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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

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, 2019
Securities available for sale:
U.S. Treasury		$	468,946			$	—			$	—			$	468,946
U.S. federal agencies			—				23,742				—				23,742
Mortgage-backed securities			—				17,472				—				17,472
States and political subdivisions			—				23,549				—				23,549
Asset backed securities			—				—				12,958				12,958
Other securities			—				6,997				—				6,997
Derivative assets			—				18				—				18
Derivative liabilities			—				14				—				14
December 31, 2018
Securities available for sale:
U.S. Treasury		$	697,466			$	—			$	—			$	697,466
U.S. federal agencies			—				29,919				—				29,919
Mortgage-backed securities			—				2,465				—				2,465
States and political subdivisions			—				27,411				—				27,411
Asset backed securities			—				—				13,443				13,443
Derivative assets			—				252				—				252
Derivative liabilities			—				238				—				238

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,
		2019				2018
		(Dollars in thousands)
Balance at the beginning of the year		$	13,443			$	14,467
Settlements			(525	)			(1,037	)
Total unrealized gains			40				13
Balance at the end of the period		$	12,958			$	13,443

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, 2019
Equity securities		$	9,251
Impaired loans (less specific allowance)			44,600
Repossessed assets			215
Other real estate owned			1,980
As of and for the Year-to-date Period Ended December 31, 2018
Equity securities		$	7,521
Impaired loans (less specific allowance)			34,396
Repossessed assets			183
Other real estate owned			4,683

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,
		2019								2018
		Carrying Amount				Fair Value				Carrying Amount				Fair Value
		(Dollars in thousands)
FINANCIAL ASSETS
Level 2 inputs:
Cash and cash equivalents		$	1,702,166			$	1,702,166			$	1,424,255			$	1,424,255
Securities held for investment			1,411				1,411				928				933
Loans held for sale			16,089				16,089				8,174				8,174
Level 3 inputs:
Securities held for investment			500				500				500				500
Loans, net of allowance for loan losses			5,550,880				5,586,751				4,924,587				4,901,159
FINANCIAL LIABILITIES
Level 2 inputs:
Deposits			7,330,677				7,342,023				6,605,495				6,713,542
Short-term borrowings			605				605				1,675				1,675
Junior subordinated debentures			26,804				29,120				26,804				29,549
OFF-BALANCE SHEET FINANCIAL INSTRUMENTS
Loan commitments							2,694								2,158
Letters of credit							473								421

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

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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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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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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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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-Section 50
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