| 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 March 31, 2020 and December 31, 2019 (dollars in thousands):
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Fair Value Measurements at March 31, 2020 using |
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Significant |
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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 |
|
$ |
— |
|
$ |
17,962 |
|
$ |
— |
|
$ |
17,962 |
Obligations of states and political subdivisions |
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|
— |
|
|
546,726 |
|
|
— |
|
|
546,726 |
Corporate and other bonds(1) |
|
|
— |
|
|
120,968 |
|
|
— |
|
|
120,968 |
Mortgage-backed securities |
|
|
— |
|
|
1,284,157 |
|
|
— |
|
|
1,284,157 |
Other securities |
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|
— |
|
|
3,090 |
|
|
— |
|
|
3,090 |
Loans held for sale |
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|
— |
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|
76,690 |
|
|
— |
|
|
76,690 |
Derivatives: |
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|
|
|
|
|
|
|
|
|
|
|
Interest rate swap |
|
|
— |
|
|
174,704 |
|
|
— |
|
|
174,704 |
Fair value hedges |
|
|
— |
|
|
1 |
|
|
— |
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|
1 |
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|
|
|
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|
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LIABILITIES |
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|
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Derivatives: |
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|
|
|
|
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|
|
|
|
|
Interest rate swap |
|
$ |
— |
|
$ |
174,704 |
|
$ |
— |
|
$ |
174,704 |
Fair value hedges |
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|
— |
|
|
14,769 |
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|
— |
|
|
14,769 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at December 31, 2019 using |
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|
|
|
|
Significant |
|
|
|
|
|
|
|
|
Quoted Prices in |
|
Other |
|
Significant |
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|
|
|
|
Active Markets for |
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Observable |
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Unobservable |
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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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|
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AFS securities: |
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U.S. government and agency securities |
|
$ |
— |
|
$ |
21,320 |
|
$ |
— |
|
$ |
21,320 |
Obligations of states and political subdivisions |
|
|
— |
|
|
447,091 |
|
|
— |
|
|
447,091 |
Corporate and other bonds(1) |
|
|
— |
|
|
135,959 |
|
|
— |
|
|
135,959 |
Mortgage-backed securities |
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|
— |
|
|
1,337,996 |
|
|
— |
|
|
1,337,996 |
Other securities |
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|
— |
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|
3,079 |
|
|
— |
|
|
3,079 |
Loans held for sale |
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|
— |
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|
55,405 |
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|
— |
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|
55,405 |
Derivatives: |
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Interest rate swap |
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|
— |
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|
54,345 |
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— |
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|
54,345 |
Fair value hedges |
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— |
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|
182 |
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|
— |
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|
182 |
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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 |
|
$ |
— |
|
$ |
54,345 |
|
$ |
— |
|
$ |
54,345 |
Cash flow hedges |
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|
— |
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|
1,147 |
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|
— |
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|
1,147 |
Fair value hedges |
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|
— |
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|
6,256 |
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|
— |
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|
6,256 |
|
(1) |
Other bonds include asset-backed securities. |
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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 at March 31, 2020 and December 31, 2019 are as follows (dollars in thousands):
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Fair Value Measurements at March 31, 2020 using |
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|
Quoted Prices |
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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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|
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Markets for |
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Observable |
|
Unobservable |
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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 |
|
$ |
504,959 |
|
$ |
504,959 |
|
$ |
— |
|
$ |
— |
|
$ |
504,959 |
AFS securities |
|
|
1,972,903 |
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|
— |
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|
1,972,903 |
|
|
— |
|
|
1,972,903 |
HTM securities |
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|
552,176 |
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— |
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|
588,984 |
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|
15,796 |
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|
604,780 |
Restricted stock |
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|
130,227 |
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— |
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|
130,227 |
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— |
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|
130,227 |
Loans held for sale |
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|
76,690 |
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— |
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|
76,690 |
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|
— |
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|
76,690 |
Net loans |
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|
12,627,798 |
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— |
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|
— |
|
|
12,413,731 |
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|
12,413,731 |
Derivatives: |
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|
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Interest rate swap |
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|
174,704 |
|
|
— |
|
|
174,704 |
|
|
— |
|
|
174,704 |
Fair value hedges |
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|
1 |
|
|
— |
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|
1 |
|
|
— |
|
|
1 |
Accrued interest receivable |
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|
46,678 |
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|
— |
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|
46,678 |
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|
— |
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|
46,678 |
BOLI |
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|
324,980 |
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— |
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|
324,980 |
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— |
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|
324,980 |
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LIABILITIES |
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Deposits |
|
$ |
13,553,035 |
|
$ |
— |
|
$ |
13,610,143 |
|
$ |
— |
|
$ |
13,610,143 |
Borrowings |
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|
1,514,464 |
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|
— |
|
|
1,501,474 |
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|
— |
|
|
1,501,474 |
Accrued interest payable |
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|
7,532 |
|
|
— |
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|
7,532 |
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|
— |
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|
7,532 |
Derivatives: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swap |
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|
174,704 |
|
|
— |
|
|
174,704 |
|
|
— |
|
|
174,704 |
Fair value hedges |
|
|
14,769 |
|
|
— |
|
|
14,769 |
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|
— |
|
|
14,769 |
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|
|
|
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|
|
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|
|
|
|
|
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|
|
Fair Value Measurements at December 31, 2019 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 |
|
$ |
436,032 |
|
$ |
436,032 |
|
$ |
— |
|
$ |
— |
|
$ |
436,032 |
AFS securities |
|
|
1,945,445 |
|
|
— |
|
|
1,945,445 |
|
|
— |
|
|
1,945,445 |
HTM securities |
|
|
555,144 |
|
|
— |
|
|
585,820 |
|
|
17,683 |
|
|
603,503 |
Restricted stock |
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|
130,848 |
|
|
— |
|
|
130,848 |
|
|
— |
|
|
130,848 |
Loans held for sale |
|
|
55,405 |
|
|
— |
|
|
55,405 |
|
|
— |
|
|
55,405 |
Net loans |
|
|
12,568,642 |
|
|
— |
|
|
— |
|
|
12,449,505 |
|
|
12,449,505 |
Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swap |
|
|
54,345 |
|
|
— |
|
|
54,345 |
|
|
— |
|
|
54,345 |
Fair value hedges |
|
|
182 |
|
|
— |
|
|
182 |
|
|
— |
|
|
182 |
Accrued interest receivable |
|
|
52,721 |
|
|
— |
|
|
52,721 |
|
|
— |
|
|
52,721 |
BOLI |
|
|
322,917 |
|
|
— |
|
|
322,917 |
|
|
— |
|
|
322,917 |
|
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|
|
|
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|
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|
|
LIABILITIES |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
$ |
13,304,981 |
|
$ |
— |
|
$ |
13,349,943 |
|
$ |
— |
|
$ |
13,349,943 |
Borrowings |
|
|
1,513,748 |
|
|
— |
|
|
1,479,606 |
|
|
— |
|
|
1,479,606 |
Accrued interest payable |
|
|
6,108 |
|
|
— |
|
|
6,108 |
|
|
— |
|
|
6,108 |
Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swap |
|
|
54,345 |
|
|
— |
|
|
54,345 |
|
|
— |
|
|
54,345 |
Cash flow hedges |
|
|
1,147 |
|
|
— |
|
|
1,147 |
|
|
— |
|
|
1,147 |
Fair value hedges |
|
|
6,256 |
|
|
— |
|
|
6,256 |
|
|
— |
|
|
6,256 |
|