Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.19.3
FAIR VALUE MEASUREMENTS (Tables)
9 Months Ended
Sep. 30, 2019
Fair Value Disclosures [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 September 30, 2019 and December 31, 2018 (dollars in thousands):

    

Fair Value Measurements at September 30, 2019 using

    

    

Significant

    

    

Quoted Prices in

Other

Significant

Active Markets for

Observable

Unobservable

Identical Assets

Inputs

Inputs

Level 1

Level 2

Level 3

Balance

ASSETS

  

 

  

 

  

 

  

AFS securities:

  

 

  

 

  

 

  

U.S. government and agency securities

$

$

4,490

$

$

4,490

Obligations of states and political subdivisions

 

 

438,613

 

 

438,613

Corporate and other bonds

 

 

229,524

 

 

229,524

Mortgage-backed securities

 

 

1,243,165

 

 

1,243,165

Other securities

 

 

3,067

 

 

3,067

Loans held for sale

 

 

72,208

 

 

72,208

Derivatives:

 

  

 

  

 

  

 

  

Interest rate swap

 

 

74,422

 

 

74,422

LIABILITIES

 

  

 

  

 

  

 

  

Derivatives:

 

  

 

  

 

  

 

  

Interest rate swap

$

$

74,422

$

$

74,422

Cash flow hedges

 

 

1,323

 

 

1,323

Fair value hedges

 

 

8,527

 

 

8,527

    

Fair Value Measurements at December 31, 2018 using

    

    

Significant

    

    

Quoted Prices in

Other

Significant

Active Markets for

Observable

Unobservable

Identical Assets

Inputs

Inputs

Level 1

Level 2

Level 3

Balance

ASSETS

  

 

  

 

  

 

  

AFS securities:

  

 

  

 

  

 

  

Obligations of states and political subdivisions

$

$

468,491

$

$

468,491

Corporate and other bonds

 

 

167,696

 

 

167,696

Mortgage-backed securities

 

 

1,129,865

 

 

1,129,865

Other securities

 

 

8,769

 

 

8,769

Derivatives:

 

  

 

  

 

  

 

  

Interest rate swap

 

 

19,426

 

 

19,426

Fair value hedges

 

 

1,872

 

 

1,872

LIABILITIES

 

  

 

  

 

  

 

  

Derivatives:

 

  

 

  

 

  

 

  

Interest rate swap

$

$

19,426

$

$

19,426

Cash flow hedges

 

 

4,786

 

 

4,786

Fair value hedges

 

 

1,684

 

 

1,684

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 September 30, 2019 and December 31, 2018 (dollars in thousands):

    

Fair Value Measurements at September 30, 2019 using

    

    

Significant

    

    

Quoted Prices in

Other

Significant

Active Markets for

Observable

Unobservable

Identical Assets

Inputs

Inputs

Level 1

Level 2

Level 3

Balance

ASSETS

Impaired loans

$

$

$

1,837

$

1,837

Foreclosed properties

 

 

 

6,385

 

6,385

Former bank premises

 

 

 

5,533

 

5,533

Fair Value Measurements at December 31, 2018 using

    

    

Significant

    

    

Quoted Prices in

Other

Significant

Active Markets for

Observable

Unobservable

Identical Assets

Inputs

Inputs

Level 1

Level 2

Level 3

Balance

ASSETS

Impaired loans

$

$

$

3,734

$

3,734

Foreclosed properties

 

 

 

6,722

 

6,722

Former bank premises

 

 

 

2,090

 

2,090

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):

Fair Value Measurements at September 30, 2019 using

    

    

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

$

591,920

$

591,920

$

$

$

591,920

AFS securities

 

1,918,859

 

 

1,918,859

 

 

1,918,859

HTM securities

 

556,579

 

 

589,884

 

17,832

 

607,716

Restricted stock

 

132,310

 

 

132,310

 

 

132,310

Loans held for sale

 

72,208

 

 

72,208

 

 

72,208

Net loans

 

12,263,177

 

 

 

12,112,840

 

12,112,840

Derivatives:

 

  

 

  

 

  

 

  

 

  

Interest rate swap

 

74,422

 

 

74,422

 

 

74,422

Accrued interest receivable

 

51,606

 

 

51,606

 

 

51,606

BOLI

 

320,779

 

 

320,779

 

 

320,779

LIABILITIES

 

  

 

  

 

  

 

  

 

  

Deposits

$

13,044,712

$

$

13,083,351

$

$

13,083,351

Borrowings

 

1,549,181

 

 

1,520,708

 

 

1,520,708

Accrued interest payable

 

8,919

 

 

8,919

 

 

8,919

Derivatives:

 

  

 

  

 

  

 

  

 

  

Interest rate swap

 

74,422

 

 

74,422

 

 

74,422

Cash flow hedges

 

1,323

 

 

1,323

 

 

1,323

Fair value hedges

 

8,527

 

 

8,527

 

 

8,527

    

Fair Value Measurements at December 31, 2018 using

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

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