| 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):
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|
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Fair Value Measurements at September 30, 2020 using |
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Significant |
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|
|
|
|
|
|
|
Quoted Prices in |
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Other |
|
Significant |
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|
|
|
|
Active Markets for |
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Observable |
|
Unobservable |
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|
|
|
|
Identical Assets |
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Inputs |
|
Inputs |
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|
|
|
Level 1 |
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Level 2 |
|
Level 3 |
|
Balance |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
AFS securities: |
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|
|
|
|
|
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|
|
|
|
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 |
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|
— |
|
|
52,607 |
|
|
— |
|
|
52,607 |
Derivatives: |
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|
|
|
|
|
|
|
|
|
|
|
Interest rate swap |
|
|
— |
|
|
187,299 |
|
|
— |
|
|
187,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
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|
|
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|
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|
|
Derivatives: |
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|
|
|
|
|
|
|
|
|
|
|
Interest rate swap |
|
$ |
— |
|
$ |
187,299 |
|
$ |
— |
|
$ |
187,299 |
Fair value hedges |
|
|
— |
|
|
13,912 |
|
|
— |
|
|
13,912 |
| (1) |
Other bonds include asset-backed securities. |
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|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at December 31, 2019 using |
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|
|
|
|
Significant |
|
|
|
|
|
|
|
|
Quoted Prices in |
|
Other |
|
Significant |
|
|
|
|
|
Active Markets for |
|
Observable |
|
Unobservable |
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|
|
|
|
Identical Assets |
|
Inputs |
|
Inputs |
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|
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Balance |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
— |
|
|
1,337,996 |
|
|
— |
|
|
1,337,996 |
Other securities |
|
|
— |
|
|
3,079 |
|
|
— |
|
|
3,079 |
Loans held for sale |
|
|
— |
|
|
55,405 |
|
|
— |
|
|
55,405 |
Derivatives: |
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|
|
|
|
|
|
|
|
|
|
|
Interest rate swap |
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|
— |
|
|
54,345 |
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|
— |
|
|
54,345 |
Fair value hedges |
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|
— |
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|
182 |
|
|
— |
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|
182 |
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|
|
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|
|
|
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|
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|
LIABILITIES |
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|
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|
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Derivatives: |
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|
|
|
|
|
|
|
|
|
|
|
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):
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|
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|
|
Fair Value Measurements at September 30, 2020 using |
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|
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|
|
Quoted Prices |
|
Significant |
|
|
|
|
|
|
|
|
|
|
|
in Active |
|
Other |
|
Significant |
|
|
|
|
|
|
|
|
Markets for |
|
Observable |
|
Unobservable |
|
Total Fair |
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|
|
|
|
Identical Assets |
|
Inputs |
|
Inputs |
|
Value |
|
|
Carrying |
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|
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|
|
|
|
|
|
|
|
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|
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 |
|
$ |
520,966 |
|
$ |
520,966 |
|
$ |
— |
|
$ |
— |
|
$ |
520,966 |
AFS securities |
|
|
2,443,340 |
|
|
— |
|
|
2,443,340 |
|
|
— |
|
|
2,443,340 |
HTM securities |
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|
546,661 |
|
|
— |
|
|
600,679 |
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|
13,494 |
|
|
614,173 |
Restricted stock |
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|
112,216 |
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— |
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|
112,216 |
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|
— |
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|
112,216 |
Loans held for sale |
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|
52,607 |
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|
— |
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|
52,607 |
|
|
— |
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|
52,607 |
Net loans |
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|
14,209,093 |
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|
— |
|
|
— |
|
|
14,102,010 |
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|
14,102,010 |
Derivatives: |
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|
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|
|
|
|
|
|
|
|
|
|
|
Interest rate swap |
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|
187,299 |
|
|
— |
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|
187,299 |
|
|
— |
|
|
187,299 |
Accrued interest receivable |
|
|
71,475 |
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|
— |
|
|
71,475 |
|
|
— |
|
|
71,475 |
BOLI |
|
|
325,538 |
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— |
|
|
325,538 |
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|
— |
|
|
325,538 |
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|
LIABILITIES |
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|
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 |
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
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 |
|