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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2018

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, 2018
Securities available for sale:
U.S. Treasury		$	397,466			$	—			$	—			$	397,466
U.S. federal agencies			—				31,840				—				31,840
Mortgage-backed securities			—				2,691				13,443				16,134
States and political subdivisions			—				30,200				—				30,200
Equity securities			—				—				6,509				6,509
Derivative assets			—				247				—				247
Derivative liabilities			—				229				—				229
Loans held for sale			—				4,739				—				4,739
December 31, 2017
Securities available for sale:
U.S. Treasury		$	312,802			$	—			$	—			$	312,802
U.S. federal agencies			—				88,851				—				88,851
Mortgage-backed securities			—				3,509				14,467				17,976
States and political subdivisions			—				42,370				—				42,370
Equity securities			—				—				5,704				5,704
Derivative assets			—				295				—				295
Derivative liabilities			—				261				—				261
Loans held for sale			—				6,173				—				6,173

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,
		2018				2017
		(Dollars in thousands)
Balance at the beginning of the year		$	20,171			$	21,385
Purchases			2,118				1,668
Settlements			(2,385	)			(722	)
Sales			(73	)			(5,412	)
Gains included in earnings			67				4,060
Total unrealized losses			54				(808	)
Balance at the end of the period		$	19,952			$	20,171

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, 2018
Impaired loans (less specific allowance)		$	39,620
Repossessed assets			244
Other real estate owned			4,610
As of and for the Year-to-date Period Ended December 31, 2017
Impaired loans (less specific allowance)		$	34,041
Repossessed assets			288
Other real estate owned			1,995

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,
		2018								2017
		Carrying Amount				Fair Value				Carrying Amount				Fair Value
		(Dollars in thousands)
FINANCIAL ASSETS
Level 2 inputs:
Cash and cash equivalents		$	1,792,766			$	1,792,766			$	1,758,575			$	1,758,575
Securities held for investment			940				947				1,792				1,803
Level 3 inputs:
Securities held for investment			500				500				500				500
Loans, net of allowance for loan losses			4,895,653				4,854,167				4,670,329				4,663,608
FINANCIAL LIABILITIES
Level 2 inputs:
Deposits			6,643,131				6,760,191				6,415,045				6,490,309
Short-term borrowings			2,200				2,200				900				900
Junior subordinated debentures			31,959				34,795				31,959				34,661
OFF-BALANCE SHEET FINANCIAL INSTRUMENTS
Loan commitments							2,006								1,839
Letters of credit							425								428

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
-Name Accounting Standards Codification
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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

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)
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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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