Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.20.2
FAIR VALUE MEASUREMENTS (Tables)
9 Months Ended
Sep. 30, 2020
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, 2020 and December 31, 2019 (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Fair Value Measurements at September 30, 2020 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

​

$

—

​

$

13,878

​

$

—

​

$

13,878

Obligations of states and political subdivisions

​

 

—

​

 

796,856

​

 

—

​

 

796,856

Corporate and other bonds(1)

​

 

—

​

 

148,918

​

 

—

​

 

148,918

Mortgage-backed securities

​

 

—

​

 

1,482,067

​

 

—

​

 

1,482,067

Other securities

​

 

—

​

 

1,621

​

 

—

​

 

1,621

Loans held for sale

​

 

—

​

 

52,607

​

 

—

​

 

52,607

Derivatives:

​

 

  

​

 

  

​

 

  

​

 

  

Interest rate swap

​

 

—

​

 

187,299

​

 

—

​

 

187,299

​

​

​

​

​

​

​

​

​

​

​

​

​

LIABILITIES

​

 

  

​

 

  

​

 

  

​

 

  

Derivatives:

​

 

  

​

 

  

​

 

  

​

 

  

Interest rate swap

​

$

—

​

$

187,299

​

$

—

​

$

187,299

Fair value hedges

​

 

—

​

 

13,912

​

 

—

​

 

13,912

(1) Other bonds include asset-backed securities.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Fair Value Measurements at December 31, 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

​

$

—

​

$

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

​

 

—

​

 

1,337,996

​

 

—

​

 

1,337,996

Other securities

​

 

—

​

 

3,079

​

 

—

​

 

3,079

Loans held for sale

​

​

—

​

​

55,405

​

​

—

​

​

55,405

Derivatives:

​

 

  

​

 

  

​

 

  

​

 

  

Interest rate swap

​

 

—

​

 

54,345

​

 

—

​

 

54,345

Fair value hedges

​

 

—

​

 

182

​

 

—

​

 

182

​

​

​

​

​

​

​

​

​

​

​

​

​

LIABILITIES

​

 

  

​

 

  

​

 

  

​

 

  

Derivatives:

​

 

  

​

 

  

​

 

  

​

 

  

Interest rate swap

​

$

—

​

$

54,345

​

$

—

​

$

54,345

Cash flow hedges

​

 

—

​

 

1,147

​

 

—

​

 

1,147

Fair value hedges

​

 

—

​

 

6,256

​

 

—

​

 

6,256

(1) Other bonds include asset-backed securities.
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, 2020 and December 31, 2019 are as follows (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at September 30, 2020 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

​

$

520,966

​

$

520,966

​

$

—

​

$

—

​

$

520,966

AFS securities

​

 

2,443,340

​

 

—

​

 

2,443,340

​

 

—

​

 

2,443,340

HTM securities

​

 

546,661

​

 

—

​

 

600,679

​

 

13,494

​

 

614,173

Restricted stock

​

 

112,216

​

 

—

​

 

112,216

​

 

—

​

 

112,216

Loans held for sale

​

 

52,607

​

 

—

​

 

52,607

​

 

—

​

 

52,607

Net loans

​

 

14,209,093

​

 

—

​

 

—

​

 

14,102,010

​

 

14,102,010

Derivatives:

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Interest rate swap

​

 

187,299

​

 

—

​

 

187,299

​

 

—

​

 

187,299

Accrued interest receivable

​

 

71,475

​

 

—

​

 

71,475

​

 

—

​

 

71,475

BOLI

​

 

325,538

​

 

—

​

 

325,538

​

 

—

​

 

325,538

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

LIABILITIES

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Deposits

​

$

15,576,098

​

$

—

​

$

15,624,786

​

$

—

​

$

15,624,786

Borrowings

​

 

1,314,322

​

 

—

​

 

1,279,838

​

 

—

​

 

1,279,838

Accrued interest payable

​

 

5,126

​

 

—

​

 

5,126

​

 

—

​

 

5,126

Derivatives:

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Interest rate swap

​

 

187,299

​

 

—

​

 

187,299

​

 

—

​

 

187,299

Fair value hedges

​

 

13,912

​

 

—

​

 

13,912

​

 

—

​

 

13,912

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Fair Value Measurements at December 31, 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

​

$

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

​

 

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

LIABILITIES

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

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