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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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)
September 30, 2017
Securities available for sale:
U.S. Treasury		$	285,274			$	—			$	—			$	285,274
U.S. federal agencies			—				94,111				—				94,111
Mortgage-backed securities			—				3,808				14,467				18,275
States and political subdivisions			—				43,426				—				43,426
Other securities			—				—				5,855				5,855
Derivative assets			—				123				—				123
Derivative liabilities			—				38				—				38
Loans held for sale			—				11,776				—				11,776
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:

		Nine Months Ended September 30,				Twelve Months Ended December 31,
		2017				2016
		(Dollars in thousands)
Balance at the beginning of the year		$	21,385			$	21,124
Purchases			293				1,096
Settlements			(523	)			(191	)
Sales			—				(429	)
Losses included in earnings			(352	)			(111	)
Total unrealized losses			(481	)			(104	)
Balance at the end of the period		$	20,322			$	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 September 30, 2017
Impaired loans (less specific allowance)		$	28,042
Repossessed assets			247
Other real estate owned			1,390
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:

		September 30,								December 31,
		2017								2016
		Carrying Amount				Fair Value				Carrying Amount				Fair Value
		(Dollars in thousands)
FINANCIAL ASSETS
Level 2 inputs:
Cash and cash equivalents		$	1,728,943			$	1,728,943			$	1,851,161			$	1,851,161
Securities held for investment			2,568				2,598				3,722				3,760
Level 3 inputs:
Securities held for investment			500				500				643				643
Loans, net of allowance for loan losses			4,595,494				4,599,161				4,351,539				4,367,363
FINANCIAL LIABILITIES
Level 2 inputs:
Deposits			6,302,046				6,374,232				6,248,057				6,313,622
Short-term borrowings			2,100				2,100				500				500
Junior subordinated debentures			31,959				33,589				31,959				34,339
OFF-BALANCE SHEET FINANCIAL INSTRUMENTS
Loan commitments							1,855								1,718
Letters of credit							446								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

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-Publisher FASB
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- 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

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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 2
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- 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

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-Publisher FASB
-Name Accounting Standards Codification
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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

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-Topic 820
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