Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.21.1
FAIR VALUE MEASUREMENTS (Tables)
3 Months Ended
Mar. 31, 2021
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 March 31, 2021 and December 31, 2020 (dollars in thousands):

    

Fair Value Measurements at March 31, 2021 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

$

$

11,677

$

$

11,677

Obligations of states and political subdivisions

 

 

899,098

 

 

899,098

Corporate and other bonds(1)

 

 

147,608

 

 

147,608

Mortgage-backed securities

 

 

1,637,035

 

 

1,637,035

Other securities

 

 

1,625

 

 

1,625

Loans held for sale

 

 

49,082

 

 

49,082

Derivatives:

 

  

 

  

 

  

 

  

Interest rate swap

 

 

106,450

 

 

106,450

Fair value hedges

 

 

2,139

 

 

2,139

LIABILITIES

 

  

 

  

 

  

 

  

Derivatives:

 

  

 

  

 

  

 

  

Interest rate swap

$

$

106,450

$

$

106,450

Cash flow hedges

 

 

1,808

 

 

1,808

Fair value hedges

 

 

7,949

 

 

7,949

(1) Other bonds include asset-backed securities.

    

Fair Value Measurements at December 31, 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

$

$

13,394

$

$

13,394

Obligations of states and political subdivisions

837,326

837,326

Corporate and other bonds(1)

 

 

151,078

 

 

151,078

Mortgage-backed securities

 

 

1,536,996

 

 

1,536,996

Other securities

 

 

1,625

 

 

1,625

Loans held for sale

96,742

96,742

Derivatives:

 

  

 

  

 

  

 

  

Interest rate swap

 

 

163,360

 

 

163,360

LIABILITIES

 

  

 

  

 

  

 

  

Derivatives:

 

  

 

  

 

  

 

  

Interest rate swap

$

$

163,360

$

$

163,360

Fair value hedges

 

 

12,483

 

 

12,483

(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 March 31, 2021 and December 31, 2020 are as follows (dollars in thousands):

Fair Value Measurements at March 31, 2021 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

$

400,880

$

400,880

$

$

$

400,880

AFS securities

 

2,697,043

 

 

2,697,043

 

 

2,697,043

HTM securities

 

543,575

 

 

593,589

 

12,770

 

606,359

Restricted stock

 

76,824

 

 

76,824

 

 

76,824

Loans held for sale

 

49,082

 

 

49,082

 

 

49,082

Net loans

 

14,129,369

 

 

 

13,950,754

 

13,950,754

Derivatives:

 

  

 

  

 

  

 

  

 

  

Interest rate swap

 

106,450

 

 

106,450

 

 

106,450

Fair value hedges

 

2,139

 

 

2,139

 

 

2,139

Accrued interest receivable

 

74,603

 

 

74,603

 

 

74,603

BOLI

 

328,627

 

 

328,627

 

 

328,627

LIABILITIES

 

  

 

  

 

  

 

  

 

  

Deposits

$

16,298,017

$

$

16,328,962

$

$

16,328,962

Borrowings

 

563,600

 

 

538,488

 

 

538,488

Accrued interest payable

 

3,561

 

 

3,561

 

 

3,561

Derivatives:

 

  

 

  

 

  

 

  

 

  

Interest rate swap

 

106,450

 

 

106,450

 

 

106,450

Cash flow hedges

 

1,808

 

 

1,808

 

 

1,808

Fair value hedges

 

7,949

 

 

7,949

 

 

7,949

    

Fair Value Measurements at December 31, 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

$

493,294

$

493,294

$

$

$

493,294

AFS securities

 

2,540,419

 

 

2,540,419

 

 

2,540,419

HTM securities

 

544,851

 

 

606,496

 

13,269

 

619,765

Restricted stock

 

94,782

 

 

94,782

 

 

94,782

Loans held for sale

96,742

 

96,742

 

96,742

Net loans

 

13,860,774

 

 

 

13,710,640

 

13,710,640

Derivatives:

 

  

 

  

 

  

 

  

 

  

Interest rate swap

 

163,360

 

 

163,360

 

 

163,360

Accrued interest receivable

 

75,757

 

 

75,757

 

 

75,757

BOLI

 

326,892

 

 

326,892

 

 

326,892

LIABILITIES

 

  

 

  

 

  

 

  

 

  

Deposits

$

15,722,765

$

$

15,763,991

$

$

15,763,991

Borrowings

 

840,717

 

 

821,516

 

 

821,516

Accrued interest payable

 

2,516

 

 

2,516

 

 

2,516

Derivatives:

 

  

 

  

 

  

 

  

 

  

Interest rate swap

 

163,360

 

 

163,360

 

 

163,360

Fair value hedges

 

12,483

 

 

12,483

 

 

12,483