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Fair Value (Tables)
12 Months Ended
Dec. 31, 2019
Fair Value  
Schedule of recorded amount of assets and liabilities measured at fair value on a recurring basis

 

    

    

Quoted Prices

    

    

In Active

Significant

Markets

Other

Significant

for Identical

Observable

Unobservable

Assets

Inputs

Inputs

(Dollars in thousands)

Fair Value

(Level 1)

(Level 2)

(Level 3)

December 31, 2019:

Assets

Derivative financial instruments

$

16,252

$

$

16,252

$

Loans held for sale

 

59,363

 

 

59,363

 

Securities available for sale:

Government-sponsored entities debt

25,941

25,941

State and municipal obligations

 

208,415

 

 

208,415

 

Mortgage-backed securities

 

1,721,691

 

 

1,721,691

 

Total securities available for sale

 

1,956,047

 

 

1,956,047

 

Mortgage servicing rights

 

30,525

 

 

 

30,525

$

2,062,187

$

$

2,031,662

$

30,525

Liabilities

Derivative financial instruments

$

31,273

$

$

31,273

$

December 31, 2018:

Assets

Derivative financial instruments

$

5,090

$

$

5,090

$

Loans held for sale

 

22,925

 

 

22,925

 

Securities available for sale:

Government-sponsored entities debt

48,251

48,251

State and municipal obligations

 

200,768

 

 

200,768

 

Mortgage-backed securities

 

1,268,048

 

 

1,268,048

 

Total securities available for sale

 

1,517,067

 

 

1,517,067

 

Mortgage servicing rights

 

34,727

 

 

 

34,727

$

1,579,809

$

$

1,545,082

$

34,727

Liabilities

Derivative financial instruments

$

4,421

$

$

4,421

$

Schedule of reconciliation of the beginning and ending balances of Level 3 assets and liabilities recorded at fair value on a recurring basis

(Dollars in thousands)

    

Assets

    

Liabilities

 

Fair value, January 1, 2019

$

34,727

$

Servicing assets that resulted from transfers of financial assets

 

7,363

 

Changes in fair value due to valuation inputs or assumptions

 

(6,976)

 

Changes in fair value due to decay

 

(4,589)

 

Fair value , December 31, 2019

$

30,525

$

Fair value, January 1, 2018

$

31,119

$

Servicing assets that resulted from transfers of financial assets

 

5,962

 

Changes in fair value due to valuation inputs or assumptions

1,861

Changes in fair value due to decay

 

(4,215)

 

Fair value, December 31, 2018

$

34,727

$

Schedule of amounts of assets and liabilities measured at fair value on a nonrecurring basis

    

    

Quoted Prices

    

    

 

In Active

Significant

 

Markets

Other

Significant

 

for Identical

Observable

Unobservable

 

Assets

Inputs

Inputs

 

(Dollars in thousands)

Fair Value

(Level 1)

(Level 2)

(Level 3)

 

December 31, 2019:

OREO

$

11,964

$

$

$

11,964

Non-acquired impaired loans

 

15,444

 

 

 

15,444

December 31, 2018:

OREO

$

11,410

$

$

$

11,410

Non-acquired impaired loans

 

13,164

 

 

 

13,164

Quantitative Information about Level 3 Fair Value Measurements

Weighted Average

December 31,

December 31,

    

Valuation Technique

    

Unobservable Input

    

2019

    

2018

Nonrecurring measurements:

Non-acquired impaired loans

 

Discounted appraisals

 

Collateral discounts

2

%

3

%

OREO

 

Discounted appraisals

 

Collateral discounts and estimated costs to sell

31

%

23

%

Schedule of estimated fair value, and related carrying amount, of the Company's financial instruments

    

Carrying

    

Fair

    

    

    

 

(Dollars in thousands)

Amount

Value

Level 1

Level 2

Level 3

 

December 31, 2019

Financial assets:

Cash and cash equivalents

$

688,704

$

688,704

$

688,704

$

$

Investment securities

 

2,005,171

 

2,005,171

 

49,124

 

1,956,047

 

Loans held for sale

59,363

59,363

59,363

Loans, net of allowance for loan losses

 

11,313,113

 

11,452,003

 

 

 

11,452,003

Accrued interest receivable

 

36,774

 

36,774

 

 

8,500

 

28,274

Mortgage servicing rights

 

30,525

 

30,525

 

 

 

30,525

Interest rate swap - non-designated hedge

 

15,350

 

15,350

 

 

15,350

 

Other derivative financial instruments (mortgage banking related)

 

902

 

902

 

 

902

 

Financial liabilities:

Deposits

 

12,177,096

 

11,406,477

 

 

11,406,477

 

Federal funds purchased and securities sold under agreements to repurchase

 

298,741

 

298,741

 

 

298,741

 

Other borrowings

 

815,936

 

818,210

 

 

818,210

 

Accrued interest payable

 

4,916

 

4,916

 

 

4,916

 

Interest rate swap - non-designated hedge

 

16,693

 

16,693

 

 

16,693

 

Interest rate swap - cash flow hedge

 

13,791

 

13,791

 

 

13,791

 

Other derivative financial instruments (mortgage banking related)

 

789

 

789

 

 

789

 

Off balance sheet financial instruments:

Commitments to extend credit

 

 

36,031

 

 

36,031

 

December 31, 2018

Financial assets:

Cash and cash equivalents

$

408,983

$

408,983

$

408,983

$

$

Investment securities

 

1,542,671

 

1,542,671

 

25,604

 

1,517,067

 

Loans held for sale

22,925

22,925

22,925

Loans, net of allowance for loan losses

 

10,962,037

 

10,613,571

 

 

 

10,613,571

Accrued interest receivable

 

35,997

 

35,997

 

 

6,908

 

29,089

Mortgage servicing rights

 

34,727

 

34,727

 

 

 

34,727

Interest rate swap - non-designated hedge

 

3,824

 

3,824

 

 

3,824

 

Other derivative financial instruments (mortgage banking related)

 

1,267

 

1,267

 

 

1,267

 

Financial liabilities:

Deposits

 

11,646,933

 

10,561,394

 

 

10,561,394

 

Federal funds purchased and securities sold under agreements to repurchase

 

270,649

 

270,649

 

 

270,649

 

Other borrowings

 

266,084

 

269,134

 

 

269,134

 

Accrued interest payable

 

4,719

 

4,719

 

 

4,719

 

Interest rate swap - non-designated hedge

 

4,373

 

4,373

 

 

4,373

 

Interest rate swap - cash flow hedge

 

48

 

48

 

 

48

 

Off balance sheet financial instruments:

 

 

Commitments to extend credit

 

(88,424)

 

 

(88,424)