| 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, 2019 and December 31, 2018 (dollars in thousands):
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Fair Value Measurements at September 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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AFS securities: |
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U.S. government and agency securities |
|
$ |
— |
|
$ |
4,490 |
|
$ |
— |
|
$ |
4,490 |
Obligations of states and political subdivisions |
|
|
— |
|
|
438,613 |
|
|
— |
|
|
438,613 |
Corporate and other bonds |
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|
— |
|
|
229,524 |
|
|
— |
|
|
229,524 |
Mortgage-backed securities |
|
|
— |
|
|
1,243,165 |
|
|
— |
|
|
1,243,165 |
Other securities |
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|
— |
|
|
3,067 |
|
|
— |
|
|
3,067 |
Loans held for sale |
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|
— |
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|
72,208 |
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|
— |
|
|
72,208 |
Derivatives: |
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|
|
|
|
|
|
|
|
|
|
Interest rate swap |
|
|
— |
|
|
74,422 |
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|
— |
|
|
74,422 |
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|
|
|
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LIABILITIES |
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Derivatives: |
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|
|
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|
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|
|
Interest rate swap |
|
$ |
— |
|
$ |
74,422 |
|
$ |
— |
|
$ |
74,422 |
Cash flow hedges |
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|
— |
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|
1,323 |
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|
— |
|
|
1,323 |
Fair value hedges |
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|
— |
|
|
8,527 |
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|
— |
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|
8,527 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at December 31, 2018 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 |
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Unobservable |
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|
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Identical Assets |
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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 |
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|
— |
|
|
1,129,865 |
Other securities |
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|
— |
|
|
8,769 |
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|
— |
|
|
8,769 |
Derivatives: |
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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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|
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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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|
— |
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|
4,786 |
Fair value hedges |
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|
— |
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|
1,684 |
|
|
— |
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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 September 30, 2019 and December 31, 2018 are as follows (dollars in thousands):
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Fair Value Measurements at September 30, 2019 using |
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|
Quoted Prices |
|
Significant |
|
|
|
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|
|
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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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|
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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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|
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|
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Cash and cash equivalents |
|
$ |
591,920 |
|
$ |
591,920 |
|
$ |
— |
|
$ |
— |
|
$ |
591,920 |
AFS securities |
|
|
1,918,859 |
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|
— |
|
|
1,918,859 |
|
|
— |
|
|
1,918,859 |
HTM securities |
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|
556,579 |
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|
— |
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|
589,884 |
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|
17,832 |
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|
607,716 |
Restricted stock |
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|
132,310 |
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— |
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|
132,310 |
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— |
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|
132,310 |
Loans held for sale |
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|
72,208 |
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|
— |
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|
72,208 |
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— |
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|
72,208 |
Net loans |
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|
12,263,177 |
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— |
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— |
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|
12,112,840 |
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|
12,112,840 |
Derivatives: |
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Interest rate swap |
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|
74,422 |
|
|
— |
|
|
74,422 |
|
|
— |
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|
74,422 |
Accrued interest receivable |
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|
51,606 |
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— |
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|
51,606 |
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— |
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|
51,606 |
BOLI |
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|
320,779 |
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— |
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|
320,779 |
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— |
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|
320,779 |
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LIABILITIES |
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Deposits |
|
$ |
13,044,712 |
|
$ |
— |
|
$ |
13,083,351 |
|
$ |
— |
|
$ |
13,083,351 |
Borrowings |
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|
1,549,181 |
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|
— |
|
|
1,520,708 |
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|
— |
|
|
1,520,708 |
Accrued interest payable |
|
|
8,919 |
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|
— |
|
|
8,919 |
|
|
— |
|
|
8,919 |
Derivatives: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swap |
|
|
74,422 |
|
|
— |
|
|
74,422 |
|
|
— |
|
|
74,422 |
Cash flow hedges |
|
|
1,323 |
|
|
— |
|
|
1,323 |
|
|
— |
|
|
1,323 |
Fair value hedges |
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|
8,527 |
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|
— |
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|
8,527 |
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|
— |
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|
8,527 |
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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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|