XML 37 R26.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Fair Value Measurements (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2017
Fair Value Disclosures [Abstract] |
Fair Value of Financial Assets and Liabilities Measured on Recurring Basis | The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of the periods presented, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:
|  | Level 1 Inputs |  |  | Level 2 Inputs |  |  | Level 3 Inputs |  |  | Total Fair Value |
|  | (Dollars in thousands) |
March 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 289,433 |  |  | $ | — |  |  | $ | — |  |  | $ | 289,433 |
U.S. federal agencies |  |  | — |  |  |  | 105,058 |  |  |  | — |  |  |  | 105,058 |
Mortgage-backed securities |  |  | — |  |  |  | 4,464 |  |  |  | 14,609 |  |  |  | 19,073 |
States and political subdivisions |  |  | — |  |  |  | 39,638 |  |  |  | — |  |  |  | 39,638 |
Other securities |  |  | — |  |  |  | — |  |  |  | 6,045 |  |  |  | 6,045 |
Derivative assets |  |  | — |  |  |  | 528 |  |  |  | — |  |  |  | 528 |
Derivative liabilities |  |  | — |  |  |  | 329 |  |  |  | — |  |  |  | 329 |
Loans held for sale |  |  | — |  |  |  | 7,754 |  |  |  | — |  |  |  | 7,754 |
December 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 268,543 |  |  | $ | — |  |  | $ | — |  |  | $ | 268,543 |
U.S. federal agencies |  |  | — |  |  |  | 129,642 |  |  |  | — |  |  |  | 129,642 |
Mortgage-backed securities |  |  | — |  |  |  | 4,856 |  |  |  | 14,816 |  |  |  | 19,672 |
States and political subdivisions |  |  | — |  |  |  | 41,042 |  |  |  | — |  |  |  | 41,042 |
Other securities |  |  | — |  |  |  | — |  |  |  | 6,569 |  |  |  | 6,569 |
Derivative assets |  |  | — |  |  |  | 1,569 |  |  |  | — |  |  |  | 1,569 |
Derivative liabilities |  |  | — |  |  |  | 1,306 |  |  |  | — |  |  |  | 1,306 |
Loans held for sale |  |  | — |  |  |  | 9,318 |  |  |  | — |  |  |  | 9,318 |
Changes in Level 3 Assets Measured at Estimated Fair Value on Recurring Basis | The changes in Level 3 assets measured at estimated fair value on a recurring basis during the periods presented were as follows:
|  | Three Months Ended March 31, |  |  | Twelve Months Ended December 31, |
|  | 2017 |  |  | 2016 |
|  | (Dollars in thousands) |
Balance at the beginning of the year |  | $ | 21,385 |  |  | $ | 21,124 |
Purchases |  |  | 157 |  |  |  | 1,096 |
Settlements |  |  | (212 | ) |  |  | (191 | )
Sales |  |  | — |  |  |  | (429 | )
Losses included in earnings |  |  | — |  |  |  | (111 | )
Total unrealized losses |  |  | (676 | ) |  |  | (104 | )
Balance at the end of the period |  | $ | 20,654 |  |  | $ | 21,385 |
Assets Measured at Fair Value on Nonrecurring Basis | The following table summarizes assets measured at fair value on a nonrecurring basis. The fair value represents end of period values, which approximate fair value measurements that occurred on various measurement dates throughout the period:
|  | Total Fair Value |
|  | Level 3 |
|  | (Dollars in thousands) |
As of and for the Year-to-date Period Ended March 31, 2017 |  |  |  |
Impaired loans (less specific allowance) |  | $ | 23,609 |
Repossessed assets |  |  | 266 |
Other real estate owned |  |  | 776 |
As of and for the Year-to-date Period Ended December 31, 2016 |  |  |  |
Impaired loans (less specific allowance) |  | $ | 29,912 |
Repossessed assets |  |  | 340 |
Other real estate owned |  |  | 1,480 |
Estimated Fair Values of Financial Instruments | The estimated fair values of the Company’s financial instruments that are reported at amortized cost in the Company’s consolidated balance sheets, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value, are as follows:
|  | March 31, |  |  | December 31, |
|  | 2017 |  |  | 2016 |
|  | Carrying Amount |  |  | Fair Value |  |  | Carrying Amount |  |  | Fair Value |
|  | (Dollars in thousands) |
FINANCIAL ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 2 inputs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 2,038,212 |  |  | $ | 2,038,212 |  |  | $ | 1,851,161 |  |  | $ | 1,851,161 |
Securities held for investment |  |  | 3,503 |  |  |  | 3,538 |  |  |  | 3,722 |  |  |  | 3,760 |
Level 3 inputs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities held for investment |  |  | 500 |  |  |  | 500 |  |  |  | 643 |  |  |  | 643 |
Loans, net of allowance for loan losses |  |  | 4,342,854 |  |  |  | 4,358,648 |  |  |  | 4,351,539 |  |  |  | 4,367,363 |
FINANCIAL LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 2 inputs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 6,394,627 |  |  |  | 6,462,059 |  |  |  | 6,248,057 |  |  |  | 6,313,622 |
Short-term borrowings |  |  | 800 |  |  |  | 800 |  |  |  | 500 |  |  |  | 500 |
Junior subordinated debentures |  |  | 31,959 |  |  |  | 36,248 |  |  |  | 31,959 |  |  |  | 34,339 |
OFF-BALANCE SHEET FINANCIAL INSTRUMENTS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan commitments |  |  |  |  |  |  | 1,749 |  |  |  |  |  |  |  | 1,718 |
Letters of credit |  |  |  |  |  |  | 430 |  |  |  |  |  |  |  | 424 |

X
- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13476-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13467-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13433-108611 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration