318,734 |
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LIABILITIES |
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Deposits |
|
$ |
12,515,544 |
|
$ |
— |
|
$ |
12,550,655 |
|
$ |
— |
|
$ |
12,550,655 |
Borrowings |
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|
1,909,171 |
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|
— |
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|
1,879,214 |
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|
— |
|
|
1,879,214 |
Accrued interest payable |
|
|
7,545 |
|
|
— |
|
|
7,545 |
|
|
— |
|
|
7,545 |
Derivatives: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swap |
|
|
49,038 |
|
|
— |
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|
49,038 |
|
|
— |
|
|
49,038 |
Cash flow hedges |
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|
9,332 |
|
|
— |
|
|
9,332 |
|
|
— |
|
|
9,332 |
Fair value hedges |
|
|
6,077 |
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|
— |
|
|
6,077 |
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|
— |
|
|
6,077 |
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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, 2018 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 |
|
|
|
|
|
|
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|
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|
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|
|
|
Cash and cash equivalents |
|
$ |
261,199 |
|
$ |
261,199 |
|
$ |
— |
|
$ |
— |
|
$ |
261,199 |
AFS securities |
|
|
1,774,821 |
|
|
— |
|
|
1,774,821 |
|
|
— |
|
|
1,774,821 |
HTM securities |
|
|
492,272 |
|
|
— |
|
|
499,501 |
|
|
— |
|
|
499,501 |
Restricted stock |
|
|
124,602 |
|
|
— |
|
|
124,602 |
|
|
— |
|
|
124,602 |
Net loans |
|
|
9,675,162 |
|
|
— |
|
|
— |
|
|
9,534,717 |
|
|
9,534,717 |
Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swap |
|
|
19,426 |
|
|
— |
|
|
19,426 |
|
|
— |
|
|
19,426 |
Fair value hedges |
|
|
1,872 |
|
|
— |
|
|
1,872 |
|
|
— |
|
|
1,872 |
Accrued interest receivable |
|
|
46,062 |
|
|
— |
|
|
46,062 |
|
|
— |
|
|
46,062 |
BOLI |
|
|
263,034 |
|
|
— |
|
|
263,034 |
|
|
— |
|
|
263,034 |
|
|
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|
LIABILITIES |
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|
|
|
|
|
|
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|
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|
|
|
|
Deposits |
|
$ |
9,970,960 |
|
$ |
— |
|
$ |
9,989,788 |
|
$ |
— |
|
$ |
9,989,788 |
Borrowings |
|
|
1,756,278 |
|
|
— |
|
|
1,742,038 |
|
|
— |
|
|
1,742,038 |
Accrued interest payable |
|
|
5,284 |
|
|
— |
|
|
5,284 |
|
|
— |
|
|
5,284 |
Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|